Gas Oil
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Date of Listing
September 8, 2003
Type of Trade
Physically Delivered Futures Transaction
Standard
Gas oil that meets the standard prescribed in Article 22.1 of the Ordinance for Enforcement of the Act on the Quality Control of Gasoline and Other Fuels and meets the quality standard of the Japan Industrial Standard K2204 for each type corresponding to each of the Contract months as shown below:
Contract Months
Quality Standard
Trading Method
Computerized Individual Auction
Contract Months
Six consecutive months (On the day when a New Contract Month is generated, there will be 6 consecutive months starting from 2 months after the month which the said day belongs to.)
Last Trading Day
Day session on the 25th of the month preceding the current contract month (if the day is a holiday, Last Trading Day is advanced.)
First Trading Day of a New Contract Month
Day session on a business day following the Last Trading Day of the current contract month.
Delivery Period
Throughout the delivery month
Deliverable Grades
- Deliverable Commodities: Either domestically refined gas oil that meets the quality standard of the standard grade or imported gas oil for which the customs formalities for import have been completed.
- Gas Oil Delivery Tax: Futures transactions shall be exclusive of gas oil delivery tax. In case of taxable type of delivery, the amount of gas oil delivery tax applicable thereto shall be added to the delivery payment.
Quantity Tolerance on Delivery
±2% of the volume per delivery
Delivery Points
Refineries and oil tanks located in Tokyo, Kanagawa and Chiba, provided with barge delivery facilities, and appointed by the Exchange.
Delivery Method
- Option of delivery points: Seller
- Delivery method: Delivery into barge
- Option of delivery day: Buyer in principle
- Matching of Buyer and Seller: Determined by drawing lots, except when parties to Delivery parties find their counterparts by themselves during the period from Last Trading Day to Lottery Day.
- Divided delivery: Delivery can be divided
Trading Hours
Day Session 9:00 a.m. to 3:30 p.m. (JST)
Night Session 5:00 p.m. to 4:00 a.m. (JST)
Contract Unit
50 kl (approximately 13,210 US gallons) / contract
Delivery Unit
100 kl (Delivery unit = 2 contract units)
Price Increment
JPY 10 per 1 kiloliter
Contract Price and Tax
The contract price shall be inclusive of the cost of delivery into refineries or oil tanks located in Tokyo Bay area but exclusive of gas oil delivery tax and consumption tax.
Circuit Breaker Trigger Level
The CB trigger level is to be set everyday at the start of a clearing period (i.e.the start of a night session at 17:00) and is based on the settlement price of the previous clearing periond (or the settlement price of the preceding contract month, in case of a new contract month)
Margin
As SPAN Margining System started from January 4, 2011, Japan Commodity Clearing House (JCCH) will set its parameters based on historical price fluctuation.
Please see the website of Japan Commodity Clearing House (JCCH) for more details.
Customer Position Limit (for each long/short position)
Customers excluding commercials (*1) and investment trusts:
Current contract month: 250 contracts
2nd contract month: 500 contracts
Other contract months (each): 1,500 contractsCommercials and investment trusts:
Current contract month: 2,000 contracts
2nd contract month: 3,000 contracts
Other contract months (each): 5,000 contracts*1: as defined by the Commodity Exchange Act and the Articles of Incorporation
("Those who, as their line of business, engage in the purchase, sale, intermediary of trades, brokerage or agency activity, production, processing or use of Listed Commodity Component Products (...)"
Note: Apart from the delivery mentioned in these contract specifications, Coordinated Delivery and Declared Delivery are also available.
