E-micro

An E-micro is a futures contract traded on the Chicago Mercantile Exchange (CME) Globex electronic trading platform, that represents an even smaller fraction of the value of the normal futures contracts than the corresponding E-mini.

Currently, CME offers one E-micro stock market index contract, E-micro S&P CNX Nifty (Nifty 50) Futures, with a notional value of $2 x the S&P CNX Nifty index of Indian stocks,[1] and E-micro contracts for a number of currency futures pegged against the US Dollar (AUD, CAD, CHF, EUR, GBP, JPY).[2] E-micro gold futures contracts were introduced in October 2010.[3]

On 11 March 2019 CME Group announced the launch of Micro E-mini futures on the S&P 500, Nasdaq-100, Russell 2000 and Dow Jones Industrial Average indexes. The new contracts will be one-tenth the size of existing E-mini futures, and are set to be available for trading in May 2019.[4]

E-micro contracts

The table below lists some of the more popular E-micro contracts, with the initial and maintenance margin required by the issuing exchange. Note that individual brokers may require different margin amounts (also called performance bonds).

E-micros
E-micro contractExchangeTicker symbolMultiplierTick sizeTick valueInitial marginMaintenance margin
E-micro S&P CNX Nifty (Nifty 50) FuturesCMEMNF$5 x Index$1.250.25[5]$3,125$2,500[6]
E-micro EUR/USD FuturesCMEM6E12,500 euros0.0001 USD/EUR$1.25[7]$405$300[6]
E-micro Gold FuturesCMEMGC10 troy ounces$0.10$1[8]$675$500[6]

See also

References
  1. "E-micro S&P CNX Nifty (Nifty 50) futures - Contract specifications". CME Group. Retrieved 16 April 2011.
  2. "CME ClearPort Product Slate - FX E-micros". CME Group. Retrieved 16 April 2011.
  3. Fernando, Vincent (6 October 2010). "Introducing The New E-Micro Gold Futures -- Making Prices Even Easier To Manipulate". Business Insider, Inc. Retrieved 16 April 2011.
  4. "CME Group Makes Global Equity Benchmarks More Accessible to Active Traders with Launch of Micro E-mini Futures" (Press release). Chicago: CME Group. PRNewswire. 11 March 2019.
  5. "E-micro S&P CNX Nifty (Nifty 50) Futures - Contract specifications". CME Group. Retrieved 17 April 2011.
  6. "Outright Margins / Performance Bond Requirements". CME Group.
  7. "E-micro EUR/USD Futures - Contract specifications". CME Group. Retrieved 17 April 2011.
  8. "E-micro Gold Futures - Contract specifications". CME Group. Retrieved 17 April 2011.


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