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JPY/USD Monthly Volatility-Quoted Options Contract Specs

Options
Contract Unit One futures contract for 12,500,000 Japanese yen
Minimum Price Fluctuation  0.01 per Japanese yen increment
Price Quotation U.S. dollars and cents per Japanese yen increment
Trading Hours Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
Product Code CME Globex: VXJ
Clearing: VXJ
Listed Contracts Four (4) months in the March quarterly cycle (Mar, Jun, Sep, Dec) plus eight (8) serial months.
Settlement Procedures Physical-Exercise into Futures
Termination Of Trading Trading terminates at 4:00 p.m. CT on the business day before the second Friday prior to the third Wednesday of the contract month.
Position Limits CME Position Limits
Exchange Rulebook CME 253A
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Exercise Style European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed.
In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned.
An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method Deliverable
Underlying Japanese Yen Futures