Commodity CFD Specifications
東岳証券株式会社
農林水産省指令 28 食産第 3988 号
20161108商第10号
MAFF Directive 28 License No.3988
20161108 License No.10
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商品 CFD 取引事前説明書
Commodity CFD Specifications
Based on Term 3,Clause 7 of commodity futures regulations of NISSHOKYO, this specification is compiled to make the
clients fully understand the trading activities and the risks of commodity derivatives trading. You must ensure that you
have read it carefully and understand all aspects before applying for trading.
＜Commodity CFD Description＞
Commodity CFD is a trading of Contract For Difference, whose underlying products are commodity, such as gold, silver and so
on. You do not really own the products in the trading, as the position is settled only by the difference between the open price
and the settle price instead of physical delivery.
There is a wide range of underlying products in commodity trading, such as precious metals e.g. gold and silver, minerals e.g.
copper, energy e.g. crude oil and agriculture e.g. wheat and soybean, which are all traded in commodity exchanges over the
world every trading day. Since more and more attention is paid to the existing limited resources in recent years, the
commodities markets have seen an upturn in the trading volume. In addition, news and articles related to gold, crude oil, etc,
which are broadcast and published widely by TV or other media, have helped the investors understand the factors causing price
fluctuations so that it becomes easier for them to make a suitable investment strategy.
The quoted price of commodity CFD in TOGAKU is offered by our counterparty who quoted on the basis of real-time
wholesale market price.
The quoted price of gold and silver refers to Loco London market, copper and crude oil refers to NYMEX and soybean and
wheat refers to CBOT, which may vary subject to certain circumstances.
＜Commodity CFD Trading Description＞
In Commodity CFD trading, a small deposit is used as a lever to borrow and gain access to a larger equivalent quantity of assets.
The leverage is usually 20 to 1 . （※Leverage=Contract value÷Margin）
In a trade with leverage, there is an opportunity for multiply gains, meanwhile, there exit risks of multiply losses which may
even beyond the total deposit. So you must acknowledge the risks, judge by yourself in trading and be responsible for your own
business activities.
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商品 CFD 取引事前説明書
Commodity CFD Specifications
＜Commodity CFD Trading Example（Yen account）＞
Long Position（Buy）
A predicted that spot gold is in a upside trend, so bought 1 lot XAU/USD at the price of 1151.38 on 6th October, 2015.
The position was settled (sold) at the price of 1189.70on 14th October, 2015.We assume the bid rate of USD/JPY was 119.791
at that time.
Computational Formula: P/L＝（Sell-Buy）×Contract Size× Lot(s)×real-time bid rate of USD/JPY
＝（1189.70-1151.38）×10×1×119.791＝ 45,904 Yen
Notes：Those with long positions in gold or silver should pay for interest while with short position are to be paid, which may
vary subject to certain circumstances. The calculation of interest is not listed above.
Short Position（Sell）
B predicted that crude oil was at the end of its upside trend, so sold 1 lot CL at the price of 49.05 on 6th October, 2015.
The position was settled (bought) at the price of 43.89 on 27th October, 2015.We assume the bid rate of USD/JPY was 121.069
at that time.
（Regular Account）
Computational Formula: P/L＝（Sell-Buy）× Contract Size × Lot(s)× real-time bid rate of USD/JPY
＝（49.05-43.89）×100×1×121.069＝ 62,472Yen
＜Commodity CFD trading Commission＞
No commission is charged for online trading by yourself , no matter you buy or sell the products. But you will be charged
2,000 Yen or 20 dollar for the trading by telephone.
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商品 CFD 取引事前説明書
Commodity CFD Specifications
＜Commodity CFD Contract Specifications＞
Reference Expiry
Product
Symbol
Minimum
Contract Size/lot
Market
Date
Spread
Necessary Margin
Commission
Fluctuation/tick
LOCO
Spot Silver XAGUSD
100troy ounces
0.1 cent /ounce
3.0 cents
10troy ounces
1cent /ounce
50 cents
2,500pounds
0.05cent/pound
0.3cent
LONDON
LOCO
Spot Gold XAUUSD
LONDON
Copper
HG
NYMEX
-
Crude Oil
CL
NYMEX
100barrels
1cent /barrel
7cents
Wheat
W
CBOT
500 bushels
0.25cent/bushel
1cent
Soybean
S
CBOT
500 bushels
0.25cent/bushel
1cent
Corn
C
CBOT
500 bushels
0.25cent/bushel
1cent
Turnover x5%. no commission
※Product spread are fixed (there are exceptions).. Due to the reference market price, the spread may increase or reduce the scope of,
and thus there is a possibility outside the above range.
※Spread and commission charge above are only available to the clients in Japan.
※Contract specifications above are available on 5th October ,2015, which may vary subject to certain circumstances.
※One contract value is Minimum Fluctuation ×Contract Size.
The computational formula for the same position is the formula Price×Contract Size×Lot(s).
Contract value of XAGUSD: real-time price of XAGUSD×100×Lot(s)
Contract value of XAUUSD: real-time price of XAUUSD×10×Lot(s)
Contract value of HG: real-time price of HG×2500×Lot(s)
Contract value of CL: real-time price of CL×100×Lot(s)
Contract value of W: real-time price of W×500×Lot(s)
Contract value of S: real-time price of S×500×Lot(s)
Contract value of C: real-time price of C×500×Lot(s)
※Dollar is exchanged to Yen by the real-time bid rate of USD/JPY.
※The maximum of one order submitted is 500 lots and the maximum positions held in the whole account are totally
9999 lots.
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商品 CFD 取引事前説明書
Commodity CFD Specifications