Aluminum- from the Oct08 contract onward

Date of Listing

April 7, 1997

Type of Trade

Physically Delivered Futures Transactions

Standard

Aluminum of minimum 99.70% purity with maximum permissible iron content of 0.20% and silicon content of 0.10%

Trading Method

Computerized continuous trading

Contract Months

All even months within a year (on the day when a new contract month is generated, there will be 6 even months starting from the next even month after the month which the said day belongs to)

Last Trading Day

The third business day preceding the Delivery Day

Delivery Day

The last day of each even month except December (the 24th for December). If the day is a holiday or a half-day holiday, Delivery Day is advanced.

Deliverable Goods

Bars of a brand designated by the Exchange matching the standard. The Acceptable Weight Range of Deliverable Goods shall be +/-2% per contract (25 tonnes).

Delivery Points

Specified warehouses

Method of Delivery

The Party Making Delivery submits to the Exchange a warehouse receipt, issued by a TOCOM-designated warehouse, for the delivery goods. The Party Taking Delivery submits to the Exchange the Delivery Value based on the delivery price.

Trading Hours

Morning Session: 9:00 a.m. to 11:00 a.m.; Afternoon Session: 12:30 p.m. to 5:30 p.m.

Note: the opening of the trading session will start with the nearest contract month, followed by the other contract months in two-minute intervals.

Contract Unit

5,000 kg (5 tonnes) per contract

Delivery Unit

25,000 kg (25 tonnes) per contract

* Click here for Regulations on Aluminum Warehouse Receipts Modified

Minimum Price Fluctuation

JPY 0.1 per kg

Daily Price Fluctuation Limit

*Daily Price Fluctuation Limits are determined based on the largest market price movement within a certain period of time and are set at a level where the probability that they will be reached is very low.

*See Margin and Price Limit for the currently applied limits.

Maintenance Amount for Initial Clearing Margin (per contract)

* Maintenance Amount for Initial Clearing Margin is determined every month in accordance with the price movement of the market, using the result of the following formula as a minimum amount:

“an amount determined based on price movement within a recent certain period of time” * “Contract Unit Multiplier” * 1.5

* See Margin and Price Limit for the margins currently applied.

Extraordinary Clearing Margin

When the final contract prices for three or more contract months (excluding contract months with no applicable price limit) have reached the price limit in the same direction for two consecutive business days, deposit of an Extraordinary Clearing Margin will be requested for new positions in all contract months from the following business day, until the final contract price for all contract months (excluding contract months with no applicable price limit) stop reaching the price limits for three consecutive business days.

The deposit amount is determined by multiplying 50% of the price limit by the Contract Unit Multiplier.

Apart from the conditions specified above, if the Exchange deems it necessary for market management purposes, Extraordinary Clearing Margins may be separately imposed.

Customer Position Limit (for each long/short position)

1st contract month in an even month: 400 contracts*

1st contract month in an odd month: 800 contracts

Other contract months: 2,400 contracts for each month

Total: 10,000 contracts

*This will be applied for the first contract month during the period from the first business day until the Last Trading Day (LTD) in an even month.

Following the expiry of the first contract month on the LTD, the second contract month will become a new first contract month, with the position limit for "1st contract month in an odd month" applied (For example, in June 2006, the position limit for the June06 contract was 200 until June 27 (LTD). When the Aug06 contract became a new first contract month on June 28, its position limit was set at 400).

Note: apart from the delivery mentioned in these contract specifications, Coordinated Delivery and Declared Delivery are also available.

 

 

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