Tokyo Grain Exchange Corn

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See Corn futures for a general discussion of the topic.

TGE Corn futures and futures options trade on the Tokyo Grain Exchange (TGE). They were launched on April 20, 1992 and April 20, 1992, respectively [1][2].

Each TGE Corn futures contract represents 50,000 kilograms (50 metric tons) of standard or deliverable grade yellow corn produced in the U.S.A., which is defined in accordance with the Exchange rules, and its delivery date is set as between the 1st calendar day of the delivery month and the last day of the delivery month.

As of July 2008, each TGE Corn futures contract is subject to a margin rate of 100,000 yen for the spot month and 60,000 yen for the other months.

In June 2008, TGE Corn futures traded 416,728 contracts (-20.1 percent YOY) and its turnover amounted to 1,931 billion yen (-1.9 percent YOY).


TGE Corn futures
Exchange Tokyo Grain Exchange
Settlement Physically delivered
Contract Size * Up to March 2008 = 100,000 kilograms (100 metric tons)
  • May 2008 onward = 50,000 kilograms (50 metric tons)
Pricing Unit 50 yen
Tick Value 500 yen
Contract Months January, March, May, July, September, and November within a twelve-month period
Last Trading Day 15th calendar day of the month preceding the delivery month; if not a business day, the last trading day is moved up to the nearest business day.
Note: This contract is electronic ONLY -- no open outcry
  No Open Outcry Electronic
Trading Hours N/A 9:00 a.m., 10:00 a.m., 11:00 a.m., 1:00 p.m., 2:00 p.m. and 3:00 p.m.
  • 9:00 a.m., 10:00 a.m. and 11:00 a.m. on the last trading day
Ticker Symbol N/A N/A
Price Limits N/A Up to March 2008 =
  • Contracts of under ¥10,000 = ¥300
  • Contracts from ¥10,000 to ¥20,000 = ¥400
  • Contracts of ¥20,000 or more = ¥500

May 2008 onward =

  • At the meeting in March, June, September, and December, the board determines the trading price limit for the following 3 months. The trading price limit is determined based on the lowest price, rounded to the nearest ¥100 unit, counting fractions as one, among the upper 95% of cumulative frequency in price range distributions in the past 1 month, 3 months, and 6 months.
  • No price limits in the spot month from the 1st of the delivery month.
 
TGE Corn options
Trade Unit One futures contract
Point Value Need point value!
Tick Value 5 yen per 1,000 kilograms (500 yen per contract)
Option Months January, March, May, July, September and November within a twelve-month period.
Strike Prices 500 yen per 1,000 kilograms intervals with one strike price at-the-money and minimum of three strike prices above and three below.
Option Expiration Day The last business day three months prior to the delivery month of the underlying futures contract.
  No Open Outcry Electronic
Trading Hours N/A Morning Session
  • Opening Session 9:00 a.m. to 9:20 a.m.
  • Continuous Session 9:20 a.m. to 11:30 a.m.

Afternoon Session

  • Opening Session 1:00 p.m. to 1:15 p.m.
  • Continuous Session 1:15 p.m. to 3:00 p.m.
  • Closing Session 3:00 p.m. to 3:10 p.m.
Ticker Symbol N/A N/A
Price Limits N/A Up to March 2008 =
  • Contracts of under ¥10,000 = ¥300
  • Contracts from ¥10,000 to ¥20,000 = ¥400
  • Contracts of ¥20,000 or more = ¥500

May 2008 onward =

  • At the meeting in March, June, September, and December, the board determines the trading price limit for the following 3 months. The trading price limit is determined based on the lowest price, rounded to the nearest ¥100 unit, counting fractions as one, among the upper 95% of cumulative frequency in price range distributions in the past 1 month, 3 months, and 6 months.
  • No price limits in the spot month from the 1st of the delivery month.

Notes

Resources

References

  1. Corn Futures Contract Specifications. Tokyo Grain Exchange.
  2. Options on Corn Futures Contract Specifications. Tokyo Grain Exchange.