Capture the certainty of the open, several hours or several days ahead
Take advantage of a mechanism to better manage risk around the cash index open: Trade at Cash Open, or TACO.
TACO allows you to execute a basis trade on the E-mini S&P 500, Nasdaq-100, and Russell 2000 futures relative to the day’s official cash index opening level – before the market open.
With TACO+ now available on E-mini S&P 500 futures, add more lead time to capture the certainty of the cash open days instead of hours ahead. Negate the wait to manage risk around an upcoming cash open index value on a set date (e.g., expiration day).
- Trade at Cash Open (TACO) and TACO+ use the same quoting convention as BTIC, allowing you to execute a basis trade on the associated futures relative to the day’s official cash index opening level, ahead of the market’s opening auction
- Just like BTIC trades, the basis price can be positive or negative, depending on market conditions
- For all TACO transactions, once the official opening index level is published, the associated futures are cleared at a price equal to the opening cash index level, plus the agreed upon basis.
Available for ES, NQ, and RTY* futures via a central limit order book on CME Globex and block trades
Better hedge market-on-open (MOO) trade exposures
Easily manage a.m.-expiring options deltas, hours or days in advance
Trade at a price directly derived from the official cash index open price without slippage
| Underlying Indices | Ticker Symbols |
|---|---|
| S&P 500 Index <ESA Index> | ESQ |
| Nasdaq-100 <NQA Index> | NQQ |
| Russell 2000 <RTYA Index> | RTQ |
Minimum Price Fluctuation (Tick Size)
0.05
Trading Hours
10:00 a.m. CT previous day to 8:30 AM CT
For each trade day, trading starts at 10:00 a.m. CT the previous day.
Minimum Block Threshold
500 contracts for ESQ and NQQ
40 contracts for RTQ
Listed Contracts
Five concurrent listed contracts
Underlying Index
S&P 500 Index <ESA Index>
Minimum Price Fluctuation
0.05= $2.50
Trading Hours
Sunday – Friday 6:00 p.m. - 5:00 p.m. ET (5:00 p.m. - 4:00 p.m. CT)
Listed Contracts
3rd Friday of 3 consecutive months
Minimum Block Threshold
500 contracts
*TACO will be available for E-mini Nasdaq-100 and E-mini Russell 2000 futures starting March 23, 2020.
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