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Electricity Futures

Contract Specifications（Monthly）

East Area
Baseload Electricity		 West Area
Baseload Electricity		 East Area
Peakload Electricity		 West Area
Peakload Electricity
Type of Trade Cash-settled Futures Transaction
Underlying Average Price of JEPX(*1) Spot Market(Day-Ahead) for the Tokyo Area Baseload Price (0:00~24:00) Average Price of JEPX(*1) Spot Market(Day-Ahead) for the Kansai Area Baseload Price (0:00~24:00) Average Price of JEPX(*1) Spot Market(Day-Ahead) for the Tokyo Area Peakload Price (8:00~20:00) Average Price of JEPX(*1) Spot Market(Day-Ahead) for the Kansai Area Peakload Price (8:00~20:00)
Opening Date September 17, 2019
Trading Hours 8:45-15:15, 16:30-19:00
(Note) An order acceptance period ("pre-closing") is established for 5 minutes before the Closing Auction.
Trading Hours
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 × 24 hours/day × 100 kWh
Contract unit (Electricity Futures)		 No. of Weekdays (*2) in month × 12 hours/day × 100 kWh
Contract unit (Electricity Futures)
Price Increment \0.01 per kWh
Price Limits
  1. The price limit range：\8.00
    (Note) No expansion
    Price Limits, Circuit Breaker Rule
    (Note) TOCOM may review price limit temporarily considering market conditions and other factors.
  2. Immediately Executable Price Range Rule (DCB)：LTP±\5.00
    (Note) The DCB Price Range for Opening Auction and Closing Auction will be ±\6.00 respectively.
    3. Immediately Executable Price Range Rule
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: \0.01, Minimum trading unit: 1 unit)
Off-floor Transactions Detailed Rules
Holiday Trading Available
Holiday Trading
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)
Trading Participants
10,000 contracts (equivalent to 744,000MWh, in case of 31days of the month) / each contract month
Customers
5,000 contracts (equivalent to 372,000MWh, in case of 31days of the month) / each contract month
Differences between short & long position (Net amount)
Trading Participants
14,000 contracts (equivalent to 366,000MWh, in case of 20 days of the month)/ each contract month
Customers
7,000 contracts (equivalent to 168,000MWh, in case of 20 days of the month)/ each contract month
Margin Calculated by VaR Method
Margin Calculated Method（VaR Method）for Futures and Options（JSCC）
Settlement
  1. Resale or repurchase
  2. Final settlement (Cash Settlement based on Final Settlement Price)
Give-Up Available
Give-Up System
Position-Transfer Available
Position Transfer System
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.)
Entrusted by other Trading Participants or Eligible Intermediaries Entrusted by customers other than these
Reporting criteria 1 contract 1 contract
Measurement date: Every business day (at the end of the day session)

  • 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.