CME Group Japanese Yen

Japanese yen Futures 	Japanese yen Futures 	Japanese yen Futures
Contract Unit 	12,500,000 Japanese yen 	12,500,000 Japanese yen
Trading Hours 	CME Globex: 	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)
Trading Hours 	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
Minimum Price Fluctuation	Outrights: 0.0000005 per JPY increment = $6.25
Consecutive month spreads: 0.0000001 per JPY increment = $1.25
All other Spread Combinations: 0.0000002 per JPY increment = $2.50	Outrights: 0.0000005 per JPY increment = $6.25
Consecutive month spreads: 0.0000001 per JPY increment = $1.25
All other Spread Combinations: 0.0000002 per JPY increment = $2.50
Product Code 	CME Globex: 6J
CME ClearPort: J1
Clearing: J1 	CME Globex: 6J
CME ClearPort: J1
Clearing: J1
Listed Contracts 	Quarterly contracts (Mar, Jun, Sep, Dec) listed for 20 consecutive quarters and serial contracts listed for 3 consecutive months.	Quarterly contracts (Mar, Jun, Sep, Dec) listed for 20 consecutive quarters and serial contracts listed for 3 consecutive months.
Settlement Method 	Deliverable 	Deliverable
Termination of Trading 	Trading terminates at 9:16 a.m. CT on the second business day prior to the third Wednesday of the contract month. 	Trading terminates at 9:16 a.m. CT on the second business day prior to the third Wednesday of the contract month.
Settlement Procedures 	Physical Delivery
JPY/USD Futures Settlement Procedures 	Physical Delivery
JPY/USD Futures Settlement Procedures
Position Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 253 	CME 253
Block Minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Price Limit or Circuit 	Price Limits 	Price Limits
Vendor Codes 	Quote Vendor Symbols Listing 	Quote Vendor Symbols Listing
Japanese Yen Options 	Japanese Yen Options 	Japanese Yen Options
Contract Unit 	One futures contract for 12,500,000 Japanese yen 	One futures contract for 12,500,000 Japanese yen
Minimum Price Fluctuation 	0.000001 per Japanese yen increment = $12.50
0.0000005 per Japanese yen increment = $6.25 for premium below 0.000005. 	0.000001 per Japanese yen increment = $12.50
0.0000005 per Japanese yen increment = $6.25 for premium below 0.000005.
Price Quotation 	U.S. dollars and cents per Japanese yen increment 	U.S. dollars and cents per Japanese yen increment
Trading Hours 	CME Globex: 	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)
Trading Hours 	Open Outcry: 	Monday - Friday 7:20 a.m. – 2:00 p.m. CT
Trading Hours 	CME ClearPort: 	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: 1JY,2JY,3JY,4JY,5JY
CME ClearPort: 1JY,2JY,3JY,4JY,5JY
Open Outcry: 1JY,2JY,3JY,4JY,5JY
Clearing: 1JY,2JY,3JY,4JY,5JY	CME Globex: 1JY,2JY,3JY,4JY,5JY
CME ClearPort: 1JY,2JY,3JY,4JY,5JY
Open Outcry: 1JY,2JY,3JY,4JY,5JY
Clearing: 1JY,2JY,3JY,4JY,5JY
Listed Contracts 	Weekly contracts listed for 4 consecutive weeks. No weekly option listed the week of the quarterly or serial option expiration.	Weekly contracts listed for 4 consecutive weeks. No weekly option listed the week of the quarterly or serial option expiration.
Settlement Procedures 	Option on physical delivery futures contract 	Option on physical delivery futures contract
Termination of Trading 	Trading terminates at 9:00 a.m. CT on Friday of the contract week. 	Trading terminates at 9:00 a.m. CT on Friday of the contract week.
Position Limits 	CME Position Limits 	CME Position Limits
Excahnge Rulebook 	CME 253A 	CME 253A
Block Minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Price Limit or Circuit 	Price Limits 	Price Limits
Vendor Codes 	Quote Vendor Symbols Listing 	Quote Vendor Symbols Listing
Strike Price Listing Procedures	$0.05 per gallon (i.e. 1.900, 1.950, 2.000, 2.050, 2.100, etc.) 	$0.05 per gallon (i.e. 1.900, 1.950, 2.000, 2.050, 2.100, etc.)
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.	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 	Deliverable
Underlying 	Japanese Yen Futures 	Japanese Yen Futures
== Notes ==
E-quivalents®, a Web-based application that displays real-time CME Group eFX futures prices in spot equivalent terms is available for traders accustomed to trading FX spot markets. 
== Also See ==
CME Group foreign currency products
== Resources ==
*CME Group Web site CME Group Japanese Yen Contract Specification
*JPY/USD Settlement Procedures
*CME Position Limits
*CME 253
*Block Minimum Thresholds
*Price Limits
*Quote Vendor Symbols Listing
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