Tokyo Commodity Exchange Changes Contract Unit For Gasoline And Kerosene

The Tokyo Commodity Exchange will change the contract unit of gasoline and kerosene contracts to 50 kl per contract from 100 kl per contract effective on September 26, 2005 (applicable from April 2006 contract onward.).

In accordance with the change of the contract units, the daily price fluctuation limit, the minimum initial trading margin and the position limit for each contract will change as the following table.

Minimum initial trading margin for gasoline and kerosene futures in September 2005 for the April 2006 contract month is JPY 120,000(for customer’s position), and the daily price fluctuation is JPY 1,600.

Those who take/make deliveries for the April 2006 contract month and onward must have two outstanding positions (50kl x 2) for every one delivery lot (100kl) in the spot month at the end of the morning session (11:00am.) on the last trading day.

Contract Specifications (Gasoline)

	After April 2006 contract		Until March 2006
Contract Unit	50kl (per contract)		100kl (per contract)
Delivery Unit	Same as now (100kl per contract)		100kl (per contract)
Daily Price Fluctuation Limit	Base price	Price Limit	Base price	Price Limit
	Less than JPY 40,000	JPY 1,400 per kl	Less than JPY 45,000	JPY 800 per kl
	JPY 40,000 to less than JPY 65,000	JPY 1,600 per kl	JPY 45,000 to less than JPY 55,000	JPY 1,000 per kl
	JPY 65,000 or more	JPY 1,800 per kl	JPY 55,000 or more	JPY 1,200 per kl
Minimum Initial Trading Margin	Base price	Margin	Base price	Margin
	Less than JPY 40,000	JPY 105,000 per contract	Less than JPY 45,000	JPY 120,000 per contract
	JPY 40,000 to less than JPY 65,000	JPY 120,000 per contract	JPY 45,000 to less than JPY 55,000	JPY 150,000 per contract
	JPY 65,000 or more	JPY 135,000 per contract	JPY 55,000 or more	JPY 180,000 per contract
Customer Position Limit	Current contract month:	250 contracts	Current contract month:	200 contracts
	2nd contract month:	500 contracts	2nd contract month:	400 contracts
	Other contract months:	1,500 contracts for each month	Other contract months:	1,200 contracts for each month

Minimum Initial Trading Margin is the lowest amount of margin required; higher amount than the above may be applied.

Contract Specifications (Kerosene)

	After April 2006 contract		Until March 2006
Contract Unit	50kl (per contract)		100kl (per contract)
Delivery Unit	Same as now (100kl percontract)		100kl (per contract)
Daily Price Fluctuation Limit	Base price	Price Limit	Base price	Price Limit
	Less than JPY 40,000	JPY 1,400 per kl	Less than JPY 40,000	JPY 800 per kl
	JPY 40,000 to less than JPY 65,000	JPY 1,600 per kl	JPY 40,000 to less than JPY 52,000	JPY 1,000 per kl
	JPY 65,000 or more	JPY 1,800 per kl	JPY 52,000 or more	JPY 1,200 per kl
Minimum Initial Trading Margin	Base price	Margin	Base price	Margin
	Less than JPY 40,000	JPY 105,000 per contract	Less than JPY 40,000	JPY 120,000 per contract
	JPY 40,000 to less than JPY 65,000	JPY 120,000 per contract	JPY 45,000 to less than JPY 52,000	JPY 150,000 per contract
	JPY 65,000 or more	JPY 135,000 per contract	JPY 52,000 or more	JPY 180,000 per contract
Customer Position Limit	Current contract month:	250 contracts	Current contract month:	200 contracts
	2nd contract month:	500 contracts	2nd contract month:	400 contracts
	Other contract months:	1,500 contracts for each month	Other contract months:	1,200 contracts for each month

Minimum Initial Trading Margin is the lowest amount of margin required; higher amount than the above may be applied.