Assumption of ObligationSettlement of Index Futures, JGB Futures (Cash-settled futures), and Interest Rate Futures
Settlement of Index Futures
- Index Futures transactions can be settled by offsetting trading (offsetting purchases or sales) until The Last Trading Day.
※ Mark-To-Market Margin shall be paid and received during the period from the trading through settlement. - When offsetting purchases or sales are not executed by The Last Trading Day, the remaining positions shall be settled by payment or receipt of the differentials between the Special Quotation (SQ)※ and the clearing index value on The Last Trading Day. Flexible contract months for index futures, which final settlement price is the last value of the underlying index on The Last Trading Day, shall be settled by payment or receipt of the differentials between the last value of the underlying index and the settlement price on The Last Trading Day.
※ The Special Quotation (SQ) is determined based on the opening price of the component issues of each index on the next day after The Last Trading Day
Settlement of JGB Futures (Cash-settled futures)
- JGB Futures (cash-settled futures) transactions can be settled by offsetting trading (offsetting purchases or sales) until The Last Trading Day.
※ Mark-To-Market Margin shall be paid and received during the period from the trading through settlement. - When offsetting purchases or sales are not executed by The Last Trading Day, the remaining positions shall be settled by payment or receipt of the differentials between the Final settlement price※ and the clearing price on The Last Trading Day.
※ The Final settlement price shall be the opening price of its larger counterpart contracts, i.e. JGB Futures (physically delivered futures) contracts
Settlement of Interest Rate Futures
- Interest rate Futures transactions can be settled by offsetting trading (offsetting purchases or sales) until The Last Trading Day.
※ Mark-To-Market Margin shall be paid and received during the period from the trading through settlement. - When offsetting purchases or sales are not executed by The Last Trading Day, the remaining positions shall be settled by payment or receipt of the differentials between the Final settlement price※ and the settlment price on The Last Trading Day.
※ The Final settlement price shall be the price set by the exchange with reference to confirmed TONA value.
