Electricity Futures
Contract Specifications (Fiscal Year)
East Area Baseload Electricity (Fiscal Year) |
West Area Baseload Electricity (Fiscal Year) |
East Area Peakload Electricity (Fiscal Year) |
West Area Peakload Electricity (Fiscal Year) |
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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 | May 26, 2025 | |||||||||||
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 Years | 2 Consecutive Years | |||||||||||
Cascading | FY position will remain as the position of monthly contracts after cascading. | |||||||||||
Last Trading Day | Before cascading: 3 business days prior to March 31st After cascading: Last Trading Day of each month contract |
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Final Settlement Day | Final settlement day of each month contract | |||||||||||
Contract Unit (Contract base size: 100 kWh) | No. of Calendar days in year x 24 hours/day x 100 kWh Contract unit (Electricity Futures) |
No. of Weekdays2 in year 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 | N/A | |||||||||||
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 | Final settlement price of each month contract | |||||||||||
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.