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. Special Price Fluctuation Limits
*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.