The Russell 2000® Index, or mini Russell, is the recognized benchmark measuring the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index, representing approximately 10% of the total market capitalization of that index. It includes 2,000 of the smallest securities based on a combination of market cap and current index membership. Notable stocks currently include Tyler Technologies Inc., Anacor Pharmaceuticals Inc., Manhattan Associates Inc., CubeSmart, and Investors Bancorp. The top sectors by weight are financial services, health care, consumer discretionary, technology, and producer durables.
The E-mini Russell is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. Unlike the S&P 500 and DOW 30, the Russell 2000® is a much larger basket of stocks; therefore, it is a better representative of a broader market pool.
The contract trades solely on the Intercontinental Exchange or ICE, providing access virtually around the clock with complete price transparency, liquidity and tight bid/ask spreads. The electronic contract trades from 8:00 PM ET to 6:00 PM ET, Monday through Friday evening. Sunday evenings the market reopens at 6:00 PM ET.
One E-mini Russell futures contract is $100 x the index. The previous settlement price (November 4, 2015) for December 2015 mini Russell futures was 1163.10 or $116,310.00 per contract. The most common contract symbol is TF.
The futures contract price quotation is $10.00 per .10 index points. The next price movement after 1163.10 upward is 1163.20, followed by 1163.30. Therefore a price move, from 1163.10 to 1164.10, is $100.
The performance bond or initial margin requirement to initiate one E-mini Russell futures contract position is $5,940 (as of November 11, 2015). To control that position going forward the maintenance margin becomes $5,400 (as of November1, 2015).
ICE imposes an Interval Price Limit (IPL) for its futures contracts. Prices are not allowed to move more than a pre-determined amount (Interval Price Limit) away from the current market price within a pre-determined period (the Recalculation Time). The E-mini Russell IPL is 2,000 points at the time of this writing.
The E-mini Russell futures contract month listings are March (H), June (M), September (U), and December (Z).
The last trading day is the third Friday of the expiration month. Trading in the expiring contract ceases at 9:30 AM ET on the Last Trading Day. The December2015 mini Russell futures contract LTD is December 18, 2015 for example.
Be aware of major financial reports if trading the stock index futures as they will potentially affect prices.
Visit www.danielstrading.com for additional contract specifications and market information regarding the mini Russell futures market.
Sources: www.theice.com
www.russell.com
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