KGI Securities Singapore | JPX 3-Month TONA Futures

	JPX 3-Month TONA Futures
Underlying	100 minus 3-month compounded TONA per annum during Interest Rate Reference Period (Act/365, %) (Note) TONA is "Tokyo Over Night Average rate" published by the Bank of Japan.
Opening Date	May 29, 2023
Trading Hours	8:45-11:02, 12:30-15:02, 15:30-6:00 (Note) An order acceptance period ("pre-closing") is established for 2 minutes (5 minutes in the Night Session) before the Itayose on close. Trading Hours
Contract Months	20 months in the March quarterly cycle (March, June, September and December)
Interest Rate Reference Period	From the 3rd Wednesday of each contract month (March, June, September, December) to the Tuesday preceding the 3rd Wednesday of the month (June, September, December, March) that falls 3 months later (Note) Interest Rate Reference Period will not be moved up or down even if the start or end date is a non-business day. Interest Rate Reference Period
Last Trading Day	The business day prior to the 3rd Wednesday of the three months after each contract month (to be moved up in order if the date falls on a non-business day) Last Trading Day
Contract Unit	(100 minus 3-month compounded TONA) × JPY 250,000
Tick Size	0.0025 points (JPY 625 per Contract Unit) (Note) JPY 625 = 100 million × 0.25 years　× 0.0025% (1/4 basis point per annum)
Matching Method	Auction with FIFO algorithm (price and time priority) Trading Methods
Price Limits	The price limit range shall be the following: Normal: 0.25 points 1st Expansion: 0.5 points 2nd Expansion: 0.75 points (Note) The price limit range is expanded to the 1st expansion of price limits, and then to the 2nd expansion of price limits (Only price limits in one direction, up or down, is expanded.) Price Limits / Circuit Breaker Rule (Note) OSE may review price limit temporarily. Immediately Executable Price Range (DCB): LTP or BBO mid price ± the following prices: Normal: 0.025 points Opening Auction: 0.075 points Closing Auction: 0.05 points Immediately Executable Price Range Rule
Circuit Breaker Rule (SCB)	In the case where a buy (sell) order is placed (or executed) at the upper (lower) price limit for the active contract month, trading in all contract months are suspended for at least 10 minutes. Price Limits / Circuit Breaker Rule
Strategy Trades	The calendar spread trading is available.
J-NET Trading	Available (Tick size: 0.0001 points, Minimum trading unit: 1 unit) J-NET Trading
Daily Settlement Price	Settlement Price is determined by JSCC.
Margin	Calculated by VaR Method Margin Calculator Method (VaR Method) for Futures and Options (JSCC)
Settlement	Resale or repurchase Final settlement (Cash Settlement based on Final Settlement Price)
Final Settlement Price	The final settlement price is 100 minus the annualized rate rounded to 4 decimal places, which is calculated by multiplying the interest rate calculated by daily cumulative compounding of confirmed TONA for each business day in the Interest Rate Reference Period for the relevant contract month by (365 / actual number of days in the Interest Rate Reference Period). (Note) For each a non-business day, the confirmed TONA value for the preceding business day will apply without compounding. TONA Conventions (Calculation Methodology) and Example of Schedule
Give-Up	Available
Position-Transfer	Available

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JPX 3-Month TONA Futures

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