The Russell 1000 is composed of the top 1,000 U.S.-incorporated stocks based on market capitalization. CME futures on the Russell 1000 are sized at $100 times the index price, giving each contract an underlying value of approximately $45,000.
Futures and options on futures on the Russell 2000 began trading on CME in 1993, and CME listed E-mini TM Russell 2000 futures in 2001. Open interest in E-mini Russell 2000 futures surpassed 40,000 positions yesterday, March 19. The Russell 1000 and Russell 2000 indexes are subsets of the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization covering approximately 98 percent of the investable U.S. equity market.
As of the latest reconstitution of the Russell 1000 index, the average market capitalization was approximately $11 billion and the median market capitalization was approximately $3.5 billion. The index had a total market capitalization range of approximately $309 billion to $1.3 billion.
Chicago Mercantile Exchange Inc. (www.cme.com) is the largest futures exchange in the United States and the second largest exchange in the world for the trading of futures and options on futures. As an international marketplace, CME brings together buyers and sellers on its trading floors and GLOBEX around-the-clock electronic trading platform. CME offers futures and options on futures primarily in four product areas: interest rates, stock indexes, foreign exchange and commodities. The exchange moves an average of about $1.8 billion per day in settlement payments and manages $27.4 billion in collateral deposits. On Dec. 6, 2002, Chicago Mercantile Exchange Holdings Inc. (NYSE: CME) and its CME subsidiary became the first publicly traded financial exchange.
GLOBEX is a registered trademark of Chicago Mercantile Exchange Inc. E-mini is a service mark of CME. Russell 1000, Russell 2000, Russell 3000 and other trade names, service marks, trademarks and registered trademarks that are not proprietary to Chicago Mercantile Exchange Inc. are the property of their respective owners, and are used herein under license. Further information about CME and its products is available on the CME Web site at www.cme.com.