CME Group Nikkei 225 (Yen)

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Nikkei 225 (Yen) Futures
Contract Unit ¥500 (yen) x Nikkei Stock Average
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)

BTIC: Sunday - Friday 6:00 p.m. ET - 3:00 p.m. Tokyo time (1:00 a.m./2:00 a.m. ET) and Monday - Thursday Noon to 5:00 p.m. ET

CME ClearPort: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)

BTIC: Sunday - Friday 6:00 p.m. ET - 3:00 p.m. Tokyo time (1:00 a.m./2:00 a.m. ET) and Monday - Thursday Noon to 5:00 p.m. ET

Minimum Price Fluctuation 5.00 index points = ¥2500

BTIC: 0.10 index points = ¥50

Product Code CME Globex: NIY

CME ClearPort: N1

Clearing: N1

BTIC: NIT

Listed Contracts Quarterly contracts (Mar, Jun, Sep, Dec) listed for 12 quarters, nearest 3 serial contract months, and 3 additional Dec contract months

BTIC: Quarterly contracts (Mar, Jun, Sep, Dec) listed for 12 quarters, serial contracts listed for 3 months, and 3 additional Dec contract months

Settlement Method Financially Settled
Termination of Trading Trading terminates 5:00 p.m. ET on the Thursday prior to the second Friday of the contract month.

BTIC: Trading terminates at 3:00 p.m. Tokyo time (1:00 a.m./2:00 a.m. ET) on the Thursday prior to the second Friday of the contract month.

Settlement Procedures Settlement Procedures
Position Limts CME Position Limits
Exchange Rulebook CME 352B
Block Minimum Block Minimum Thresholds
Price Limit or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Nikkei 225 (Yen) Options
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: 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 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

Notes[edit]

Resources[edit]

CME Group Nikkei 225 (Yen) Contract Specifications