6J/JY minimum price increment changing from 12.50USD to 6.25USD

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i960

Product Modification Summary: JPYUSD Futures Tick Reduction
Effective Sunday, June 21, 2015 for trade date Monday, June 22, 2015, and pending all relevant CFTC regulatory review periods, please be advised that the Chicago Mercantile Exchange, Inc. (CME or Exchange) will amend the minimum price increment for Japanese Yen/US Dollar Futures. The minimum tick is changing from 0.000001 to 0.0000005.

DPLs for outright Futures and the Spreads will not change and will remain at a current precision of 7.

Code TCC/Clearing/Globex Title Current Tick Rule New Tick Rule (as of 06/22/15)
J1/JY/6J Japanese Yen/US Dollar Futures 0.000001 0.0000005
No idea why, but ensure your trading software can deal with it...
 
onemoreshot said:
Terrible news for scalpers.
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I scalp Indexes, currencies, just about anything that moves in futures markets with automated systems, don't pay retail, so when you are scalping and I can get into a deal at half tick cheaper means I can get out half tick sooner than before. The didn't change overall contract size, they just split the tick in half. If they changed the value like what they did with the E-mini S&P500 which is 1/10th size of full contract S&P500, AND changed the tick size THEN it is much different for scalpers. It was much easier for scalpers when Big S&P500 traded in nickels on the floor at $25 tick value before electronic markets came out, do four ticks,.20 cents move, on ten lot was $1,000 trade, but now there is no 20 cent move, have to do one tick move for $12.50 and have to trade 80 lots, ya want to bet the exchange loves all the fees they get now? So when Emini came out, Scalpers have to risk more to get less, but has little to do in this case with half tick. It will be interesting to see what kind of volumes on bid/ask sides in the beginning.
 
Handle123 said:
I scalp Indexes, currencies, just about anything that moves in futures markets with automated systems, don't pay retail, so when you are scalping and I can get into a deal at half tick cheaper means I can get out half tick sooner than before. The didn't change overall contract size, they just split the tick in half. If they changed the value like what they did with the E-mini S&P500 which is 1/10th size of full contract S&P500, AND changed the tick size THEN it is much different for scalpers. It was much easier for scalpers when Big S&P500 traded in nickels on the floor at $25 tick value before electronic markets came out, do four ticks,.20 cents move, on ten lot was $1,000 trade, but now there is no 20 cent move, have to do one tick move for $12.50 and have to trade 80 lots, ya want to bet the exchange loves all the fees they get now? So when Emini came out, Scalpers have to risk more to get less, but has little to do in this case with half tick. It will be interesting to see what kind of volumes on bid/ask sides in the beginning.
More...
good for you maybe, I didn't have enough money to trade the big S&P so I had to go home every night spread against the NYSE at the NYFE. When they invented globex that was the first time I could trade just like the big boys. Didn't matter who wanted to buy, if I was first in line I got filled first, and Goldman and Merrill had to wait patiently behind me.
 
loyek590 said:
good for you maybe, I didn't have enough money to trade the big S&P so I had to go home every night spread against the NYSE at the NYFE. When they invented globex that was the first time I could trade just like the big boys. Didn't matter who wanted to buy, if I was first in line I got filled first, and Goldman and Merrill had to wait patiently behind me.
More...
The exchanges made out the best cause fees went up hugely as contracts got smaller for those who were not well capitalized and certainly not the members who paid huge money for seats on the floor. I just wonder if the "95%ers" were lower percentage before the electronics?
 
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