Palladium Futures

Contract Specifications

Type of Trade Physically Delivered Futures Transaction
Standard Palladium of minimum 99.95% fineness
Opening Date August 3, 1992
(Note) transferred from TOCOM on July 27, 2020
Trading Hours 8:45-15:15, 16:30-6:00
(Note) An order acceptance period ("pre-closing") is established for 5 minutes before the Itayose on close.
Trading Hours
Contract Months Nearest 6 contract months (February, April, June, August, October and December)
Last Trading Day Day session on the third business day preceding the Delivery Day
Contract Unit 3.0kg
*500g for contract months before April, 2024
Price Increment \1 per gram (\500 per Contract Unit)
Delivery Unit 3.0kg
Price Limits
  1. The price limit range shall be calculated by multiplying the reference price of price limits by the following rates.
    Normal 10%
    1st Expansion 15%
    2nd Expansion 20%
    (Note) The price limits will be expanded to the 1st expansion of price limits, and then to the 2nd expansion of price limits (Only price limits in one direction, up or down, will be expanded.)
    Price Limits/ Circuit Breaker Rule
    (Note) OSE may review price limit temporarily considering market conditions and other factors.
  2. Immediately Executable Price Range (DCB) : LTP ±\30
    ※However, the DCB Price Range for Opening Auction and Closing Auction will be ±\90 and ±\60 respectively.
    Immediately Executable Price Range Rule
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:\0.01, Minimum trading unit:1 unit)
J-NET Trading
Holiday Trading Available
Holiday Trading
Daily Settlement Price Final Execution Price of Individual Auction
(Note)Regardless of the above, SP may be revised as the figure deemed appropriate by Japan Securities Clearing Corporation (JSCC) .
Settlement Price of Last Trading Day (Delivery Price) The volume-weighted average price calculated based on execution prices and volume formed through Individual Auction during the Day Session on the Last Trading Day
Delivery Day and Time Until noon of the last day of each even month except December (the 28th for December). If the day falls on an Exchange holiday or the last business day of the year, Delivery Day will be the immediately preceding business day.
Good Delivery Bars/ingots matching the standard, hallmarked with a trade name, among other marks, designated by the Exchange. The Acceptable Weight Range of Deliverable Goods shall be +/-15% per contract.
Delivery Points Specified warehouses (warehouses located in Tokyo)
Method of Delivery The Party Making Delivery submits to JSCC a warehouse receipt, issued by a OSE-designated warehouse, for the delivery good. The Party Taking Delivery pays the Delivery Value based on the delivery price to JSCC.
(Note)Customized Delivery, Declared Delivery, Early Delivery and ADP are available besides Basic Delivery.
Operational Procedures for Settlement by Delivery related to Commodity Futures Contracts
Customer Position Limits (separately for long and short positions)
Current contract (expiry month) Current contract (month before expiry month) 2nd contract month All contract months combined
Customers 10 contracts 20 contracts 40 contracts 400 contracts
Commercials, Investment trusts and Market maker 75 contracts 100 contracts 200 contracts 1,500 contracts
Margin Calculated by VaR Method
Margin Calculation Method (VaR Method) for Futures and Options (JSCC)
Settlement
  • Resale or repurchase
  • Final settlement (physical delivery)
Give-Up Available
Give-Up System
Position-Transfer Available
Position Transfer Systemicon-block
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.)

Entrusted by other Trading Participants or Eligible Intermediaries Entrusted by customers other than these
Reporting criteria 1 contract 4 contracts

Measurement date: Every business day (at the end of the day session)

(note)
  • ・Commercials are those who commercially engage in trade, intermediary, brokerage, agency, production, processing or use of commodities.
  • ・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.