FAQ: Bloomberg Commodity Subindex futures

As their name suggests, BCOM Subindex futures track the suite of benchmark Subindices offered by Bloomberg, as a way to measure performance in individual markets. The following BCOM Subindex futures will be available for trading* (*pending all regulatory approvals):

• BAG – BCOM Agriculture Subindex futures
• BPE – BCOM Petroleum Subindex futures
• BEN – BCOM Energy Subindex futures
• BGR – BCOM Grains Subindex futures
• BAM – BCOM All Metals Subindex futures
• BLI – BCOM Livestock Subindex futures
• BPM – BCOM Precious Metals Subindex futures

These contracts are cash settled. BCOM Subindex futures are listed for electronic trading on the CME Globex platform through outright and BTIC futures and are also eligible for traditional and BTIC Block trading. Block trading is subject to Rule 526.

  Back to Top

The indices on which BCOM Subindex futures are based are sub-portfolios of the BCOM Index. The entire universe of constituent futures contracts in the BCOM Index is divided among the Subindices. As a result, these contracts can offer compelling benefits for sector rotation strategies and potential arbitrage opportunities. Market participants can enjoy flexible execution and greater liquidity access via a central limit order book, block trades or Exchange for Physical (EFP) trades (these trades are subject to Rule 538). 

  Back to Top

BCOM Subindices use a widely accepted methodology that divides the constituents of the Bloomberg Commodity Index into Subindices. Details about the methodologies can be found on the Bloomberg website.

  Back to Top

Note that CME Clearing may change the collateral requirements without advance notice.

  Back to Top

Margin offsets are expected to be available between the Subindex futures and various Commodity Index futures and the underlying futures that make up the indices.

  Back to Top

BCOM Subindex futures are sized comparably to the Bloomberg Commodity Index futures (Globex Code: AW) listed at CME Group. Below is a table depicting the contract multiplier for each of the futures contracts and their approximate notional value (as of February 19, 2025).

  Back to Top

The minimum tick for these Subindex futures is 0.01 index points, comparable to the penny increments of the parent BCOM futures.

  Back to Top

These contracts are available on the CME Globex platform, Monday through Friday 8:15 a.m. Central Time (CT) – 1:30 p.m. CT. The trading hours for ClearPort are Sunday 5:00 p.m. CT – Friday 5:45 p.m. CT with no reporting Monday – Thursday from 5:45 p.m. – 6:00 p.m. CT.

  Back to Top

Trading fees can be found on the CBOT Fee Schedule under the “Bloomberg Commodity Index” tab.

  Back to Top

Bloomberg Commodity Subindex futures settle the same way as the other Commodity Index futures listed on our exchanges. On expiration day, typically the third Wednesday of the quarterly contract month, the expiring Commodity Index futures will settle to the Special Quotation of the respective underlying BCOM Subindex, which corresponds to the expiring futures contract at the close of business.

  Back to Top

Yes, both for traditional block trades as well as BTIC block trades. BTIC block trades are a special block trading provision introduced on certain Equity Index futures and stands for Basis Trade at Index Close (BTIC). BTIC block trades enable market participants to execute a futures transaction on the BCOM Subindex contracts relative to the official cash index closing value of the underlying index — in essence, a basis trade based on the close of the underlying index in the spot market that day. The minimum block trade is 50 contracts in each of the BCOM Subindex futures contracts. Block trading is subject to Rule 526.

Benefits of BTIC block trades include:

• Enhanced flexibility to manage index exposure before the spot market closes
• Control and convenience to privately negotiate a trade with a selected eligible counterparty
• Risk management provided by CME Clearing

  Back to Top

Delayed quotes are available online ont the CME Group website. You can also access quotes through several major quotes vendors. Symbols for Bloomberg and Reuters are provided below:

  Back to Top

To access CME Globex, you must have a relationship with an approved Clearing Member Firm. For more information on getting connected to CME Globex, please visit cmegroup.com/globex.

  Back to Top

Yes. As CME Group futures contracts, all eight BCOM Subindex futures are eligible for Exchange for Related Position (EFRP) trades. As a reminder, there are three types of EFRP trades governed by CME Group Rule 538 – an Exchange for Physical (EFP), an Exchange for Risk (EFR) and Exchange of Option for Option (EOO). For more questions on EFPs please see the latest Rule 538 MRAN.

  Back to Top