What Are Norwegian Krone Futures? NOK Explained
Learn what NOK Norwegian Krone futures are: 2,000,000-krone contracts quoted in U.S. dollars per krone, their $50.00 outright tick, and physical delivery.
Direct answer
Norwegian Krone futures, commonly identified as NOK, are CME NOK/USD contracts with a 2,000,000-krone trading unit. They are quoted in U.S. dollars per Norwegian krone. On CME Globex, an ordinary outright minimum movement of 0.000025 USD per krone equals $50.00 per contract. Eligible intra-currency spreads use a smaller 0.000005 increment, or $10.00, while ClearPort submissions use 0.000001. Standard NOK futures use physical delivery rather than cash settlement.
NOK names a dated NOK/USD futures agreement, not a spot krone quote
NOK is the product root for CME Norwegian Krone futures. A complete agreement also has a contract month and year, so a value displayed beside NOK is not automatically a current spot quote for the krone or a perpetual currency holding. It is a labelled observation of a futures contract, and the label determines which rules and delivery process apply.
How to read Norwegian Krone futures quotes shows which fields make an observation usable. Norwegian Krone futures expiration and delivery explains why the named month matters when a contract approaches its exchange process.
The 2,000,000-krone NOK unit converts a quoted rate into contract dollars
Chapter 264 sets one standard NOK trading unit at 2,000,000 Norwegian kroner. Because its quotation convention is U.S. dollars per Norwegian krone, a change in the quoted rate changes the U.S.-dollar amount for that stated krone unit. The contract unit describes the standardized quantity; it is not a claim about an account balance, an amount of collateral, or an appropriate order size.
Futures tick value and contract multipliers derives the NOK $50.00 outright tick from the two-million-krone unit. Futures position sizing treats that contract unit, the number of contracts, and an account's own limits as three separate inputs.
NOK outright, spread, and ClearPort increments serve three market paths
For an ordinary NOK outright trade on CME Globex, the minimum fluctuation is 0.000025 U.S. dollar per Norwegian krone, or $50.00 per contract. An eligible NOK/USD intra-currency spread executed as a simultaneous Rule 542 transaction moves in 0.000005 steps, or $10.00, one-fifth the outright step. Transactions submitted through CME ClearPort use a 0.000001 minimum fluctuation, or $2.00 per contract.
The three increments are labelling facts, not display preferences: calling a NOK spread quote an outright, or a ClearPort print a Globex outright, misstates the market path even when the digits look similar. Record the type before calculating a movement.
Physical delivery gives the named NOK month its operational weight
Norwegian Krone futures are physically delivered under the contract's procedures rather than cash settled to a single index value. The delivery design does not mean an individual account will follow one universal instruction: Chapter 264 also points to Chapter 7, and clearing and broker arrangements matter for an actual open position.
Cash-settled versus physically delivered futures draws the general settlement-design line for currency contracts, but it does not replace the NOK rulebook or account instructions for a named contract.
A workable NOK record separates quotation facts from account facts
Before relying on a NOK number, preserve the root, month-year, U.S.-dollars-per- Norwegian-krone convention, trade or quote type, price field, source, timestamp, session, and data status. Futures contract month codes helps turn a compact NOK symbol into the agreement whose exchange calendar applies.
Margin is collateral, not a substitute for the 2,000,000-krone contract unit or a recommendation to open a position. Futures margin versus leverage explains that distinction without inferring an account-specific requirement.
This guide explains standard Norwegian Krone futures mechanics. It does not provide a live NOK/USD price, a foreign-exchange forecast, margin requirement, trade recommendation, or broker delivery instruction. Current CME rules, data terms, clearing procedures, and account documents govern a particular contract.
Common questions
What does NOK mean in futures?
NOK is the CME product root for Norwegian Krone, or NOK/USD, futures. Add a contract month and year to identify the particular standardized agreement.
Is NOK quoted in Norwegian or U.S. dollars?
NOK is quoted in U.S. dollars per Norwegian krone. Its standard trading unit is 2,000,000 Norwegian kroner, so both the unit and quotation convention are needed to interpret a rate.
What is the ordinary NOK tick value?
The ordinary CME Globex outright minimum movement is 0.000025 U.S. dollar per Norwegian krone, equal to $50.00 per standard NOK contract.
Do NOK spreads use a smaller increment?
Yes. Eligible NOK/USD intra-currency spreads move in 0.000005 steps, or $10.00 per contract. ClearPort submissions differ again, at 0.000001.
Are Norwegian Krone futures cash settled?
No. Standard Norwegian Krone futures use physical delivery under their contract and delivery procedures. Current clearing and broker documents determine the handling of a particular open position.