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What exactly is the e-mini contract?
The E-mini S&P 500 futures are legally binding agreements to buy or sell the cash value of the S&P 500 Index at a specific future date. The contracts are valued at $50 * the futures price. For example, if the e-mini S&P 500 futures price is at 940.00, the value of the contract is $47,000 ($50 * 940.00).
This also means that the value of the contract changes with every point the futures move. If the futures price is 942.00, then the contract is worth $47,100 ($50 * 942.00). If it slips to 938, the contract is worth $46,900 ($50 * 938.00). If you own or short an e-mini futures contract on the S&P 500, you are gaining -- or losing -- $50 per point.
Like all commodities futures, you are required to only put up a fraction of the contract value to actually take a position. This amount is popularly called "margin," but it is unlike the margin requirements in stock trading. It is not even margin, but rather a "performance bond," in which you agree to honor the terms of the contract by either offsetting it before expiration or making a cash settlement. The amount of the performance bond is specified by the CME. Currently it is about $3,500 per contract.
If the market moves against your position, you may be required to add additional funds to maintain the necessary bond levels. Please consult your broker for their house rules for posting the bonds (margin), and always strive to be aware of your liabilities and obligations.
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