Equity index futures
What are the specific CME price limits and circuit breakers (7%, 13%, 20%) for overnight index futures?
By Easy Money Scanner · Educational reference · Not investment advice
The short answer
CME applies tiered price limits on E-mini/Micro E-mini S&P 500 futures at 7%, 13%, and 20% declines from a prior-day reference price, mirroring NYSE Rule 80B / Nasdaq Rule 4121 market-wide circuit breaker levels.
How it works
During US trading hours (8:30 a.m.-2:25 p.m. CT) all three levels apply; from 2:25-3:00 p.m. CT only the 20% level applies; a hard 7% up/down limit applies outside US cash-market hours. These futures price limits are coordinated with, but distinct from, the underlying S&P 500 Index cash-market circuit breakers.
An example
A 7% intraday decline in the ES reference price can trigger a Level 1 trading halt/limit condition.
Risk & limitations
Price limit halts can trap open positions, preventing exit during fast-moving declines.
Examples are hypothetical, not trade recommendations. US contract and regulatory references do not automatically apply in Canada. Rules, margin requirements and broker policies can change; confirm them with the relevant authority and your broker.