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ES is a "cash settled" contract so don't worry; You will not have to come up with millions of dollars today! Contact your broker ASAP as they all have different procedures. Do not rush to offset!
Your ESM contracts will financially settle against the opening print of each stock in the S&P 500 today. However, know that the margin for those contracts will remain tied up for a week or so. If you had "hedged" the ESM with ESU you would now have a naked ESU position.
I have been wondering upon this subject myself and was just comparing the end minute bars of the last 3 ES's (12-4, 3-15, 6-15) with the S&P 500 index price. If you would be so kind, please let us know what happens. I am especially interested in how they calculated the exit. I know the 06-15 stopped trading on the stroke of 8:30 CT.
