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Equity Index Products
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Nikkei 225 (DOLLAR)  Options
 


Type
Nikkei 225 (USD) Options
Opening Date 9/25/1990
Ticker Symbol KN (Calls) 
JN (Puts)
NK= Clearing
View product and vendor codes
Contract Size One Nikkei 225 USD futures contract
Strike Price Interval Integer divisible by 500 without a remainder (i.e., 23,000, 23,500, and so on)
Tick Size (minimum fluctuation)
OUTRIGHT
5.00 index points=$25.00
Trading Hours
All times listed are Central Time (CT)
Open Outcry
MON-FRI: 8:00 a.m. -3:15 p.m.
Contract Months Three quarterly and two serial months (i.e., Jan, Feb, Apr)
Last Trade Date/Time
View Calendar
Open Outcry
QUARTERLY:  3:15 p.m. / Business day prior to 2nd Friday of the contract month
SERIAL: 3:15 p.m. 3rd Friday of the contract month
Exercise Procedure American Style. 
(FLEX options also available.)
Expiration Date An option can be exercised until 7:00 p.m. on any business day the option is traded. Unexercised in-the-money options will be automatically exercised at 7:00 p.m. on day of determination of the Final Settlement Price.
Settlement at Expiration Option exercise results in a position in the underlying cash-settled Futures contract. Options which are in-the-money on the last day of trading are automatically exercised.  QUARTERLY OPTIONS are exercised into expiring cash-settled futures, which settle to the SOQ used to settle the  futures at the Osaka Securities Exchange, usually on the 2nd Friday of the contract month.  SERIALS are exercised into underlying cash-settled futures at their closing price on 3:15 p.m. on the 3rd Friday of the contract month.
Daily Price Limits Lead Month Settlement                   Daily Limit (Index Points)
0-20,000                                         1,000
20,005-30,000                                1,500
30,005 and up                                2,000
Represents Nikkei USD and Yen combined.
View price limits details.
Position Limits 5,000 futures-equivalent contracts net on the same side of the market in all contract months combined.
Block Trade Eligibility Yes. View more on block-trade eligibile contracts.
Block Minimum 250 contracts
Rulebook Chapter 352 A
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CME.