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E-mini

From Wikipedia, the free encyclopedia
Futures contracts on the Chicago Mercantile Exchange

E-minis are futures contracts that represent a fraction of the value of standard futures. They are traded primarily on the Chicago Mercantile Exchange. As of April, 2011, CME lists 44 unique E-mini contracts,[1] of which approximately 10 have average daily trading volumes of over 1,000 contracts.[2]

Some E-mini contracts provide trading advantages, including high liquidity, greater affordability for individual investors due to lower margin requirements than the full-size contracts, and round-the-clock trading 23.25 hours a day from Sunday afternoon to Friday afternoon. Under U.S. tax law, E-minis may qualify as 1256 Contracts, and benefit from several tax advantages as well.

The risk of loss is also amplified by the higher leverage.

Symbology

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Most E-mini futures expire quarterly (with the exception of agricultural products), in March, June, September, and December. An E-mini future symbol is formed by starting with the root symbol and adding the expiration month letter (the same as for futures) and the last digit of the expiration year. For example, the E-mini S&P 500 expiring in December 2012 has the symbol ESZ2.

E-mini contracts

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The table below lists some of the more popular E-mini contracts, with the initial and maintenance margins required by CME.[1] Note that individual brokers may require different margin amounts (also called performance bonds).

E-minis
E-mini contract Exchange Ticker symbol Multiplier Tick size Tick value Initial margin Maintenance margin Average Daily Volume in 2018[2]
E-Mini S&P 500 (Dollar) CME ES 50ドル 0.25 12ドル.50[3] 13,200ドル 12,000ドル 1,766,663
Micro E-mini S&P 500[4] CME MES 5ドル 0.25 1ドル.25 1,320ドル 1,200ドル
E-Mini S&P 500 (Euro) CME EME 50ドル 0.25 12ドル.50[5] 6,188ドル 4,950ドル
E-mini Dow (5ドル) Futures CME YM 5ドル 1 5ドル[6] 13,200ドル 12,000ドル 239,382
Micro E-mini Dow[4] CME MYM 0ドル.50 1 0ドル.50 1,320ドル 1,200ドル
E-mini S&P MidCap 400 Futures CME EMD 100ドル 0.10 10ドル[7] 7,500ドル 6,000ドル 19,647
E-mini S&P SmallCap 600 Futures CME SMC 100ドル 0.10 10ドル[8] 3,250ドル 2,600ドル 0
E-mini NASDAQ-100 Futures CME NQ 20ドル 0.25 5ドル[9] 16,500ドル 15,000ドル 492,839
Micro E-mini Nasdaq-100[4] CME MNQ 2ドル 0.25 0ドル.50 1,500ドル 1,500ドル
E-mini NASDAQ Composite Futures CME QCN 20ドル 0.50 10ドル[10] 4,000ドル 3,200ドル
E-mini NASDAQ Biotechnology Futures CME BIO 50ドル 0.10 5ドル[11] 3,750ドル 3,000ドル
E-mini S&P CNX Nifty (Nifty 50) futures CME EMF 10ドル 0.5 5ドル[12] 3,125ドル 2,500ドル 216
E-mini FTSE/XINHUA China 25 Futures CME FXN 5ドル 5 25ドル[13] 13,750ドル 11,000ドル
E-mini JPY/USD Futures CME J7 6,250,000 Japanese yen $.000001 6ドル.25[14] 3,038ドル 2,250ドル 648
E-mini EUR/USD Futures CME E7 62,500 euro $.0001 6ドル.25[15] 2,025ドル 1,500ドル 4,859
E-mini Consumer Discretionary Select Sector Futures CME XAY 100ドル 0.10 10ドル[16] 3,125ドル 2,500ドル 944
E-mini Consumer Staples Select Sector Futures CME XAP 100ドル 0.10 10ドル[17] 1,750ドル 1,400ドル 1,335
E-mini Energy Select Sector Futures CME XAF 250ドル 0.05 12ドル.50[18] 6,500ドル 5,200ドル 1,823
E-mini Health Care Select Sector Futures CME XAV 100ドル 0.10 10ドル[19] 2,500ドル 2,000ドル 1,207
E-mini Industrial Select Sector Futures CME XAI 100ドル 0.10 10ドル[20] 3,125ドル 2,500ドル 1,094
E-mini Materials Select Sector Futures CME XAB 100ドル 0.10 10ドル[21] 3,125ドル 2,500ドル 668
E-mini Technology Select Sector Futures CME XAK 100ドル 0.10 10ドル[22] 1,750ドル 1,400ドル 1,945
E-mini Utilities Select Sector Futures CME XAU 100ドル 0.10 10ドル[23] 2,500ドル 2,000ドル 2,057
Mini-Sized Corn Futures CME (formerly CBOT) YC 1,000 bushels (~ 25 Metric Tons) 0ドル.00125 1ドル.25[24] 473ドル 350ドル 472
Mini-sized Soybean Futures CME (formerly CBOT) YK 1,000 bushels (~ 27 metric tons) 0ドル.00125 1ドル.25[25] 945ドル 700ドル 1,086
Mini-sized Wheat Futures CME (formerly CBOT) YW 1,000 bushels (~ 27 metric tons) 0ドル.00125 1ドル.25[26] 810ドル 600ドル 349
E-mini Light Sweet Crude Oil (Financial) CME (formerly NYMEX) QM 500 barrels 0ドル.025 12ドル.50[27] 3,375ドル 2,500ドル 18,621
E-mini Natural Gas Futures CME (formerly NYMEX) QG 2,500 million BTUs 0ドル.005 12ドル.50[28] 1,013ドル 750ドル 1,718
E-mini Heating Oil - Financial Futures CME (formerly NYMEX) QH 21,000 gallons 0ドル.001 21ドル[29] 3,206ドル 2,375ドル 0
E-mini New York Harbor RBOB Gasoline Futures CME (formerly NYMEX) QU 21,000 gallons 0ドル.0001 2ドル.10[30] 3,881ドル 2,875ドル 0
COMEX E-Mini Gold Futures CME (formerly COMEX) QO 50 troy ounces 0ドル.25 12ドル.5[31] 3,376ドル 2,500ドル 383
E-mini Silver Futures CME (formerly COMEX) 6Q 1,000 troy ounces 0ドル.005 5ドル[32] 2,349ドル 1,740ドル 53
COMEX miNY Copper CME (formerly COMEX) QC 12,500 pounds 0ドル.002 25ドル[33] 2,869ドル 2,125ドル 21
Russell 1000® Index Mini Futures ICE (formerly NYBOT) RF 100ドル 0ドル.10 10ドル[34] 727
Russell 2000® Index Mini Futures ICE (formerly NYBOT) TF 50ドル 0ドル.10 5ドル[35] 150,100
Micro E-mini Russell 2000[4] CME M2K 5ドル 0.10 0ドル.50

E-mini options

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Options on E-minis exist for the E-mini S&P 500[36] and the E-mini NASDAQ-100.[37]

See also

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References

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  1. ^ a b "Outright Margins / Performance Bond Requirements". CME Group.
  2. ^ a b "CME Group Exchange ADV Report (Dec 2018)" (PDF). Archive of all monthly, open interest and average daily value reports year-to-date. CME Group. Retrieved 29 January 2019.
  3. ^ "E-mini S&P 500 Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  4. ^ a b c d Trade Micro E-mini Futures - Active Trader – CME Group
  5. ^ "E-mini S&P 500 Euro Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  6. ^ "E-mini Dow (5ドル) Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  7. ^ "E-mini S&P MidCap 400 Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  8. ^ "E-mini S&P SmallCap 600 Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  9. ^ "E-mini NASDAQ-100 Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  10. ^ "E-mini NASDAQ Composite Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  11. ^ "E-mini NASDAQ Biotechnology Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  12. ^ "E-mini S&P CNX Nifty (Nifty 50) futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  13. ^ "E-mini FTSE/XINHUA China 25 Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  14. ^ "E-mini JPY/USD Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  15. ^ "E-mini JPY/USD Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  16. ^ "E-mini Consumer Discretionary Select Sector Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  17. ^ "E-mini Consumer Staples Select Sector Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  18. ^ "E-mini Energy Select Sector Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  19. ^ "E-mini Health Care Select Sector Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  20. ^ "E-mini Industrial Select Sector Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  21. ^ "E-mini Materials Select Sector Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  22. ^ "E-mini Technology Select Sector Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  23. ^ "E-mini Utilities Select Sector Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  24. ^ "Mini-Sized Corn Futures - Contract specifications". CME Group. Retrieved 17 April 2011.
  25. ^ "Mini-sized Soybean Futures - Contract specifications". CME Group. Retrieved 17 April 2011.
  26. ^ "Mini-sized Wheat Futures - Contract specifications". CME Group. Retrieved 17 April 2011.
  27. ^ "E-mini Crude Oil Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  28. ^ "E-mini Natural Gas Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  29. ^ "E-mini Heating Oil - Financial Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  30. ^ "E-mini RBOB Gasoline - Financial Futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  31. ^ "COMEX miNY Gold Futures - Contract specifications". CME Group. Retrieved 17 April 2011.
  32. ^ "E-mini Silver Futures - Contract specifications". CME Group. Retrieved 17 April 2011.
  33. ^ "E-mini Copper Futures - Contract specifications". CME Group. Retrieved 17 April 2011.
  34. ^ "Russell 1000® Index Mini Futures - Contract specifications". CME Group. Archived from the original on 20 July 2011. Retrieved 16 April 2011.
  35. ^ "Russell 2000® Index Mini Futures - Contract specifications". CME Group. Archived from the original on 6 June 2011. Retrieved 16 April 2011.
  36. ^ "E-mini S&P 500 Options". CME Group. Retrieved 16 April 2011.
  37. ^ "E-mini NASDAQ-100 Options". CME Group. Retrieved 16 April 2011.

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