CME Group Equity Index Price Limits
CME Group U.S. equity index price limits are designed to coordinate with circuit breaker provisions applied by the New York Stock Exchange (NYSE). Limits of 7%, 13% and 20% apply to the futures fixing price from 8:30 a.m. to 3:00 p.m. CT, and a 5% up and down limit applies outside those hours.
CME Group U.S. equity index price limits (and corresponding CME and CBOT rules) are designed to coordinate with circuit breaker provisions as applied by the New York Stock Exchange (NYSE). CME Group updates the limit levels daily.
When each limit applies
| Limit | When it applies |
|---|---|
| 7%, 13% and 20% | Applied to the futures fixing price, 8:30 a.m. to 3:00 p.m. CT, Mondays through Fridays |
| 5% up and down | 5:00 p.m. to 8:30 a.m. CT, Sundays through Fridays; and 3:00 p.m. to 4:00 p.m. CT, Mondays through Fridays |
Between 3:00 p.m. and 4:00 p.m. CT, the 5% price limit will not be allowed to breach the 20% daily limit.
What is the fixing price?
The fixing price is the volume weighted average price (VWAP), calculated during the 30 seconds of trading from 2:59:30 p.m. to 3:00:00 p.m. CT.
Current limit levels
Trading will be halted at these levels if reached. View the current levels on the CME Group price limit guide.
Source: CME Group equity index price limit guide. Levels are set and updated by CME Group.
Related
See Futures margin requirements and our E-mini S&P 500 futures contract page.
Frequently asked questions
What are CME Group equity index price limits?
CME Group U.S. equity index price limits are designed to coordinate with circuit breaker provisions applied by the New York Stock Exchange (NYSE). Trading will be halted at these levels if reached.
When do the 7%, 13% and 20% limits apply?
They are applied to the futures fixing price and are effective from 8:30 a.m. to 3:00 p.m. CT, Mondays through Fridays.
When does the 5% limit apply?
The 5% up and down limits are effective 5:00 p.m. to 8:30 a.m. CT, Sundays through Fridays, and 3:00 p.m. to 4:00 p.m. CT, Mondays through Fridays. Between 3:00 p.m. and 4:00 p.m. the 5% limit will not be allowed to breach the 20% daily limit.
What is the fixing price?
The fixing price is the volume weighted average price (VWAP), calculated during the 30 seconds of trading from 2:59:30 p.m. to 3:00:00 p.m. CT.
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