HOME > Trading Guide > youkou > Silver
Date of Listing
January 26, 1984
Type of Trade
Physically Delivered Futures Transaction
Silver of minimum 99.99% fineness
Computerized Individual Auction
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.
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.
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.
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
Day Session 9:00 a.m. to 3:30 p.m. (JST)
Night Session 5:00 p.m. to to 4:00 a.m. (JST)
10 kg / contract(approximately 321.51 troy ounces)
30 kg (Delivery unit = 3 contract units)
JPY 0.1 per 1 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)
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 Limit (for each long/short position)
Customers excluding commercials (*1) 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
*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 (...)"
TOCOM Internal Code: 12
Reuters Contract Detail: TCE/JSV
Bloomberg Ticker: JIA