Tokyo Commodity Exchange Crude Oil Overview

Date of Listing

September 10, 2001

Type of Trade

Cash-settled Futures Transaction

Type of Crude Oil

Middle East crude oil (The average value of Dubai and Oman which acts as the benchmark price of Middle East crude oil.)

Trading Method

Computerized Individual Auction

Contract Months

Six consecutive months (On the day when a new contract month is generated, there will be six consecutive months starting from the month which the said day belongs to.)

Last Trading Day

Day session on the last business day of the current contract month.

First Trading Day of a New Contract Month

Day session on a business day following the Last Trading Day of the current contract month.

Final Settlement Day

A business day following the Last Trading Day of the current contract month.

Final Settlement Price

Yen-based monthly average value of Dubai and Oman calculated by the Exchange based on the prices reported by a price information vendor (as a general rule, platts).

Trading Hours

Day Session 9:00 a.m. to 3:30 p.m. (JST)
Night Session 5:00 p.m. to 4:00 a.m. (JST)

Contract Unit

50 kl (approximately 314,5 barrels) / contract

Price Increment

JPY 10 per 1 kiloliter

Circuit Breaker Trigger Level

The CB trigger level is to be set everyday at the start of a clearing period (i.e.the start of a night session at 17:00) and is based on the settlement price of the previous clearing periond (or the settlement price of the preceding contract month, in case of a new contract month)

Margin

As SPAN Margining System started from January 4, 2011, Japan Commodity Clearing House (JCCH) will set its parameters based on historical price fluctuation.
Please see the website of Japan Commodity Clearing House (JCCH) for more details.

Customer Position Limit (for each long/short positions)

Customers excluding commercials (*1) and investment trusts: 
Each month: 2,400 contracts

Commercials and investment trusts:
Each month: 12,800 contracts

*1: as defined by the Commodity Exchange Act and the Articles of Incorporation
("Those who, as their line of business, engage in the purchase, sale, intermediary of trades, brokerage or agency activity, production, processing or use of Listed Commodity Component Products (...)"

Ticker Symbol

TOCOM Product Code: 33
Reuters Contract Detail: TCE/JCO
Bloomberg Tickers: CPA