Published On: Fri, Oct 10th, 2014

TOCOM Announces Settlement Price Calculation Time Period

Tadashi Ezaki CEO TOCOM -

Tadashi Ezaki CEO TOCOM –

The Tokyo Commodity Exchange, Inc. on 10 October announced the time period for calculating settlement prices for all listed commodities. Settlement prices are calculated between 15:13 and 15:15 JST using a “Volume Weighted Average Price” (VWAP) based on the execution prices and trading volume formed though Individual Auction during the said time period. The actual time period has been unpublicized until now.

For the Oil and Chukyo-Oil Markets, the time for settlement price calculation is termed “TOCOM Time” and it will be adjusted to start at 15:10 and ends at 15:15 JST from November 4. The Exchange strives to reinforce TOCOM oil prices as benchmarks and facilitate physical trades that reference TOCOM prices and consequently, hedging on TOCOM market.

1. Settlement Price Calculation Time Periods for Regular Business Days

Market Division
Until October 31, 2014
From November 4, 2014

Precious Metals
Rubber
Agricultural Products & Sugar

15:13 – 15:15 JST
15:13 – 15:15 JST
Oil
Chukyo- Oil
15:13 – 15: 15 JST 15:10 – 15:15 JST

2. Settlement Price Calculation Time for the Last Trading Day (Physically Delivered Futures Transaction)

On the Last Trading Day for all physically delivered futures transactions, VWAP is calculated from the opening until the closing of the day session 9:00-15:15 (JST) for all Market Divisions.

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