Yen Denominated Nikkei Stock Average Quarterly Options Contract Specs

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

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. ET CME 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 listed in the Jan, Feb, Apr, Jul, Aug, Oct, Nov cycle
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	Trading terminates at 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
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.

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Yen Denominated Nikkei Stock Average Quarterly Options Contract Specs

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