### Comment:
ES is 50x leverage. Bond futures are only 100k not 1M. Cash bond market is 1M.

### REPLY:
Yes... 1 ES contract is 50 to 1 price movement on SPX.  But 50 'shares' of SPX would cost around $150,000... much much more than the margin requirement of $500 for day trading (300x leverage).

### END.