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.

* 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.