East Area Baseload Electricity - Contract Specifications

Date of Listing

September 17, 2019

Type of Trade

Cash-settled Futures Transaction

Underlying

Average Price of JEPX(*1) Spot Market(Day-Ahead) for the Tokyo Area Baseload Price (0:00~24:00)

Trading Method

Computerized Individual Auction

Contract Unit (Contract base size : 100 kWh)

No. of Calendar days in month × 24 hours/day × 100 kWh

Price Increment

JPY 0.01 per kWh

Settlement Price

Final Execution Price of Individual Auction

Final Settlement Price

JEPX Spot Market (Day Ahead) Tokyo Area Baseload monthly average price

Contracts Listed

15 Consecutive Months

First Trading Day of a New Contract Month

Day Session on the business day following the last trading day
※Reference Price for First Trading Day of a New Contract Month, please refer to Market News of the JPX website.

Last Trading Day

Day Session on the business day prior to the last day of the current contract month

Final Settlement Day

First business day of the following month

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 6:55 p.m. (JST)
Closing Call Auction (Ita-awase) : 7:00 p.m. (JST)

Circuit Breaker Trigger Level (Static Circuit Breaker (SCB) Level)

The SCB trigger level is to be set every day 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)

Margin

SPAN Margining System: Japan Securities Clearing Corporation (JSCC) decides base values (parameters) for margin calculation.

Customer Position Limits

Differences between short & long position (Net amount)
Commercials and investment trusts: 
・ 10,000 contracts (equivalent to 744,000MWh, in case of 31days of the month) / each contract month
Customers excluding commercials and investment trusts:
・ 5,000 contracts (equivalent to 372,000MWh, in case of 31days of the month) / each contract month

*1 JEPX : Japan Electric Power Exchange. JEPX is Japan's only exchange facilitating wholesale electricity trades.

Ticker Symbol

TOCOM Product Code: 63
Reuters Contract Detail: JEBD
Bloomberg Ticker: VEBA

Market Maker Progerame

For more details, please refer to here.

Electricity Futures Contract Unit (Monthly electricity energy)

Display All Months Show only valid months

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