Silver Futures

Contract Specifications

Type of Trade Physically Delivered Futures Transaction
Standard Silver of minimum 99.99% fineness
Opening Date January 26, 1984
(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 10kg/ contract (approximately 321.51 troy ounces)
Price Increment \0.1 per gram (\1,000 per Contract Unit)
Delivery Unit 30kg (Delivery unit = 3 contract units)
Price Limits
  1. The price limit range will be expanded by the following rates when the circuit breaker is triggered.
    Normal \10
    1st Expansion \20
    2nd Expansion \30
    (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 ±\1
    ※However, the DCB Price Range for Opening Auction and Closing Auction will be ±\3 and ±\2 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:\0.0001, Minimum trading unit:1 unit)
J-NET 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 Bullions matching the standard, hallmarked with a trade name, among other marks, designated by the Exchange. The Acceptable Weight Range of Deliverable Goods shall be +/-6% 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 month All contract months combined
Customers 1,500 Contracts 6,000 contracts
Commercials, Investment trusts and Market maker 3,000 contracts 30,000 contracts
Margin Calculated by using SPAN®
(Margin offsetting with other commodity futures and options contracts is allowed.)
Settlement
  • Resale or repurchase
  • Final settlement (physical delivery)
Give-Up Available
Give-Up System
Position-Transfer Available
Position Transfer Systemicon-block
(note)
  • ・SPAN® is the margin calculation method developed by CME.
  • ・Commercials are those who commercially engage in trade, intermediary, brokerage, agency, production, processing or use of commodities.