TOCOM Kerosene
Standard
Kerosene of JIS K2203 Grade 1
Trading Hours
Day Session 7:45 to 14:15
Night Session 15:30 to 4:30
Contract Months
Six consecutive months (On the day when a New Contract Month is
generated, there will be 6 consecutive months starting from 2 months after
the month which the said day belongs to).
Last Trading Day
Day session on the 25th of the month preceding the current contract
month (If the day falls on an Exchange holiday, Last Trading Day will be the
immediately preceding business day).
Contract Unit
10 kl (approximately 2,642 US gallons) / contract
Price Tick
¥10 per 1 kiloliter
Settlement Method
Cash-Settled
Circuit Breaker Trigger
Level
The CB trigger level is to be set every day 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 period (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 Limits (separately for long and short positions)
Customer Position
Limit
Customers excluding commercials (*1) and investment trusts:
Current contract month: 300 contracts
2nd contract month: 600 contracts
Other contract months (each): 3,600 contracts
Commercials and investment trusts:
Current contract month: 1,500 contracts
2nd contract month: 3,000 contracts
Other contract months (each): 6,000 contracts
Contract Price and Tax
The contract price shall be inclusive of the cost of delivery into oil tanks
located in Shiomi-cho, Minato-ku, Nagoya, Aichi and Tobishima-mura,
Ama-gun, Aichi but exclusive of gasoline tax and consumption tax.
Delivery Period
Throughout the delivery month
Deliverable Grades
Regular kerosene of JIS K2203 Grade 1, which is refined within Japan or
cleared through the customs.
Quantity Tolerance on
Delivery
± 2% of the volume per delivery
Delivery Points
Oil tanks located in Shiomi-cho, Minato-ku, Nagoya, Aichi and Tobishimamura, Ama-gun, Aichi appointed by the Exchange.
Delivery Method
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Option of delivery points: Seller
Delivery method: Delivered by tanker trucks
Option of delivery day: Buyer in principle
Matching of Buyer and Seller: Determined by drawing lots, except
when parties to Delivery parties find their counterparts by
themselves during the period from Last Trading Day to Lottery Day.
Divided delivery: Delivery can be divided
 Please refer to URL
http://www.tocom.or.jp/guide/youkou/chukyo_kerosene/index.html
Sources: Tokyo Commodity Exchange (TOCOM)