"Euro" interest rates are rates of interest that banks charge each other on loans of foreign currency deposits. These loans are typically for one year or less. For example, in the United States, a transaction involving a Japanese yen deposit would be negotiated at the Euroyen rate because the yen would be considered the foreign currency. In Japan, lending and/or borrowing U.S. dollar deposits would be done at the Eurodollar rate for the same reason. Once this basic concept of euro deposits is understood, it is easy to see the similarities between Eurodollar and Euroyen futures:

• Both Eurodollars and Euroyen are priced in terms of indices – the implied interest rate is subtracted from 100. For example, if the implied U.S. or Japanese 3-month interest rate for a given period is 5.50%, the appropriate futures price is 94.50 (100.00-5.50). This pricing convention applies to both Eurodollars and Euroyen and is shared with a number of other short-term interest rate futures traded worldwide.
  
• Both contracts are cash-settled to interbank rates for 3-month time deposits. Final settlement prices for both contracts are determined two business days immediately prior to the third Wednesday of the contract month.
  
• The Eurodollar contract is based upon a $1,000,000, 3-month deposit, while the Euroyen is based upon a ¥100,000,000, 3-month deposit. As a result, although the minimum price change (tick) of .01 is identical for each contract, the value of .01 for the Eurodollar is $25, while the value of .01 for the Euroyen is ¥2,500. The dollar and yen values of a tick stay the same regardless of interest rate levels.
  
• Since Euroyen contracts are yen-denominated, daily marked-to-market cash flows are paid and received in yen rather than dollars.
  
• The SPAN® performance bond system is used for both Euroyen and Eurodollar futures on the Singapore Exchange and Chicago Mercantile Exchange® (CME).