5FOr Beginners Only
 ■ Contract Specifications
Futures contracts are traded for a wide variety of markets on a number of exchanges both in the 
United states and abroad. The specifications for these contracts, especially details such as daily price 
limits, trading hours, and ticker symbols, can change over time; exchange web sites should be con-
sulted for up-to-date information. Table 1.1 provides the following representative trading details for 
six futures markets (
e-mini s&P 500, 10-year T -note, euro, Brent crude oil, corn, and gold): 
 1. exchange. note that some markets are traded on more than one exchange. in some cases, 
different contracts for the same commodity (or financial instrument) may even be traded on the 
same exchange.
 2. ticker symbol. The quote symbol is the letter code that identifies each market (e.g., es for 
the e-mini s&P 500, C for corn, eC for the euro), combined with an alphanumeric suffix to 
represent the month and year.
 3. Contract size. The specification of a uniform quantity per contract is one of the key ways in 
which a futures contract is standardized. By multiplying the contract size by the price, the trader 
can determine the dollar value of a contract. For example, if corn is trading at $4.00/bushel (bu), 
the contract value equals $20,000 ($4 × 5,000 bu per contract). 
if Brent crude oil is trading at 
$48.30, the contract value is $48,300 ($48.30 × 1,000 barrels). although there are many impor-
tant exceptions, very roughly speaking, higher per-contract dollar values will imply a greater 
potential/risk level. (The concept of contract value has no meaning for interest rate contracts.)
 4. Price quoted in. This row indicates the relevant unit of measure for the given market.
 5. Minimum price fluctuation (“tick”) size and value. This row indicates the minimum 
increment in which prices can trade, and the dollar value of that move. For example, the mini-
mum fluctuation for the 
e-mini s&P 500 contract is 0.25 index points. Thus, you can enter an 
order to buy December e-mini s&P futures at 1,870.25 or 1,870.50, but not 1,870.30. The 
minimum fluctuation for corn is 1
4 ¢/bu, which means you can enter an order to buy December 
corn at $4.01 1
2 or $4.01 3
4 , but not $4.01 5
8 per bushel. The tick value is obtained by multiply-
ing the minimum fluctuation by the contract size. For example, for Brent crude oil, one cent 
($0.01) per barrel × 1,000 barrels = $10. For corn, 
1
4 50 00 12 50¢/bu ×=,$ ..
 6. Contract months. each market is traded for specific months. For example, the e-mini s&P 
500 futures contract is traded for March, June, september, and December. Corn is traded for 
March, May, July, september, and December. Table 1.2 shows the letter designations for each 
month of the year, which are added (along with the contract year) to a market’s base ticker 
symbol to create a contract-specific ticker symbol. For example, December 2017 
e-mini s&P 
500 futures have a ticker symbol of esZ17, while the symbol for the March 2018 contract is 
esH18. The symbol for May 2017 corn is CK17. The last trading day for a contract typically 
occurs on a specified date in the contract month, although in some markets (such as crude oil), 
the last trading day falls in the month preceding the contract month. For most markets, futures 
are listed for contract months at least one year forward from the current date. However, trading 
activity is normally heavily concentrated in the nearest two contracts.