Yen Denominated Nikkei Stock Average Serial Options Contract Specs

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.

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.