Over-Night Call Rate Futures

Over-Night Call Rate futures contract is an agreement to buy or sell a specific volume of the predetermined monthly average of uncollateralized Over-Night Call Rate (final results) released by Bank of Japan (BOJ) .
Over-Night Call Rate Futures are effective tools for reducing risks of short-term interest rate fluctuations by fixing future interest rates beforehand.

Underlying asset The monthly average of Uncollateralized Overnight Call Rate (Final results) released by the Bank of Japan (BOJ)
Trading unit ¥300,000,000 (Notional principal amount)
Price quotation 100 minus rate of interest
Tick size & value 0.005
¥1,250 (¥300,000,000 X 0.005% X 30 ⁄ 360 = ¥1,250)
Contract month First 6 calendar months
Last trading day The last day of the month (the immediately prior business day if such last trading day falls on a Japanese bank holiday)
Final settlement day The second business day following the last trading day
Final settlement Cash settlement
Final settlement price 100 minus the monthly average of Uncollateralized Over-Night Call Rate (final results) in the contract month released by BOJ, rounded to the nearest 3rd decimal place
Trading hours (JST) 8:30 - 8:45 Pre-open
8:45 - 11:30 Day session
11:30 - 12:30 Restricted period
12:30 - 15:30 Day session
15:30 - 20:00 Evening session
Trading hours for the contract on its last trading day (JST) 8:30 - 8:45 Pre-open
8:45 - 11:30 Day session
11:30 - 12:30 Restricted period
12:30 - 15:30 Day session

For details, see "Outline for Over-Night Call Rate Futures"
For order types and modifiers available for this product, see "Order Types".

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