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E-Mini S&P, often abbreviated to "E-mini" (despite the existence of many other E-mini contracts) and designated by the commodity ticker symbol ''ES'', is a stock market index futures contract traded on the Chicago Mercantile Exchange's Globex electronic trading platform. The notional value of one contract is 50 times the value of the S&P 500 stock index. On September, 15, 2015, the S&P 500 cash index closed at 1,978.09, making each E-mini contract a $98,900 bet. It was introduced by the CME on September 9, 1997, after the value of the existing S&P contract (then valued at 500 times the index, or over $500,000 at the time) became too large for many small traders. The E-Mini quickly became the most popular equity index futures contract in the world. The original ("big") S&P contract was subsequently split 2:1, bringing it to 250 times the index. Hedge funds often prefer trading the E-Mini over the big S&P since the older ("big") contract still uses the open outcry pit trading method, with its inherent delays, versus the all-electronic Globex system for the E-mini. The current average daily implied volume for the E-mini is over $100 billion, far exceeding the combined traded dollar volume of the underlying 500 stocks.〔(CME Group - daily trading volumes )〕〔(NYSE - total daily trading dollar volume )〕〔(NASDAQ total daily trading dollar volume )〕 Following the success of this product, the exchange introduced the E-mini NASDAQ-100 contract, at one fifth of the original NASDAQ-100 index based contract, and many other "mini" products geared primarily towards small speculators, as opposed to large hedgers. In June 2005 the exchange introduced a yet smaller product based on the S&P, with the underlying asset being 100 shares of the highly-popular SPDR exchange-traded fund. However, due to the different regulatory requirements, the performance bond (or "margin") required for one such contract is almost as high as that for the five times larger E-Mini contract. The product never became popular, with volumes rarely exceeding 10 contracts a day. The E-Mini contract trades from Sunday to Friday 5:00pm - 4:00pm (Chicago Time/CT) with a 15 minute trading halt from 3:15pm to 3:30pm CT. From 4:00pm to 5:00pm there's a daily maintenance period. According to US government investigations the sale of 75,000 E-mini contracts by a single trader was the trigger to cause the 2010 Flash Crash.〔(Report of the Staffs of the CFTC and SEC to the Joint Advisory Committee on Emerging Regulatory Issues, May 18, 2010 )〕〔(Findings Regarding the Market Events of May 6, 2010 (September 30, 2010) )〕 This claim was later refuted by the Chicago Mercantile Exchange.〔(CME Group Statement on the Joint CFTC/SEC Report Regarding the Events of May 6 )〕〔Leinweber, D. (2011), Journal of Portfolio Management, Spring, pp.1–2〕 ==See also== * E-mini * NASDAQ futures * Futures contract * Derivative (finance) * Algorithmic trading 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「E-mini S&P」の詳細全文を読む スポンサード リンク
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