Access the Tokyo and Kansai power markets with Japanese Power futures and options contracts on NYMEX. Choose base or peak load calendar month contracts to tailor your exposure, and potential capital efficiency of futures margins and offsets may also be available with select Energy products.
Flexibility of margins in multiple currencies
Choose to use yen (contracts’ denomination) or an eligible alternative currency such as US dollars to fulfill your margin requirements.
Improved market access and transparency
Ease of clearing during Asian trading hours, choosing from a list of clearing members. Enjoy the transparency of a block trade blotter.
Single marketplace for trading energy exposure
Manage Japanese power, natural gas, and coal exposure in one place, with potential offsets and convenience.
Contact us for more on Japanese Power futures
Japan’s plan to cut carbon emissions – a case for hedging the gas-power spread
The Japanese power market is set to undergo a massive transformation over the next few years. See how futures contracts can help market participants manage their risk.
Introduction to the Japanese power market
Read about how Japanese Power futures on NYMEX, combined with existing benchmarks on natural gas, provide a diverse set of trading instruments that can be accessed during Asian hours (and beyond).
Get more information about how Japanese Power futures will trade, how to look up quotes for these contracts once they are live, and more.
CONTRACT TITLE |
Japanese Power (Day-ahead) Tokyo Base-load Month futures |
Japanese Power (Day-ahead) Tokyo Peak-load Month futures |
|---|---|---|
CODE |
||
SETTLEMENT METHOD |
Financially settled |
Financially settled |
CONTRACT UNIT |
JPY/KWh |
JPY/KWh |
MINIMUM PRICE FLUCTUATION |
0.001 JPY/KWh |
0.001 JPY/KWh |
CONTRACT SIZE |
1 MW x 24 hours x # of days in the contract month. |
1 MW x 12 hours x # of peak days in the contract month. |
LISTING SCHEDULE |
Monthly contracts listed for the current year and the next calendar year. |
Monthly contracts listed for the current year and the next calendar year. |
| FIRST LISTED MONTH | March 2021 |
March 2021 |
BLOCK TRADE MINIMUM THRESHOLD |
5 contracts |
5 contracts |
TERMINATION OF TRADING |
The Japanese business day prior to the last day of the current contract month. |
The Japanese business day prior to the last day of the current contract month. |
SETTLEMENT PERIOD AND FLOATING PRICE |
The floating price for each contract month is equal to the arithmetic average of JEPX Spot Market (Day-ahead) for the Tokyo Area Base load 30 minutes prices (0:00~24:00) for each calendar day during the contract month. |
The floating price for each contract month is equal to the arithmetic average of JEPX Spot Market (Day-ahead) for the Tokyo Area Peakload 30 minutes prices (from 08:00 to 20:00) for each weekday (Mon-Fri) during the contract month not defined as Japanese national or bank holidays. |
CONTRACT TITLE |
JAPANESE POWER (DAY-AHEAD) KANSAI BASE-LOAD MONTH FUTURES |
JAPANESE POWER (DAY-AHEAD) KANSAI PEAK-LOAD MONTH FUTURES |
|---|---|---|
CODE |
||
SETTLEMENT METHOD |
Financially settled |
Financially settled |
CONTRACT UNIT |
JPY/KWh |
JPY/KWh |
MINIMUM PRICE FLUCTUATION |
0.001 JPY/KWh |
0.001 JPY/KWh |
CONTRACT SIZE |
1 MW x 24 hours x # of days in the contract month. |
1 MW x 12 hours x # of peak days in the contract month. |
LISTING SCHEDULE |
Monthly contracts listed for the current year and the next calendar year. |
Monthly contracts listed for the current year and the next calendar year. |
| FIRST LISTED MONTH | March 2021 | March 2021 |
BLOCK TRADE MINIMUM THRESHOLD |
5 contracts |
5 contracts |
TERMINATION OF TRADING |
The Japanese business day prior to the last day of the current contract month. |
The Japanese business day prior to the last day of the current contract month. |
SETTLEMENT PERIOD & FLOATING PRICE |
The floating price for each contract month is equal to the arithmetic average of JEPX Spot Market (Day-ahead) for the Kansai Area Base load 30 minutes prices (0:00~24:00) for each calendar day during the contract month. |
the floating price for each contract month is equal to the arithmetic average of JEPX Spot Market (Day-ahead) for the Kansai Area Peak-load 30 minutes prices (from 08:00 to 20:00) for each weekday (Mon-Fri) during the contract month not defined as Japanese national or bank holidays. |
|
JAPANESE POWER (DAY-AHEAD) TOKYO BASE LOAD AVERAGE PRICE OPTIONS |
|---|---|
COMMODITY CODE |
JTO |
SETTLEMENT METHOD |
Financial settlement |
EXERCISE STYLE |
European |
CONTRACT UNIT |
JPY/KWh |
MINIMUM PRICE FLUCTUATION |
0.001 JPY/KWh |
CONTRACT SIZE |
One MW x 24 hours x # of days in the contract month |
LISTING SCHEDULE |
Monthly contracts listed for 24 consecutive months |
FIRST LISTED MONTH |
November 2021 |
BLOCK TRADE MINIMUM THRESHOLD |
Five contracts |
STRIKE INCREMENT |
0.01 Yen per KWh |
STRIKE LISTING RULE |
Dynamic Strike Only |
TERMINATION OF TRADING |
The Japanese business day prior to the last day of the current contract month. If such day is not an Exchange business day, trading shall terminate on the preceding Exchange business day. |
SETTLEMENT PERIOD AND FLOATING PRICE |
On expiration of a call option, the value will be the difference between the final settlement price of the contract month of the underlying Japanese Power (Day-Ahead) Tokyo Base-Load Monthly futures contract and the strike price multiplied by the contract quantity, or zero, whichever is greater. On expiration of a put option, the value will be the difference between the strike price and the final settlement price of the contract month of the underlying Japanese Power (Day-Ahead) Tokyo Base-Load Monthly futures contract multiplied by contract quantity, or zero, whichever is greater. |
SETTLEMENT STYLE |
Futures style (premium paid on expiry/exercise) |
CONTRARY INSTRUCTION |
No (auto exercise) |
ATM CHARACTERISTICS |
Exercise calls, exercise puts |
PRICING MODEL |
Curran |
Company |
Contact Name |
|
|---|---|---|
| Enechain Corporation | Otsu Seita |
|
Yuri Arikawa |
||
| GFI Group Pte | James Simon | james.simon@gfigroup.com.sg |
| Tullett Prebon Energy (Japan) Limited | Cedric Daubord |
power@tullettprebon.co.jp |
Susie Egara |
||
Vanir |
James Whistler |
|
Alex Hobbs |
The futures contracts are available on CME Globex and for submission as a block trade for clearing via CME ClearPort or CME Direct.
Please contact japanpower@cmegroup.com or any of the inter-dealer brokers (IDBs) that service this market for more information on trading the contract via CME Globex and/or as a block trade on CME ClearPort.
There are minimum quantity and reporting time requirements for Japanese Power block trades. The minimum block trade size is five contracts, and trades need to be reported by the broker onto ClearPort within 15 minutes of execution.
CME Group is already listing the widest set of LNG related contracts with its global benchmark NYMEX Henry Hub as well as Platts JKM futures, JCC (detailed) futures, and Dutch TTF futures.
CME Group new Yen-denominated Platts JKM futures and JCC futures offer additional instruments for power producers in Japan to manage the price differential between LNG and power without taking an exposure on foreign currencies.
© 2024 CME Group Inc. All rights reserved.