TOCOM Gold
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[edit]
Resources[edit]
Tokyo Commodity Exchange Gold Futures Contract Specifications
Tokyo Commodity Exchange Gold Futures Options Contract Specifications
References[edit]
- ↑ Gold Standard Contract. Tokyo Commodity Exchange.
- ↑ Contract Specifications (Gold Options). Tokyo Commodity Exchange.
- ↑ Margin and Price Limit. Tokyo Commodity Exchange.
- ↑ Margin and Price Limit. Tokyo Commodity Exchange.