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JPN Index Options - Contract Specification
Japan Index - JPN


Product Description
The Japan Index is a modified price-weighted index that measures the aggregate performance of 210 common stocks that are actively traded on the Tokyo Stock Exchange and representative of a broad cross section of Japanese industry. The Index, denominated in U.S. dollars, is calculated once a day and disseminated before the opening of trading based on closing prices of the component stocks on the Tokyo Stock Exchange (Index Components).
Index Valuation Method
In calculating the Index, 100 yen is assigned to equal one U.S. dollar. Thus, if the aggregate price of the Index's component stocks is 30,500 yen, the Index value will be $305. This ensures that the Index value will correspond directly to changes in the aggregate yen prices of the component stocks and will not be affected by fluctuating yen/dollar exchange rates.
Trading Unit
The minimum trade size is one option contract. The notional value underlying each contract equals $100 multiplied by the Index value.
Expiration Cycle
Three consecutive near-term expiration months, plus two further-term expiration months from the March cycle.
ExpirationThe Saturday following the third Friday of the expiration month.
Last Trading Day
Two business days prior to expiration (normally a Thursday).
Limited Exercise of Options
European style. Options may be exercised only on the last business day prior to expiration (normally a Friday). Writers are subject to assignment only at expiration.
"Delivery" Method if Exercised
Cash settlement based on the dollar difference between the final settlement valuation of the Index and the strike price of the contract multiplied by $100.
Exercise Price Intervals
Exercise (strike) prices are set at five-point intervals, bracketing the current value of the Index when the Index is above 200. If the Index is below 200, the interval will be 2 ½ points.
Premium Quotations
Stated in points and fractions. One point equals $100. Minimum tick for series trading below 3 is 1/16 ($6.25); for all other series, 1/8 ($12.50).
Final Index Settlement Value
The Index settlement value is determined following the close of trading on the Tokyo Stock Exchange on the last business day in Japan prior to expiration (normally a Friday).
Settlement
Next New York business day following expiration.
Position Limits
25,000 contracts on the same side of the market, provided that no more than 15,000 of such contracts are in the nearest expiration month series.
Minimum Customer Margin for Uncovered Writers
Premium plus 15% of the aggregate Index value (Index value x $100) reduced by any out-of-the-money amount to a minimum of premium plus 10% of the aggregate Index value.
Trading Hours
9:30 a.m. to 4:15 p.m., New York time.
Trading System
Specialist/Registered Options Trader.
CUSIP Number
03112R109
Trading Symbol
JPN
Final Settlement Value Symbol
JPV
Index Components
Japan Index
Advantest Corp. Kawasaki Kisen Kaisha Ltd. Nihon Gaishi Sony Corporation
Ajinomoto Co. Ltd. Kawasaki Steel Corporation Nikko Securities Co. Ltd. Sumitomo Chemical Co. Ltd.
All Nippon Airways Co. Ltd. KDDI Corp Nikon Corporation Sumitomo Coal Mining Co. Ltd.
Asahi Bank Ltd. Keihin Electric Express Railway Co. Nippon Express Co. Ltd. Sumitomo Corporation
Asahi Breweries Ltd. Keio Electric Railway Co. Ltd. Nippon Flour Co. Ltd. Sumitomo Electric Industries Ltd.
Asahi Glass Co. Ltd. Keisei Electric Railway Co. Ltd. Nippon Kayaku Co. Ltd. Sumitomo Heavy Industries Ltd.
Asahi Kasei Corp Kikkoman Corporation Nippon Light Metal Co. Ltd. Sumitomo Marine & Fire Insurance Co.
The Bank of Yokohama Ltd. Kirin Brewery Co. Ltd. Nippon Metal Industry Co. Ltd. Sumitomo Metal Industries Ltd.
Bridgestone Corporation Komatsu Ltd. Nippon Mitsubishi Oil Corp. Sumitomo Metal Mining Co. Ltd.
Canon Inc. Konica Corporation Nippon Sharyo Ltd. Sumitomo Mitsui Banking Co Ltd.
Casio Computer Co. Ltd. Koyo Seiko Co. Ltd. Nippon Sheet Glass Co. Ltd. Sumitomo Osaka Cement Co. Ltd.
Chiyoda Corporation Kubota Corporation Nippon Shinpan Co. Ltd. Sumitomo Trust & Banking
Chubu Electric Power Co. Inc. Kumagai Gumi Co. Ltd. Nippon Soda Co. Ltd. Suzuki Motor Corporation
Citizen Watch Co. Ltd. Kuraray Co. Ltd. Nippon Steel Corporation Taiheiyo Cement Corporation
Dai Nippon Printing Co. Ltd. Kyocera Corporation Nippon Suisan Kaisha Ltd. Taisei Corporation
Daiichi Pharmaceutical Kyokuyo Co. Ltd. Nippon Telegraph & Telephone Corp Taiyo Yuden Co. Ltd
Dainippon Pharmaceutical Co. Ltd. Kyowa Hakko Kogyo Co. Ltd. Nippon Unipac Holding Takara Shuzo Co. Ltd.
Daiwa House Industry Co. Ltd. Marubeni Corporation Nippon Yusen K.K. Takeda Chemical Industries
Daiwa Securities Group Co. Ltd. Marui Co. Ltd. Nissan Chemical Industries Ltd. Takefuki Corp.
Denki Kagaku Kogyo K.K. Matsushita Communications Ind. Nissan Motor Co. Ltd. TDK Corporation
Denso Corporation Matsushita Electric Industrial Nisshin Flour Milling Co. Ltd. Teijin Limited
Dowa Mining Co. Ltd. Matsushita Electric Works Nisshin Oil Mills Ltd. Teikoku Oil Co. Ltd.
Ebara Corporation Mazda Motor Corporation Nisshinbo Industries Inc. Tekken Corporation
Eisai Co. Ltd. Meidensha Corporation Nissho Iwai Corporation Terumo Corporation
Fanuc Ltd. Meiji Milk Products Co. Ltd. Nitto Boseki Co. Ltd. Toa Corporation
Fuji Electric Co. Ltd. Meji Seika Kaisha Ltd Nomura Securities Co. Ltd. Toagosei Co. Ltd.
Fuji Heavy Industries Ltd. Minebea Co. Ltd. NSK Ltd. Tobu Railway Co. Ltd.
Fuji Photo Film Co. Ltd. Mitsubishi Chemical Corporation NTN Corporation Toei Co.
Fujikura Ltd. Mitsubishi Corporation NTT Data Corporation Toho Zinc Co. Ltd.
Fujita Corp. Mitsubishi Electric Corporation NTT Docomo Inc. Tokai Carbon Co. Ltd.
Fujitsu Ltd. Mitsubishi Estate Co. Ltd. Obayashi Corporation Tokio Marine and Fire Insurance Co.
Furukawa Co. Ltd. Mitsubishi Heavy Industries Odakyu Electric Railway Co. Ltd. Tokyo Dome Corporation
Furukawa Electric Co. Ltd. Mitsubishi Logistics Corporation Oji Paper Co. Tokyo Electric Power Co. Inc.
Heiwa Real Estate Co. Ltd. Mitsubishi Materials Corporation Oki Electric Industry Co. Ltd. Tokyo Electron Ltd.
Hino Motors Ltd. Mitsubishi Paper Mills Ltd. Okuma Corporation Tokyo Gas Co. Ltd.
Hitachi Ltd. Mitsubishi Rayon Osaka Gas Co. Ltd. Tokyu Corporation
Hitachi Zosen Corporation Mitsubishi Tokyo Finance Group Inc Pioneer Corporation Toppan Printing Co. Ltd.
Hokuetsu Paper Mills Ltd. Mitsui and Co. Ltd. Ricoh Co. Ltd. Toray Industries
Honda Motor Co. Ltd. Mitsui Engineering and Shipbuilding Sakura Bank Ltd. Toshiba Corporation
Ishikawajuma-Harima Heavy Industries Mitsui Fudosan Co. Ltd. Sankyo Company Ltd. Tosoh Corporation
Isuzu Motors Ltd. Mitsui Marine and Fire Insurance Co. Sankyu Inc. Toto Ltd.
Itochu Corporation Mitsui Mining and Smelting Co. Ltd. Sanyo Electric Co. Ltd. Toyo Seikan Kaisha
Ito-Yokado Co. Ltd. Mitsui Mining Co. Ltd. Sapporo Breweries Ltd. Toyobo Co. Ltd.
Japan Energy Corporation Mitsui O.S.K. Lines Ltd. Sato Kogyo Co. Ltd. Toyota Motor Corp.
Japan Securities Finance Co. Ltd. Mitsukoshi Ltd. SECOM Co. Ltd. UFJ Holdings Inc.
Japan Steel Works Ltd. Mitsumi Electric Co. Ltd. Seven - Eleven Japan Yamaha Corporation
Japan Tobacco Inc. Mizuho Holding Inc. Sharp Corporation Yamanouchi Pharmaceutical Co. Ltd.
Jusco Co. Ltd. Morinaga and Co. Shimizu Corporation Yamato Tansport Co Ltd
Kajima Corporation Nachi Fujikoshi Corporation Shin-Etsu Chemical Co. Ltd. Yasuda Fire and Marine Insurance Co.
Kanebo Ltd. NEC Corporation Shionogi and Co. Ltd. Yokogawa Electric
Kansai Electric Power Co. Inc. NGK Insulators Ltd. Shizuoka Bank Ltd. Yokohama Rubber Co.
KAO Corporation Nichirei Corporation Showa Denko K.K. Yuasa Corporation
Kawasaki Heavy Ind. Ltd. Nichiro Corporation Showa Shell Sekiyu K.K.  

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