TOCOM Gold

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TOCOM Gold futures and futures options trade on the Tokyo Commodity Exchange (TOCOM). They were launched on March 23, 1982 and May 17, 2004, respectively [1][2].

Each TOCOM Gold futures contract represents 1 kilogram of deliverable grade gold, which is defined as fine gold of minimum 99.99% purity, and its delivery date is set as the last day of each even month except December (the 24th for December). If the day is a holiday or a half-day holiday, Delivery Day is advanced.

As of July 2008, each TOCOM Gold futures contract is subject to a margin rate of 202,500 yen for the spot month and 135,000 yen for the other months[3].

In 2007, TOCOM Gold futures traded 18,203,194 contracts (-18.1 percent YOY) and TOCOM Gold futures options traded 121 contracts (-99.2 percent YOY). In June 2008, TOCOM Gold futures traded 996,977 contracts (-22.5 percent YOY) and no TOCOM Gold futures options traded.


TOCOM Gold futures
Exchange Tokyo Commodity Exchange
Settlement Physically delivered
Contract Size 1 kg / contract
Pricing Unit 1,000 yen
Tick Value 1,000 yen
Contract Months All even months within a year (on the day when a new contract month is generated, there will be 6 even months starting from the next even month after the month which the said day belongs to)
Last Trading Day The third business day prior to the Delivery 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[4].
 
TOCOM Gold options
Trade Unit One futures contract
Point Value 1,000 yen (1 yen per gram)
Tick Value 1,000 yen (1 yen per gram)
Option Months All even months within six-month period
Strike Prices JPY 50 per gram
Exercise Style American
  No Open Outcry Electronic
Trading Hours N/A Morning Session: 9:15 to 11:00; Afternoon Session: 12:45 to 5:30
Ticker Symbol N/A N/A
Price Limits N/A N/A

Notes

Resources

Tokyo Commodity Exchange Gold Futures Contract Specifications

Tokyo Commodity Exchange Gold Futures Options Contract Specifications

References

  1. Gold Standard Contract. Tokyo Commodity Exchange.
  2. Contract Specifications (Gold Options). Tokyo Commodity Exchange.
  3. Margin and Price Limit. Tokyo Commodity Exchange.
  4. Margin and Price Limit. Tokyo Commodity Exchange.