Palladium
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Date of Listing
August 3, 1992
Type of Trade
Physically Delivered Futures Transaction
Standard
Palladium of minimum 99.95% fineness
Trading Method
Computerized Individual Auction
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 a business day following the Last Trading Day of the current contract month.
Last Trading Day
The third business day preceding to the Delivery Day
Delivery Day
The last day of each even month except December (the 28th for December). If the day is a holiday or a half-day holiday, Delivery Day is advanced.
Good Delivery
Bars/ingots matching the standard, hallmarked with a trade name, among other marks, designated by the Exchange. The Acceptable Weight Range of Deliverable Goods sahll be +/-15% per contract.
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 goods. The Party Taking Delivery submits to the Exchange the Delivery Value based on the delivery price.
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)
Contract Unit
500 g / contract (approximately 16.08 troy ounces)
Delivery Unit
3.0 kg (Delivery unit = 6 contract units)
Price Increment
JPY 1 per gram
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 Margin (per contract)
Base Amount for Initial Clearing Margin is determined every month in accordance with the price movement of the market, using the result of the following formula as a minimum amount:
"an amount determined based on price movement within a recent certain period of time" x "Contract Unit Multiplier" x 1.5See 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 (for each long/short position)
Customers excluding commercials (*1) and investment funds:
1st contract month in an even month: 60 contracts
1st contract month in an odd month: 120 contracts
2nd contract month: 240 contracts
All contract months combined: 2,500 contractsCommercials and investment funds:
1st contract month in an even month: 450 contracts
1st contract month in an odd month: 600 contracts
2nd contract month: 1,200 contracts
All contract months combined: 9,000 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 (...)"
Ticker Symbol
TOCOM Internal Code: 14
Reuters Contract Detail: TCE/JPA
Bloomberg Ticker: JMA
