Positive, Zero and Negative Futures Trade and Settlement Prices

CME Globex allows CME Group, and exchanges for which CME Group provides trading and clearing services, to accept and process zero and negative futures trade and settlement prices.

There are controls in place which prevent futures trade and settlement prices from assuming invalid values, and ensures that product prices are validated to the appropriate range and tick. The controls may be applied differently between trade price and settlement price. Spreads may trade at positive, zero, or negative prices as appropriate.

The table below illustrates the tags used to define whether an instrument can trade or settle at zero or negative prices. All instruments may trade and settle at positive prices.

Tag 871-InstAttribValue=24 must precede the tags in the table below for eligibility.

Security Definition (tag 35-MsgType=d)

Instrument Type	Tag 872-InstAttribValue=9	Tag 872-InstAttribValue=10	Tag 872-InstAttribValue=14

Instrument Type	Tag 872-InstAttribValue=9	Tag 872-InstAttribValue=10	Tag 872-InstAttribValue=14
Future outrights if the price can only be positive but not zero	Not set (Value = 0)	Not set (Value = 0)	Not set (Value = 0)
Future outrights if the price can only be zero and positive	Not set (Value = 0)	Not set (Value = 0)	Set (Value = 1)
Future outrights if the price can be negative	Not set (Value = 0)	Set (Value = 1)	Not set (Value = 0)
Future spreads	Not set (Value = 0)	Set (Value = 1)	Not set (Value = 0)