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Delivery Rules

Delivery Rules

As for physically delivered futures, if an open interest of a current contract month is not settled by the end of the day session on the last trading day (or the delivery date, hereinafter the same except for Early Delivery), physical delivery will be made. This type of delivery is called "basic delivery," and there are other types of deliveries such as "Early Delivery," "Declared Delivery," "Customized Delivery," and "ADP."
In addition, there is a "Delivery on Request" as a special exception for the settlement of cash-settled rolling spot futures contract (Gold Rolling-Spot Futures and Platinum Rolling-Spot Futures).

Basic Delivery

When an open interest is not settled by the last trading day, the deliverer (selling side) will submit a document related to delivery and the receiver (buying side) will pay the money to Japan Securities Clearing Corporation (JSCC) for settlement. The conditions for delivery are determined in advance.

Early Delivery

A trading participant with open interest in the current contract month settles its open interest by delivery prior to the last trading day. A trading participant who wishes to take early delivery should submit a request to the Exchange, and if the Exchange accepts the request, the early delivery will be made.

Declaration Delivery

Trading participants can make delivery under more flexible delivery conditions (delivery location, etc.) than basic delivery, if trading participants of both selling and buying sides who have open interest for the current contract month agree on the delivery conditions and submit a request to the Exchange prior to the last trading day.

Customized Delivery

Trading participants can make delivery under more flexible delivery conditions (delivery location, etc.) than basic delivery, if trading participants of both selling and buying sides who have open interest for the current contract month agree on the delivery conditions and submit a request to the Exchange after the last trading day.

ADP (Alternative Delivery Procedure)

Trading participants can make delivery outside of JSCC, if trading participants of both selling and buying sides who have open interest for the current contract month agree on the delivery conditions and submit a request to the Exchange after the last trading day.

Delivery on Request

A trading participant with a selling open interest and a trading participant with a buying open interest can agree to settle by delivery if the Exchange approves it.

Applicable Commodities

　 　 　 　
  Basic Delivery Early DeliveryDeclared DeliveryCustomized DeliveryADPDelivery on Request
Gold Standard Futures ○ ○ ○ ○ ○ ×
Silver Futures ○ ○ ○ ○ ○ ×
Platinum Standard Futures ○ ○ ○ ○ ○ ×
Palladium Futures ○ ○ ○ ○ ○ ×
Gold Rolling-Spot Futures × × × × × ○
Platinum Rolling-Spot Futures × × × × × ○
Rubber (RSS3) Futures ○ ○ ○ ○ ○ ×
Rubber (TSR20) Futures ○ × ○ ○ ○ ×
Corn Futures ○ ○ × × ○ ×
Soybean Futures ○ ○ ○ ○ ○ ×
Azuki (red beans) Futures ○ ○ × × ○ ×
Gasoline Futures ○ × ○ ○ ○ ×
Kerosene Futures ○ × ○ ○ ○ ×
Gas Oil Futures ○ × ○ ○ ○ ×
Chukyo-Gasoline Futures ○ × ○ ○ ○ ×
Chukyo-Kerosene Futures ○ × ○ ○ ○ ×

Reference

Operational Procedures for Settlement by Delivery related to Commodity Futures Contracts）
Daily Report *See data for last trading day (delivery day).
Statistics for Listed Products（JSCC）