Japanese Yen Currency Futures and Options
Trading
Learn the most effective strategies for buying and selling options
on futures contracts. Also learn producer and consumer hedging
strategies.
*The information contained within this webpage comes from sources
believed to be reliable. No guarantees are being made to the
content's accuracy or completeness.
Here is the currency option brochure courtesy of the CME
group.
Click Here.
Japanese Yen futures contracts first started trading
at Chicago Mercantile Exchange (CME) in May 1972 as part of the International
Monetary Market, a division of the Exchange. Options
contracts began trading in 1986. Currently CME
offers a forum for trading Japanese Yen in its FX
futures markets on both its GLOBEX electronic
platform as well as on the trading floor. Many savvy investors use the Japanese
Yen futures and options market to hedge their currency risks.
Currency futures contracts are also traded in the Australian
Dollar/Japanese yen, Canadian Dollar/Japanese yen,
Euro FX/Japanese Yen and Swiss Franc/Japanese Yen as
part of cross rate currency futures.
CME trades Japanese Yen futures and options on
futures contracts that are designed to reflect
changes in the U.S. Dollar value of the yen. Futures
contracts are quoted in U.S. dollars per yen, and
call for physical delivery at expiration, which
takes place on the third Wednesday of the contract
month in the country of issuance at a bank
designated by the Clearing House. Exercised options
on futures contracts are settled by the delivery of
futures contracts.
The Japanese Yen currency futures trading contract size is 12,500,000
Japanese Yen. The futures contract moves in 1 point
increments, or $.000001 per Japanese yen which
equals $12.50 per contract. Trading can also occur
in $.0000005 Japanese yen increments, or $6.25 per
contract for Japanese Yen futures intra-currency
spreads executed on the trading floor and
electronically, and for All-or-None transactions.
Japanese Yen futures contracts trade six months in the March
Quarterly cycle, Mar, Jun, Sep, Dec; and option on
futures contracts trade four months in the March
cycle and two months not in the March cycle, plus
four weekly expirations.
*Contract information changes from time to time. Please
click here to see the most recent
contract specifications and
click here for the most recent trading hours.
Japanese Yen Currency Futures and Options
Contract Specifications
Trading Unit
Japanese Yen Futures: 12,500,000 Japanese yen
physically delivered
Japanese Yen Options: One Japanese yen Futures
Contract
Trading Hours
Japanese Yen
Futures: Floor/7:20a.m.-2:00p.m. LTD (9:16a.m.)
GLBX2 Mon/Thurs 4:30p.m.-4:00p.m. Sun & Hol 5:30p.m.
- 4:00p.m.
Japanese Yen
Options: Floor/7:20a.m.-2:00a.m. LTD (2:00p.m.)
GLBX2 Mon-Thurs 2:30p.m.-7:05a.m. Sun & Hol
5:30p.m.-7:05a.m.
Trading Months
Japanese Yen
Futures: Six months in the March Quarterly cycle,
Mar, Jun, Sep, Dec.
Japanese Yen
Options: Four months in the March cycle and two
months not in the March cycle, plus four weekly
expirations.
Point Description
Japanese Yen
Futures: 1 point = $.000001 per Japanese yen =
$12.50 per contract
Japanese Yen
Options: 1 point = $.000001 per Japanese yen =
$12.50 per contract
Minimum Price Fluctuation
Japanese Yen
Futures: Regular/0.000001 = $12.50, Calendar
Spread/0.0000005 = $6.25, All or none/0.0000005 =
$6.25
Japanese Yen
Options: Regular/0.000001 = $12.50, Cab 0.0000005 =
$6.25, Special "Half Tick" 0.0000005 = $6.25 for
premium < 0.000005, spreads w/net premium <
0.000005, non-generic combo trades < 0.000010.
Options Strike Prices
Japanese Yen
Options: $0.0001 per Japanese yen, e.g. $0.0072,
$0.0071 plus $0.00005 intervals for the first 7
listed expirations, e.g. $0.00725, $0.00735.
Product Code
Japanese Yen
Futures: Clearing=J1, Ticker Calls=JY, GLOBEX2=6J,
PRS=JY, AON=LJ, (100 Threshold) Options: Clearing
Calls/Puts=J1, Ticker Calls=CJ, Ticker Puts=PJ PRS
Calls/Puts=OJ, Weekly expiration Options:
Calls=1JC/5JC, Puts=1JP/5JP, AON=LJ, (100 Threshold)
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