JGB Futures

Contract Specifications

5-year JGB Futures 10-year JGB Futures 20-year JGB Futures
Contract Standardized 3%, 5-year JGB Standardized 6%, 10-year JGB Standardized 3%, 20-year JGB
Opening Date February 16, 1996 October 19, 1985 April 7, 2014
Deliverable Grade Interest-bearing 5-year JGBs with 4 years or more but less than 5.25 years.*1 Interest-bearing 10-year JGBs with 7 years or more but less than 11 years.*1 Interest-bearing 20-year JGBs with 19 years 3 months or more but less than 21 years.*2
Trading Hours 8:45-11:02, 12:30-15:02, 15:30-5:30
(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
Contract Months 3 months in the March quarterly cycle (March, June, September and December)
Last Trading Day 5th business day prior to each delivery date (20th day of each contract month, move-down the date when it is not the business day). Trading for the new contract month begins on the business day following the last trading day.
Contract Unit 100 million yen face value
Tick Size 0.01 yen per 100-yen face value
Price Limits 1. The price limit range shall be the following
5-year JGB Futures 10-year JGB Futures 20-year JGB Futures
Normal \2.00 \4.00
Expansion \3.00 \6.00
(Note) The price limits will be expanded to the expansion of price limits (Only price limits in one direction, up or down, will be expanded.)
Price Limits/ Circuit Breaker Rule

2. Immediately Executable Price Range (DCB):LTP or BBO mid price ± following ticks
5-year JGB Futures 10-year JGB Futures 20-year JGB Futures
10 ticks 10 ticks 30 ticks
Immediately Executable Price Range Rule
Circuit Breaker Rule(SCB) Price Limits/ Circuit Breaker Rule
Strategy Trades The calendar spread trading is available.
J-NET Trading Available (Tick size: ¥0.0001, Minimum trading unit: 1 unit)
J-NET Trading
Final Settlement Method Delivery of JGBs
Delivery of Bonds The delivery of issues is at the discretion of the seller of the futures contract.
Margin Calculated by using SPAN®
(Margin offsetting with other JGB Futures and Options on JGB Futures contracts is allowed.)
Give-Up Available
Give-Up System
Position-Transfer Available
Position Transfer System(JSCC)
Reporting of Large Positions Contract month: The nearest contract month of JGB Futures
Target: Proprietaries and any customers whose amount of net position are no less than following volume
5-year JGB Futures 10-year JGB Futures 20-year JGB Futures
Reporting level 500 contracts 1,000 contracts 500 contracts
Measurement date: Every Friday (In the case that it is from the beginning of March, June, September and December to the last trading day of the contract, reporting has to be made every trading day.

  • The deliverable grade is limited to issues whose month of issue is at least 3 months before the month of delivery.
  • The deliverable grade is limited to issues whose month of issue is at least 4 months before the month of delivery.