TOCOM Crude Oil

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TOCOM Crude Oil futures trade on the Tokyo Commodity Exchange (TOCOM). They were launched on September 10, 2001[1].

Each TOCOM Crude Oil futures contract represents 50 kiloliters of Middle East crude oil (the average value of Dubai and Oman which acts as the benchmark price of Middle East crude oil.), and there is no delivery for TOCOM Crude Oil futures.

As of July 2008, each TOCOM Crude Oil futures contract is subject to a margin rate of 180,000 yen [2].

In 2007, TOCOM Crude Oil futures traded 1,489,018 contracts (-24.1 percent YOY), and, in June 2008, traded 63,565 contracts (-57.4 percent YOY).


TOCOM Crude Oil futures
Exchange Tokyo Commodity Exchange
Settlement Cash settled
Contract Size 50 kiloliters
Pricing Unit 50 yen
Tick Value 500 yen
Contract Months Six consecutive months (At the day when a new contract month is generated, there will be six consecutive months starting from the month which the said day belongs to.)
Last Trading Day The first business day of the month following the delivery month (On the last trading day, those who hold positions in the current contract month must liquidate all of their positions by placing market orders at the opening of the market. No new position is allowed to be established on the last trading day).
Note: This contract is electronic ONLY -- no open outcry
  No Open Outcry Electronic
Trading Hours N/A 9:00 a.m. to 11:00 a.m., 12:30 p.m. to 5:30 p.m.
Ticker Symbol N/A N/A
Price Limits N/A 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[3].

Notes

Resources

Tokyo Commodity Exchange Crude Oil Futures Contract Specifications

References

  1. Crude Oil Contract. Tokyo Commodity Exchange.
  2. Margin and Price Limit. Tokyo Commodity Exchange.
  3. Margin and Price Limit. Tokyo Commodity Exchange.