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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  

Please click here for the disclaimer.

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
 
  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 December 2023^

USD/CNH Futures

19%

USD/CNH Options 50% 

Mini USD/CNH Futures

48%

INR/USD Futures 37%

 ^aggregate market share of liquidity providers under the Cash Incentive Program in December 2023 (information last updated on 1 February 2024)

 

 

Updated 01 Feb 2024