CME Group S&P/GRA Commercial Real Estate Index products

From MarketsWiki

In September 2007, CME Group announced it was teaming with Global Real Analytics ^[1], a group involved in commercial real estate index products, to launch U.S. Commercial Real Estate futures and options contracts based on the GRA Commercial Real Estate Indexes (CREX)™. Trading began on October 28, 2007.

S&P/GRA Commercial Real Estate Indices (SPCREX) allow investors and speculators to protect against or gain exposure to the $5.3 trillion U.S. commercial real estate market. It features 10 quarterly cash-settled contracts based on property type and geography. The listings include a composite index; indexes on property types consisting of retail, office, apartments and warehouse properties; and five U.S. regional indexes covering Desert Mountain West, Mid-Atlantic South, Northeast, Midwest and Pacific West.

GRA CREX data are based on recorded transactions and are revised monthly.

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S&P GRA Commercial Real Estate Index futures
Exchange	CME Group
Settlement	Cash settled
Trade Unit	$250 times S&P/GPA Commercial Real Estate Index (SPCREX)
Point Value	One point = $250
Tick Value	0.20=$50
Contract Months	First 20 contracts in the March quarterly cycle. March, June, September & December
Last Trading Day	Need LTD rules!
Note: This contract is electronic ONLY -- no open outcry
	No Open Outcry	Electronic
Trading Hours	N/A	Sun/Thurs 5:00 pm-2:00pm (CT) the next day
Ticker Symbol	N/A	CEC=National Composite CED=Desert Mountain West CES=Mid-Atlantic South CEM=Midwest CEN=Northeast CEW=Pacific West CEA=Apartments CEO=Office CEL=Retail CEE=Warehouse
Price Limits	N/A	none

S&P GRA Commercial Real Estate Index options
Trade Unit	One futures contract
Point Value	One point = $250
Tick Value	Regular 0.10=$25.00; Cabinet 0.05=$12.50
Option Months	First 20 contracts in the March quarterly cycle. March, June, September & December
Strike Prices	1 point intervals above & below market price
Exercise Style	American
Option Expiration Day	Need OED rules!
	Open Outcry	No Electronic Market
Trading Hours	Mon/Fri 8:00am-2:00pm (CT); block or EFP trading permissible at any time	N/A
Ticker Symbol	CE0=National Composite CE1=Apartments CE2=Office CE3=Retail CE4=Warehouse CE5=Desert Mountain West CE6=Mid-Atlantic South CE7=Midwest CE8=Northeast CE9=Pacific West	none
Price Limits	Regular 0.10=$25.00; Cabinet 0.05=$12.50	N/A