Electricity Futures
Contract Specifications（Monthly）
| East Area Baseload Electricity |
West Area Baseload Electricity |
East Area Peakload Electricity |
West Area Peakload Electricity |
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| Type of Trade | Cash-settled Futures Transaction | |||||||||||
| Underlying | Average Price of JEPX1 Spot Market(Day-Ahead) for the Tokyo Area Baseload Price (0:00~24:00) | Average Price of JEPX1 Spot Market(Day-Ahead) for the Kansai Area Baseload Price (0:00~24:00) | Average Price of JEPX1 Spot Market(Day-Ahead) for the Tokyo Area Peakload Price (8:00~20:00) | Average Price of JEPX1 Spot Market(Day-Ahead) for the Kansai Area Peakload Price (8:00~20:00) | ||||||||
| Opening Date | September 17, 2019 | |||||||||||
| Trading Hours | 8:45-15:45, 17:00-19:00 (Note) An order acceptance period ("pre-closing") is established for 5 minutes before the Closing Auction. Trading Hours |
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| Contract Months | 24 Consecutive Months | |||||||||||
| Last Trading Day | Day Session on the business day prior to the last day of the current contract month | Day Session on the business day prior to the last weekday of the current contract month | ||||||||||
| Final Settlement Day | First business day of the following month | |||||||||||
| Contract Unit (Contract base size: 100 kWh) | No. of Calendar days in month x 24 hours/day x 100 kWh Contract unit (Electricity Futures) |
No. of Weekdays2 in month x 12 hours/day x 100 kWh Contract unit (Electricity Futures) |
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| Price Increment | JPY 0.01 per kWh | |||||||||||
| Price Limits |
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| Circuit Breaker Rule (SCB) | No trading Halt | |||||||||||
| Strategy Trades | The calendar spread trading and the inter-commodity spread trading are available. | |||||||||||
| Off-floor Transactions | Available (Tick size: JPY 0.01, Minimum trading unit: 1 unit) Off-floor Transactions Detailed Rules | |||||||||||
| Holiday Trading | Available Holiday Trading |
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| Daily Settlement Price | The price determined by Japan Securities Clearing Corporation (JSCC) based on the Final Execution Price, etc. | |||||||||||
| Final Settlement Price | JEPX Spot Market (Day Ahead) Tokyo Area Baseload monthly average price | JEPX Spot Market (Day Ahead) Kansai Area Baseload monthly average price | JEPX Spot Market (Day Ahead) Tokyo Area Peakload monthly average price | JEPX Spot Market (Day Ahead) Kansai Area Peakload monthly average price | ||||||||
| Customer Position Limits | Differences between short & long position (Net amount)
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Differences between short & long position (Net amount)
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| Margin | Calculated by VaR Method Margin Calculated Method (VaR Method) for Futures and Options (JSCC) |
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| Settlement |
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| Give-Up | Available Give-Up System |
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| Position-Transfer | Available Position Transfer System (JSCC) |
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| 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.)
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- JEPX: Japan Electric Power Exchange. JEPX is Japan's only exchange facilitating wholesale electricity trades.
- Weekdays: The days specified by TOCOM.
(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.