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LNG (Platts JKM) Futures

Contract Specification

Type of Trade Cash-settled Futures Transaction
Target of Trade Spot LNG cargo delivered ex-ship to Japan and Korea
Opening Date April 4, 2022
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 Nearest 15 contract months
Last Trading Day Day session on 15th day of the month immediately preceding the month in which the current contract month falls (if the day falls on a holiday, it shall be moved up)
Final Settlement Day A business day following the Last Trading Day of the current contract month.
Contract Unit 1,000 mmBtu / contract
Price Increment \1 per mmBtu
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 40％
    1st Expansion 50%
    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±\10.0
    ※The DCB Price Range for Opening Auction and Closing Auction will be ±\30.0 and ±\20.0 respectively.
    LNG Futures Immediately Executable Price Range (from April 4th, 2022) Immediately Executable Price Range Rule
Circuit Breaker Rule (SCB) Price Limits/ Circuit Breaker Rule
Strategy Trades The calendar spread trading is available.
Off-floor Transactions Available (Tick size: \0.01, Minimum trading unit: 1 unit)
Off-floor Transactions Detailed Rules
Holiday Trading Available
Holiday Trading
Daily Settlement Price The price determined by Japan Securities Clearing Corporation (JSCC) based on the Final Execution Price, etc.
Final Settlement Price Average of the Platts JKM prices during the period from the 16th of the two month prior to the contract month to the 15th of the prior month of the contract month.
  • The average exchange rate shall be the average of the aforementioned period of the middle rates of the first exchange rates announced by the MUFG Bank, Ltd. on each of the Bank's business day.
Customer Position Limits No Position Limit
Margin Calculated by VaR Method
Margin Calculated Method（VaR Method）for Futures and Options（JSCC）
Settlement
  • Resale or repurchase
  • Final settlement (Cash Settlement)
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)
  • ･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.