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1 Revisions to Trading Rules in Connection with Launch of J-GATE3.0 May 13, 2020 Osaka Exchange, Inc. I. Purpose Osaka Exchange, Inc. (hereinafter“OSE”) is currently developing the next-generation derivatives trading system (hereinafter“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. OSE 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 ...
2020 Osaka Exchange, Inc. Revision of strike price interval / Changes in Identification Code Specifications The strike price interval for options on JGB futures will be narrowed from JPY0.5 to JPY0.25 for all contract months. ›The range of strike prices (ATM±JPY5.00) will remain the same. This change will go into effect from the day session of the trading day after the J-GATE3.0 go-live date. ›Based on underlying prices at the end of the first trading day of J-GATE3.0, new series (strike prices) will be added from the beginning of the day session the following day. 1 Appx.2 (1) Special transactions (2) Put/call, spot/futures distinction (3) Contract month (4) Exercise price, etc. (5) Underlying indices, etc. □□□□□□□□□ □: Put (1 or 5) Call (2 or 7) □:0-9 (year) □□:01-24 (month) Divide by 0.5; the last two digits ...
1 [Appendix 3] Introduction of Flexible Contract Months for Index Futures Trading M a y 13, 2 0 2 0 Osaka Exchange, Inc. I. Outline of Specifications for Flexible Contract Months for Index Futures Trading Item Details Notes 1. Flexible Contract Months For index futures trading, Trading Participants will be able to apply for a contract month for which the last trading day is a business day of their choosing (hereinafter "Flexible Contract Month"). For Flexible Contract Months, flexible single issue trading will be conducted on the J-NET market, which is a separate market from the auction market. Flexible single issue trading refers to market derivatives trading of one or more contracts with Flexible Contract Months, pursuant to the rules of Osaka Exchange Inc. (hereinafter“OSE”). 2. Contracts Subject to New Rules Flexible Contract Months will be available for Nikkei 225 Futures (Large Contracts), TOPIX Futures (Large Contracts), JPX-...
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...