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

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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.


S&P GRA Commercial Real Estate Index futures
Exchange CME Group
Settlement Cash settled
Contract Size $250 times S&P/GPA Commercial Real Estate Index (SPCREX)
Pricing Unit 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
  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

Notes

Also See

CME Group real estate products

References

CME Group Web site

  1. "Global Real Analytics”. Global Real Analytics.