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Gasoline Futures

Contract Specification

Type of Trade Physically Delivered Futures Transaction
Standard Gasoline of JIS K2202 Grade2
Opening Date July 5, 1999
Trading Hours 8:45-15:15, 16:30-6:00
(Note) An order acceptance period ("pre-closing") is established for 5 minutes before the Closing Auction.
Trading Hours
Contract Months 6 contract months (On the day when a New Contract Month is generated, there will be 6 consecutive months starting from 2 months after the month which the said day belongs to.)
Last Trading Day Day session on the 25th of the month preceding the current contract month
Contract Unit 50kl(approximately 13,210 gallons)/ contract
Price Increment \10 per kl (\500 per Contract Unit)
Delivery Unit 100 kl (delivery unit = 2 contract units)
Price Limits
  1. The price limit range shall be calculated by multiplying the base price for calculating the price limit range by the following rates.
    Normal 30％
    1st Expansion 45%
    2nd Expansion 60%
    (Note) The price limits will be expanded to the 1st expansion of price limits, and then to the 2nd expansion of price limits (Only price limits in one direction, up or down, will be expanded.)
    Price Limits, Circuit Breaker Rule
    (Note) TOCOM may review price limit temporarily considering market conditions and other factors.
  2. Immediately Executable Price Range Rule (DCB)：LTP±\1,000
    ※The DCB Price Range for Opening Auction and Closing Auction will be ±\3,000 and ±\2,000 respectively.
    Immediately Executable Price Range Rule
Circuit Breaker Rule (SCB) In the case where a buy (or sell) order is placed in the central contract month at the upper (or lower) price limit obtained by adding (or subtracting) the Circuit Breaker Trigger Level to (or from) the reference price, trading in all contract months are suspended for at least 10 minutes.
Price Limits/ Circuit Breaker Rule
Strategy Trades The calendar spread trading and the inter-commodity spread trading are available.
Off-floor Transactions Available (Tick size: \0.1, Minimum trading unit: 1 unit)
Off-floor Transactions Detailed Rules
Daily Settlement Price The price determined by Japan Securities Clearing Corporation (JSCC) based on the Final Execution Price, etc.
Settlement Price of Last Trading Day (Delivery Price) The volume-weighted average price calculated based on execution prices and volume formed in the Day Session on the Last Trading Day.
Delivery Period Throughout the delivery month
Deliverable Grades Regular gasoline of JIS K2202 Grade 2, which is refined within Japan or cleared through the customs.
Delivery Points Refineries or storage facilities having marine shipment facilities located in Tokyo, Kanagawa and Chiba, designated by the Exchange.
Method of Delivery Option of delivery points: Seller
Delivery method: Delivery into barge
Option of delivery day: Buyer in principle
Matching of Buyer and Seller: Determined by drawing lots, except when parties to Delivery parties find their counterparts by themselves during the period from Last Trading Day to Lottery Day.
Divided delivery: Delivery can be divided
Customer Position Limits (separately for long and short positions)
Current contract month 2nd contract month Other contract months (each)
Customers 250 contracts 500 contracts 1,500 contracts
Commercials and Investment trusts 2,000 contracts 3,000 contracts 5,000 contracts
Margin Calculated by VaR Method
Margin Calculated Method（VaR Method）for Futures and Options（JSCC）
Settlement
  • Resale or repurchase
  • Final settlement (physical delivery)
Give-Up Available
Give-Up System
Position-Transfer Available
Position Transfer System
Position Reporting

Applicable contract months: All contract months

Parties required to report: Trading Participants and Eligible Intermediaries, when short or long positions entrusted by a single client exceed the reporting criteria below

Information to be reported: Short positions and long positions for all contract months for the relevant issues

(Even if only one of the short or long position for one contract month exceeds the reporting criteria, it is necessary to report the quantities of both short and long positions in all contract months.)

Entrusted by other Trading Participants or Eligible Intermediaries Entrusted by customers other than these
Reporting criteria 1 contract 51 contracts

Measurement date: Every business day (at the end of the day session)

(note)
  • ･Commercials are those who commercially engage in trade, intermediary, brokerage, agency, production, processing or use of commodities.
  • ･Eligible Intermediaries are brokers, foreign securities services providers, or foreign commodity futures brokers who are subject to the application of special measures concerning limits on the quantity of positions.