About CME Australian Dollar/Japanese Yen Futures

Cross-rate futures provide a way for banks, corporations, money managers and individuals with the tools to manage the risks associated with currency rate fluctuation and to take advantage of profit opportunities stemming from changes in currency rates.

Cross-rate futures reflect the value of one currency in relation to another. CME® cross rate futures contracts are quoted as the minimum fluctuation currency per the trading unit currency, for example: Euro/Yen is quoted as yen per Euro, where the futures contract calls for delivery of 125,000 Euro (trading unit) and daily settlement variation is in yen (minimum fluctuation currency).

Currency cross-rate futures are physically delivered at expiration. Exercised options contracts are settled by the delivery of futures contracts.

CME Australian dollar/Japanese yen futures began trading in 2002. The futures contract’s size is 200,000 Australian dollars per contract. Trading can occur in .01 Japanese yen per Australian dollar increments (2,000 Japanese yen). Also, trades can occur in .005 Japanese yen per Australian dollar increments (1,000 Japanese yen) for CME Australian dollar/Japanese yen futures intra-day currency spreads executed electronically or on the trading floor, and for All-or-None transactions.