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. ET | CME ClearPort: | Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT | |
| Product Code | CME Globex: NKWCME ClearPort: NKWOpen Outcry: NKWClearing: 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). 3:15 p.m. CT |
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| 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 6:30 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 6:30 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 | ||||
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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