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Not All E-mini Futures Contracts Are the Same

October 17, 2019 by Daniels Trading| Futures 101

The futures markets offer a variety of advantages simply not found in other venues. Unquestionably, one of the largest is the diversity of trading alternatives available. No matter if you are an equity, currency or commodity trader, there is a product tailor-made for your expertise.

Among these offerings are the E-mini futures contracts listed for trade on the Chicago Mercantile Exchange (CME). Facing almost every major asset class, E-mini futures are a unique way of approaching the capital markets.

Trade The U.S. Indices With CME E-Mini Futures Contracts

By a wide margin, the most popular E-mini futures contracts are the equity index products listed on the CME. Featuring issues based upon the Dow Jones Industrial Average (DOW), Standard and Poor’s 500 (S&P 500), NASDAQ, and the Russell 2000, there is a product for every type of equities trader.

Even though the equity index E-minis face the U.S. stock market, they are not all the same. There are some key differences to be aware of, specifically in regards to the contract specifications:

Product Symbol Asset Class Tick Value
E-mini S&P 500 ES Large Cap Stocks $12.50
E-mini DOW YM Large Cap Stocks $5.00
E-mini NASDAQ NQ Tech Stocks $5.00
E-mini Russell 2000 RTY Small, Medium Cap Stocks $5.00

About the only common denominator these four products share is their prefix. Each pertains to a specific sector of the U.S. stock market and presents a custom degree of leverage. In addition, the process of price discovery local to each contract is distinct. Below are two additional areas in which the equity index E-minis differ:

  • Liquidity: Although the four U.S. equity index E-mini futures contracts are all liquid, some feature greater market depth than others. The E-mini S&P 500 is far and away the most heavily traded issue, regularly topping volumes of one million contracts per session; the other listings typically post volumes between 200K and 500. Accordingly, trade efficiency will vary as factors such as volatility and slippage fluctuate.
  • Pricing Sensitivities: E-mini equity index futures are not a “one size fits all” way to trade the U.S. stock market. Offerings are sensitive to a collection of sector-specific underpinnings. Earnings reports, breaking news and various economic events can impact each product very differently. For instance, positive earnings reports from Apple and Amazon.com may boost the E-mini NASDAQ, while the E-mini DOW simultaneously lags due to a plunge in Boeing stock.

Don’t Forget About Commodity And Currency E-minis

Commodity and currency E-mini futures are traded by a broad spectrum of market participants for a variety of reasons. From active speculation to producer hedging, the CME’s lineup of commodity and currency E-minis are ideal targets for thousands of traders every day.

Below are a few of the more popular CME commodity and currency E-mini listings:
Here are the premier E-mini markets offered on the CME:

Product Symbol Asset Class Tick Value
E-mini Crude Oil QM Energy $12.50
E-mini Natural Gas QG Energy $12.50
E-mini Euro FX E7 Currencies $6.25
E-mini Japanese Yen J7 Currencies $6.25

In comparison to the CME’s equity index E-mini futures contracts, the currency and commodity offerings trade with vastly reduced liquidity. However, many tried-and-true strategies remain viable, including intraday, day, and swing trading methodologies. Although volume and depth-of-market can be sporadic, active periods regularly offer a collection of opportunities.

Getting Started With E-mini Futures

One of the great things about futures is that the trader has an ability to fully customize risk exposure. No matter if you prefer full-sized CME futures or the granularity of E-micro, Micro E-mini, and E-mini products, rest assured that there is an ideal substitute for your needs.

To become an active participant in E-mini futures, check out the service suite available at Daniels Trading. Featuring broker-assisted and self-directed options, dt has everything you need to get started in these exciting markets.

Micro E-Mini Comparison Guide

 

Filed Under: Futures 101

About Daniels Trading

Daniels Trading is division of StoneX Financial Inc. located in the heart of Chicago’s financial district. Established by renowned commodity trader Andy Daniels in 1995, Daniels Trading was built on a culture of trust committed to a mission of Independence, Objectivity and Reliability.

Risk Disclosure

The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.

Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.

© 2023 StoneX Group Inc. All Rights Reserved

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Risk Disclosure

The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.

Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.

© 2023 StoneX Group Inc. All Rights Reserved

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