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Disclaimer: This English translation is solely for reference purposes only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. 1 Summary of Public Comments on“Revisions to Trading Rules in Connection with Launch of J-GATE3.0”and Exchange's Responses July 16, 2020 Osaka Exchange, Inc. Osaka Exchange, Inc. (OSE) published a draft outline“Revisions to Trading Rules in Connection with Launch of J-GATE3.0”on May 13, 2020 and broadly sought comments from the public until June 13, 2020. The OSE received many comments and deeply appreciate the cooperation from market participants for deliberations on this issue. The following is a summary of the comments received and OSE's responses thereto: Number Summary of Comments OSE’s Responses to the Comments 1 Extension of ...
1 Revisions to Trading Rules in Connection with Launch of J-GATE3.0 July 28, 2020 Tokyo Commodity Exchange, Inc. I. Purpose Tokyo Commodity Exchange, Inc. (“TOCOM”) is currently developing the next-generation derivatives trading system (“J-GATE3.0”) for launch in the third quarter of fiscal year 2021. This comes as an initiative to build a market platform aligned with changes in the business environment and the needs of market users to realize the pursuit of“the shape of the market”toward the next generation, one of the core strategies of the medium-term management plan of Japan Exchange Group, Inc. TOCOM aims to further improve the reliability of its systems and to develop the derivatives market in J-GATE3.0 based on the concept of“Launch Timely” to realize the timely addition of products and functionalities and thereby promote the development of long-tail products. As part of ...
Appendix Price Range of Dynamic Circuit Breaker of Each Product at the Time of Launch of J-GATE3.0 Classification After Revision Current Opening Continuous Session Closing Opening Continuous Session Closing Energy Market Gasoline ±JPY 3,000±JPY 1,000±JPY 2,000 Not Applicable ±JPY 1,000 Kerosene Gas Oil Platts Dubai Crude Oil East Area Baseload Electricity ±JPY 3.00±JPY 1.00±JPY 2.00±JPY 1.00 West Area Baseload Electricity East Area Peakload Electricity West Area Peakload Electricity Chukyo-oil Market Chukyo-Gasoline ±JPY 3,000±JPY 1,000±JPY 2,000±JPY 1,000 Chukyo-Kerosene...
Disclaimer: This English translation is for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. 1 Outline of Specifications for CME Group Petroleum Index Futures September 29 , 2020 Osaka Exchange, Inc . Item Contents Remark I. Purpose・In consideration of the internationalization, diversification, and sophistication of investor needs, OSE will establish petroleum derivatives market and launch cash-settled futures contracts on the CME Group Petroleum Index (hereinafter referred to as "CME Group Petroleum Index Futures"), which is a basket index comprised of prices of crude oil futures, gasoline futures, and diesel futures. ・The CME Group Petroleum Index is an index calculated by CME Group that is comprised of three products: NYMEX WTI Crude Oil futures, NYMEX NY Harbor RBOB Gasoline futures, and NYMEX NY Harbor ...
Disclaimer: This English translation is for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. 1 Revision of Member Registration Fees, etc. October 27, 2020 Tokyo Commodity Exchange, Inc. I. Purpose Tokyo Commodity Exchange (TOCOM) recognizes the importance of developing the environment to facilitate the acquisition of TOCOM membership and diversification of its membershipas we strive toward fulfilling our mission as a comprehensive energy market that satisfies the needs of a broad range of market participants. Currently, members are required to pay JPY 10 million as registration fee per commodity market and are also charged fee for registered name amendment . In light of the admission fees schedule, etc. of Osaka Exchange, TOCOM will revise its fees as follows. II. Outline Item Contents Remarks Registration ...
Disclaimer: This English translation is solely for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. 1 Introduction of Compression TradeRules in Market Derivatives Trading June16,2021 Osaka Exchange Inc . I. Purpose In response to the increased need for reducing costsassociated with managing outstandingpositions in accordance with leverage ratio requirements, etc.,Osaka Exchange, Inc. (OSE) will introduce trades that will allowmarket participants to reduce outstandingpositions while controlling the change in risk exposure within a certain range by simultaneously matchingthe positions theywant to trade. II. Outline of Compression Trades Item Description Remarks 1. Compression Trades・For the purpose of allowing the reduction of positions held by trading participants or their customers, OSE will introduce trades to reduce positions within a range of tolerable risk, which ...
2021 Osaka Exchange, Inc. 1 Flow of a Compression Trade *The times indicated in this diagram are subject to change. *The procedures following non-execution will be provided at a later date. OSE Participants Notify the availability of compression trade Express intent to participate in a compression trade 16:00 Around 18:00 Provide each participant with the possible reductions in positions Accept (place orders) or reject the trade 18:45 Accepted by all participants and OSE admit it Rejected by one or more participants or OSE do not admit it Around 19:00 Trading Day T T+1 T T+1 Submit files containing the desired positions for reduction and the tolerable risk Around19:00 Notify non- execution of the trade Notify execution of the trade Business Day Around19:30 Trades will be booked to clearing system...
Handling of Cases Where There Are Deficiencies in Notices of Transaction Details Due to System Failure, etc. March 29, 2021 Osaka Exchange, Inc. I. Purpose In light of equity trading system failures that occurred in October 2020, Tokyo Stock Exchange, Inc. (hereinafter“TSE”) established“Council for Recurrence Prevention Measures”(hereinafter“Council”), in which discussion was developed with its members and TSE on how TSE should develop its responses to system failures and its rules and regulations. In response to discussion in Council, Osaka Exchange, Inc. (hereinafter“OSE”) has summarized proposed revisions to the rules, as indicated below, to clarify rules for cases where OSE is unable to normally send notices of transaction details due to a system failure, etc. II. Outline Item Details Remarks - Notice of execution of a transaction - OSE will clarify in the rules that, if it becomes aware of a delay, absence or other deficiency caused by ...
Handling of Cases Where There Are Deficiencies in Notices of Transaction Details Due to System Failure, etc. March 29, 2021 Tokyo Commodity Exchange, Inc. I. Purpose In light of equity trading system failures that occurred in October 2020, Tokyo Stock Exchange, Inc. (hereinafter“TSE”) established“Council for Recurrence Prevention Measures”(hereinafter“Council”), in which discussion was developed with its members and TSE on how TSE should develop its responses to system failures and its rules and regulations. In response to discussion in Council, Tokyo Commodity Exchange, Inc. (hereinafter“TOCOM”) has summarized proposed revisions to the rules, as indicated below, to clarify rules for cases where TOCOM is unable to normally send notices of transaction details due to a system failure, etc. II. Outline Item Details Remarks - Notice of execution of a transaction - TOCOM will clarify in the rules that, if it becomes aware of a delay, absence or other deficiency ...
(Reference Translation) 1 Introduction of Derivatives Holiday Trading June 15, 2021 Osaka Exchange, Inc. Tokyo Commodity Exchange, Inc. I. Purpose Osaka Exchange, Inc. (OSE) and Tokyo Commodity Exchange, Inc. (TOCOM) (hereinafter collectively referred to as the "Exchange") currently designate Saturdays, Sundays, national holidays and some days over New Year as non-business days.As Japan has relatively more national holidays than other countries, and as derivative exchanges in many countries operate their markets even on national holidays, there are many days where index futures and commodity futures trading can be carried out on overseas derivative exchanges while the Exchange is closed. In light of this situation, the Exchangewill introduce holiday trading in its derivatives market, from the perspective of further convenience for investors through provision of hedging opportunities during national holidays, thereby strengthening the competitiveness of Japan's derivatives markets.1 II. Outline Item Details Remarks 1. Basic Framework (...