### GBP/JPY Futures

#### Normal Daily Settlement Procedure

The settlement in the GBP/JPY (PJY) Cross Rate futures contract is derived by dividing the settlement in the corresponding GBP/USD (6B) contract by the settlement in the corresponding JPY/USD (6J) contract, and then rounding to the nearest tradable tick.

**Example**

If the 6BU2 settles 1.5427, and the 6JU2 settles .012619, then the value of the PJYU2 would be 122.252159 (1.5427 / .012619 ≈ 122.252159). This number would then be rounded down, to the nearest tradable tick, to a settlement price of 122.25.

The settlement procedure for the individual GBP/USD and JPY/USD contracts can be found at the following link:

#### Normal Final Settlement Procedure

The final settlement in the GBP/JPY (PJY) Cross Rate futures contract is derived by dividing the final settlement in the corresponding GBP/USD (6B) contract by the final settlement in the corresponding JPY/USD (6J) contract, and then rounding to the nearest tradable tick.

**Example**

If the 6BH3 settles 1.5118, and the 6JH3 settles .010530, then the value of the PJYH3 would be 143.57075 (1.5118 / .010530 ≈ 143.57075). This number would then be rounded to the nearest tradable tick, to a final settlement price of 143.57.

The final settlement procedure for the individual GBP/USD and JPY/USD contracts can be found at the following links:

**Additional Details**

GBP/JPY (PJY) Cross Rate futures are physically delivered upon expiration. For additional details on delivery, please see the CME Rulebook (Chapter 305).

**If you have any questions, please call the CME Global Command Center.**

** Note:** In the event the aforementioned calculations described in this advisory cannot be made or if CME Group staff, in its sole discretion, determines that anomalous activity yields results that are not representative of the fair value of the contract, the staff may determine an alternative settlement price.