Asset Class Navigation

Yen Denominated Nikkei Stock Average Serial Options Contract Specs

Options
Contract Unit 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: NKY
CME ClearPort: NKY
Open Outcry: NKY
Clearing: NKY
Listed Contracts Two serial months (Jan, Feb, Apr, Jul, Aug, Oct, Nov)
Settlement Procedures

Serial Options: Option exercise results in a position in the underlying cash-settled Futures contract (For example, the underlying futures contract for options on the Yen Denominated Nikkei Stock Average futures that expire in January or February is the March futures contract).

Serial options which are in-the-money on the last day of trading are automatically exercised. A 3:00 p.m. Osaka  time price fixing based on the volume weighted average price of Osaka Securities Exchange mini Nikkei futures traded in the last 30 seconds of trading (2:59:30 to 3:00:00 p.m. Tokyo time) on serial option expiration day will be used to determine which options are in-the-money. Contrarian instructions are not permitted on serial options.



3:15 p.m. CT
Termination Of Trading 3:00 p.m. Osaka time on the 2nd Friday of the contract month
Position Limits CME Position Limits
Exchange Rulebook CME 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 European Style. Exercisable only on expiration day.
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. A price fixing based on the weighted average traded price of the Nikkei 225 mini futures trades executed in the last 30 seconds of trading on expiration day (2:59:30 p.m.-3:00:00 p.m. Osaka, Japan Time) at the Osaka Securities Exchange will be used to determine which options are in-the-money. Contrarian instructions are prohibited.
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. 

Subscribe

Stay up-to-date on CME Group Equity Product developments

Subscribe to updates