Contract Specifications

Notes:
* The "#" before the product name indicates physical delivery futures or futures options, while the "$" indicates cash-settled futures or spot options.

* Acceptable order types: (Futures) 1. MKT (with protection) after market open, 2. Limit, 3. STP (with protection), 4. STP Limit. (Options) Limit.
* CBOT Rulebook; Position Limits file; trading system CME Globex reference guide; Globex- product-reference-sheet.
*CME Globex matching Algorithms.
*FF month table; TU margin table.
*Price Limits for Interest Rate; Dynamic Circuit Breaker (DCB) video introduction, Q&A, rules; please refer to NYMEX notes.
*Price Limit for Agricultural ( Spot month contracts are not subject to price limits. In Grain and Oilseed contracts, price limits are removed on the business day prior to first notice day of an expiring contract month).
*Price Limit for Equity Index.
*Price Limit:
1.  When the underlying index hits a circuit breaker level, trading will resume with expanded price limits. After a Level 1 or Level 2 breach ( 7%, 13% ), trading halts for 15 minutes before reopening. The S&P, Nasdaq 100, Dow Jones, and Russell 2000 will halt for 10 minutes. A Level 3 breach ( 20% ) halts trading for the rest of the day. 
2.  The reference price is based on the previous trading day’s volume-weighted average price (VWAP) of the lead month futures contract determined between 3:59:30 p.m.—4:00 a.m. 
During the overnight trading session (OTH) (06:00–21:30),  futures price limits are set at 7% and a dynamic 3.5%. If trading halt occurs between 21:23 and 21:25, trading will remain halted from 21:25 to 21:30. If The primary futures contract is either limit bid or limit offered at the 7% ETH daily limit, then the associated options will be transitioned to a “pre-open” market state. The primary futures contract price will be reviewed every 10 minutes, and if the limit condition no longer exists, the options will reopen for trading.
3.  From 21:30 to 03:25 a.m., if the primary futures (excluding S&P) hit a 7%, 13%, or 20% limit down, a 2-minute "monitoring period" begins. If the limit is still in effect, trading will halt for an additional 2 minutes, after which limits expand to the next level. S&P futures suspensions and expansions depend on the spot market.
4.  From 3:25 a.m. to 4:00 a.m., only the 20% price limit will be applied to the futures price fixing.
5.  From 4:00 a.m. to 5:00 a.m., a hard 7% limit applies to both upside and downside and dynamic 3.5%, based on the 4:00 a.m. reference price. However, the downside limit is set at either 7% below the reference price or the earlier 20% limit.
6.  Dynamic Circuit Breakers will be in effect with a width of 3.5%. If a contract market moves beyond +/- 3.5% within an hour, trading will be paused for two minutes.

Special Price Fluctuation Limits refer to CBOT website, Price limit, US-Based Equity Index Futures Price Limits：FAQ, S&P 500 Price Limits：FAQ, NYSE Trading Information, announcements on index change price limit adjustments, Announcements to the OTH Price Limit and Relating to Trading Halts, Amendments to the Daily Settlement Procedure Documents
*Market with Protection:
1.GLOBEX Market with Protection.
2.Rulebook 588. Trade Cancellations and Price Adjustments、The Global Command Center (GCC) monitors trades and may cancel or adjust those outside the Non-Reviewable Range (NRR). If abnormal prices are detected or reported (requests must be made by phone within eight minutes), the GCC will review the trade. If a trade exceeds the NRR, it will be adjusted to fair market price plus or minus the NRR, or canceled in complex cases. A $500 handling fee applies to the requester. Reference:  Non-Reviewable Range.
3.Velocity Logic: When the market moves too quickly within a set timeframe, it triggers a brief pause and enters a Pre-Open status, typically lasting 5 to 20 seconds. During this time, no market orders are allowed. Reference: Pproduct Reference Sheet

* SMP (Self-Match Prevention) is a CME feature to prevent violations of CME Rule 534 (wash trade prohibited). If the trading system detects a self-match, it will immediately cancel the newer order. Note: Stop orders are not checked when placed but will be checked and canceled if they trigger and self-match during execution.

* (Final Settlement Price)  YM: A Special Opening Quotation (SOQ) of the DJIA based on the opening prices of DJIA component stocks. Note: Since some component stocks may take several seconds, minutes, or even hours to trade, the SOQ may differ from the spot index at the opening time. If a stock does not open on that day, its last sale price will be used in the Special Opening Quotation.

FF: Expiring contracts are cash settled against the average daily Fed Funds overnight rate for the delivery month and occurs on the first business day following the last trading day

RX: All open positions at close of last day of trading are settled in cash to the Special Opening Quotation (SOQ) of the Dow Jones US Real Estate Index.

10Y: Calculated by the Exchange on the business day on which CME Group Benchmark Administration Limited publishes the 15:00 ET fixing rate for the last day of such expiring contract’s delivery month, rounded to three decimal places.

*Options: Margin for short option = Market value of premium + MAX ( Initial Margin for Futures / 2, Initial Margin for Futures – Out-of-the-Money Value / 2 )

Buyers may request early exercise before expiration; those without sufficient futures margin request early exercise must close the underlying futures position at market price. At expiration, in-the-money positions automatically exercise into the underlying futures, and buyers without adequate margin will face forced liquidation.

Sellers may be assigned delivery into the underlying futures before expiration. They may also receive notification of out-of-the-money exercises or in-the-money waivers only after expiration. Please refer to the precautions.

*Specific legal Entities: Refers to securities firms, securities investment trust businesses, securities investment consulting businesses, futures Brokerage, futures service providers, Lever Exchange Agency, and other institutions approved by the Financial Supervisory Commission (FSC).

* Specific legal Entities Requiring Application: (IRS -  871m) For stock-related products, a 30% withholding tax will be deducted when the underlying stocks pay dividends. This is available only to specific entities after application. (Explanation)

* Day Trading: Any day trades executed within 30 minutes of the product’s market close will be settled against the initial margin. Clients should refrain from placing closing orders after this period. If a client places a closing order after the 30-minute window and duplicates positions, they will be responsible for any resulting errors. Day trading orders will not be accepted on the last trading day for cash-settled products.

* Daylight Saving Time (DST): In the United States, DST begins on the second Sunday in March and ends on the first Sunday in November.

Notes:
*The "#" before the product name indicates physical delivery futures or futures options, while the "$" indicates cash-settled futures or spot options.

* Acceptable order types: (Futures) 1. MKT (with protection) after market open, 2. Limit, 3. STP (with protection), 4. STP Limit. (Options) Limit.

* Weekly option code explanation: 1 to 5 indicate the week of the month, A represents Monday, B represents Tuesday, C represents Wednesday, D represents Thursday, and E3A represents the third Monday of the month. (For Fridays, the codes range from 1ES to 4ES, and EW represents end-of-month options).
*CME Rulebook; Position Limits; trading system CME Globex reference guide; Globex- product-reference-sheet.
*Globex Supported Matching Algorithms.
*SR1 margin table; SR3 margin table.
*Dynamic Circuit Breaker (DCB); video introduction, Q&A, rules, please refer to NYMEX notes.
*Forex options that expire at-the-money (where the market price equals the exercise price) are treated as follows: calls are considered in-the-money and are likely to be exercised or assigned, while puts are considered out-of-the-money and are forfeited. (For other products, options expiring at-the-money are treated as out-of-the-money and forfeited.)
* Price Limit for Equity Index..
* Price Limit for livestock.
*Price limits:

1.  When the underlying index hits a circuit breaker level, trading will resume with expanded price limits. After a Level 1 or Level 2 breach ( 7%, 13% ), trading halts for 15 minutes before reopening. The S&P, Nasdaq 100, Dow Jones, and Russell 2000 will halt for 10 minutes. A Level 3 breach ( 20% ) halts trading for the rest of the day. 

2.  The reference price is based on the previous trading day’s volume-weighted average price (VWAP) of the lead month futures contract determined between 3:59:30 p.m.—4:00 a.m. 

During the overnight trading session (OTH) (06:00–21:30),  futures price limits are set at 7% and a dynamic 3.5%. If trading halt occurs between 21:23 and 21:25, trading will remain halted from 21:25 to 21:30. If The primary futures contract is either limit bid or limit offered at the 7% ETH daily limit, then the associated options will be transitioned to a “pre-open” market state. The primary futures contract price will be reviewed every 10 minutes, and if the limit condition no longer exists, the options will reopen for trading.

3.  From 21:30 to 03:25 a.m., if the primary futures (excluding S&P) hit a 7%, 13%, or 20% limit down, a 2-minute "monitoring period" begins. If the limit is still in effect, trading will halt for an additional 2 minutes, after which limits expand to the next level. S&P futures suspensions and expansions depend on the spot market.

4.  From 3:25 a.m. to 4:00 a.m., only the 20% price limit will be applied to the futures price fixing.

5.  From 4:00 a.m. to 5:00 a.m., a hard 7% limit applies to both upside and downside and dynamic 3.5%, based on the 4:00 a.m. reference price. However, the downside limit is set at either 7% below the reference price or the earlier 20% limit.

6.  Dynamic Circuit Breakers will be in effect with a width of 3.5%. If a contract market moves beyond +/- 3.5% within an hour, trading will be paused for two minutes.

Special Price Fluctuation Limits, refer to the CME webpage , Price limits, US-Based Equity Index Futures Price Q&A, S&P 500 Price Limits Q&A, NYSE Trading Information, Announcements on index change price limit adjustments, Amendments to the Daily Settlement Procedure Documents.
* FX futures price limit circuit breaker regulations: If the lead contract month (as determined by the Exchange) of the primary futures contract hits the limit down, a 2-minute "monitoring period" begins. (trading within those limits)

If, at the end of the monitoring period, the futures contract is not bid or offered at the applicable special price limit, the price limits will be expanded above and below the previous day's settlement price by an additional increment. After the fourth triggering event on a trading day, no further price limits will apply.

If, however, the contract is bid or offered at the special price limit by the end of the monitoring period, a 2-minute temporary trading halt will begin for all contract months.

On the last trading day, there will be no limits for that month. If a triggering event occurs during the final settlement period of an expiring futures contract, a 5-second temporary trading halt will be applied to that contract month. Refer to

Rule 589 and circuit breaker table. 
* Protection:
1. GLOBEX Market with Protection.
2. Rulebook 588. Trade Cancellations and Price Adjustments、The Global Command Center (GCC) monitors trades and may cancel or adjust those outside the Non-Reviewable Range (NRR). If abnormal prices are detected or reported (requests must be made by phone within eight minutes), the GCC will review the trade. If a trade exceeds the NRR, it will be adjusted to fair market price plus or minus the NRR, or canceled in complex cases. A $500 handling fee applies to the requester. Reference: Non-Reviewable Range.
3. Velocity Logic: When the market moves too quickly within a set timeframe, it triggers a brief pause and enters a Pre-Open status, typically lasting 5 to 20 seconds. During this time, no market orders are allowed. Reference:  Product Reference Sheet
*SMP (Self-Match Prevention) is a CME feature to prevent violations of CME Rule 534 (wash trades prohibited). If the trading system detects a self-match, it will immediately cancel the newer order. Note: Stop orders are not checked when placed but will be checked and canceled if they trigger and self-match during execution.
*(Final settlement price)

ES, NQ: A Special Opening Quotation (SOQ) of the DJIA based on the opening prices of DJIA component stocks. Note: Since some component stocks may take several seconds, minutes, or even hours to trade, the SOQ may differ from the spot index at the opening time. If a stock does not open on that day, last ask price for ES and closing price for NQ will be used in the Special Opening Quotation.

Feeder cattle FC: Based upon the CME Feeder Cattle Index.

*Options: Margin for short option = Market value of premium + MAX ( Initial Margin for Futures / 2, Initial Margin for Futures – Out-of-the-Money Value / 2 )

Buyers may request early exercise before expiration; those without sufficient futures margin request early exercise must close the underlying futures position at market price. At expiration, in-the-money positions automatically exercise into the underlying futures, and buyers without adequate margin will face forced liquidation.

Sellers may be assigned delivery into the underlying futures before expiration. They may also receive notification of out-of-the-money exercises or in-the-money waivers only after expiration. Please refer to the Precautions. FX options are European style which don’t accept early exercise requests.

*Specific legal Entities: Refers to securities firms, securities investment trust businesses, securities investment consulting businesses, futures Brokerage, futures service providers, Lever Exchange Agency, and other institutions approved by the Financial Supervisory Commission (FSC).

* Specific legal Entities Requiring Application:(IRS - 871m) For stock-related products, a 30% withholding tax will be deducted when the underlying stocks pay dividends. This is available only to specific entities after application.(Explanation)

* Day Trading: Any day trades executed within 30 minutes of the product’s market close will be settled against the initial margin. Clients should refrain from placing closing orders after this period. If a client places a closing order after the 30-minute window and duplicates positions, they will be responsible for any resulting errors. Day trading orders will not be accepted on the last trading day for cash-settled products.

* Daylight Saving Time (DST): In the United States, DST begins on the second Sunday in March and ends on the first Sunday in November.

Notes:

*The "#" before the product name indicates physical delivery futures or futures options, while the "$" indicates cash-settled futures or spot options.

* Acceptable order types: (Futures) 1. MKT (with protection) after market open, 2. Limit, 3. STP (with protection), 4. STP Limit. (Options) Limit.
*NYMEX Rulebook, COMEX Rulebook; Position Limits; trading system CME Globex reference guide; Globex- product-reference-sheet.
*Globex Supported Matching Algorithms.

* The last trading day for NYMEX energy and metals contracts is only trade to the settlement price determination period.

* Energy and metals options that expire at-the-money (where the market price equals the exercise price) are treated as follows: calls are considered in-the-money and are likely to be exercised or assigned, while puts are considered out-of-the-money and are forfeited.
NYMEX price limit Dynamic Circuit Breaker is dynamic and rolling, with Special Price Fluctuation Limits; Special Price Fluctuation Limits.

At the start of each trading day, the dynamic variant is based on the prior day’s settlement price or a price deemed by the GCC. During the trading day, it is applied in rolling 60-minute periods to set dynamic upper and lower price limits, which means the range in which prices can move is reset continuously on a rolling 60-minute lookback window. If markets move +/- 10% in that time, a 2-minute halt is initiated. If a triggering event occurs in the lead contract month during the two minutes before the close of trading, a five-second temporary trading halt will apply to all contract months. For non-lead contract months, a triggering event in the same period will result in a five-second temporary trading halt specific to that non-lead contract month.

Dynamic Circuit Breaker (DCB); video introduction, Q&A, Rules.
Rolling 60-minute look-back window calculation: The high and low prices within the window plus or minus the variant determine the DCB high bid and low ask limits; Rules 589.
*Protection Mechanism:
1. GLOBEX Market with Protection.
2. Rulebook 588. Trade Cancellations and Price Adjustments、The Global Command Center (GCC) monitors trades and may cancel or adjust those outside the Non-Reviewable Range (NRR). If abnormal prices are detected or reported (requests must be made by phone within eight minutes), the GCC will review the trade. If a trade exceeds the NRR, it will be adjusted to fair market price plus or minus the NRR, or canceled in complex cases. A $500 handling fee applies to the requester. Reference: Non-Reviewable Range
3. Velocity Logic: When the market moves too quickly within a set timeframe, it triggers a brief pause and enters a Pre-Open status, typically lasting 5 to 20 seconds. During this time, no market orders are allowed. Reference: Product Reference Sheet.
*SMP (Self-Match Prevention) is a CME feature to prevent violations of CME Rule 534 wash trades prohibited. If the trading system detects a self-match, it will immediately cancel the newer order. Note: Stop orders are not checked when placed but will be checked and canceled if they trigger and self-match during execution.

*(Final settlement price)

BZ: Calculated based on the Floating Price The Floating Price is equal to the ICE Brent Crude Oil Index price as published one day after the final trading day of the contract month.

QM: Will be equal to the settlement price of CL futures for the corresponding contract month on the same day. (QM expires one business day earlier than CL).

MHG: Will be equal to the settlement price of HG futures for the corresponding contract month on the same day. (MHG expires two business days before the first notice day of HG).
*Options: Margin for short option = Market value of premium + MAX ( Initial Margin for Futures / 2, Initial Margin for Futures – Out-of-the-Money Value / 2 )

Buyers may request early exercise before expiration; those without sufficient futures margin request early exercise must close the underlying futures position at market price. At expiration, in-the-money positions automatically exercise into the underlying futures, and buyers without adequate margin will face forced liquidation.

Sellers may be assigned delivery into the underlying futures before expiration. They may also receive notification of out-of-the-money exercises or in-the-money waivers only after expiration. Please refer to the Precautions.

* Day Trading: Any day trades executed within 30 minutes of the product’s market close will be settled against the initial margin. Clients should refrain from placing closing orders after this period. If a client places a closing order after the 30-minute window and duplicates positions, they will be responsible for any resulting errors. Day trading orders will not be accepted on the last trading day for cash-settled products.

* Daylight Saving Time (DST): In the United States, DST begins on the second Sunday in March and ends on the first Sunday in November.

Notes:

* The "#" before the product name indicates physical delivery futures or futures options, while the "$" indicates cash-settled futures or spot options.

* Acceptable order types: 1. MKT (FaK), 2. Limit, 3. STP Limit.     (IBHY) 1. Limit, 2. STP Limit (during trader hours).

*CFE Rule Book; Contract Specifications; Margin Updates.
*Market Orders for VX and VXM futures will be accepted by the Exchange during regular trading hours (21:30 ~ 04:00). Market Orders for VX and VXM futures will not be accepted by the Exchange during any other time period outside of regular trading hours (opening ~ 21:30 and 04:00 ~ 05:00).
*There is no TAS (Trade At Settlement) on the last trading day.
*Market with Protection:
Error Trade: The Exchange error trade policy may only be invoked for a trade price that is greater than 10% (No-Bust Range)on either side of the market price of the applicable VX and VXM futures contract, and by greater than 2% (No-Bust Range)for IBHY futures. 

A Trading Privilege Holder must notify the Trade Desk of any potential error trade within eight minutes of its execution. The Trade Desk will review the trade to determine if the price falls within the “no bust range” . Once a decision is made, the Trade Desk will notify the parties whether the trade stands, is adjusted (with the new transaction price), or is busted.

*Final Settlement Price: The final settlement value for VX and VXM futures shall be a Special Opening Quotation (SOQ) of the VIX Index calculated from the sequence of opening trade prices during the special opening auction conducted on days when VX futures settle. The opening price for any series in which there is no trade shall be the midpoint price of the highest bid price and lowest offer at the time of the opening.

IBHY : Shall be the closing index value of the applicable CB Index on the final settlement date as determined by Market Indices Limited.

*Day Trading: Any day trades executed within 30 minutes of the product’s market close will be settled against the initial margin. Clients should refrain from placing closing orders after this period. If a client places a closing order after the 30-minute window and duplicates positions, they will be responsible for any resulting errors. Day trading orders will not be accepted on the last trading day for cash-settled products.

* Daylight Saving Time (DST): In the United States, DST begins on the second Sunday in March and ends on the first Sunday in November.

Notes:
* The "#" before the product name indicates physical delivery futures or futures options, while the "$" indicates cash-settled futures or spot options.

* Acceptable order types: (Futures) 1. MKT (with protection) after market open, 2. Limit, 3. STP (with protection), 4. STP Limit.
*ICE US Rulebook; ICE US Position Limits Accountability and Reportable Levels.

*To facilitate account processing, orders for metals and stock index futures are only valid until 05:00 without further notice. Additionally, day trading positions will be automatically closed out after 04:45. Customers are advised not to place closing orders after 04:45. Any duplicate orders placed after 04:45 will be the customer's responsibility.

*To trade stock index futures during the 05:00–06:00 trading session, clients must place orders via phone. Please contact the trading desk at +886-2-27551326.

*Cotton (CT) price limits:

A crop year is defined as the period from October futures to July futures delivery of the following year. The Front Month refers to the first listed futures delivery month not yet at its First Notice Day, except October cannot be designated as the Front Month. There are no price limits for the current futures month starting on First Notice Day.

The Limit Reference Month that is to be used to determine the Initial Limit Amount on any day shall be the higher-priced futures delivery month

The daily price limit increases by 1.00 cent per pound (100 points) if two or more of the first five futures delivery months or remaining crop year months close at limit bid or offer. This does not apply if the Initial Limit Amount is 7.00 cents per pound, which is the maximum limit.

*Market with Protection:

1. MKT: Market order in the Index Contracts will not trade outside of 200% of the NCR and any residual volume from an incomplete market order is canceled.

. .. RL (Reasonability Limits) 、 NCR (No Cancellation Range).. The Exchange will adjust the RL and NCR for each Contract based on market conditions.

2. STP: When a stop market order is triggered, it becomes a Limit order with the price adjusted by the NCR: a Stop Buy adds the NCR, and a Stop Sell subtracts it.

3. STP Limit: the allowable price range between the stop price and the limit price of a Stop-Limit Order will be restricted to 100% of the NCR for the specified Commodity Contract. 

4. Circuit Breakers: The IPL (Interval Price Limits) Recalculation Time continuously resets every 15 seconds (5 seconds for Index and U.S. Dollar Index). When the platform determines that the next trade will be at a price that is outside the active IPL range, the platform triggers a Hold Period, during which the price of the contract is not permitted to trade outside the IPL range. The length of the Hold Period is 30 seconds (5 seconds for Index, 2 seconds for U.S. Dollar Index).

(Reasonability Limits & No Cancellation Range), (Interval Price Limits)

*(Final Settlement Price):MME、MFS: Cash settlement to the closing value of the MSCI Emerging Markets Index on the Last Trading Day for the contract.
FNG: Cash settlement to a special calculation of the NYSE FANG+ Index (Price Return version) based on the opening prices of the component stocks on the Last Trading Day for the contract.

* Day Trading: Any day trades executed within 30 minutes of the product’s market close will be settled against the initial margin. Clients should refrain from placing closing orders after this period. If a client places a closing order after the 30-minute window and duplicates positions, they will be responsible for any resulting errors. Day trading orders will not be accepted on the last trading day for cash-settled products.

* Daylight Saving Time (DST): In the United States, DST begins on the second Sunday in March and ends on the first Sunday in November.

Notes:

* The "#" before the product name indicates physical delivery futures or futures options, while the "$" indicates cash-settled futures or spot options.

* Acceptable order types: (Futures) 1. MKT (with protection) after market open, 2. Limit, 3. STP (with protection), 4. STP Limit. (Options) Limit..

*ICE Futures Europe Regulation; ICE Futures Europe Exchange Position and Accountability Levels; Position Management Regime for Soft Commodities.

* To facilitate account processing, orders for metals and stock index futures are only valid until 05:00 without further notice. Additionally, day trading positions will be automatically closed out after 04:45. Customers are advised not to place closing orders after 04:45. Any duplicate orders placed after 04:45 will be the customer's responsibility.

* To trade energy futures during the 05:00–06:00 trading session, clients must place orders via phone. Please contact the trading desk at +886-2-27551326.

*Market with Protection:

1. MKT: Market order in the Index Contracts will not trade outside of 200% of the NCR and any residual volume from an incomplete market order is canceled.

... RL (Reasonability Limits) 、 NCR (No Cancellation Range).. The Exchange will adjust the RL and NCR for each Contract based on market conditions.

2. STP: When a stop market order is triggered, it becomes a Limit order with the price adjusted by the NCR: a Stop Buy adds the NCR, and a Stop Sell subtracts it.

FFI: 70% of NCR, FLG: 60% of NCR, LSB: 75% of NCR, LCC: 60% of NCR, and energy: 100% of NCR.

3. STP Limit: the allowable price range between the stop price and the limit price of a Stop-Limit Order will be restricted to 100% of the NCR for the specified Commodity Contract. 

4. Circuit Breakers: The IPL (Interval Price Limits) Recalculation Time continuously resets every 3 seconds. When the platform determines that the next trade will be at a price that is outside the active IPL range, the platform triggers a Hold Period, during which the price of the contract is not permitted to trade outside the IPL range. The length of the Hold Period is 5 seconds (15 seconds for Soft Commodities).

(Reasonability Limits, No Cancellation Range, Interval Price Limits) (Stop with Protection Order: Protection limits).

*(Final Settlement Price) FFI futures and options: Calculated by FTSE International with reference to the outcome of the EDSP intra-day auction at the London Stock Exchange carried out on the Last Trading Day.

SO3: Published on the next business day after the Last Trading Day, calculated as 100 minus the EDSP Rate , rounded to three decimal places. (Click here for EDSP Rate formula).

FEI: Based on the European Money Markets Institute Euribor Rate (EMMI Euribor) for three month Euro deposits at 10:00 London time on the Last Trading Day. The settlement price will be 100.00 minus the EMMI Euribor Rate rounded to three decimal places.

Brent Crude Futures (B): The Exchange shall publish a cash settlement price (the ICE Brent Index price) on the next trading day following the last trading day for the contract month.

WTI Crude Futures (T): Equal to the penultimate settlement price for WTI crude futures as made public by NYMEX for the month of production. (T expires one day earlier than CL)

*Options: FFI options are European-style options, automatically exercised if in-the-money on the expiration date, and all are settled in cash.
Margin for short option = Market value of premium + MAX ( Initial Margin for Futures / 2, Initial Margin for Futures – Out-of-the-Money Value / 2 )

* Day Trading: Any day trades executed within 30 minutes of the product’s market close will be settled against the initial margin. Clients should refrain from placing closing orders after this period. If a client places a closing order after the 30-minute window and duplicates positions, they will be responsible for any resulting errors. Day trading orders will not be accepted on the last trading day for cash-settled products.

* European Daylight Saving Time (DST) runs from the last Sunday in March to the last Sunday in October.

Notes:

* The "#" before the product name indicates physical delivery futures or futures options, while the "$" indicates cash-settled futures or spot options.

* Acceptable Order Types: 1. Limit, 2. STP Limit (Limit price must be better than trigger price).

*Volatility controls: price limits and price bands; LME Regulation.

*The LME contract expiration dates are not fixed. Every trading day represents a new contract expiring three months later. For example, a contract traded on January 10 expires on April 10, while a contract traded on January 15 expires on April 15. If the expiration date falls on a Saturday, it moves to the preceding business day. If it falls on a Sunday or a public holiday, it is extended to the following business day. Positions must have the same expiration date to offset. If buy and sell positions are initiated on different days, their expiration dates will differ. In such cases, an adjustment (referred to as "carry trade") is required to align both positions to the same expiration date. To close out positions with mismatched expiration dates, the closing price must include a premium or discount (contango or backwardation adjustment) to account for the difference in value between the original and adjusted dates. Please refer to LME website.
* European Daylight Saving Time (DST) runs from the last Sunday in March to the last Sunday in October.

Notes:

* The "#" before the product name indicates physical delivery futures or futures options, while the "$" indicates cash-settled futures or spot options.

* Acceptable order types: (Futures) 1. MKT , 2. Limit, 3. STP.   (Options) Limit.

*Eurex Rules & Regulations; Position Limits.
EUREX futures products have a minimum closing auction time of 3 minutes.
*Futures such as DAX, DXM, DXS, ESX, FVS, ESB, FMAE, FMCN, FMEA, FMGS, FMIN, FMTH, FXXP, FGBX, FGBL, FGBM, FGBS, FOAT open at 08:10, regardless of daylight saving time, and the period from 08:10 to 08:15 is Opening Auction.

*End-of-day options code explanation: +A represents the first week's Monday. For instance, if the 1st of the month falls on a Wednesday, the month will not have +A or +B codes. +H represents the second week's Wednesday, and so forth. +Z represents the end of the month.

* Market with Protection: 『Mistrade』- The EUREX Management Board has the authority to decide whether to cancel or adjust the price of transactions that deviate from the reference price beyond the defined Mistrade Ranges. Additionally, the Management Board may adjust these Mistrade Ranges based on prevailing market conditions.

Option-
DAX: For reference prices up to 25, the Mistrade Range is 2; From 25 up to 300, the Mistrade Range is 8.0%; Over 300, the Mistrade Range is 24.

ESX: For reference prices up to 25, the Mistrade Range is 1.2; From 25 up to 225, the Mistrade Range is 8.0%; Over 225, the Mistrade Range is 18.

* (Final Settlement Price) DAX futures and options: Determined by the value of the respective index, based on Xetra® auction prices of the respective index component shares. The intraday auction starts at 19:00 (UTC+8).
ESX futures and options: Based on the average of the respective STOXX® Index values calculated between 17:50 and 18:00 UTC+8.

FVS: Based on the average of the index values of the underlying on the last trading day between 17:00 and 18:00 UTC+8.

ESB: Based on the average of the respective STOXX® Index values calculated between 17:50 and 18:00 UTC+8.

FTUK: Determined by the value of the FTSE 100 Expiry Index as calculated by FTSE International Limited following the Exchange Delivery Settlement Price ("EDSP") intraday auction on the London Stock Exchange.

SMI: Determined by the value of the respective index, based on SIX Swiss Exchange opening prices of the respective index component shares.

FXXP,FSTA,FSTB,FSTS,FSTO,FSTH,FSTG,FSTI,FSTE,FSTT,FSTU: Based on the average value of the underlying asset calculated between 17:50 and 18:00 UTC+8.

* Options: DAX and ESX options are European-style options, automatically exercised if in-the-money on the expiration date, and all are settled in cash. FVS options are American-style options. Explanation.

Margin for short option = Calculated based on the Pisrma method for determining the margin of a single options position.

The DAX options contract specifications are 5 euros (with the futures contract being 25 euros). The margin calculation for the options is based on 1/5 of the futures margin.

* Day Trading: Any day trades executed within 30 minutes of the product’s market close will be settled against the initial margin. Clients should refrain from placing closing orders after this period. If a client places a closing order after the 30-minute window and duplicates positions, they will be responsible for any resulting errors. Day trading orders will not be accepted on the last trading day for cash-settled products.

* European Daylight Saving Time (DST) runs from the last Sunday in March to the last Sunday in October.

Notes:

* The "#" before the product name indicates physical delivery futures or futures options, while the "$" indicates cash-settled futures or spot options.

* Acceptable order types:  Limit

*Rules, guidance notes and waivers.

* Before 06:00 (delayed by one hour during Standard Time) is our company’s account processing period. Online order placement opens daily at 06:00 (delayed by one hour during Standard Time). If you wish to place an order before 06:00 (delayed by one hour during Standard Time), please call our trading desk at +886-2-27551326.

* (Final Settlement Price) AP: The Special Opening Quotation of the underlying S&P/ASX 200 Index on the last trading day, calculated using the first traded price of each component stock in the S&P/ASX 200 Index on the last trading day. This means the first traded price of each component stock may occur any time between ASX market open and ASX market close (including the Closing Single Price Auction). If a component stock hasn’t been traded by ASX market close on the last trading day, the last traded price of that stock will be used to calculate the Special Opening Quotation.

YT、XT: The average of the best bid and best offer for each bond will be calculated at 9:00am, 9.45am, 10.30am and 11.15am. An indicative session price, calculated as an arithmetic mean, will be published after each session. The Expiry settlement price will be the average of the best bids and offers from all sessions rounded to the nearest tradable increment and subtracted from 100. Expiry settlement price will be published by 12pm on the Last Trading Day.

IR: Shall be calculated as 100 minus the 3 month BBSW rate published on the Last Trading Day. The 3 month BBSW rate will be rounded to 3 decimal places to the nearest 0.001 per cent, 0.0005 per cent rounded up. 

IB: The Cash Settlement Price is equal to 100 minus the cash settlement rate, where the cash settlement rate is the monthly average of the Interbank Overnight Cash Rate (OCR) for that contract month calculated by taking the sum of the daily OCR, as published by the Reserve Bank of Australia, divided by the number of days for that month.

* The formula for the present value Please refer to Price and Valuation Guide for more details.
P = 1000 * [ c ( 1- v^n ) / i + 100 v ^n]
i = yield % pa divided by 200
v = 1/(1+i)
n = XT is 20 , YT is 6
c = coupon rate/2
** Calculating Contract Value for ASX 90 Day Bank Bill Futures: Please refer to Price and Valuation Guide for more details.
P = (1,000,000 * 365 ) / ( 365 + ( yield * 90 ) /100 )

* Day Trading: Any day trades executed within 30 minutes of the product’s market close will be settled against the initial margin. Clients should refrain from placing closing orders after this period. If a client places a closing order after the 30-minute window and duplicates positions, they will be responsible for any resulting errors. Day trading orders will not be accepted on the last trading day for cash-settled products.

* Australia's Daylight Saving Time begins on the first Sunday of October each year and ends on the first Sunday of April the following year.

* The United States' Standard Time (winter time) begins on the first Sunday of November and ends on the second Sunday of March the following year.

Notes:

* The "#" before the product name indicates physical delivery futures or futures options, while the "$" indicates cash-settled futures or spot options.

*ICE Endex exchange Regulation

*Market with Protection:

1. MKT: Market order in the Index Contracts will not trade outside of 200% of the NCR and any residual volume from an incomplete market order is canceled.

RL (Reasonability Limits) 、 NCR (No Cancellation Range).. The Exchange will adjust the RL and NCR for each Contract based on market conditions.

2. STP: When a stop market order is triggered, it becomes a Limit order with the price adjusted by the NCR: a Stop Buy adds the NCR, and a Stop Sell subtracts it.

3. STP Limit: the allowable price range between the stop price and the limit price of a Stop-Limit Order will be restricted to 100% of the NCR for the specified Commodity Contract. 

4. Circuit Breakers: The IPL (Interval Price Limits) Recalculation Time continuously resets every 3 seconds. When the platform determines that the next trade will be at a price that is outside the active IPL range, the platform triggers a Hold Period, during which the price of the contract is not permitted to trade outside the IPL range. The length of the Hold Period is 15 seconds.

(Reasonability Limits, No Cancellation Range, Interval Price Limits) (Stop with Protection Order: Protection limits)

* Day Trading: Any day trades executed within 30 minutes of the product’s market close will be settled against the initial margin. Clients should refrain from placing closing orders after this period. If a client places a closing order after the 30-minute window and duplicates positions, they will be responsible for any resulting errors. Day trading orders will not be accepted on the last trading day for cash-settled products.

* European Daylight Saving Time (DST) runs from the last Sunday in March to the last Sunday in October.