Gold Rolling-Spot - Contract Specifications

Date of Listing

May 7, 2015

Type of Trade

Cash-settled Futures Transaction (Rolling Spot Futures)

Standard

Gold of minimum 99.99% fineness

Trading Method

Computerized Individual Auction

Settlement Price

Theoretical spot price

Theoretical spot price

Theoretical spot price is calculated as follows.
First, the Forward Rate is calculated using the settlement prices of the first contract month and the sixth contract month of the Gold Standard. Then, taking the number of days remaining until the expiry into consideration, the theoretical price is calculated from the settlement price of the first contract month, using the Forward Rate.

However, on the last trading day of the first contract month, the settlement prices of the second and the sixth contract months will be used to calculate the Forward Rate.

Contract Term

One Clearing Period (Rolling Spot Futures)

Rolling Spot Futures Transaction

Rolling Spot Futures is a type of transaction which is established during the session in a given Clearing Period or as a result of the roll-over process executed at the close of the session for the Clearing Period immediately preceding said given Clearing Period, and closed through an offsetting resale or repurchase or as a result of the roll-over process executed at the close of session in the Clearing Period in which the position was established.

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

100grams / contract

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

The SPAN Margining System applies.

Position Limit

Position limits are not applicable; however, if it is deemed necessary by the Exchange for the prevention of excessive transactions, a limit on positions will be established.

Ticker Symbol

TOCOM Product Code: 18
Reuters Contract Detail: JAUCFD=
Bloomberg Ticker: JGDDAILY

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