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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 Small Exchange Cash Indicies watchlist that is built into the tastyworks platform. Below, we have a broad overview of the Smalls, but you can visit The Small Exchange directly 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)

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 initial rollout period for the Small Exchange, all 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.

Settlement Time and Method

Financially settled on the third Friday of the month at 3 p.m. Central Time. The settlement value is determined by a published settlement value.

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.

/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.

/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.

/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.

/STIX Small Technology 60 

The Small Technology 60 IndeX (STIX 60) consists of 60 stocks that represent the technology sector with 4 distinct subsectors — information, retail, media, biology — contributing 15 stocks each.

/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.