Silver
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Date of Listing
January 26, 1984
Type of Trade
Physically Delivered Futures Transaction
Standard
Silver of minimum 99.99% 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.
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
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 9:00 a.m. to 3:30 p.m., (JST)
Night Session 5:00 p.m. to 11:00 p.m. (JST)
Contract Unit
30 kg / contract(approximately 964.53 troy ounces)
10 kg / contract(approximately 321.51 troy ounces) (applicable from the December 2010 contract)
Delivery Unit
30 kg
* Click here for the regulations on silver warehouse receipts
Price Increment
JPY 0.1 per 10 grams
JPY 0.1 per 1 gram(applicable from the December 2010 contract)
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 abount:
"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:
Current contract month: 1,500 contracts
All contract months combined: 6,000 contractsCommercials and investment funds:
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 (...)"
Ticker Symbol
TOCOM Internal Code: 12
Reuters Contract Detail: TCE/JSV
Bloomberg Ticker: JIA
