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PBOT World Currency Futures
Product Specifications

Japanese Yen

Description: U.S. dollar-settled Japanese yen currency futures are quoted in terms of U.S. dollars per unit of the underlying currency (Japanese yen).

Contract Size: 1,000,000 Japanese Yen

Ticker Symbol: Base = JY9

Contract Listings: Three months from the March, June, September and December cycle.

Trading Hours: 8:20 a.m. to 4:15 p.m., Eastern Time

Trading Platform: PBOT XL^SM

Minimum Price Intervals/ Dollar Value Per Tick: Regular:.(00)0001 = $1.00
Note: first two zeros are omitted.

Daily Settlement Price: Daily settlement price will be the 4:15 p.m., Eastern Time PHLX modified spot Japanese yen (PHLX spot Japanese yen (XDN)) / 100.

Last Trading Day: The third Friday of the expiration month, or if that day is not a business day, then on the prior business day.

Settlement: Cash settlement in USD. Settlement of currency futures contracts will result in the delivery of a cash settlement on the Final Settlement Date. The cash settlement amount on the Final Settlement Date shall be the final mark to market amount against the final settlement price multiplied by 1,000,000.

Final Settlement Date: The first day on which The Options Clearing Corporation is open for settlement following the last day of trading.

Final Settlement Price: The Final Settlement Price for foreign currency futures contracts shall be the day's announced Noon Buying Rate, as determined by the Federal Reserve Bank of New York on the Last Trading Day. If the Noon Buying Rate is not announced by 5:00 p.m., Eastern Time, the Final Settlement Price will be the most recently announced Noon Buying Rate unless the Exchange determines to apply an alternative Final Settlement Price as a result of extraordinary circumstances.

Large Trader Reporting Level: 400 Contracts

Block Trade Threshold: 100 Contracts

Margin Levels:

Issuer and Guarantor: The Options Clearing Corporations