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 22 Jan 2020

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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 - 4:30 pm (Day Session) 5:15 pm - 3:00 am (AHT Session) (Expiring contract month closes at 11:00 am on the Last Trading Day)
Final Settlement Day	The first Hong Kong Business Day after the Last Trading Day
Last Trading Day	Two Hong Kong Business 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 Waived from 30 May 2016 – 31 December 2019

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Margin Table

Market Makers or Liquidity Providers Information

Lists of Market Makers or Liquidity Providers in Futures Exchange Products

Currency Futures and Options Products

Providing Continuous Quotes
	Market Makers / Liquidity Providers
	CFT	FLW	GHF	HKB	ICB	NHT	PHL	SGS	TFF	UWD	YNT
USD/CNH Futures		*	#	*	*	*		*	*	*	*
USD/CNH Options	*					*			*
EUR/CNH Futures								*		*
JPY/CNH Futures								*		*
AUD/CNH Futures								*		*
INR/USD Futures		*	#				#	*			#
CNH/USD Futures								*		*

Providing Continuous Quotes (After-Hours Futures Trading)
	Market Makers
	SGS	UWD
USD/CNH Futures	*	*

* refers to a Futures Exchange Participant acting as a Market Maker or Liquidity Provider in Futures Exchange Products

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

Additional Information on Cash Incentive Liquidity Providers

Market	Aggregate Market Share in January 2020^
USD/CNH Futures	0%
INR/USD Futures	35%

^aggregate market share of liquidity providers who may receive cash incentive for January 2020, subject to HKEX’s approval (information last updated on 28 February 2020)

Updated 30 Mar 2020