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Yen Denominated Nikkei Stock Average Quarterly Options Contract Specs

Options
Contract Unit One Nikkei 225 (yen) futures contract
Minimum Price Fluctuation 1 index point ( = ¥ 500 )
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. Eastern Time (ET)

Clearport: Sunday - Friday 6:00 p.m. - 5:00 p.m. ET
Product Code CME Globex: NKW
CME ClearPort: NKW
Open Outcry: NKW
Clearing: NKW
Listed Contracts Two months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
Settlement Procedures

Quarterly Options: Option exercise results in a position in the underlying cash-settled futures contract (For example, the underlying futures contract for an option on the Yen Denominated Nikkei Stock Average futures that expires in March is the March futures contract).

Quarterly options which are in-the-money on the last day of trading are automatically exercised.  In-the-money Quarterly Options are exercised into the expiring cash-settled futures contract, which settles to the Nikkei 225 Special Opening Quotation (SOQ").Contrarian instructions are permitted on quarterly options.



3:15 p.m. CT
Termination Of Trading 5:00 p.m. Eastern Time (ET) on Thursday prior to 2nd Friday of the contract month
Position Limits CME Position Limits
Exchange Rulebook 352C
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures At all multiples of 50 index points within ±40% of Exercise Price Reference, centered on previous day’s settlement price of the underlying futures
Exercise Procedure American Style. An option can be exercised until 8:00 p.m. ET on any business day the option is traded
Settlement At Expiration Option exercise results in a position in the underlying cash-settled futures contract. In-the-money options, in the absence of contrarian instructions delivered to the Clearing House by 8:00 p.m. ET on the day of expiration, are automatically exercised into expiring cash-settled futures, which settle to the SOQ calculated the morning of the 2nd Friday of the contract month.
Settlement Method Deliverable
Underlying Nikkei/Yen Futures

About Nikkei 225 Yen Futures

Nikkei 225 Yen-denominated futures allow market participants to gain exposure to Japan’s premier stock index while also gaining exposure to the Japanese yen. An efficient way to monitor Japan’s economy and stock market, Nikkei 225 includes the top 225 blue-chip companies listed on the Tokyo Stock Exchange. 

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