Gold Rolling-Spot Futures
Suspension of Rolling-Spot Futures and Listing of New Products
Suspension of Rolling-Spot Futures
Cash-settled Rolling-Spot Futures for gold and platinum on Osaka Exchange (OSE) have recently been experiencing continuous large discrepancies between the market price and the theoretical spot price. In this regard, OSE already issued alerts on December 3, 2024 and February 18, 2025 respectively, advising investors that they should trade taking into account prices such as that of the lead contract of the standard futures contract, which is used to calculate the theoretical spot price.
However, without significant improvement in the discrepancy thereafter, appropriate price formation has been hindered, such as instances where the price reached the upper price limit calculated based on the theoretical spot price, preventing transactions from being executed. Additionally, there has been a decrease in liquidity, and consequently wider price fluctuations, which continues to create an undesirable situation from the perspective of investor protection.
In view of this situation, OSE has been holding discussions with market stakeholders and considering countermeasures. In order to ensure that a diverse range of investors can trade with confidence, we have determined that it is necessary to fundamentally change the nature of the existing Cash-settled Rolling-Spot Futures so that arbitrage trading with the standard physically delivered futures, which have the highest liquidity in OSE’s market, can function effectively. Consequently, we have decided to reform the existing Cash-settled Rolling-Spot Futures into a new product that has a last trading day.
Specifically, effective on April 13, 2026 we will list new cash-settled futures contracts for gold and platinum whose underlying assets are the prices of Gold Standard Futures and Platinum Standard Futures, respectively (hereinafter collectively referred to as “new products”). These new products are designed to have a last trading day approximately one year after the first trading day. Meanwhile, trading of existing Cash-settled Rolling-Spot futures will be suspended with the last trading day set for December 22, 2026.
Positions in Cash-settled Rolling-Spot Futures that are still outstanding on the last trading day will not be transferred to the new products. Instead, they will be subject to final settlement using the theoretical spot price* to be determined on December 23, 2026 (hereinafter referred to as the “final settlement price”).
We kindly ask all investors to trade with the understanding that trading of the existing Cash-settled Rolling-Spot Futures will be suspended with the last trading day being December 22, 2026. We appreciate your attention to this matter.
- Please refer to Q11 below for the method of calculating the theoretical spot price.
Listing of New Products
New products for gold and platinum which have a last trading day are scheduled to be listed on April 13, 2026, replacing the existing Cash-settled Rolling-Spot Futures.
For more information on the new products, please refer to the following:
Implementation Schedule
The planned implementation schedule is as follows:
- Listing date of new products: April 13, 2026 (Mon.)
- Last trading day of existing Cash-settled Rolling-Spot Futures: December 22, 2026 (Tue.)
- Calculation date of final settlement price for existing Cash-settled Rolling-Spot Futures: December 23, 2026 (Wed.)
- Final settlement date for existing Cash-settled Rolling-Spot Futures: December 24, 2026 (Thu.)
- ・Positions still outstanding on the last trading day will be subject to final settlement using the final settlement price to be determined on the business day after the last trading day.
