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Tokyo Grain Exchange
Corporate profile
Corporate
Name
Location
Business
Outline
Established
Contributed
Capital
Member
Firms
Issued
Stock
President &
CEO
Tokyo Grain Exchange Inc.
1-12-5 Nihonbashi Kakigara-cho
Chuo-ku,Tokyo JAPAN
To open and operate commodity and
commodity indice futures market or
physical markets.
September, 1952
JPY 1,230,000,000
74 Firms in Agricultural Markets (19
Brokerage)
55 Firms in Sugar Markets (16
Brokerage)
(as of January 4, 2011)
4,995,010
General 3,305,029
Nonvoting 1,689,981
WATANABE, Yoshiaki
Exchange History The first commodity exchange in Japan was established in 1730 when the feudal government of
Tokugawa responded to rice merchants' requests and authorized such transactions at the Dojima
Rice Market in Osaka.
Tokyo, then called Edo in the Tokugawa era, followed Osaka in establishing rice markets in towns
such as Koami-cho and Kobuna-cho, as well as at warehouses of feudal domains, trading futures
on rice produced in eastern part of Japan.
The Tokyo Grain Exchange originates from the Kakigaracho Rice Trading Exchange, established in
1874 by a group of the Chugai Shoko Kaisha. The Exchange then changed its name to the Tokyo
Rice Trading Exchange, the Tokyo Rice Exchange and, in 1908, to the Tokyo Rice and Commodities
Exchange.
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In July 1939, however, the economic control under the World War II forced the Exchange to
close. It was not until September 1952, the Exchange was reestablished as the trading facility
listing futures contracts on agricultural commodities, in response to the government lifting the
policy of grain control the previous year.
Since the start of futures trading on October 10, 1952, the reestablished exchange was housed in
the same building it occupied in the pre-war era until it was newly constructed in November
1987.
Though there were only 3 futures contracts (Domestic Soybeans, Azuki Beans, Potato Starch) at
the reopening, the Exchange has widened the listings over the years to include Corn, Soybeans
and Non-GMO Soybeans, Arabica Coffee and other products.
On November 2, 2009 TGE had a structural change from a non-profit membership organization to
a for-profit corporation.
Chronological
History1952 October 10 Opening of the Tokyo Grain Exchange with futures on Soybeans,
Azuki Beans and Potato Starch.
1957 January 4 Launched futures on White Kidney Beans
1961 September 1 Launched futures on US Soybeans
1972 October 2 US Soybean futures was renamed to Imported Soybean futures
1973 May 7 Changed the trading style from single price method at the
opening and closing with a continuous auction to a session based
single price trading system.
1973 August 1 Computerized clearing procedures started
1984 March 1 Imported Soybean futures were renamed to Chinese Soybean
futures. Separately, US Soybean futures were launched
1985 May 16 Became a member of Futures Industry Association in the US
1987 December 1 Opening of the new Exchange building
1988 April 1 Launched a fully computerized trading system, moved from floor
hand trading
1991 June 3 Launched options on US Soybean futures
1991 November 5 Consolidated the trading platform with the Tokyo Sugar
Exchange(TSE)
1991 December 12 The trading floor was renovated into TGE Hall, a multi-purpose
exhibition space
1992 April 20 Pilot listing of Corn futures
1992 May 6 Options on Raw Sugar futures (TSE) began
1993 February 17 CFTC approval of Part 30 exemption
1993 September 30 Delisting Domestic Soybean, Potato Starch and White Kidney
Bean futures
1993 October 1 Merged with the Tokyo Sugar Exchange
(Raw Sugar and Refined Sugar futures were transferred to TGE)
1994 April 5 Formal launch of Corn futures
1994 July 1 Introduced Market-Makers to the options market
1995 April 1 Merged with Hokkaido Grain Exchange
1996 January 4 Launched the first Exchange website in Japan
1996 April 15 Concluded a MOU on FIA International Information Sharing
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Agreement
1996 December 2 Upgraded to a new trading system for futures and physical
products
1997 February 28 Completion of TGE Annex building, which was the former Tokyo
Sugar Exchange building
1997 September 12 A new trading system for options started to trade
1997 September 16 Launched options on Corn futures
1998 June 16 Pilot listing of futures on Arabica and Robusta Coffee
2000 April 1 Formal launch of futures on Arabica and Robusta Coffee
2000 April 21 US Soybean futures were renamed to IOM Soybean futures
2000 May 18 Non-GMO Soybean futures began
2001 October 11 Pilot listing of Soybean Meal futures
2002 April 1 TGE e-Commerce, an electronic trading site for physical
agricultural products started
2002 October 29 IOM regular Soybean futures were renamed to Soybean futures
2003 October 1 Became a member of Futures and Options Association in UK
2003 November 15 Concluded a Letter of Intent in mutual cooperation with DalianCommodity Exchange in China
2004 March 18 Concluded the MOU with Chicago Board of Trade in building
mutual cooperation
2004 July 24 Concluded a MOU with Agricultural Futures Exchange of Thailand
2004 September 9 Delisted futures on Chinese Soybeans
Concluded a MOU with New York Board of Trade
2004 September 14 Pilot period for Soybean Meal futures was extended from 3 years
to 6 years
2005 March 15 Concluded a MOU with National Commodity & Derivatives
Exchange, India
2005 May 2 Clearing operations shifted to Japan Commodity Clearing House
2005 November 30 Concluded a MOU with Dalian Commodity Exchange
2006 April 1 Merged with Yokohama Commodity Exchange
(Raw Silk and Vegetable Index futures were transferred to TGE)
2006 June 7 Concluded a MOU with Zhengzhou Commodity Exchange
2007 January 4 Suspension of trading for options on Soybeans and Raw Sugar
futures
2007 March 1 Suspension of options on Corn futures
2007 June 27 Suspension of Vegetable Index futures
2007 October 12 Suspension of Soybean Meal futures
2007 December 21 Delisting of Vegetable Index futures
2008 January 4 Launched the continuous trading platform for Arabica Coffee,
Robusta Coffee and Raw Sugar futures.
2008 June 16 TG Index was announced on our website
2008 September 12 Delisted Soybean Meal futures
2009 January 5 Migration of trading for Non-GMO Soybean Futures to
continuous trading system
2009 March 2 Trading of Raw Sugar futures were moved to session trading
market (call market)
2009 April 27 TG Sub-Indexes was announced on our website
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2009 September 30 Suspension of Raw Silk futures
2009 October 1 Trading of Non-GMO Soybean, Arabica Coffee and Robusta
Coffee futures were moved to session trading market (call
market)
2009 November 2 The Exchange demutualizes and becomes Tokyo Grain Exchange
Inc.
2010 December 30 Suspension of White Refined Sugar futures
2011 January 4 The Exchanges implements the NASDAQ OMX trading platform
for all products and trading hours are changed to 9:0015:30
17:0023:00.
Organization
Chart
Organization
Chart
Tokyo Grain Exchange Inc. is a stock holding commodity exchange under the authorization of the
Minister of the Ministry of Agriculture, Forestry and Fisheries. As a stock holding corporation with
internal auditors it is prescribed in the Articles of Incorporation that the exchange has a general
shareholders meeting, board of directors, auditors and board of auditors.
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Management Philosophy
The Tokyo Grain Exchange conducts sound futures market management and disseminates fair and transparent
commodity price indicators to the public. In addition, we provide opportunities for agricultural producers and
commercials to hedge their price risks plays the role of an asset management facility for investors. Through the
above activities, we fulfill the role as an economic infrastructure and contribute to economic progress in Japan.
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Business Strategy
Within 5 years from the fiscal year 2009, our midterm business strategy is to establish ourselves as a
G'local agricultural futures market by strengthening the management base through demutualization etc.,
upgrade the trading infrastructure, development and listing of attractive products, organizational reform and
enhancement and securing diversified and solid market participants etc. and securing high liquidity,
trustworthiness, user friendly and efficiency. One of the measures is to demutualize from a membership
organization in November 2009.
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Exchange
Features In addition to commercial users as market participants, the general public also participates in
trading at the Exchange. To serve a wide range of participants, the Exchange has maintained such
features as listed below:
Fast, Accurate and Large Volume Executions
The Exchange is a highly organized market and in order to maintain efficiency and accuracy in the
markets, we provide the following.
Futures are traded in sessions at the fixed times during the trading day where orders from
Exchange members and their customers are brought together to trade. Concentrating trading
into a session makes it possible to execute transactions in a large volumes immediately and
smoothly, without counter-party risks concerns as in the case of cash market.
Fair Pricing
The futures prices at the Exchange are formed accordingly to supply-demand situations,
prevailing economic climate and international affairs as well as assessments and anticipations.
The prices are disseminated through the Exchange website and the mass media throughout Japan
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and overseas. The prices are benchmark figures for the related industries and global economy.
Price Indication and Price Convergence
While the prices are transmitted as price indicators for the related agricultural products, they
promote price convergence of the spot price and the futures price. Convergence occurs among
delivery months in futures as expiration nears. As a price benchmark, futures prices also reflect
forecasts, so that when and if an forecasted event occurs, the market participant is provided with
a risk absorber and is averted from unnecessary price fluctuations.
Hedging
Under the free economy, commodity prices fluctuate. Producers, processors and distributors of a
commodity are constantly exposed to price risk due to these fluctuations.
Futures markets serve as the place to hedge such risk. With the prices in futures and in cash
market for the underlying commodity correlating, price risk can be hedged when an offsetting
trade is executed in futures against cash market for the physical commodity. A hedge can be buy-
hedge or sell-hedge and with additional use of options of the underlying commodity, risk
management strategies would be enriched.
As an Investment Instrument
Since Margins, which are good-faith deposits, are only a part of the total value of the financial
obligation required to maintain positions, market participants uses futures utilizing the highleverage effect. Another main feature of futures is, an initiating position can be made by bids and
offers. Futures assist in expanding your investment opportunities. Also, futures are attracting a
great deal of interest among investors as a vehicle to diversify a portfolio.
TG Index
Latest: 2011/1/24 TG Index:125.09 change: +2.32
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Transition of TG Index of 20 business days in the past
Date Index change
2011/1/24 125.09 +2.32
2011/1/21 122.77 +1.11
2011/1/20 121.66 -1.49
2011/1/19 123.15 +1.43
2011/1/18 121.72 +0.28
2011/1/17 121.44 +0.99
2011/1/14 120.45 +0.35
2011/1/13 120.10 +1.76
2011/1/12 118.34 +0.61
2011/1/11 117.73 -0.10
2011/1/7 117.83 -1.10
2011/1/6 118.93 +2.91
2011/1/5 116.02 -3.07
2011/1/4 119.09 +1.40
2010/12/30 117.69 -1.12
2010/12/29 118.81 +0.41
2010/12/28 118.40 -0.24
2010/12/27 118.64 +0.06
2010/12/24 118.58 +1.02
2010/12/22 117.56 +0.32
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TG Sub-Index
2011/1/24
Index change
TG Corn Index 99.77 +2.24
TG Non-GMO Soybean Index 109.95 +0.46
TG Soybean Index 154.25 +2.38
TG Azuki Index 29.32 +0.13
TG Arabica Coffee Index 130.33 +4.71
TG Robusta Coffee Index 129.11 0.00
TG Raw Sugar Index 219.65 +2.47
Overview
On June 16, 2008 the Tokyo Grain Exchange began announcing the TG Index, fluctuations of
the domestic agricultural commodity prices, as a benchmark for agricultural commodity
investors on its website every business day at 16:00.
Along with the products at the Tokyo Grain Exchange, rice and wheat, which are staples of the
Japanese diet, will be taken from the CME Group are included in the index as TGE does not
have these contracts.
As of October 1, 2009. raw silk has been removed from the TGE Index.
Index Components
TG Sub-Index Index Components as trading on raw silk has been suspended as of that date.
Product Exchange Contract Months2010
Index WeightCorn TGE Furthest contract month 33.19%
Soybeans TGE Furthest contract month 14.12%
Non-GMO Soybeans TGE Furthest contract month 5.33%
Azuki (red beans) TGE Furthest contract month 2.25%
Rice CME Group Determined by TGE 4.34%
Wheat CME Group Determined by TGE 24.26%
Arabica Coffee TGE Furthest contract month 9.05%
Robusta coffee TGE Furthest contract month 2.02%
Raw Sugar TGE Furthest contract month 5.44%
In consideration of the time difference, CME Group's rough rice and wheat productswill be calculated as follows: One day prior to the announcement of the TG Index, the
closing price of CME Group's Rough rice and wheat futures will be calculated into JPY
using the closing price of the yen/dollar exchange rate announced by Bloomberg at
17:00 Eastern Standard Time (NY time).
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Weights
Determined according to the average scale of the cash market of each component for the past 3 years; 2
years prior to the year of calculation.
Reweighting and Rebalancing
In principle, the weight of each component is reviewed every December. The newly reviewed weightswill be applicable from 1st business day of April the following calendar year.
Monthly Rolling of Contract Months
All the futures contracts use to calculate the TG Index are rolled forward during a 5 business day period (i.e.
the 5th business day to the 9th business day) at 20% each business day.
Calculation of the TG Index
Base Date, Base Value and Index Year
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The beginning net asset value of the TG Index is equal to 100.00 as of March 31, 2003, based on the
settlement prices of the contracts comprising the TG Index. The Index year begins on the 1st business
day of April and ends on the final business day of March the following calendar year.
Historical data
Please see the following file about historical data of CSV from March 31, 2003
tg_index.csv (from Mar.2003)
product_tg_index.csv(from Mar.2003)
Usage of the TG Index
The TG Index is the intelligent property of the Tokyo Grain Exchange. The rights to the calculations, to
publicize this index and all rights relating to this index are reserved by the Tokyo Grain Exchange. Any
financial instrument usage or usage for commercial purposes of the TG Index must receive prior
approval for the Tokyo Grain Exchange.
For private usage of the fluctuations of the domestic agricultural commodity prices as a benchmark
does not require approval. Under no circumstances, does this index constitute an offer to sell or buy the
commodities offered nor be construed as a buy or sell recommendation or investment advice.
For more information, please contact:
Tokyo Grain Exchange Inc.
Tel: (+81)(0)3-3668-9318
Fax: (+81)(0)3-3661-4564
Corn Futures
Date Trading Began April 20, 1992
Contract Unit 50,000 kilograms (50 metric tons)
Trading Hours
(Continuous Trading)
Day Session (8:30 ) 9:00 15:30
Night Session (16:45 ) 17:00 23:00
The time in the parenthesis is when orders are accepted.
* 15:30 on the last trading day of the spot month.
Contract Month January, March, May, July, September and November within a twelve-month period
Price Quotation Yen per 1,000 kilograms
Minimum
Fluctuation10 yen per 1,000 kilograms (500 yen per contract)
Position Limits Maximum long or short positions for each contract month:
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Members
Non-
Members
Managed
Funds
Omnibus
Accounts
Spot month 600 600 600 600
1 month prior to nearby month 1,200 1,200 1,200 1,200
2nd month 3,000 3,000 3,000 3,000
3rd month 6,000 6,000 6,000 12,000
4th and onward months 6,000 6,000 12,000 18,000
* Non-domestic customers who trade through omnibus accounts should contact their
FMC for position limits.
Last Trading Day15th 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.
First Delivery Day 1st calendar day of the delivery month
Last Delivery Day The last day of the delivery month
Delivery System Physical delivery against delivery documents (CIF Japan)
Standard Grade No. 3 yellow corn produced in the U.S.A. (less than 15% moisture)
Deliverable Grades No. 2 or better yellow corn produced in the U.S.A. (less than 15% moisture).
Delivery Points The berths of Kashima, Chiba, Kawasaki and Yokohama ports.
TOP > Trading Guide: Contract Specs (Soybean Futures)
Soybean Futures
Date Trading Began March 1, 1984
Contract Unit 10,000 kilograms(10 metric tons)
Trading Hours
(Continuous Trading)
Day Session (8:30 ) 9:00 15:30
Night Session (16:45 ) 17:00 23:00
The time in the parenthesis is when orders are accepted.
* 15:30 on the last trading day of the spot month.
Contract Months February, April, June, August, October and December within a twelve-monh period
Price Quotation Yen per 1,000 kilograms
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Minimum
Fluctuation10 yen per 1,000 kilograms (100 yen per contract)
Position Limits
MembersNon-
Members
Managed
Funds
Omnibus
Accounts
Spot month 500 500 500 500
1 month prior to nearby month 2,000 2,000 2,000 2,000
2nd month 5,000 5,000 5,000 5,000
3rd month 10,000 10,000 10,000 20,000
4th and onward months 10,000 10,000 20,000 30,000
* Non-domestic customers who trade through omnibus accounts should contact their FCM
for position limits.
Last Trading DayFifteenth calendar day of the delivery month; if that day is not a business day, then the last
trading day is moved up to the nearest business day.
First Delivery Day Three business days following the last trading day.
Last Delivery DayThe last business day of the delivery month. For December contract, the last delivery day is
three business days prior to the last business day of December.
Delivery System Physical delivery against designated warehouse receipt.
Standard GradeGMO, GMO mixed and GMO non-segregated No. 2 or better yellow soybeans produced in
the U.S.A. (Stored in silo, without screening and sorting processing).
Deliverable Grades
GMO, GMO mixed and GMO non-segregated No. 2 yellow soybeans produced in the U.S.A.
and yellow soybeans produced in the Federative Republic of Brazil and the Republic ofParaguay that satisfy the terms and conditions stipulated in the Exchange Rules (Stored in
silo, without screening and sorting processing).
Delivery PointsDesignated warehouses in the Tokyo metropolitan area and the prefectures of Kanagawa,
Chiba Saitama and Ibaraki.
2008.
Non-GMO Soybean Futures
Date Trading Began May 18, 2000
Contract Unit 10,000 kilograms (10 metric tons)
Trading Hours(Continuous Trading)
Day Session (8:30 ) 9:00 15:30
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Night Session (16:45 ) 17:00 23:00
The time in the parenthesis is when orders are accepted.
* 15:30 on the last trading day of the spot month.
Contract Months February, April, June, August, October and December within a twelve-month period
Price Quotation Yen per 1,000 kilograms
Minimum
Fluctuation10 yen per 1,000 kilograms (100 yen per contract)
Position Limits Maximum long or short positions for each contract month:
MembersNon-
Members
Managed
Funds
Omnibus
Accounts
Spot month 300 300 300 300
1 month prior to nearby month 600 600 600 600
2nd month 1,500 1,500 1,500 1,500
3rd month 3,000 3,000 3,000 6,000
4th and onward months 3,000 3,000 6,000 9,000
* Non-domestic customers who trade through omnibus accounts should contact their
FCM for position limits.
Last Trading Day Two business days prior to the delivery day.
Delivery Day
One business day prior to the last business day of the delivery month. December 24th
for December contract; if not a business day, the delivery day is moved up to the
nearest business day.
Delivery System Physical delivery against designated warehouse receipt
Standard Grade
Identity preserved non-genetically modified organism (non-GMO) No. 2 yellow
soybeans of the growths of Indiana, Ohio, Michigan, Iowa, Illinois, Wisconsin,
Minnesota, North Dakota, South Dakota, Nebraska, Kansas, Missouri and Arkansas in
the U.S.A. (Stored in silo, without screening and sorting processing).
Deliverable Grades Identity preserved yellow soybeans produced in Canada and the People's Republic of
China that satisfy the terms and conditions stipulated in the Exchange rules (Stored in
silo, without screening and sorting processing).
Delivery PointsDesignated warehouses in the Tokyo metropolitan area and the prefectures of
Kanagawa, Chiba and Saitama.
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Azuki (Red Bean) Futures
Date Trading
BeganOctober 10, 1952
Contract Unit 2,400 kilograms (80 bags)
Trading Hours
(Continuous Trading)
Day Session (8:30 ) 9:00 15:30
Night Session (16:45 ) 17:00 23:00
The time in the parenthesis is when orders are accepted.
* 15:30 on the last trading day of the spot month.
Contract Months 6 consecutive months
Price Quotation Yen per bag (net weight 30 kilograms)
Minimum
Fluctuation10 yen per bag (800 yen per contract)
Position Limits Maximum long or short positions for each contract month:
MembersNon-
Members
Managed
Funds
Omnibus
Accounts
Spot month 50 20 20 20
2nd month 100 50 50 50
3rd month 200 150 150 150
4th month 300 300 600 900
5th and onward months 500 500 1,000 1,500
* Non-domestic customers who trade through omnibus accounts should contact
their Broker for position limits.
Last Trading Day Two business days prior to the delivery day.
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Delivery Day
The business day prior to the last business day of the delivery month. December
24th for the December contract; if not a business day, the delivery day is moved up
to the nearest business day.
Delivery System Physical delivery against designated warehouse receipt
Standard Grade Grading standards No. 2 Azuki produced in Hokkaido.
Deliverable
Grades
Other grades and classes of Azuki produced in Hokkaido and other parts of Japan are
deliverable at a premium or a discount. Red beans of the growths of Heibei,
Shangdong, Shaanxi, Shanxi, Heilongjiang, Jilin and Liaoning provinces in the
People's Republic of China are deliverable at a discount.
Delivery PointsDesignated warehouses in the Tokyo metropolitan area and the prefectures of
Kanagawa, Chiba, Saitama and Hokkaido.
Page
Top
Arabica Coffee Futures
Date TradingBegan
June 16,1998
Contract Unit 50 bags (3,450 kilograms)
Delivery Unit 250 bags (17,250 kilograms), equivalent to 5 contract units
Trading Hours
(Continuous Trading)
Day Session (8:30 ) 9:00 15:30
Night Session (16:45 ) 17:00 23:00
The time in the parenthesis is when orders are accepted.
* 15:30 on the last trading day of the spot month.
Contract
MonthsJanuary, March, May, July, September and November within a twelve-month period
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Price Quotation Yen per bag (69 kilograms)
Minimum
Fluctuation10 yen per bag (500 yen per contract)
Position Limits Maximum long or short positions for each contract month:
MembersNon-
Members
Managed
Funds
Omnibus
Accounts
Spot month 100 100 100 100
1 month prior to nearby month 200 200 200 200
2nd month 600 600 600 1,000
3rd month 2,000 2,000 2,000 3,000
4th and onward months 2,000 2,000 4,000 6,000
* Non-domestic customers who trade through omnibus accounts should contact their FCM for
position limits.
Last Trading
DayTen business days prior to the last business day of the delivery month.
Delivery DayFive business days following the last trading day. In the case of delivery by notice of intention
to deliver/receive, five business days following the date of delivery notice.
Notice of
Intention to
Deliver/Receive
period
From the 1st business day of the delivery month to the business day prior to the last trading
day (Notice period). During the notice period, a seller may give notice of intention to deliver. In
the case where a buyer gives notice of intention to receive, delivery shall be concluded
between both parties in accordance with the Exchange rules.
Date of Delivery
Notice
Within the notice period, the day the delivery notice has been notified shall be the date of
delivery notice.
Delivery System Physical delivery against designated warehouse receipt
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Standard Grade
The following washed arabica coffee satisfying the terms and conditions stipulated in the
Exchange rules:
Mexico (Prime Washed), Guatemala (Extra Prime Washed), El Salvador (Central
Standard),
Costa Rica (Hard Bean) Honduras (High Grown), Nicaragua (Strictly High Grown)
Deliverable
Grades
The following washed arabica coffee satisfying the terms and conditions established by the
Exchange:
Premium: Colombia (Excelso)
Discount: Brazil (Type 2/3 New York)
Delivery PointsDesignated warehouses in and adjacent to the ports of Yokohama, Nagoya and Kobe (There are
no location differentials on the delivery points).
Robusta Coffee Futures
Date Trading Began June 16,1998
ontract Unit 5,000 kilograms
Delivery Unit 15,000 kilograms, equivalent to 3 contract units
Trading Hours
(Continuous Trading)
Day Session (8:30 ) 9:00 15:30
Night Session (16:45 ) 17:00 23:00
The time in the parenthesis is when orders are accepted.
* 15:30 on the last trading day of the spot month.
Contract Months January, March, May, July, September and November within a twelve-month period.
Price Quotation Yen per 100 kilograms
Minimum
Fluctuation10 yen per 100 kilograms (500 yen per contract)
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Position Limits Maximum long or short positions for each contract month:
MembersNon-
Members
Managed
Funds
Omnibus
Accounts
Spot month 60 60 60 60
1 month prior to nearby month 200 200 200 200
2nd month 600 600 600 1,000
3rd month 2,000 2,000 2,000 3,000
4th and onward months 2,000 2,000 4,000 6,000
* Non-domestic customers who trade through omnibus accounts should contact their
FCM for position limits.
Last Trading Day Ten business days prior to the last business day of the delivery month.
Delivery DayFive business days following the last trading day. In the case of delivery by notice of
intention to deliver/receive, five business days following the date of delivery notice.
Notice of Intention
to
Deliver/Receive
period
From the first business day of the delivery month to the business day prior to the last
trading day (Notice period). During the notice period, a seller may give notice of intention
to deliver. In the case where a buyer gives notice of intention to receive, delivery shall be
concluded between both parties in accordance with the Exchange rules.
Date of Delivery
Notice
Within the notice period, the day the delivery notice has been notified shall be the date
of delivery notice.
Delivery System Physical delivery against designated warehouse receipt
Standard Grade The following unwashed robusta coffee satisfying the terms and conditions stipulated in
the Exchange rules:
Indonesia (EK-1 (G-4a))
Thailand (FAQ)
Vietnam (G2)
Deliverable Grades The following unwashed robusta coffee satisfying the terms and conditions established
by the Exchange:
Premium: Indonesia (AP-1 (G-4a)),
India (Cherry AB)
Delivery PointsDesignated warehouses in and adjacent to the ports of Yokohama, Nagoya and Kobe
(There are no location differentials on the delivery ports).
Raw Sugar Futures
Date Trading Began May 7, 1952
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Contract Unit 10,000 kilograms (10 metric tons)
Trading Hours
(Continuous Trading)
Day Session (8:30 ) 9:00 15:30
Night Session (16:45 ) 17:00 23:00
The time in the parenthesis is when orders are accepted.
* 15:30 on the last trading day of the spot month.
Contract Month January, March, May, July, September and November within a fourteen-month period
Price Quotation Yen per 1,000 kilograms
Minimum
Fluctuation10 yen per 1,000 kilograms (500 yen per contract)
Position Limits Members: 6,000 contracts gross in any contract month.
Non-Members: 1,500 contracts net in any contract month, 5,000 contracts gross in any
month.
Managed Funds: 4,000 contracts gross in any month.
Omnibus Accounts: 6,000 contracts gross in any contract month.*Non-domestic customers who trade through omnibus accounts should contact their
FCM for position limits.
Last Trading Day The last business day two months prior to the delivery month.
First Delivery Day15th calendar day of the preceding month of the delivery month; if not a business day,
the first delivery day is moved up to the nearest business day.
Last Delivery Day The last day of the delivery month
Delivery System Physical delivery against delivery documents (CIF Japan)
Standard Grade Raw centrifugal cane sugar of a polarization of 96 degrees from Australia, Brazil, Cuba,Fiji, Philippines, Republic of Costa Rica, Republic of South Africa and Thailand.
Deliverable GradesRaw centrifugal cane sugar of other polarizations from the preceding countries (at a
premium or a discount). Allowances for polarization are established by the Exchange.
Delivery PointsThe berths of Tokyo, Chiba, Yokohama, Shimizu, Kinuura, Nagoya, Izumisano, Sakai,
Osaka, Kobe, Uno, Moji, Hakata and Hosojima ports.