TOCOM Starts to Prepare for Launching Nikkei-TOCOM Commodity Index Contract

10.20.2009


TOCOM Starts to Prepare for Launching Nikkei-TOCOM Commodity Index Contract

 The board of directors’ meeting was held on October 20, 2009, and determined to take a step towards the listing. Based on the decision, TOCOM will start to prepare for the launch of the Nikkei-TOCOM Commodity Index from now on. The below is the draft specification of the contract.

Nikkei-TOCOM Commodity Index – Contract Specification (draft)

(as of October 20, 2009)

Market

Commodity index market (pilot)

Type of Trade

Index futures transaction (CFD : Contract for Difference, the position of which shall be closed by cash settlement. )

Product Description

Nikkei-TOCOM Commodity Index

Trading Method

Computerized continuous trading

Swap Point

N/A

Trading Hours

Day session: 9-15:30 (JST) / Night session: 17-23 (JST)

Index Price Publication
Once a day (official price based on settlement prices of underlying futures contracts)
Index price is updated approximately every 5 minutes on TOCOM website, and updated every 15 seconds on the exchange's market information system.

Settlement Price

Index price calculated based on settlement prices of the underlying commodity futures contracts at the end of day session (15:30). (Index price is calculated to two places of decimals.)

Contract Size &
Minimum Price Fluctuation

5,000 * the futures price  /  0.1 point

Position Limits

N/A

Margins

Initial Clearing Margin: Approx. JPY50,000-100,000/contract
Spot Month Additional Clearing Margin: N/A
Other margins: it will be set according to the same principle as those applied to the other contracts.

Guarantee Fund
JPY 1 million
*Substitutes are also applicable.
Registration Fee
Affiliate Member: JPY 1 million
Trade Member, Broker Member: JPY 10 million
*Multiple markets (max.amount): JPY 25 million
Membership Dues
Broker Member: JPY 360,000 per market / half year
Trade Member: JPY 300,000 per market / half year
Affiliate Member: JPY 60,000 per market / half year
Exchange Fee
JPY 55 / contract
*The volume discount program is available.


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