The S&P MidCap 400 Index futures contract is a legally binding agreement to buy or sell the cash value of the MidCap Index at a specific future date. The contract is valued at $500 x the futures price. For example, if the futures price is 150.00, the value of the contract is $75,000 ($500 x 150.00). Because the MidCap is a cash settled contract, there is no delivery of the individual stocks at final settlement. The "tick" size (or the minimum price change) is .05 index points, or $25.00 per contract. This means that If the futures contract moves the minimum price increment (one tick), say, from 150.00 to 150.05, a long position would be credited $25.00; a short position would be debited $25.00. All futures positions (and all short option positions) require a performance bond in the form of a margin deposit. Positions are marked-to-the market daily. Additional deposits may be required beyond the initial amount if your position moves against you. (For an explanation of the mechanics of, and requirements for, futures and options trading at the CME, contact your broker.)