E-mini® S&P 500® futures contracts are traded only one way: electronically on the CME® Globex®
trading platform. This platform is an open access marketplace that allows the Emini trader to
participate directly in the trading process, view the book of orders and prices for the Emini
and enter their own buy and sell orders globally nearly 24 hours a day. Speed of execution and confirmation (typically
measured in milliseconds) transparency, anonymity and
reliability of this electronic platform have all been instrumental to the contract's success among day traders.
In fact, electronic trading has become the execution of choice among traders.
According to CME Group, electronically executed trading accounted for 89% of its total volume in 2011,
up from 88% in 2010. While growth of trading volume by traditional open outcry was essentially flat in 2011, trading volume
by electronic execution expanded by a robust 11.6% relative to 2010.
Trading on the Globex platform is generally available Sunday evening
through late Friday afternoon. For the Emini day trader, the official close of trading for the
day is at 3:15 p.m. CT. All open trades need to be closed out prior to the official close.
Trading hours of the Emini on Globex are as follows (Central Time):
Opens Sunday and Holidays at 5:00 p.m. to 3:15 p.m. next day.
Trading for next trade date resumes:
Monday – Friday 3:30 p.m. to 3:15 p.m. next day with exception of
daily maintenance shutdown from 4:30 p.m. to 5:00 p.m.
The Emini day trader can use several types of orders on the Globex platform including
limit,
market-limit,
market with protection,
stop limit and
stop with protection. During the trading session, these orders can be
entered and, if not filled, modified or canceled.
According to a recent order execution study
conducted by CME Group, approximately two-thirds of all Emini market orders
consist of one to five contracts, and larger-size market orders tend to be placed in the time period corresponding to the
open and close of the equity cash market. The study also notes that approximately 90 percent of all market orders of fewer than 50 contracts are
being executed in 50 milliseconds or less.
The Globex platform is continuously enhanced to serve customers with high-speed,
high-volume capacity. The CME Globex Control Center monitors trading activity
and system performance around-the-clock to assure the orderly
functioning of Emini S&P 500 futures as well as all other electronic markets.
The following trademarks and service marks are owned by Chicago Mercantile Exchange Inc.: CHICAGO MERCANTILE EXCHANGE®,
CME E-mini®, CME®, E-mini® and Globex®. The following are trademarks of The McGraw-Hill Companies: S&P®, S&P 500®.