Date of Listing
August 3, 1992
Standard
Palladium of minimum 99.95% fineness
Trading Method
Computerized continuous trading
Contract Months
All even months within a year (on the day when a new contract month is generated, there will be 6 even months starting from the next even month after the month which the said day belongs to)
Last Trading Day
The third business day preceding to the Delivery Day
Delivery Day
The last day of each even month except December (the 24th for December). If the day is a holiday or a half-day holiday, Delivery Day is advanced.
Deliverable Goods
Bars/ingots matching the standard, hallmarked with a trade name, among other marks, designated by the Exchange. The Acceptable Weight Range of Deliverable Goods sahll be +/-15% per contract.
Delivery Points
Specified warehouses (warehouses located in Tokyo)
Method of Delivery
The Party Making Delivery submits to the Exchange a warehouse receipt, issued by a TOCOM-designated warehouse, for the delivery goods. The Party Taking Delivery submits to the Exchange the Delivery Value based on the delivery price.
Trading Hours
Morning Session: 9:00 a.m. to 11:00 a.m.; Afternoon Session:
12:30 p.m. to 5:30 p.m.
(Japan Local Time)
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The opening of the trading sessions will start with the nearest contract month, followed by the other contract months in two-minute intervals. |
Contract Unit
500 g / contract (approximately 16.08 troy ounces)
Delivery Unit
3.0 kg
Trading Method
Computerized continuous trading
Minimum Price Fluctuation
JPY 1 per gram
Daily Price Fluctuation Limit (per contract)
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Daily Price Fluctuation Limits are determined based on the largest market price movement within a certain period of time and are set at a level where the probability that they will be reached is very low. |
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See Margin and Price Limit for the margins currently applied. |
Maintenance Amount for Initial Clearing Margin (per contract)
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Maintenance Amount for Initial Clearing Margin is determined every month in accordance with the price movement of the market, using the result of the following formula as a minimum amount:
"an amount determined based on price movement within a recent certain period of time" x "Contract Unit Multiplier" x 1.5 |
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See Margin and Price Limit for the margins currently applied. |
Extraordinary Clearing Margin
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When the final contract prices for three or more contract months (excluding contract months with no applicable price limit) have reached the price limit in the same direction for two consecutive business days, deposit of an Extraordinary Clearing Margin will be requested for new positions in all contract months from the following business day, until the final contract price for all contract months (excluding contract months with no applicable price limit) stop reaching the price limits for three consecutive business days.
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The deposit amount is determined by multiplying 50% of the price limit by the Contract Unit Multiplier. |
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Apart from the conditions specified above, if the Exchange deems it necessary for market management purposes, Extraordinary Clearing Margins may be separately imposed. |
Customer Position Limit
(for each long/short position)
| 1st contract month in an even month: |
60 contracts (for each long/short position) |
| 1st contract month in an odd month: |
120 contracts (for each long/short position) |
| 2nd contract month: |
240 contracts (for each long/short position) |
| Total: |
2,500 contracts |
