Gold Standard Futures — Contract Specifications (Osaka Exchange)

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6. [Contract Specifications](/english/derivatives/products/precious-metals/gold-standard-futures/01.html) Update : Apr. 13, 2026 Please enable Javascript. It is necessary to enable Javascript settings in order to properly view and operate this website. Please refer to support resources for your current browser for how to enable Javascript settings. # Gold Standard Futures - [Overview](/english/derivatives/products/precious-metals/gold-standard-futures/index.html) - [Contract Specifications](/english/derivatives/products/precious-metals/gold-standard-futures/01.html) ## Contract Specifications <table> <colgroup> <col style="width: 50%" /> <col style="width: 50%" /> </colgroup> <tbody> <tr class="odd"> <td>Type of Trade</td> <td>Physically Delivered Futures Transaction</td> </tr> <tr class="even"> <td>Standard</td> <td>Gold of minimum 99.99% fineness</td> </tr> <tr class="odd"> <td>Opening Date</td> <td>March 23, 1982<br /> (Note) transferred from TOCOM on July 27, 2020</td> </tr> <tr class="even"> <td>Trading Hours</td> <td>8:45-15:45, 17:00-6:00<br /> (Note) An order acceptance period ("pre-closing") is established for 5 minutes before the Itayose on close.<br /> <a href="/english/derivatives/rules/trading-hours/index.html" class="link-window">Trading Hours</a></td> </tr> <tr class="odd"> <td>Contract Months</td> <td>Nearest 6 contract months (February, April, June, August, October and December)</td> </tr> <tr class="even"> <td>Last Trading Day</td> <td>Day session on the third business day preceding the Delivery Day</td> </tr> <tr class="odd"> <td>Contract Unit</td> <td>1kg/ contract (approximately 32.15 troy ounces)</td> </tr> <tr class="even"> <td>Price Increment</td> <td>JPY 1 per gram (JPY 1,000 per Contract Unit)</td> </tr> <tr class="odd"> <td>Delivery Unit</td> <td>1kg</td> </tr> <tr class="even"> <td>Price Limits</td> <td><div class="component-list-num"> <ol> <li>The price limit range shall be calculated by multiplying the reference price for price limits by the following rates.<br /> <div class="component-normal-table"> <table> <colgroup> <col style="width: 50%" /> <col style="width: 50%" /> </colgroup> <tbody> <tr class="odd"> <td>Normal</td> <td>±5%</td> </tr> <tr class="even"> <td>1st Expansion</td> <td>±10%</td> </tr> <tr class="odd"> <td>2nd Expansion</td> <td>±15%</td> </tr> </tbody> </table> </div> <div class="component-note"> <span>(Note)</span> <ul> <li>･The price limits will be expanded to the 1st Expansion and then to the 2nd Expansion depending on the circuit breaker status (expansion only for upper or lower price limit).<br /> <a href="/english/derivatives/rules/price-limit-cb/index.html" class="link-window">Price Limits/ Circuit Breaker Rule</a></li> <li>･OSE may temporarily review price limits on orders, taking into consideration market conditions and other factors.</li> </ul> </div></li> <li>Immediately Executable Price Range (Dynamic Circuit Breaker (DCB)): Last traded price (LTP) ±0.5%<br /> <div class="component-note"> <span>(Note)</span> <ul> <li>･However, the DCB Price Range for the opening auction and the closing auction will be ±1.5% and ±1％, respectively.<br /> <a href="/english/derivatives/rules/price-range/index.html" class="link-window">Immediately Executable Price Range Rule</a></li> </ul> </div></li> </ol> </div></td> </tr> <tr class="odd"> <td>Circuit Breaker Rule<br /> (SCB)</td> <td>In the case where there was a trade, etc. in the central contract month at the upper or lower price limit range, trading in all contract months will be suspended for at least 10 minutes. <a href="/english/derivatives/rules/price-limit-cb/index.html" class="link-window">Price Limits/ Circuit Breaker Rule</a></td> </tr> <tr class="even"> <td>Strategy Trades</td> <td>The calendar spread trading is available.</td> </tr> <tr class="odd"> <td>J-NET Trading</td> <td>Available（Tick size：JPY 0.001, Minimum trading unit：1 unit）<br /> <a href="/english/derivatives/rules/j-net/index.html" class="link-window">J-NET Trading</a></td> </tr> <tr class="even"> <td>Holiday Trading</td> <td>Available<br /> <a href="https://www.jpx.co.jp/english/derivatives/rules/holidaytrading/index.html" class="link-window">Holiday Trading</a></td> </tr> <tr class="odd"> <td>Daily Settlement Price</td> <td>Final Execution Price of Individual Auction<br /> （Note)Regardless of the above, SP may be revised as the figure deemed appropriate by Japan Securities Clearing Corporation (JSCC) .</td> </tr> <tr class="even"> <td>Settlement Price of Last Trading Day (Delivery Price)</td> <td>The volume-weighted average price calculated based on execution prices and volume formed through Individual Auction during the Day Session on the Last Trading Day</td> </tr> <tr class="odd"> <td>Delivery Day and Time</td> <td>Until noon of the last day of each even month except December (the 28th for December). If the day falls on an Exchange holiday or the last business day of the year, Delivery Day will be the immediately preceding business day.</td> </tr> <tr class="even"> <td>Good Delivery</td> <td>Bullions matching the standard, hallmarked with a trade name, among other marks, designated by the Exchange. Acceptable Weight Range of Deliverable Goods does not apply.</td> </tr> <tr class="odd"> <td>Delivery Points</td> <td>Specified warehouses (warehouses located in Tokyo)</td> </tr> <tr class="even"> <td>Method of Delivery</td> <td>The Party Making Delivery submits to JSCC a warehouse receipt, issued by a OSE-designated warehouse, for the delivery good. The Party Taking Delivery pays the Delivery Value based on the delivery price to JSCC.<br /> （Note)Customized Delivery, Declared Delivery, Early Delivery and ADP are available besides Basic Delivery.<br /> <a href="https://www.jpx.co.jp/english/derivatives/rules/outline/dreu250000001ove-att/b5b4pj0000050rll.pdf" class="link-blank">Operational Procedures for Settlement by Delivery related to Commodity Futures Contracts</a></td> </tr> <tr class="odd"> <td>Customer Position Limits (separately for long and short positions)</td> <td><div class="component-normal-table"> <table> <tbody> <tr class="odd"> <td></td> <td>Current contract month</td> <td>All contract months combined</td> </tr> <tr class="even"> <td>Customers</td> <td>-</td> <td>5,000 contracts</td> </tr> <tr class="odd"> <td>Eligible Consignor</td> <td>-</td> <td>10,000 contracts</td> </tr> <tr class="even"> <td>Commercials, Investment trusts and Market maker</td> <td>10,000 contracts</td> <td>30,000 contracts</td> </tr> </tbody> </table> </div></td> </tr> <tr class="even"> <td>Margin</td> <td>Calculated by VaR Method<br /> <a href="https://www.jpx.co.jp/jscc/en/cash/futures/marginsystem/VaR.html" class="link-blank">Margin Calculation Method (VaR Method) for Futures and Options (JSCC)</a></td> </tr> <tr class="odd"> <td>Settlement</td> <td><div class="component-list"> <ul> <li>Resale or repurchase</li> <li>Final settlement (physical delivery)</li> </ul> </div></td> </tr> <tr class="even"> <td>Give-Up</td> <td>Available<br /> <a href="/english/derivatives/rules/give-up/index.html" class="link-window">Give-Up System</a></td> </tr> <tr class="odd"> <td>Position-Transfer</td> <td>Available<br /> <a href="https://www.jpx.co.jp/jscc/en/cash/futures/position.html" class="link-blank">Position Transfer System</a></td> </tr> <tr class="even"> <td>Position Reporting</td> <td><p>Applicable contract months: All contract months</p> <p>Parties required to report: Trading Participants and Eligible Intermediaries, when short or long positions entrusted by a single client exceed the reporting criteria below</p> <p>Information to be reported: Short positions and long positions for all contract months for the relevant issues</p> <p>(Even if only one of the short or long position for one contract month exceeds the reporting criteria, it is necessary to report the quantities of both short and long positions in all contract months.)</p> <div class="component-normal-table"> <table> <tbody> <tr class="odd"> <td></td> <td>Entrusted by other Trading Participants or Eligible Intermediaries</td> <td>Entrusted by customers other than these</td> </tr> <tr class="even"> <td>Reporting criteria</td> <td>1 contract</td> <td>101 contracts</td> </tr> </tbody> </table> </div> <p>Measurement date: Every business day (at the end of the day session)</p></td> </tr> </tbody> </table> (Note) - ･Commercials are those who commercially engage in trade, intermediary, brokerage, agency, production, processing or use of commodities. - ･Eligible Intermediaries are brokers, foreign securities services providers, or foreign commodity futures brokers who are subject to the application of special measures concerning limits on the quantity of positions. 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