At-a-Glance
Key Takeaways with Craig
US Equity Index prices traded mostly lower today, with the Nasdaq leading losses, down by about .8%. Implied volatility in CME’s Equity Options was little changed on the day. Treasury yields were also little changed on the day, though CME’s 2-Year Treasury Yield future was up by about 3 basis points. CVOL in CME’s Treasury options continued to rise, even from elevated levels.
In other CME markets, WTI Crude Oil futures prices were up by about 2.5%, Nat Gas was down by about 1% and most major currencies were higher versus the US Dollar. CVOL in CME’s currency options markets declined a bit today, but remains elevated relative to the last 12 months.
Finally, on a day during which US Equity Indexes traded lower, the Nikkei 225 index traded about .3% higher. Over the last couple months, we’ve written about the Japanese Yen here in the Key Takeaways column, pointing out the divergence in interest rate policy between Japan and most developed economies. While most central banks contemplate interest rate cuts, the Bank of Japan raised its short-term rate for the first time in 17 years in March.
However, we’ve not written as extensively about CME’s Nikkei 225 futures, which are actively traded by both individuals and institutions. As of this past weekend, CME now lists both a standard size Nikkei 225 future (which it has for some time) and a newly launched Micro Nikkei 225 future that, like most of our micro-sized products, is 1/10 the size of the standard. With this new product listing, CME now lists the following futures based on the Nikkei 225:
- US Dollar denominated Nikkei 225 (NKD) with a notional value of 5*Nikkei Stock Average (~$197k)*
- Yen denominated Nikkei 225 (NIY) with a notional value of 500*Nikkei Stock Average (~19.7M Yen)*
- US Dollar denominated Micro Nikkei 225 with a notional value of .5*Nikkei Stock Average (~$19.7k)*
- Yen denominated Micro Nikkei 225 with a notional value of 50*Nikkei Stock Average (~1.97M Yen)*
We often talk about “index choice matters”, and the addition of the Micro Nikkei 225 products offers CME customers who desire exposure to this major international index additional flexibility and customization. We’ve included, from top to bottom, price charts of the Nikkei 225, E-mini S&P 500 and E-mini Nasdaq-100 for your reference.
*notional approximation based on prices observed around 3:00 PM Chicago time, 10/30
Todays Featured Videos
Traders Resources
The information in the market commentaries have been obtained from sources believed to be reliable, but we do not guarantee its accuracy and expressly disclaim all liability. Neither the information nor any opinions expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts. The information on this site compiled by CME Group is for general purposes only. All information and data herein is provided as-is. Additionally, all examples on this site are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. CME Group assumes no responsibility for any errors or omissions. CME Group, its affiliates and any third party information and content providers expressly disclaim all liability with respect to the information and data contained herein including without limitation, any liability with respect to the accuracy or completeness of any data. You use the data herein solely at your own risk. All data and information provided herein is not intended for trading purposes or for trading advice. All matters pertaining to rules and specifications herein are made subject to and superseded by official CME, CBOT, NYMEX and COMEX rules. Current rules should be consulted in all cases concerning contract specifications.
Neither futures trading nor swaps trading are suitable for all investors, and each involves the risk of loss. Due to the leveraged nature of futures trading and swaps trading, it is possible to lose more than the amount deposited in a position. Therefore, traders should not deposit more funds than they can afford to lose without negatively affecting their lifestyles. A trader cannot expect to profit on each trade, and should only devote a small amount of their available funds to each trade. All references to options refer to options on futures.
Past performance is not necessarily indicative of future performance.
CME Group, the Globe Logo, Chicago Mercantile Exchange, Globex and CME are trademarks of Chicago Mercantile Exchange Inc. CBOT is the trademark of the Board of Trade of the City of Chicago, Inc. NYMEX is the trademark of the New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other marks are the property of their respective owners. Each of Chicago Mercantile Exchange Inc. (ARBN 103 432 391), The Board of Trade of the City of Chicago Inc (ARBN 110 594 459), the New York Mercantile Exchange Inc (ARBN 113 929 436) and Commodity Exchange, Inc. (ARBN 622 016 193) is a registered foreign company in Australia and holds an Australian market licence.
This site does not constitute a prospectus, product disclosure statement or legal advice, nor is it a recommendation to buy, sell or retain any specific investment or to utilise or refrain from utilising any particular service. Readers should consult their legal advisors for legal advice in connection with the matters covered on this site.
