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Contract History

If you are interested in trading Yen futures it is helpful to become familiar with the history of the Yen market. CME Japanese yen futures and options on futures allow financial institutions, investment managers, corporations and private investors to manage the risks associated with currency rate fluctuation and to take advantage of profit opportunities stemming from changes in currency rates.

CME Japanese yen futures contracts first started trading in 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 CME Japanese yen in its FX futures markets on both its CME Globex electronic trading platform as well as on the trading floor.

Futures contracts are also traded in the CME Australian dollar/Japanese yen, CME Canadian dollar/Japanese yen, CME Euro FX/Japanese yen and CME Swiss franc/Japanese yen as part of cross rate currency futures.

CME Japanese yen futures and options on futures contracts 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 CME Japanese Yen 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 CME Japanese yen futures intra-currency spreads executed on the trading floor and electronically, and for All-or-None transactions.

CME Japanese yen 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.

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