To sign up for a Small Exchange subscription, please go to thesmallexchange.com. For subscription inquiries or questions about your subscription, please write to support@thesmallexchange.com. Or, if you already have a Small Exchange subscription, please click here for linking instructions.
Welcome to the future of futures trading! The Small Exchange ("Smalls") was designed for retail traders without the complicated symbol codes, trading hours, different tick sizes, and tick values. In other words, if you're a seasoned options trader, then you'll find the uniformity of the Smalls a welcome change and a breath of fresh air to futures trading. You can view all available Small Exchange products by referring to the Futures: Small Exchange preset watchlist in the tastyworks platform. Below, we have a broad overview of the Smalls, but you can directly visit The Small Exchange by clicking here.
Sections
- Available Smalls Contracts
- Commissions and Fees for the Smalls
- Contract Uniformity
- Smalls Contract Descriptions & Specifications
Available Smalls Contracts
Futures contracts made for the retail trader
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The roll period for each Smalls contract will begin on the third Wednesday of every month.
Commissions and Fees for the Smalls
Smalls Commissions
$0.25 per smalls contract to open
$0.25 per smalls contract to close
Or, $0.50 per smalls contract, round-trip
Smalls Exchange Fees
Non-subscriber: $0.15 per smalls contract, or $0.30 round-trip
Subscriber: $0.07 per smalls contract, or $0.14 round-trip
NFA Fee
National Futures Association Fee: $0.02 per side or $0.04 round-trip
FCM Clearing Fee
$0.05 per smalls contract, or $0.10 round-trip. This passthrough fee covers expenses related to clearing trades assessed by our Futures Commissions Merchant (FCM).
OCC Clearing Fee
$0.055 per smalls contract, or $0.11 round trip. This passthrough fee covers expenses related to clearing trades at the exchange by the Options Clearing Corp (OCC).
Example of Total Trading Cost (per one-lot, round-trip)
Subscriber | Non-Subscriber | |
To Open |
Total to open: $0.445 per contract |
Total to open: $0.525 per contract |
To Close (Same cost for contracts held to expiration that settle to cash) |
Total to close: $0.445* per contract |
Total to close: $0.525* per contract |
Round-Trip Cost | $0.89 per contract | $1.05 per contract |
*Any Small Exchange contract held to expiration and settles to cash will be subject to the same per contract costs surrounding a closing transaction. The total fee will vary if you are a Small Exchange Subscriber or not.
Contract Uniformity
No more memorizing individual contract specs
Tick Size and Tick Value
All Smalls contracts tick like an equity options contract. Every contract ticks in a penny increment or 0.01. Each tick or 0.01 equals $1. That means a 15-cent move or 15 ticks (0.15) equals $15. Furthermore, a full point or $1.00 equals $100.
Market Trading Hours for Smalls Contracts
During the Small Exchange's initial rollout period, all Small Exchange contracts will trade Monday through Friday, 7 a.m. to 4 p.m. Central Time.
Contract Months
All Small Exchange products will offer two consecutive months–an active front-month contract and a back-month contract.
January | F |
February | G |
March | H |
April | J |
May | K |
June | M |
July | N |
August | Q |
September | U |
October | V |
November | X |
December | Z |
Settlement Time and Method
Financially settled on the third Friday of the month at 3 p.m. Central Time. A published settlement value determines the settlement value. Small Exchange contract(s) held to expiration that settle to cash are subject to the standard per-contract closing transactions fees. Please refer to the Example of Total Trading Cost (per one-lot, round-trip) section above for total costs.
Intraday Limits
Smalls products are futures products and, as a result, are subject to price limits. Price limits refer to an allowable price on an order ticket to be routed at an exchange. In short, price limits prevent prices from "whipsawing" that could occur otherwise if there were resting orders outside the price limit. Furthermore, during periods of heightened volatility, all Smalls products have a 9% and 13% price limit from the previous day’s settlement price.
During a triggered intraday limit event, the market state is switched to “paused” for 3 minutes and the following actions take place:
- For the first minute, trading is paused and only order cancelations are allowed.
- During the second minute, the market is in a pre-open state.
- In the final minute, the market is in a pre-open no cancel state and then reopens. After the market reopens a new opening price is not calculated or published.
To learn more about Intraday Limits, please visit the Info Hub at the Small Exchange by clicking here.
Smalls Contract Descriptions & Specifications
/SFX Small Dollar Index
The Small Dollar Index is a combination of Euro, Chinese Renminbi, Japanese Yen, British Pound, Canadian Dollar, Australian Dollar, and Mexican Peso. Weights are determined through the associated region’s gross domestic product and dollar-denominated trade volume. The Index creates a diversified way of participating in the foreign exchange market.
Small Dollar Index | |
---|---|
Symbol | /SFX |
Contract Size | 100 x Small Dollar Index |
Settlement Value & Full Specs | specs |
/SMGO Small Global Oil Index
The Small Global Oil Index is a combination of WTI and Brent crude oil implied spot prices. Weights are determined through trading interest (volumes traded on public exchanges). Spot prices are implied based on a unique formula of future prices. The Index creates a diversified method of participating in the oil market.
Small Global Oil Index | |
---|---|
Symbol | /SMGO |
Contract Size | 100 x Small Global Oil Index (GO:SME) |
Settlement Value & Full Specs | specs |
/SM75 Small Stocks 75 Index
The Small Stocks 75 Index comprises of 5 equally weighted-sectors with each sector containing 15 stocks. Components are re-evaluated annually. The determination of the symbols within each sector is assessed through volatility, market capitalization, and liquidity (i.e., notional traded volume). The Index favors liquid, large-capitalization stocks with high volatility. The Index creates a diversified way of participating in the equities market.
Small Stocks 75 Index | |
---|---|
Symbol | /SM75 |
Contract Size | 100 x Small Stocks 75 Index (75:SME) |
Settlement Value & Full Specs | specs |
/SPRE Small Precious Metals Index
The Small Precious Metals Index comprises of a price-weighted combination of gold, silver, and platinum. Each metal’s weight within the Index is calculated through a unique combination of global production, domestic consumption, and dollar-denominated volume. The Index creates a diversified method of participating in the precious metals market.
Small Precious Metals Index | |
---|---|
Symbol | /SPRE |
Contract Size | 100 x Small Precious Metals Index (PRE:SME) |
Settlement Value & Full Specs | specs |
/STIX Small Technology 60
The Small Technology 60 IndeX (STIX 60) consists of 60 stocks representing the technology sector with 4 distinct subsectors — information, retail, media, biology — contributing 15 stocks each.
Small Technology 60 | |
---|---|
Symbol | /STIX |
Contract Size | 100 x Small 10 Year U.S. Treasury Yield Index (SMFE:SME) |
Settlement Value & Full Specs | specs |
/S2Y Small 2 Year U.S. Treasury Yield Index
The Small 2 Year U.S. Treasury Yield Index is based on the U.S. 2-year Treasury yield to maturity of the on-the-run U.S. 2 Year Treasury Note. The Index is expressed as the computed yield multiplied by 1,000.
Small 2 Year U.S. Treasury Yield Index | |
---|---|
Symbol | /S2Y |
Contract Size | 100 x Small 2 Year U.S. Treasury Yield Index (2Y:SME) |
Settlement Value & Full Specs | specs |
/S10Y Small 10 Year U.S. Treasury Yield Index
The Small 10 Year U.S. Treasury Yield Index is an average of the constant maturity 10-year U.S. Treasury yield. The Index is expressed as the computed yield multiplied by 1,000. The Index creates a more exact way of participating in the interest rate market.
Small 10 Year U.S. Treasury Yield Index | |
---|---|
Symbol | /S10Y |
Contract Size | 100 x Small 10 Year U.S. Treasury Yield Index (10Y:SME) |
Settlement Value & Full Specs | specs |
/S30Y Small 30 Year U.S. Treasury Yield Index
The Small 30 Year US Treasury Yield Index is based on the U.S. 30-year yield to maturity of the on-the-run U.S. 30 Year Treasury Bond. The Index is expressed as the computed yield multiplied by 1,000.
Small 30 Year U.S. Treasury Yield Index | |
---|---|
Symbol | /S30Y |
Contract Size | 100 x Small 30 Year U.S. Treasury Yield Index (30Y:SME) |
Settlement Value & Full Specs | specs |