Contract Specifications (Platinum Standard and Platinum Mini)
HOME > News > Contract Specifications (Platinum Standard and Platinum Mini)
11.6.2008
Platinum Standard Contract:
Date of Listing
January 26, 1984
Type of Trade
Physically Delivered Futures Transaction
Standard
Platinum of minimum 99.95% fineness
Trading Method
Computerized continuous trading
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
The third business day preceding the Delivery Day.
Delivery Day
The last day of each even month except December (the 24th for December). If the day is a holiday or a half-day holiday, Delivery Day is advanced.
Deliverable Goods
Bars/ingots matching the standard, hallmarked with a trading name, among other marks, designated by the Exchange. The Acceptable Weight Range of Deliverable Goods shall be +/-2% 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
Morning Session: 9:00 am to 11:00 am; Afternoon Session: 12:30 pm to 5:30 pm (Japan Local Time)
The opening of the trading session will start with the nearest contract month, followed by the other contract months in two-minute intervals.
Contract Unit
500 g / contract (approximately 16.08 troy ounces)
Delivery Unit
500 g
Minimum Price Fluctuation
JPY 1 per gram
Daily Price Fluctuation Limit (per contract)
Daily Price Fluctuation Limits are determined based on the largest market price movement within a certain period of time and are set at a level where the probability that they will be reached is very low.
Maintenance Amount for Initial Clearing Margin (per contract)
Maintenance 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 about:"an amount determined based on price movement within a recent certain period of time" x "Contract Unit Multiplier" x 2.0
* See Margin and Price Limit for the margins currently applied.
Extraordinary Clearing Margin
When the final contract prices for three or more contract months (excluding contract months with no applicable price limit) have reached the price limit in the same direction for two consecutive business days, deposit of an Extraordinary Clearing Margin will be requested for new positions in all contract months from the following business day, until the final contract price for all contract months (excluding contract months with no applicable price limit) stop reaching the price limits for three consecutive business days.
The deposit amount is determined by multiplying 50% of the price limit by the Contract Unit Multiplier.
Apart from the conditions specified above, if the Exchange deems it necessary for market management purposes, Extraordinary Clearing Margins may be separately imposed.
Customer Position Limit
1st contract month in an even month: 100 contracts (for each long and short position)
1st contract month in an odd month: 150 contracts (for each long and short position)
2nd contract month: 200 contracts (for each long and short position)
Total: 3,500 contracts
Platinum Mini Contract:
Date of Listing
10 November, 2008
Type of Trade
Cash-settled Futures Transaction
Standard
Same as Standard contract (limited to Cash-settled Futures Transaction)
Trading Method
Same as Standard contract
Contract Months
Same as Standard contract
Last Trading Day
Same as Standard contract
Final Settlement Price
Last settlement price of the standard contract on the Last Trading Day of the current contract month.
First Trading Day of a New Contract Month
The business day following the First Trading Day of a New Contract Month for Platinum Standard transactions.
Delivery Day
N/A
Deliverable Goods
N/A
Delivery Points
N/A
Method of Delivery
N/A
Trading Hours
Same as Standard contract
Contract Unit
100 g/contract (one-fifth of standard contract; approximately 3.216 troy ounces)
Minimum Price Fluctuation
Same as Standard contract
Minimum Daily Price Fluctuation Limit
Same as Standard contract
* See Margin and Price Limit for the margins currently applied.
Maintenance Amount for Initial Clearing Margin (per contract)
This amount 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 2.0
* See Margin and Price Limit for the margins currently applied.
Extraordinary Clearing Margin
If Extraordinary Clearing Margins are imposed for the Standard contract Extraordinary Clearing Margins will also be required for the Mini contract.
The deposit amount is determined by multiplying 50% of the ordinary Price Limit by the Contract Unit Multiplier.
Apart from the conditions specified above, if the Exchange deems it necessary for market management purposes, Extraordinary Clearing Margins may be separately imposed.
Customer Position Limit
1st contract month in an even month: 200 contracts (for each long and short position)
1st contract month in an odd month: 300 contracts (for each long and short position)
2nd contract month: 400 contracts (for each long and short position)
Total: 7,000 contracts
Loss Cut System
For market participants with a lower tolerance for risk, customers now have the option to use the Loss Cut system.
The purpose of the Loss Cut system is to try to prevent losses over a limit specified by each customer. Under the Loss Cut system, if a customer’s loss reached a certain limit specified by the customer, at a certain time, his positions will be offset by executing orders, based on the terms and conditions agreed upon by the customer and its Broker Member and in accordance with the said terms and conditions.
