Statistiche › Intraday e microstruttura del mercato › Price limits
The overnight price limit on index futures is tighter than the daytime one, and two exchange sources disagree on it
| Window, Central time | Limit in force | Meccanismo |
|---|---|---|
| Start of day to 08:30 | 5% per the rulebook, 7% per the public page | If limit bid or offered at 08:23 and still at 08:25, trading halts until 08:30 |
| 08:30 to 14:25 | 7%, then 13%, then 20% | Each level widens only after a regulatory halt at the previous one |
| 14:25 to 15:00 | 20% only | The intermediate levels no longer apply |
| 15:00 to 16:00 | Reference price plus or minus 5% | The lower band cannot go below the day's 20% limit |
| 17:00 to 08:30, Sunday to Friday | 7% per the public page | Same discrepancy as the first row |
Price limit structure for CME US equity index futures as published on 15 October 2026. The reference price is the volume weighted average price over the thirty seconds from 14:59:30 to 15:00:00 Central. The 5% and 7% figures for the pre-open window come from two different exchange documents and could not be reconciled.
Equity index futures trade under a tighter band before the cash open than during the session. The exchange's public page gives that overnight band as 7% and its own rulebook gives 5%. On 24 August 2015 the contract halted at a 5% level.
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