1. What are price limits and how do they function?
Price limits are a series of price fluctuation limits based on a reference price. In the case of E-mini S&P 500 (ES), Micro E-mini S&P 500 (MES), and S&P 500 (SP) futures, the reference price is based on the previous trading day’s volume-weighted Average Price (“VWAP”) of the lead month E-mini S&P 500 futures contract determined between 2:59:30 p.m.—3:00 p.m. Central Time (CT). Note – Equity price limits are downside limits during U.S. trading hours, with hard upside and downside limits of 5% during non-U.S. trading hours.
2. What are the provisions during U.S. Trading Hours?
From 8:30 a.m. to 2:25 p.m. CT, there are successive price limits corresponding to 7%, 13%, and 20% declines below the previous trading day’s reference price. [table=98%] [tr=rgb(239, 239, 239)][td=2,1,218] 8:30 a.m. – 2:25 p.m.
From 2:25 p.m. until the 3:00 p.m. CT close of the cash equity market, only the 20% price limit will be applicable. [table=98%] [tr=rgb(239, 239, 239)][td=2,1,218] 2:25 p.m. – 3:00 p.m.
[td=102] Level 3 [td=116] 20% decline
6. What happens when the underlying S&P 500 Index hits a circuit breaker level?
7% decline A 7% decline (Level 1 circuit breaker) in the S&P 500 Index before 2:25 p.m. CT will trigger a NYSE Rule 80B trading halt for both the cash equity market AND all U.S.-based equity index futures and options, including E-mini S&P 500, Micro E-mini S&P 500, and S&P 500 futures and options. Trading will resume once trading in the cash equity market resumes, with price limits expanded to Level 2 (13%). 13% decline A 13% decline (Level 2 circuit breaker) in the S&P 500 Index before 2:25 p.m. CT will trigger a NYSE Rule 80B trading halt for both the cash equity market AND all U.S.-based equity index futures and options, including E-mini S&P 500, Micro E-mini S&P 500, and S&P 500 futures and options. Trading will resume once trading in the cash equity market resumes, with price limits expanded to Level 3 (20%). 20% decline A 20% decline (Level 3 circuit breaker) in the S&P 500 Index will terminate trading for the remainder of the trading day in both the cash equity market AND all U.S.-based equity index futures and options, including E-mini S&P 500, Micro E-mini S&P 500, and S&P 500 futures and options. Trading will resume in coordination with the cash equity market. Note: overnight trading will be suspended until the coordinated open. Also note that from 2:25 p.m. to 3:00 p.m. CT, only the 20% market-wide circuit breaker level will be applicable. 7. How is the futures reference price determined when trading in the cash equity market is terminated early?
The reference price will be the VWAP for the primary E-mini S&P 500 futures contract during the last 30 seconds of trading in the cash equity market. 8. What is the relationship between lead month and deferred contracts under the circuit breaker methodology?
Upon a circuit breaker event in the cash equity market, all futures contracts act in unison. 9. Do S&P 500 options halt trading if the futures are either limit bid or limit offered at the 5% ETH daily limit?
If the primary futures contract is either limit bid or limit offered at the 5% ETH daily limit, then the associated options will be transitioned to a “pre-open” market state. During the pre-open market state, trade matching does not occur but orders can be entered, modified or cancelled. The primary futures contract price level will be reviewed every ten minutes by the GCC manager. If a limit bid of limit offer condition does not exist at the time of review, then the associated options will be re-opened for trading. The GCC reserves the right to keep the options in a pre-open market state if a clear movement off the limit does not exist. All reviews are done on a best case basis.
这也是的 Pretty much the only thing you can trust in the stock market is that the volatility in the near past can predict the volatility in the near future
🔥 最新回帖
同意每一个字
现在空起来不容易，借都借不到
等和忍耐是秘诀
这段时间太难玩了，你看周五周一连着跌，今天又跳高那么多，感觉就是火中取栗。
不过我还是看跌，顺势而为。所以这种死猫跳我都是旁观，虽然心痒，但是这个钱太难挣。
是，今天踏空了，结果进去马上就跌了，快点逃了出来
🛋️ 沙发板凳
https://www.cmegroup.com/trading/equity-index/faq-sp-500-price-limits.html
1. What are price limits and how do they function?
Price limits are a series of price fluctuation limits based on a reference price. In the case of E-mini S&P 500 (ES), Micro E-mini S&P 500 (MES), and S&P 500 (SP) futures, the reference price is based on the previous trading day’s volume-weighted Average Price (“VWAP”) of the lead month E-mini S&P 500 futures contract determined between 2:59:30 p.m.—3:00 p.m. Central Time (CT).
Note – Equity price limits are downside limits during U.S. trading hours, with hard upside and downside limits of 5% during non-U.S. trading hours.
2. What are the provisions during U.S. Trading Hours?
From 8:30 a.m. to 2:25 p.m. CT, there are successive price limits corresponding to 7%, 13%, and 20% declines below the previous trading day’s reference price. [table=98%]
[tr=rgb(239, 239, 239)][td=2,1,218]
8:30 a.m. – 2:25 p.m.
[td=102] Level 1 [td=116] 7% decline
[tr=rgb(239, 239, 239)][td=102] Level 2 [td=116] 13% decline
[td=102] Level 3 [td=116] 20% decline
From 2:25 p.m. until the 3:00 p.m. CT close of the cash equity market, only the 20% price limit will be applicable. [table=98%]
[tr=rgb(239, 239, 239)][td=2,1,218]
2:25 p.m. – 3:00 p.m.
[td=102] Level 3 [td=116] 20% decline
6. What happens when the underlying S&P 500 Index hits a circuit breaker level?
7% decline A 7% decline (Level 1 circuit breaker) in the S&P 500 Index before 2:25 p.m. CT will trigger a NYSE Rule 80B trading halt for both the cash equity market AND all U.S.-based equity index futures and options, including E-mini S&P 500, Micro E-mini S&P 500, and S&P 500 futures and options. Trading will resume once trading in the cash equity market resumes, with price limits expanded to Level 2 (13%). 13% decline A 13% decline (Level 2 circuit breaker) in the S&P 500 Index before 2:25 p.m. CT will trigger a NYSE Rule 80B trading halt for both the cash equity market AND all U.S.-based equity index futures and options, including E-mini S&P 500, Micro E-mini S&P 500, and S&P 500 futures and options. Trading will resume once trading in the cash equity market resumes, with price limits expanded to Level 3 (20%). 20% decline A 20% decline (Level 3 circuit breaker) in the S&P 500 Index will terminate trading for the remainder of the trading day in both the cash equity market AND all U.S.-based equity index futures and options, including E-mini S&P 500, Micro E-mini S&P 500, and S&P 500 futures and options. Trading will resume in coordination with the cash equity market. Note: overnight trading will be suspended until the coordinated open. Also note that from 2:25 p.m. to 3:00 p.m. CT, only the 20% market-wide circuit breaker level will be applicable.
7. How is the futures reference price determined when trading in the cash equity market is terminated early?
The reference price will be the VWAP for the primary E-mini S&P 500 futures contract during the last 30 seconds of trading in the cash equity market.
8. What is the relationship between lead month and deferred contracts under the circuit breaker methodology?
Upon a circuit breaker event in the cash equity market, all futures contracts act in unison.
9. Do S&P 500 options halt trading if the futures are either limit bid or limit offered at the 5% ETH daily limit?
If the primary futures contract is either limit bid or limit offered at the 5% ETH daily limit, then the associated options will be transitioned to a “pre-open” market state. During the pre-open market state, trade matching does not occur but orders can be entered, modified or cancelled. The primary futures contract price level will be reviewed every ten minutes by the GCC manager. If a limit bid of limit offer condition does not exist at the time of review, then the associated options will be re-opened for trading. The GCC reserves the right to keep the options in a pre-open market state if a clear movement off the limit does not exist. All reviews are done on a best case basis.
看参院投票结果吧， 太可怕了
我们这些日子历史见证的还少吗？拜托matrix不要再上大招了，插管的子民们快要承受不住了
有股指期货交易
+100
大家一起become too young again.
美股常规交易时间以外，5%停板，对上涨和下跌都有效，参考价是前一交易日3:59:30-4:00 ET 这30秒的 VWAP，或者说参考的是指数收盘价， 不是4:15 ET 那个期货收盘价。如果 hit 了 limit， 期指在停板上还可以交易。
美股常规交易时间内9:30-16:00ET， 期指随 INDEX 熔断而熔断，注意INDEX 熔断只对下跌有规定，上涨无限制；个股熔断对上和下均有规定
要比钱包
什么投票结果??
老实说，我觉得这次民主党提出的很多要求比较符合广大民众的利益，而川普政府提出的都是向着上层阶级，大公司，大股东的。大公司之前疯狂回购股票，产生巨大泡沫，现在泡沫破了，要找main street买单了，要求不让裁员过分了吗？难道不应该要求吗？难道从main street拿了钱，还要裁员，然后过个一年半载，再拿着这些从main street来的钱继续回购股票，继续给executive 发高奖金高工资？
很高興總算有些人醒過來了
哪个公司疯狂回购股票？
很多啊，这次主要的airline industry，上次拿了钱，也没改善服务，行李费油钱照charge
很多公司啊。。。08年之后经济并没有真的好转，股市上涨大部分是靠回购股票啊。普通人日子并没有好转，当然很多华人不算普通人，所以体会不大
应该问 哪个公司没有 .the list will be shorter
MM 说的很在理，我们公司CEO去年涨了40%公资，他可是几十个million的公资，然后员工一直在小范围裁员 因为大范围会上新闻。
IT 公司吧。
能源都是负债累累。
应该问哪个没有
🤝
很多公司 因为利息低 大家一大堆钱不发展实业 就买自己股票哄抬股价
我和同事们说虽然warren是冒充印第安人进的harvard，我喜欢她说要把ceo们抓进牢里
The sentiment is right at least
然后被一个川粉回复，她肯定只是说说的，背后也是有deep pocket支持的
俨然自己就是top .1%的样子
装睡的叫不醒
几乎所有的大公司。波音过去几年花了400亿美元，几个大的航空公司每个都有100以的规模。
这个泡泡破了怎么救？
所有大公司都借几倍的钱炒股，政府需要印多少钱填黑洞？
这下全完了。说不定很多小公司还活的好些，借不到钱 Cash 多。
所以说大家股市要小心。别没事就想抄底
人本来就是大财阀
什么是十倍的pattern？
同意。 这次的危机怎麽发展，估计没人能看得清。风险很高
跌回09年吗？这么多年钱白印了？
无非就是挤挤泡泡，以后大家de leverage.
Mark Cuban 就是这么发财的。
我以前预测的腰斩估计很快就到，然后可能更低，2020=1918+1929
你们CEO不行啊，没去mar a lago逛逛，排个不菲line，或周末打个高尔夫啥的，和总统说上个话
ceo前段时间还真去白宫开座谈会了。。
哪个公司？苹果的厨子也没有这么多
就是。
大公司，中型公司，都把现金用来回购。
普通人日子难过好多。好多蓝领要打2，3分份工。
是的
各个公司的plan都是不一样的. 一般都是放在money Market。 你的计划里没有就没有办法。
期指刚才打开停板往上冲了一下
没有money market？没有bond fund？target fund2020 或2021的？
书模说24小时有望解决分歧
从fund 取出来，放money market
再不走就更晚了，我看股市还要跌很多，因为以后失业率会大涨，业绩报告会一塌糊涂
会持续几年呢
他都奔8的人了，还那么贪钱干嘛呢。
那pence带着特勤住他家resort，各国使节住他家hotel，gop各种会议event在他家hotel，还有几乎每周飞fl resort打高尔夫的费用？？他到处rally千当地政府的钱，女婿的各种deals
https://www.google.com/amp/s/amp.theguardian.com/us-news/2019/jun/10/jared-kushner-real-estate-cadre-goldman-sachs https://www.google.com/amp/s/www.nytimes.com/2018/02/28/business/jared-kushner-apollo-citigroup-loans.amp.html https://www.google.com/amp/s/www.baltimoresun.com/news/investigations/bs-md-jared-kushner-housing-20170226-story.html%3foutputType=amp
狗屁，那他干嘛当总统
人有儿子
house那个bill其实周二就可以在参院表决了，拖到现在
bond fund最近也跌，是不是拿出来放更稳妥的类似money market里好？
Make America great again.
按这论坛某些人的高尚理念，不是只有国人才会这么想吗？
+1
其实不用全部拿出来，可以转一部分。 但是这时候真不能给建议，要看你自己的承受力。我现在就是再跌再买这种
问题是，你自己懂吗？你觉得现在该买，该hold，还是该卖？
Executive的大部分薪资来自股票。比如高盛CEO, salary是2m, 现金奖励貌似7-8M, 剩下的20m全部来自股票。股票现在这个熊样，其实他们的薪资也砍了。
我家小妞昨天没事看维基百科，被人家小儿子和老爹的年龄差惊掉了下巴
这个真的很难回答。
但是也有正统/民间理论家认为这个被动投资的理论是个虚假的自我实现预言，是有过去十年全体性股票回购操作做支持的。并非永远如此
我唯一的建议就是不要把对未来的预期建立在对过去十年的经验总结和推演上
我们家就是继续投。除了401k以外，每周定投一点点，一半进股市，一半进债市。投它个一年半载。反正现在开销也小了，也不买房。
这也是的
Pretty much the only thing you can trust in the stock market is that the volatility in the near past can predict the volatility in the near future
是的，大家都习惯了过去10年的股市，以为和中国的房价一样。其实股市有很多风险。