What the differemce between sp futures Contract

Discussion in 'Index Futures' started by calibertrader, Nov 1, 2002.

  1. Can someone please explain to me the differenc between the two differemt S&P futures contracts? They seem to have different quotes. Which one do you use, or is better to use to gauge the market?
  2. dottom


    SP is pit-traded. ES is electronically traded on Globex2, which means you can trade it after hours and evenings (except Fri & Sat) though liquidity is thin until Europe opens.

    SP = $250 per point. ES is 1/5 the size of SP to make it more tradable for the masses, so 1.00 point = $50.

    SP trades in .10 tick increments while ES trades in .25 tick increments.

    Because SP is pit-traded, sometimes the quote you see will lag ES which is electronically quoted. Rarely have I seen difference in quotes of more than 1 handle (1.00 points) for 60 seconds, and in those cases I was never certain if that was due to SP quote lag.

  3. ... for such a coherent, crystal clear explanation - nice!

  4. Thanks, Dottom, for condensing 6 pages of CME jargon into something intelligible!
  5. magazine about some arbs who make a living

    trading the diff between the big one and the little one
  6. dottom


    Are they on or off floor?
  7. I'd think they'd have to be on the floor, since only people on the floor can trade in the pit *AND* quickly call to another assistant to arb with the electronic e-minis.

    How is someone off the floor at their house going to trade the big boy?
  8. Anyone know the average daily dollar volume for SP and ES?
  9. Don't know about the SP but today in the ES, over 30 billion dollars worth of contracts were traded.