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The E-mini feeder cattle contracts are sized at 10,000 pounds, or one-fifth of the CME's standard-size feeder cattle contract. The E-mini version of the contracts will be fungible"-interchangeable-with the standard-sized contracts, allowing traders to offset E-mini trades with an equivalent quantity of larger contracts at a ratio of five-to-one.
The minimum price increment for E-mini feeder cattle will be $0.10 per hundredweight, equal to $10 per contract, with the same daily price limits of the larger contracts. Trading hours will be from 9:05 a.m. until 1:00 p.m. (Central Time), corresponding to the trading hours of the standard feeder cattle contract.
The CME first created its "E-mini" concept in September 1997 with the introduction of E-mini S&P 500 futures and options contracts. The E-mini S&P 500 futures and E-mini Nasdaq 100 futures contracts, introduced last summer, are the fastest growing products in the history of the exchange. The CME also trades E-mini EuroFX and Japanese yen currency futures.
The CME's E-mini lean hog futures contracts, launched July 25, have traded an average daily volume of nearly 300.
