Gold Standard and Gold Mini - Contract Specifications

Gold Standard Contract:

Date of Listing

March 23, 1982

Type of Trade

Physically Delivered Futures Transaction

Standard

Gold of minimum 99.99% fineness

Trading Method

Computerized Individual Auction

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 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

Day session on the third business day preceding the Delivery Day.

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 and Time

Until noon of the last day of each even month except December (the 28th for December). If the day falls on an Exchange holiday or the last business day of the year, Delivery Day will be the immediately preceding business day.

Good Delivery

Bullions matching the standard, hallmarked with a trade name, among other marks, designated by the Exchange. Acceptable Weight Range of Deliverable Goods does not apply.

Delivery Points

Specified warehouses (warehouses located in Tokyo)

Method of Delivery

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

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

1 kg / contract
(approximately 32.15 troy ounces)

Delivery Unit

1 kg

Price Increment

JPY 1 per gram

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 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 Limits (separately for long and short positions)

Customers excluding commercials and investment trusts:
All contract months combined: 5,000 contracts

Commercials and investment trusts:
Current contract month: 10,000 contracts
All contract months combined: 30,000 contracts

Ticker Symbol

TOCOM Product Code: 11
Reuters Contract Detail: TCE/JAU
Bloomberg Ticker: JGA

Gold Mini Contract:

Date of Listing

July 17, 2007

Type of Trade

Cash-settled Futures Transaction

Standard

Same as Gold Standard (limited to Cash-settled Futures Transaction)

Trading Method

Same as Gold Standard

Settlement Price

Settlement Price of the Physically Delivered Gold Futures Transaction for the same contract month in the same Clearing Period

Final Settlement Price

Opening price at the day session of the last trading day of the current contract month of the standard contract

Contract Months

Same as Gold Standard

Last Trading Day

Day Session on a business day preceding the Last Trading Day of the current contract month of the standard contract

Final Settlement Day

First business day after the Last Trading Day

First Trading Day of New Contract Month

Same as Gold Standard

Delivery

N/A (Cash-settled Futures Transaction)

Delivery Day

N/A

Deliverable Goods

N/A

Delivery Points

N/A

Method of Delivery

N/A

Trading Hours

Same as Gold Standard

Contract Unit

100 grams/contract
(one-tenth of Gold Standard; approximately 3.215 troy ounces)

Price Increment

Same as Gold Standard

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

Same as Gold Standard

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

Same as Gold Standard

Base Amount of Initial Clearing Margin (per contract)

As SPAN Margining System starts 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 Limits

No Position Limits. However, limits may be set if the exchange finds it necessary.

Ticker Symbol

TOCOM Product Code: 16
Reuters Contract Detail: TCE/JAM
Bloomberg Ticker: JGPA

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