Futures5 min read
CME futures contracts: the specs a trader must verify
A practical primer on CME futures contract specifications: tick size, tick value, multipliers, sessions, and expiry—plus a 5‑minute verification checklist.
By TerraTrade Team
What “contract specifications” mean — and why they decide your P&L#
Tick size, tick value, and the multiplier: the three numbers you must know#
Trading sessions: Globex hours, maintenance windows, and holidays#
Expiry, last trade, and settlement: what ends the game#
Why live specs outrank memory (and screenshots)#
- Open the CME Product page or Product Finder entry for your exact symbol (e.g., ES, MES, CL). Note: multiplier/contract unit, minimum tick, and the exchange-published tick value if listed Product FinderE-mini S&P 500 Futures Contract Specs - CME GroupContract Specifications.
- Calculate your per-tick P&L and your planned stop distance in dollars: ticks × tick value. If spread or reduced-increment rules apply, use the exchange figure for that instrument type Product Finder.
- Confirm the Trading and Clearing Hours for that product on the Trading Hours page. Note the time zone and the daily maintenance window that interrupts trading CME Group Holiday and Trading Hours - CME Group.
- Check the CME Expiration Calendar for the specific contract month’s last trade date; then open the product’s rule text to confirm the cut-off time and settlement method Expirations Calendar - CME GroupProduct Finder.
- Scan recent CME Globex/SER notices for changes that could affect your session or spec assumptions (hours shifts, listing changes, tick amendments) CME Globex Notice: July 27, 2026 - CME GroupCME Globex Notice: February 9, 2026 - CME Groupser-9669.docx.
- If you might hold near delivery, read the deliverable vs cash-settled language and any notice-day rules on the product factsheet/spec page Contract SpecificationsProduct Finder.
- Update your platform presets (tick value, session template, rollover rules) only after you verify them against the live CME sources above; avoid copying from memory or third-party templates CME Group Holiday and Trading Hours - CME GroupProduct Finder.
Position sizing from specs: a quick method#
Using exchange specs as your edge: strengths and limits
Strengths of using CME specs as your single source of truth
- ✓The exchange’s specs give unambiguous tick value, multiplier, and session rules—your basis for accurate P&L math and risk limits (Source: Product Finder).
- ✓Product pages, Trading Hours, and the Expiration Calendar are centralized, official, and timestamped, making them superior to forum references (Source: CME Group Holiday and Trading Hours - CME Group) (Source: Expirations Calendar - CME Group) (Source: Product Finder).
- ✓Notices document effective dates for changes, so you can align platform templates and roll plans precisely (Source: CME Globex Notice: July 27, 2026 - CME Group) (Source: CME Globex Notice: February 9, 2026 - CME Group).
Limitations if you ignore live specs
- —Specs are amendable. Hours, ticks, or listings can change via notices; you must re‑verify before trading each week (Source: CME Globex Notice: July 27, 2026 - CME Group) (Source: CME Globex Notice: February 9, 2026 - CME Group) (Source: ser-9669.docx).
- —Some products have special increments for spreads or calendar rolls, which can differ from outright ticks and add complexity (Source: Product Finder).
- —Holidays and maintenance windows can reduce liquidity or shift session boundaries; plans that assume “24/5” trading may break on altered schedules (Source: CME Group Holiday and Trading Hours - CME Group).
FAQ: CME futures contract specifications#
Where do I find the official tick size and tick value?
On CME, the authoritative fields live on the product’s contract/spec page and in the Product Finder, which list the minimum tick, contract unit/multiplier, and—when provided—the tick’s dollar value Product Finder. For ES specifically, CME’s product page confirms 0.25 index‑point ticks and a $50 multiplier (tick value $12.50) E-mini S&P 500 Futures Contract Specs - CME Group.
Do all S&P 500 futures share the same expiry rules?
No. Variants within the S&P family can have different multipliers and expiration/settlement timing. For example, S&P 500 Month‑End futures have distinct specs versus standard quarterly E‑mini S&P futures, including a different multiplier and expiry schedule FAQ: S&P 500 Month-End Futures and Options - CME Group. Always check the exact product’s page.
Are trading hours the same across all CME futures?
No. Trading windows (including maintenance breaks) are defined per product and can change via Globex notices. Always confirm on CME’s Trading Hours page for the product you trade and scan recent notices for updates CME Group Holiday and Trading Hours - CME GroupCME Globex Notice: July 27, 2026 - CME GroupCME Globex Notice: February 9, 2026 - CME Group.
How do I know whether a contract is cash-settled or physically delivered?
Read the contract’s settlement section on the product page. Cash‑settled contracts specify the index/price source used for final settlement. Deliverable contracts describe notice days and delivery procedures—CME’s agricultural fact cards illustrate deliverable mechanics Contract SpecificationsProduct Finder.
Do holidays change trading or settlement times?
Holiday schedules can alter session start/stop times or introduce early closes. CME publishes these on the Trading Hours page; check it on the day you intend to trade CME Group Holiday and Trading Hours - CME Group.
Sources#
- Contract Specifications — cmegroup.com
- CME Group Holiday and Trading Hours - CME Group — cmegroup.com
- Expirations Calendar - CME Group — cmegroup.com
- EQUITY products — cmegroup.com
- CME Globex Notice: July 27, 2026 - CME Group — cmegroup.com
- Product Finder — cmegroup.com
- Exhibit 1 – Contract Specifications — cmegroup.com
- FAQ: Micro E-mini Equity Index Futures - CME Group — cmegroup.com
- CME Globex Notice: February 9, 2026 - CME Group — cmegroup.com
- Contract Specifications — cmegroup.com
- ser-9669.docx — cmegroup.com
- FAQ: S&P 500 Month-End Futures and Options - CME Group — cmegroup.com
- CFTC/SEC Investor Alert: Funds Trading in Bitcoin Futures | CFTC — cftc.gov
- table id="e1" — cmegroup.com
- | CFTC — cftc.gov
- E-mini S&P 500 Futures Contract Specs - CME Group — cmegroup.com
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