Corn - Contract Specifications

Date of Listing

February 12, 2013

Type of Trade

Physically Delivered Futures Transaction

Standard

No. 3 yellow corn produced in the U.S.A. (not cleared through customs)

Trading Method

Computerized individual auction (Multiple executions)

Settlement Price

Final Execution Price of Individual Auction

Settlement Price of Last Trading Day (Delivery Price)

The volume-weighted average price calculated based on execution prices and volume formed through Individual Auction during the Day Session

Contract Months

All odd months within a twelvemonth period starting from 2 months after the month containing the First Trading Day of a new contract month

Last Trading Day

Day session on the 15th day of the month immediately preceding the current contract month

First Trading Day of a New Contract Month

Day session on the next business day of the Last Trading Day of the current contract month.

Delivery Day

The business day (by noon) immediately preceding the first scheduled day for delivery between the 1st day to the last day of the current contract month

Method of Delivery

The Party Making Delivery submits to the Exchange a bill of lading, delivery order or other delivery document for the delivery goods. The Party Taking Delivery submits to the Exchange the Delivery Value based on the delivery price.

Delivery Points

TOCOM- designated berths that can accommodate delivery of goods and located in the ports of Kawasaki, Yokohama, Chiba, and Kashima

Trading Hours

Day Session
Opening Call Auction (Ita-awase) : 8:45 a.m. (JST)
Continuous Trading (Zaraba) : 8:45 a.m. to 3:10 p.m. (JST)
Closing Call Auction (Ita-awase) : 3:15 p.m. (JST)
Night Session
Opening Call Auction (Ita-awase) : 4:30 p.m. (JST)
Continuous Trading (Zaraba) : 4:30 p.m. to 5:25 a.m. of the following morning (JST)
Closing Call Auction (Ita-awase) : 5:30 a.m. of the following morning (JST)

Contract Unit

50,000 kg

Delivery Unit

50,000 kg

Price Increment

JPY 10 per 1,000 kg

Circuit Breaker Trigger Level (Static Circuit Breaker (SCB) Level)

The SCB trigger level is to be set everyday at the start of a new clearing period (i.e.the start of a night session at 16:30) and is based on the settlement price of the previous clearing period (or the settlement price of the preceding contract month, in case of a new contract month)

Immediately Executable Price Range (Dynamic Circuit Breaker (DCB) Level)

The DCB trigger level is to be set based on DCB Reference Price (the last traded price,in principle)

Margin

As SPAN Margining System started from January, 2011, Japan Commodity Clearing House (JCCH) sets its parameters (variables) for the basis of the margin calculation.

Position Limits (separately for long and short position)

[Proprietary Trades]*
1st contract month (expiry month): 600
1st contract month (month before expiry month): 1,200
2nd contract month: 3,000
3rd contract month and thereafter (each): 6,000

[Customers excluding investment trusts]
1st contract month (expiry month): 600
1st contract month (month before expiry month): 1,200
2nd contract month: 3,000
3rd contract month and thereafter (each): 6,000

[Customers (Investment trusts, etc)]
1st contract month (expiry month): 600
1st contract month (month before expiry month): 1,200
2nd contract month: 3,000
3rd contract month: 6,000
4th contract month and thereafter (each): 12,000

* Proprietary trades to be conducted by Members.

Ticker Symbol

TOCOM Product Code: 201
Reuters Contract Detail: TCE/JCR
Bloomberg Tickers: JCA

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