Gold Options
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Date of Listing
May 17, 2004
Type of Trade
Call Options on Gold Futures
Put Options on Gold Futures
Contract Unit
1 kg / contract
Minimum Price Fluctuation
JPY 1 per gram
Trading Hours
Day Session 9:00 a.m. to 3:30 p.m., (JST)
Night Session 5:00 p.m. to 11:00 p.m. (JST)
Trading Method
Computerized Individual Auction
Contract Months
All even months within 6 months (On the day when a New Contract Month is generated, there will be 3 even months starting from the next even month after the month which the said day belongs to)
Last Trading Day
Day session on the last business day of the month preceding to the underlying futures delivery month
First Trading Day of New Contract Month
Day session on a business day following the First Trading Day of a New Contract Month of the underlying.
Strike Price Interval
JPY 50 per gram
Listing of Strike Prices
At the commencement of trading, 5 strikes shall be listed. New strikes will be added to maintain 5 strike prices above and below the strike price nearest to the previous day's settlement price of the underlying asset for the current contract month, until the fifth business day prior to the last trading day.
Exercise Period
The options buyers may exercise their options at any time from the First Trading Day of a New Contract Month to the Last Trading Day. (American type)
Limitation on Exercise
No limitation. The Exchange may require statement of reason when options are exercised out-of-the Money beyond a certain level.
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)
Base Amount of Initial Clearing Margins (sellers only; per contract)
50% of the underlying.
See Margins for the margins currently applied.
Extraordinary Clearing Margin
When the Exchange deems it necessary for market management purposes, Extraordinary Clearing Margins shall be imposed.
Customer Position Limit
5,000 contracts (long/short call, long/short put each)
Settlement Price
Theoretical price in principle
Assignment of Exercise
Assignment of option contracts starts after 15:45 p.m(JST)
Method of Assignment
TOCOM randomly assigns exercised option contracts to short positions (at the unit of sub account).
Within a broker member, allocation will be made from the oldest outstanding positions with regard to their customer positions (affiliate Members and Member Customer's positions)
