JPY/CNH Futures

JPY/CNH FUTURES

Economic interdependence of Japan and China, reflected in the large trade volumes between the two countries have created strong demand for inter-currency payments between Renminbi (RMB) and Japanese yen (JPY). Furthermore, JPY encompasses among the largest components of the basket of currencies referenced under Mainland China’s managed float exchange rate regime. Against that backdrop, HKEX’s JPY/CNH futures provide transparency in price discovery reflecting exchange rate expectations driven by market forces.

Updated 03 May 2022

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Advantages

Capital efficiency of exchange-traded futures
Transparent pricing in a centralised trading environment
Block trade facility offer OTC flexibility with minimal counterparty risk
Dedicated liquidity providers to provide narrow bid ask spreads
Trading covers business hours in East Asia

Contract Summary

Item	Contract Terms
Contract	JPY/CNH Futures (JPY = Japanese Yen /CNH = RMB traded in Hong Kong)
Trading Symbol	CJP
Contract Month	Spot month, the next calendar month and the next two calendar quarter months
Contract Size	JPY 6,000,000
Price Quotation	RMB per 100 JPY (e.g. RMB 5.5923 per 100 JPY)
Minimum Fluctuation	RMB 0.0001 (4 decimal places)
Tick Value	RMB 6
Trading Hours	8:30 am - 6:30 pm (Day Session) 7:15 pm - 3:00 am (AHT Session) (Expiring contract month closes at 11:00 am on the Last Trading Day)
Final Settlement Day	The first Trading Day after the Last Trading Day
Last Trading Day	Two Trading Days prior to the third (3rd) Wednesday of the Contract Month
Final Settlement Price	Reciprocal of WM/Reuters Intra-Day Spot Rate for USD/JPY at 11:00 a.m., multiplied by 100 and the USD/CNY(HK) Spot Rate published by the Treasury Markets Association (TMA) of Hong Kong at or around 11:30 a.m. on the Last Trading Day
Settlement Method	Cash settled in RMB
Exchange Fee	RMB 5.00

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Margin Table

Market Makers or Liquidity Providers Information

Lists of Liquidity Providers in Futures Exchange Products

Currency Futures and Options Products

Providing Continuous Quotes
	Liquidity Providers
	CHI	GFF	JPM	KGI	NHT	SGS
USD/CNH Futures			#	#		#
Mini USD/CNH Futures			#	#	#	#
USD/CNH Options					#	#
EUR/CNH Futures
JPY/CNH Futures
AUD/CNH Futures
INR/CNH Futures
INR/USD Futures	#	#		#
CNH/USD Futures

# refers to a Futures Exchange Participant acting as a Liquidity Provider in Futures Exchange Products under the Cash Incentive Program

Lists of Market Makers for USD/CNH Futures

Name of Market Makers	Obligations
Bank of China (Hong Kong) Limited*	Provide continuous quotes
ICBC International Futures Limited	Provide continuous quotes
The Hong Kong & Shanghai Banking Corporation Limited^	Provide continuous quotes

* via UBS Derivatives Hong Kong Limited

^ via HSBC Broking Futures (Hong Kong) Limited

Additional Information on Cash Incentive Liquidity Providers

Market	Aggregate Market Share in July 2023^
USD/CNH Futures	11%
USD/CNH Options	50%
Mini USD/CNH Futures	60%
INR/USD Futures	26%

^aggregate market share of liquidity providers under the Cash Incentive Program in July 2023 (information last updated on 1 September 2023)

Updated 01 Sep 2023