Euro vs Japanese Yen
Contract Details
Contract for Difference
Spread bet
A CFD is a financial derivative that allows traders to speculate on the price movement of an asset without owning it. The trader enters into a contract with a broker, agreeing to exchange the difference in the asset's price from the time the contract is opened to when it is closed.
Name & Trade Code
| Contract Name | Euro vs Japanese Yen (100K EUR) |
| MT5 Code | EURJPY |
| Contract Classification | Spot FX CFD |
Contract Specification
| Sector | FX |
| Tenor Period | Spot Contract |
| Maximum Forward Tenor | Spot Contract |
| Contract Size | 100000 |
| Trading Price Quote | JPY/0.01 |
| Price Digits | 3 |
| Tick Value | 1 |
| Tick Size | 0.001 |
| Minimum Volume | 0.01 |
| Volume Steps [Lots] | 0.01 |
Expiry Trading Overview
| Trading Hours | Sun 10:00pm - Fri 10:00pm |
| Quoting Hours | Sun 10:00pm - Fri 10:00pm |
A spread bet is a form of wagering on the price movement of an asset, where the trader bets on whether the price will rise or fall. The profit or loss is determined by the difference between the opening and closing prices.
Name & Trade Code
| Contract Name | Jet CIF NWE Crk($/0.01) |
| MT5 Code | Jet_NWE_Crk.s |
| Contract Classification | Commodity Differential SB |
Contract Specification
| Sector | FX |
| Tenor Period | Consecutive individual whole calendar months, e.g. Aug 25 |
| Maximum Forward Tenor | Up to 18 consecutive forward Tenor Periods available |
| Contract Size | 100 |
| Trading Price Quote | $/bbl |
| Price Digits | 2 |
| Tick Value | 1 |
| Tick Size | 0.01 |
| Minimum Volume | 1 |
| Volume Steps [Lots] | 0.01 |
Expiry Trading Overview
| Trading Hours | |
| Quoting Hours |
Contract Purpose
This differential contract enables market participants to:
- Trade the price spread between European jet fuel (Jet CIF NWE) and crude oil directly
- Hedge the refining margin for jet fuel production in the European market
- Manage exposure to both jet fuel product prices and crude oil price movements
- Implement trading strategies that reflect the economics of converting crude oil into jet fuel, a vital transport fuel
Market Significance
Refining Margin Benchmark: This contract is a transparent tool for tracking and managing the profitability of refining crude oil into jet fuel in Europe.
Aviation Sector Focus: Jet fuel is essential for airlines and a key cost driver—this spread helps manage the risk of price swings in both crude and refined product.
European Market Indicator: The contract reflects regional supply-demand, refinery operations, and seasonal travel patterns, making it a key barometer for the European energy and aviation sectors.
Trading Benefits
- Margin Management: Simplifies hedging or speculating on the “jet crack spread” with a single contract
- Efficient Risk Control: Directly addresses the risk of price movements between crude oil input and jet fuel output
- Operational Flexibility: Supports both physical market hedging and speculative trading strategies
- Capital Efficiency: Reduces margin requirements compared to holding separate positions in both legs
This contract is particularly valuable for airlines managing jet fuel costs, refiners optimising their production mix, and trading firms active in the European distillates market. It provides a focused tool for managing the spread between these two vital benchmarks, supporting both operational hedging and speculative opportunities in the fast-moving European energy landscape.