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Order Types, etc.

Tokyo Commodity Exchange

Order Types

Order Types Outline
Limit Order (LO) An order submitted with a specified limit price and to be executed at the specified price or better price.
Market Order (MO) An order submitted without the specified limit price and to be executed against the best bid or the best offer in order.
Standard Combination Order (SCO) An order that corresponds to a combination of two contract months of buy and sell orders simultaneously executed in the same quantity.

Order Conditions

Conditions Outline
FaS (Fill and Store) In the case where there is unfilled volume after the order is partially executed, the unfilled volumes are remained.
FaK (Fill and Kill) In the case where there is unfilled volume after the order is partially executed, the unfilled volume is cancelled.
FoK (Fill or Kill) In the case where all the volume is not executed immediately, all the volumes are cancelled.

Execution Conditions

Conditions Outline
Normal The order shall be registered immediately.
Day Closing The order shall register at the end of Zaraba of Day Session for closing auction.
Night Closing The order shall register at the end of Zaraba of Night Session for closing auction.

Order Duration

Conditions Outline
GFD(Good For Day) Valid until the end of the Day Session of the day (or, until the end of the Night Session if the order is submitted at the Night Session.).
GTD(Good Till Date) Valid until the end of the day session on the date the specified period ends.
GTC(Good Till Cancel) Valid until the cancellation. (If not cancelled, it is valid until the end of the day session on the last trading day.)

Complex chart of Order Types, Order Conditions, etc.

From the start of the order acceptance period until the Opening Auction or during the temporary halt

Type of Order Order Category Order Conditions Execution Conditions Transaction Type
New Cancel Correction FaS FaK FoK Normal Day Close Night Close Physical Delivery Cash- Settlement
LO ○ ○ ○ ○ ○ × ○ ○(*1) ○(*1) ○ ○
MO ○ ○ ○ × ○ × ○ ○(*2) ○(*2) ○ ○
SCO LO ○ ○ ○ ○ ○ × ○ × × ○ ○
MO ○ ○ ○ × ○ × ○ × × ○ ○

  • Only FaS or FaK could be accepted for LO with Execution Condition of Day Close or Night Close.
  • Only FaK could be accepted for MO with Execution Condition of Day Close or Night Close.

During Zaraba

Type of Order Order Category Order Conditions Execution Conditions Transaction Type
New Cancel Correction FaS FaK FoK Normal Day Close Night Close Physical Delivery Cash- Settlement
LO ○ ○ ○ ○ ○ ○ ○ ○(*1) ○(*1) ○ ○
MO ○ × × × ○ ○ ○ ○(*2) ○(*2) ○ ○
SCO LO ○ ○ ○ ○ ○ ○ ○ × × ○ ○
MO ○ × × × ○ ○ ○ × × ○ ○

  • Only FaS or FaK could be accepted for LO with Execution Condition of Day Close or Night Close.
  • Only FaK could be accepted for MO with Execution Condition of Day Close or Night Close.

After Zaraba until the Closing Auction

Type of Order Order Category Order Conditions Execution Conditions Transaction Type
New Cancel Correction FaS FaK FoK Normal Day Close Night Close Physical Delivery Cash- Settlement
LO ○ ○ ○ ○ ○ × ○ ○ ○(*) ○ ○
MO ○ ○ ○ × ○ × ○ ○ ○(*) ○ ○
SCO LO × × × × × × × × × × ×
MO × × × × × × × × × × ×

  • Order could not be accepted during last 1 minute before Night Close.

Actual conditions available to investors depends on the broker. Please consult your broker for more information.

Standard Combination Orders

Calendar Spreads：

  • Any combination of two contract months for each Listed Commodity Component Product（except Electricity in the Energy Market）.
 

Inter-Commodity Spreads：

  • The contract month (N) of Product A and the contract month (N-1) of Product B shall apply to the combination of below products. The combination is valid from the First Trading Day of Product B until the clearing period immediately preceding the Last Trading Day of Product A.

  Product A Product B Trading Unit
1 Gasoline Futures Platts Dubai Crude Oil Futures 50kl
2 Kerosene Futures Platts Dubai Crude Oil Futures 50kl
3 Gas Oil Futures Platts Dubai Crude Oil Futures 50kl

  • Same Contract Months shall apply to the combination of below products.

  Product A Product B Trading Unit
1 Gasoline Futures Kerosene Futures 50kl
2 Gasoline Futures Gas Oil Futures 50kl
3 Kerosene Futures Gas Oil Futures 50kl
4 Chukyo- Gasoline Futures Chukyo-Kerosene Futures 10kl
5 East Area Baseload Electricity Futures West Area Baseload Electricity Futures No. days in a month x 24hours x 100kWh
6 East Area Peakload Electricity Futures West Area Peakload Electricity Futures No. of weekdays in a month x 12hours x 100kWh