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Contract Specifications of SGX Nikkei 225 Index (SGX Nikkei 225)
Futures/Options
NIKKEI FUTURES CONTRACT DESCRIPTIONS
Contract Size
¥500 x Nikkei 225 Index Futures Price
Ticker Symbol
NK
Contract Months
3 nearest serial months & 5 nearest quarterly months.
Minimum Price Fluctuation
Outright: 5 index points (¥2500)
Calendar spreads: 1 index point (¥500)
Trading Hours
Singapore Time
T Session:
Pre -Opening 7.30am -7.43 am
Non -Cancel Period 7.43am -7.45 am
Opening 7.45 am - 2.30 pm
T+1 Session:
Pre -Opening 3.15 pm - 3.28 pm
Non -Cancel Period 3.28 pm - 3.30pm
Opening 3.30 pm - 10.55 pm
Mutual Offset Trading with CME
7.00 pm - 5.15 am
5.30 am - 6.30 am
Last Trading Day
The day before the second Friday of the contract month.
Settlement Basis
Cash settlement
Final Settlement Price
The final settlement price shall be the Special Nikkei 225 Index Quotation based on the opening prices of each component issue in the Nikkei 225 Index on the business day following the last trading day.
Daily Price Limit
Whenever the price moves by 7.5%, in either direction from the previous day's settlement price, trading within the price limit of 7.5% is allowed for the next 15 minutes. Thereafter, an expanded price limit of 12.5% (above or below the previous day's settlement price) shall apply for the rest of the day.
On the last trading day for the expiring contract, there shall be no price limits following the 15 minutes cooling-off period after the initial price limit (7.5%) has been reached. No price limit shall come into effect during the last 30 minutes before the close of trading on the last trading day for the expiring contract. However, if the cooling-off period should overlap into the last 30 minutes of the trading session, the portion of the cooling-off period which overlaps into the last 30 minutes of trading session shall continue to be in force.
Position Limit
A person shall not own or control more than 10,000 futures or futures equivalent contracts net long or net short in all contract months combined.
Additional Trading Facilities
Negotiated Large Trade : Minimum 100 lots
EFP Trade : Eligible for EFP transaction
NIKKEI OPTIONS CONTRACT SPECIFICATIONS
Contract Size
One Nikkei 225 Index Futures Contract
Ticker Symbol
Calls – CNK Puts – PNK
Contract Months
3 nearest serial months & 5 nearest quarterly months.
Trading Hours
Singapore Time:
7.45 am - 2.30 pm
3.30 pm - 10.55 pm*
* Trades executed during this session are for T+1 settlement.
Minimum Price Fluctuation
1 index point (500)
Trades may occur at a price of 300 whether or not such trades result in the liquidation of position for both parties to the trade.
Strike Prices
250 index point intervals.
Last Trading Day
The day before the second Friday of the contract month.
Option Exercise
American Style for contract months expiring before October 2008: An option may be exercised by the buyer on any business day.
European Style for contract months expiring from October 2008 onwards: An option may be exercised by the buyer only at expiry.
Exercise results in a long Nikkei 225 Index futures position, which corresponds with the option's contract month, for a call buyer or a put seller, and a short Nikkei 225 Index futures position for a put buyer and a call seller.
An option that is in-the-money and has not been liquidated or exercised prior to the termination of trading shall be exercised automatically.
Daily Price Limit
There shall be no trading in any options contract when the underlying futures contract, whether such futures contract is listed on open outcry or electronic market, is bid or offered: 1) at its initial daily price limit or 2) at its expanded daily price limit, except that the above provisions shall not apply on an option's last day of trading.
Position Limit
A person shall not own or control more than 10,000 futures or futures equivalent contracts net long or net short in all contract months combined.
For more information
Call your broker or trading solution providers - GL Trade, Nyfix, Orc Software, Patsystems and RTS. Alternatively, contact: Adeline Ee (Tel: +65 6236 5308, e-mail: adeline_ee@sgx.com).
To download the Nikkei 225 Index Futures brochure (in English and Japanese), please click on pdf files below.
