Silver - Contract Specifications

Date of Listing

January 26, 1984

Type of Trade

Physically Delivered Futures Transaction


Silver 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. The Acceptable Weight Range of Deliverable Goods shall be +/-6% 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 dlivery goods. The Party Taking Delivery submits to the Exchange the Delivery Value based on the dlivery price.

* Click here for the regulations on silver warehouse receipts

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

10 kg / contract(approximately 321.51 troy ounces)

Delivery Unit

30 kg (Delivery unit = 3 contract units)

Price Increment

JPY 0.1 per 1 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)


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:
Current contract month: 1,500 contracts
All contract months combined: 6,000 contracts

Commercials and investment trusts:
Current contract month: 3,000 contracts
All contract months combined: 30,000 contracts

Ticker Symbol

TOCOM Product Code: 12
Reuters Contract Detail: TCE/JSV
Bloomberg Ticker: JIA