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-micro contract | Exchange | Ticker symbol | Multiplier | Tick size | Tick value | Initial margin | Maintenance margin |
|---|---|---|---|---|---|---|---|
| E-micro S&P CNX Nifty (Nifty 50) Futures | CME | MNF | $5 x Index | $1.25 | 0.255 | $3,125 | $2,5006 |
| E-micro EUR/USD Futures | CME | M6E | 12,500 euros | US$0.0001/EUR | $1.257 | $405 | $3006 |
| E-micro Gold Futures | CME | MGC | 10 troy ounces | $0.10 | $18 | $675 | $5006 |
References
References
- "E-micro S&P CNX Nifty (Nifty 50) futures - Contract specifications". CME Group. Retrieved 16 April 2011.
- "CME ClearPort Product Slate - FX E-micros". CME Group. Retrieved 16 April 2011.
- 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.
- "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.
- "E-micro S&P CNX Nifty (Nifty 50) Futures - Contract specifications". CME Group. Retrieved 17 April 2011.
- "Outright Margins / Performance Bond Requirements". CME Group.
- "E-micro EUR/USD Futures - Contract specifications". CME Group. Retrieved 17 April 2011.
- "E-micro Gold Futures - Contract specifications". CME Group. Retrieved 17 April 2011.