3-Month TONA Futures
Contract Specifications
| Underlying | 100 minus 3-month compounded TONA per annum during Interest Rate Reference Period (Act/365, %) (Note) TONA is "Tokyo Over Night Average rate" published by the Bank of Japan. |
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| Opening Date | May 29, 2023 | ||||||||||||
| Trading Hours | 8:45-11:02, 12:30-15:02, 15:30-6:00 (Note)An order acceptance period ("pre-closing") is established for 2 minutes（5 minutes in the Night Session） before the Itayose on close. Trading Hours |
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| Contract Months | 20 months in the March quarterly cycle (March, June, September and December) | ||||||||||||
| Interest Rate Reference Period | From the 3rd Wednesday of each contract month (March, June, September, December) to the Tuesday preceding the 3rd Wednesday of the month (June, September, December, March) that falls 3 months later (Note) Interest Rate Reference Period will not be moved up or down even if the start or end date is a non-business day.  |
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| Last Trading Day | The business day prior to the 3rd Wednesday of the three months after each contract month (to be moved up in order if the date falls on a non-business day) Last Trading Day |
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| Contract Unit | （100 minus 3-month compounded TONA）× JPY 250,000 | ||||||||||||
| Tick Size | 0.0025 points (JPY 625 per Contract Unit) (Note)JPY 625 = 100 million × 0.25 years × 0.0025% (1/4 basis point per annum) |
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| Matching Method | Auction with FIFO algorithm (price and time priority) Trading Methods |
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| Price Limits |
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| Circuit Breaker Rule (SCB) | In the case where a buy (sell) order is placed (or executed) at the upper (lower) price limit for the active contract month, trading in all contract months are suspended for at least 10 minutes. Price Limits/ Circuit Breaker Rule |
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| Strategy Trades | The calendar spread trading is available. | ||||||||||||
| J-NET Trading | Available (Tick size: 0.0001 points, Minimum trading unit: 1 unit) J-NET Trading |
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| Daily Settlement Price | Settlement Price is determined by JSCC. | ||||||||||||
| Margin | Calculated by VaR Method Margin Calculation Method (VaR Method) for Futures and Options (JSCC) |
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| Settlement | ・Resale or repurchase ・Final settlement (Cash Settlement based on Final Settlement Price) |
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| Final Settlement Price | The final settlement price is 100 minus the annualized rate rounded to 4 decimal places, which is calculated by multiplying the interest rate calculated by daily cumulative compounding of confirmed TONA for each business day in the Interest Rate Reference Period for the relevant contract month by (365 / actual number of days in the Interest Rate Reference Period). (Note) For each a non-business day, the confirmed TONA value for the preceding business day will apply without compounding. TONA Conventions (Calculation Methodology) and Example of Schedule |
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| Give-Up | Available Give-Up System |
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| Position-Transfer | Available Position Transfer System |