JGB Futures
Contract Specifications
| 5-year JGB Futures | 10-year JGB Futures | mini 20-year JGB Futures | |||||||||||||||||||||||||||
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| 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, 15:30-6:00
(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 | 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 |
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| Tick Size | JPY 0.01 per JPY 100 face value | ||||||||||||||||||||||||||||
| Price Limits |
1. The price limit range shall be the following
Price Limits/ Circuit Breaker Rule 2. Immediately Executable Price Range (DCB)：LTP or BBO mid price ± following prices
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| Circuit Breaker Rule(SCB) | In the case where there was a trade, etc. in the central contract month at the upper or lower price limit range, trading in all contract months will be suspended for at least 10 minutes. 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 |
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| 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 VaR Method Margin Calculation Method (VaR Method) for Futures and Options (JSCC) |
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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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| 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
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- 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.