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 Baseload Electricity Futures | Chubu Area Baseload Electricity Futures | No. days in a month x 24hours x 100kWh |
| 7 | West Area Baseload Electricity Futures | Chubu Area Baseload Electricity Futures | No. days in a month x 24hours x 100kWh |
| 8 | East Area Peakload Electricity Futures | West Area Peakload Electricity Futures | No. of weekdays in a month x 12hours x 100kWh |
| 9 | East Area Peakload Electricity Futures | Chubu Area Peakload Electricity Futures | No. of weekdays in a month x 12hours x 100kWh |
| 10 | West Area Peakload Electricity Futures | Chubu Area Peakload Electricity Futures | No. of weekdays in a month x 12hours x 100kWh |