ICE Three Month TONA Indexed Futures83049346
ICE Futures Europe
ICE Three Month TONA Indexed Futures
Description
ICE Three Month Tona® Indexed Future are cash settled futures based on the TONA® interest rate accrued over a three-month IMM period.
Market Specifications
- Trading Screen Product Name
- ICE Three Month TONA Indexed Futures
- Trading Screen Hub Name
- ICEU
- Contract Symbol
- TOJ
- Underlying Index
- TONA (Tokyo Overnight Average Rate)
- Unit of Trading
- JPY 400,000 * Rate Index
- Delivery Month
- March, June, September, December such that 21 delivery months are available for trading.
Contract Delivery Months are named by the start date of the accrual period.
- Quotation
- 100.00 minus the numerical value of the rate of interest
- Minimum Price Fluctuation
- All delivery months: 0.00250 (JPY 1,000)
- Last Trading Day
- One business day prior to the third Wednesday of the third calendar month after the start of the accrual period.
Trading will cease at 18:00 (Japanese Local Time)
- Algorithm
- Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 2 and with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap).
- Exchange Delivery Settlement Price
- The next business day after the Last Trading Day.
Overnight rate compounded in arrears over the Three-month accrual period.
- First Accrual Date
- Third Wednesday of the Delivery Month
- Last Accrual Date
- Business day prior to the Third Wednesday of the third calendar month after the start of the First Accrual Day
- Wholesale Trade Types
- Basis trading, Block Trading, Asset Allocation
- Contract Standard
- Cash settlement based on the Exchange Delivery Settlement Price.
- Disclaimer
- The contracts have a standardized basis point value so that, for hedging purposes, a calculation will need to be made in relation to the hedge ratio to take into account any mismatch between the standardized basis point value and the actual basis point value of the position being hedged, determined by the actual number of days in the accrual period.
- MIC Code
- IFLL
- Clearing Venues
- ICEU
Related Products
Trading Hours
| City | Trading | Pre-Open |
|---|---|---|
| NEW YORK | 8:00 PM - 5:00 PM* 20:00 - 17:00 | 7:45 PM 19:45 |
| LONDON | 1:00 AM - 10:00 PM 01:00 - 22:00 | 12:45 AM 00:45 |
| SINGAPORE | 8:00 AM - 5:00 AM* 08:00 - 05:00 | 7:45 AM 07:45 |
Codes
- Clearing Admin Name
- JPY Rates
- Physical
- TOJ
- Logical
- TOJ
- GMI (FC)
- ION A.C.N.
- Symbol Code
- TOJ