About CME Chinese Renminbi/Japanese Yen Options

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: CME Chinese Renminbi/Japanese Yen is quoted as yen per renminbi, where the futures contract calls for cash settlement of 1,000,000 yuan Chinese renminbi (trading unit) and daily settlement variation is in yen (minimum fluctuation currency).

CME Chinese Renminbi/Japanese Yen cross-rate futures are cash settled at expiration. Exercised options contracts result in the assignment of futures contracts.  The monthly options terminate at the same date and time as the underlying futures contracts and exercise into cash settled futures contracts.  The weekly options terminate on Fridays at 2:00 p.m. Central time and exercise into CME Chinese Renminbi/Japanese Yen futures contracts, which themselves cash settle at termination of trading.

The futures contract’s size is 1,000,000 yuan Chinese renminbi per contract. Trading can occur in .001 yen per Chinese renminbi increments (1,000 yen). Also, trades can occur in half-ticks of .0005 yen per Chinese renminbi increments (500 yen) for CME Chinese Renminbi/Japanese Yen futures intra-day currency spreads executed electronically on CME Globex.