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Assumption of ObligationSettlement of JGB Futures(excluding mini-JGB Futures)

Settlement of JGB Futures(excluding mini-JGB Futures)

  • JGB Futures transactions can be settled by offsetting trades (offsetting purchases or sales) until The Last Trading Day.
    ※ Mark-To-Market Margin shall be paid and received during the period from the trade execution through settlement.
  • In the case where offsetting trades are not executed by The Last Trading Day, Settlement by Physical Delivery and Payment of JGB shall take place. Provided however, the underlying instrument of JGB Futures is not an actual bonds but a”standardized issues” with standardized coupons and maturity periods. Hence, “Issues Qualified for Delivery”, which are designated by the Osaka Exchange, shall be delivered upon Settlement by Physical Delivery and Payment and corresponding funds to be paid in the Settlement is calculated by multiplying the settlement price by conversion factors that are obtained using specific formula in order to adjust the difference between the standardized issue and delivery issue.