Precious Metals Market Management Detailed Rules

Transcription

1 (A of Augut 1 t, 2017) Preciou Metal Market Management Detailed Rule DISCLAIMER: Thi Englih tranlation i being provided for informational purpoe only and repreent a deire by the Exchange to promote better undertanding of the Exchange by non-reident participant. While care ha been taken to enure that the tranlation i accurate and complete, Tokyo Commodity Exchange, Inc. accept no liability or reponibility for any lo or damage, including trading loe, that may be incurred from any inaccuracy or omiion in the Englih tranlation. In the event of dicrepancie between the Englih verion and the original Japanee verion, the Japanee verion hall prevail. Any dipute that may arie within or without a court of law with regard to the meaning of the word, proviion and tipulation of the rule, regulation and agreement hall be reolved in accordance with the Japanee text. 1/7

2 Article 1 (Purpoe) 1. Thee Rule hall, puruant to the proviion of Article 3.1 of the Market Rule, precribe matter neceary for the management of the Preciou Metal Market. Article 2 (Poition Limit of Member) 1. Exchange hall, puruant to the proviion of Article 30.1 of the Market Rule, limit on proprietary poition of Member a follow, applicable eparately for hort poition and long poition: (1) Phyically Delivered Future Tranaction a. Gold and Silver: Current month Gold 10,000 30,000 Silver 3,000 30,000 (limit hall be applicable to the relevant month from the firt buine day to the lat buine day of uch month; ame hall apply hereinafter) b. Platinum and Palladium Firt Contract Expiry preceding the Expiry 700 Second Contract 1,200 10,000 Platinum 450 1,200 9,000 Palladium (2) Cah-ettled Future Tranaction (meaning both Cah-ettled ly Future Tranaction and Cah-ettled Rolling-pot Future Tranaction; the ame hall apply hereinafter): Not applicable. However, in cae where the Exchange deem neceary, the Exchange may impoe neceary retriction on number of poition. (3) Option Tranaction: Not applicable. However, in cae where the Exchange deem neceary, the Exchange may impoe neceary retriction on number of poition. 2. Poition Limit of Member precribed in previou paragraph hall include the poition conigned to other Broker Member, Remote Member, Intermediarie, or Foreign Commoditie Future Broker. 3. Trade Member or Broker Member who i a Clearing Participant whoe outtanding clearing depoit balance ha exceeded the cumulative depoit limit and no longer required to depoit an additional clearing depoit in accordance with the Buine Rule of the Clearing Houe, may maintain poition of Phyically Delivered Future Tranaction for Gold and Silver until their poition reach the level of 20% more than the limit on proprietary poition precribed in Paragraph 1. Article 3 (Poition Limit of Cutomer) 1. Exchange hall Limit on cutomer poition, puruant to the proviion of Article 30.2 of the Market Rule, a follow, applicable eparately for hort poition and long poition. Broker Member and Remote Broker Member hall further categorized it cutomer to into Commercial, Invetment Trut, etc. (who fulfill the requirement tated by the Exchange; the ame hall apply hereinafter), Aociate Member, Market Maker (who recognized by 2/7

3 the Exchange; the ame hall apply hereinafter), and Other (or for Phyically Delivered Future Tranaction of Gold, Commercial, Invetment Trut, etc., Aociate Member, Market Maker, Eligible Conignor (meaning the Eligible Conignor precribed in Article 2.25 of the Commodity Derivative Act ( Act ; ame hall apply hereinafter) (include the cutomer deemed to be a Eligible Conignor precribed in Article and of the Act), and Other ); (1) Phyically Delivered Future Tranaction; a. Gold Current month Commercial, Invetment Trut, etc., Aociate Member or Market Maker Eligible Conignor Other b. Silver Commercial, Invetment Trut, etc., Aociate Member or Market Maker Other c. Platinum Commercial, Invetment Trut, etc., Aociate Member or Market Maker Other d. Palladium Commercial, Invetment Trut, etc., Aociate Member or Market Maker Other 10,000 N/A N/A Current month 3,000 1,500 Firt Contract Expiry preceding the Expiry Firt Contract Expiry preceding the Expiry Second Contract 1, Second Contract 1, ,000 10,000 5,000 30,000 6,000 10,000 3,500 9,000 2,500 (2) Cah-ettled Future Tranaction: Not applicable. However, in cae where the Exchange deem neceary, the Exchange may impoe neceary retriction on number of poition. (3) Option Tranaction: Not applicable. However, in cae where the Exchange deem neceary, the Exchange may impoe neceary retriction on number of poition. 2. Poition Limit of cutomer precribed in previou paragraph hall apply to the total of the poition conigned to Broker Member, Remote Member, Intermediarie, or Foreign Commoditie Future Broker 3/7

4 3. When calculating the poition of cutomer, poition et forth below hall be deemed to be etablihed by a ame peron and treated a the poition held by one cutomer: (1) Poition judged to be etablihed by the ame cutomer uing eparate account, peudonym, etc.; (2) Poition etablihed by a peron directly or indirectly controlled by the cutomer; and (3) Poition etablihed by two or more peron under an explicit or implicit agreement among thoe peron. Article 4 (Meaure to be Taken When the Poition of Member Exceed the Limit) 1. When the limit on proprietary poition, precribed in Article 2, have been exceeded a a reult of tranaction executed in the coure of a default procedure, puruant to the proviion of Article 73.2 and Article 73.3 of the Market Rule, Member (meaning Member precribed in Article 6.1 of the Market Rule; the ame hall apply in Article 8 and Article 9) hall promptly reduce any exceive poition until their poition are within the aid limit. Article 5 (Meaure to be Taken When the Cutomer Poition Exceed the Limit) 1. When the Exchange deem the limit on cutomer poition, precribed in Article 3, have been exceeded, the Exchange hall notify the Broker Member or the Remote Broker Member thereof. In uch cae, the Broker Member or the Remote Broker member hall require aid Cutomer to reduce it poition promptly, until any remaining poition are within uch limit. 2. In cae where a cutomer poition will exceed the poition limit precribed in Article 3 a a reult of carryover of exiting month, a Broker Member or Remote Broker Member hall offet any exceive poition by the cloe of the Day Seion of the third buine day of the relevant month. Cutomer may not trade for a new poition in any month until their remaining poition are within uch limit. Article 6 (Special Meaure for Poition Limit) 1. The Exchange hall take pecial meaure to permit to apply the poition limit precribed in Article 2 for each Member and Article 3 for each cutomer who conigned intermediation of conignment of tranaction to an Intermediary or a Foreign Commodity Future Broker ( Intermediary, etc. ) if a Pledge i ubmitted by Intermediary, etc. through Broker Member or Remote Broker Member and i approved by the Exchange a appropriate ( Special Meaure ). 2. Intermediary, etc. that wa granted Special Meaure hall ubmit the poition report precribed in Article In cae et forth below, the Exchange may terminate uch pecial meaure. In uch cae, aid Intermediary, etc. hall reduce it poition within the limit pecified by the Exchange: (1) Intermediary, etc. fail to ubmit the poition report; (2) Intermediary, etc. fail to comply with the Rule Governing Special Meaure for Poition Limit; (3) Intermediary, etc. fail to comply with the pledge; and (4) deemed neceary by the Exchange baed on prevailing market condition. 4. Intermediary, etc. may not raie an objection to the adminitrative meaure precribed in previou paragraph enforced by the Exchange. 4/7

5 5. In addition to the proviion of thee Detailed Rule, matter neceary for the pecial meaure hall be precribed by the Rule Governing Special Meaure for Poition Limit. Article 7 (Hedge Poition) 1. Member (meaning Member precribed in Article 6.1 of the Market Rule) hall maintain the poition of prprietary trade or of the trade conigned from other Member or a cutomer, etc. (meaning cutomer of Member or a cutomer of Intermediary, etc. who granted pecial meaure precribed in Article 6; the ame hall apply hereinafter) may maintain poition for exceeding the poition limit precribed in Article 2 for Member and Article 3 for cutomer, within the limit eparately determined by the Exchange if an application precribed eparately by the Exchange i ubmitted by the Member and i approved by the Exchange a hedge poition (meaning the poition etablihed in the future market for the purpoe of offetting or reduce the price fluctuation rik ariing from tranaction in pot market, etc. a precribed in the Preciou Metal Market Hedge Poition Handling Procedure). 2. The Member or the cutomer, etc. who ha Hedge Poition precribed in previou paragraph and ha completed the pot tranaction that applied for the hedge, uch Member or cutomer, etc. hall off-et the hedge poition promptly. 3. In cae et forth below, the Exchange may enforce limitation of approval precribed in Paragraph 1, in whole or in part. In uch cae, the Member or the cutomer, etc. hall reduce any exceive poition promptly until the remaining poition are within the limit approved by the Exchange: (1) the Member or the cutomer, etc. fail to comply with the Preciou Metal Market Hedge Poition Handling Procedure; and (2) deemed neceary by the Exchange baed on prevailing market condition. 4. The Member or the cutomer, etc. may not raie an objection to uch adminitrative meaure enforced by the Exchange. 5. In addition to the proviion of thee Detailed Rule, matter neceary for the hedge poition hall be precribed by the Preciou Metal Market Hedge Poition Handling Procedure. Article 8 (Delivery Clearing Margin) 1. With repect to Declared Delivery for Phyically Delivered Platinum Future Tranaction, Member (or Deignated Clearing Participant of Member in cae where uch Member i a non-clearing participant precribed in Article of Market Rule) hall depoit ten hundredth (10/100) of the amount that i calculated by multiplying Delivery Price and the delivery unit a a Delivery Clearing Margin by noon on the buine day immediately following the day of uch determination 2. The Delivery Clearing Margin precribed in Paragraph 1 i no longer required to depoit on or after the 2 buine day prior to the delivery day. Article 9 (Reporting of Poition) 1. If the poition at the cloe of the Day Seion fall under any of the condition et forth below, applicable eparately for hort poition and long poition, Member or Intermediary, etc. who ha applied the pecial meaure hall report uch poition for all month (or day in the cae of Daily Future Tranaction, and option erie in the cae of Option Tranaction; the ame hall apply hereinafter) to the Exchange, uing the form 5/7

6 eparately precribed by the Exchange, by the following buine day (two buine day following for the Remote Trade Member, Remote Broker Member and the Foreign Commodity Future Broker who applied pecial meaure by the Exchange). (1) proprietary poition exceed 5,000. (2) proprietary poition in one month exceed 100 in the cae of Gold and Silver and 20 in the cae of Platinum and Palladium. (3) cutomer, etc. poition (total of the poition in eparate account etablihed by the ame peron) in one month exceed 100 in the cae of Gold and Silver and 20 in the cae of Platinum and Palladium. (4) When the Exchange indicate different condition. 2. With repect to Platinum and Palladium tranaction, the poition cheduled for delivery a of the firt buine day, 10th, and 20th of the current month (Expiry ) (10th and 20th hall be moved up if they fall on a holiday), a well a at the cloe of the Day Seion of the buine day immediately preceding the Lat Trading Day, hall be reported by the Member. 3. The trading volume of 1 Clearing Period and the poition at the cloe of Clearing Period hall be reported by the Member in the form provided by the Exchange. 4. The trading volume from Night Seion at lat buine day of two (2) previou month to Day Seion at lat buine day of previou month and the poition at the cloe of aid Day Seion hall be reported every month by the Member who have non-reident cutomer in the form provided by the Exchange. 5. When the Exchange deem it neceary, the Exchange hall require the Member to report on any poition (including concurrent poition) cheduled for delivery. 6. When the Exchange deem it particularly neceary, the Exchange may give a eparate intruction to require Member and Intermediary, etc., to report on the poition of each cutomer or cutomer of Intermediary etc., and other matter deemed neceary by the Exchange. Article 10 (Emergency Meaure) 1. When the Exchange deem it neceary to take emergency meaure other than thoe precribed in thee Rule, the Exchange hall determine uch other meaure on a cae-by-cae bai. Article 11 (Reviion or Abolition) 1. Reviion or abolition to thee Detailed Rule hall be approved by the Preident & CEO. 6/7

7 Article 1 Thee Detailed Rule hall be in effect a of March 31, Article 2 The previou Preciou Metal Market Management Detailed Rule hall be abolihed in the effective date of thee Detailed Rule. Article 3 Meaure taken baed on previou Preciou Metal Market Management Detailed Rule hall be deemed a the meaure taken baed on thee Detailed Rule. Article 4 The rule in the previou Preciou Metal Market Management Detailed Rule hall till be applicable to the carryover proprietary poition and to the limit on the proprietary poition of a Broker Member for Phyically delivered Future Gold and Silver tranaction, and Cah ettled Gold tranaction (the greater of 10% of the total poition or the number precribed in the rule) at and before February 2015 month. Reviion to Article 3 (Poition Limit of Cutomer) hall be in effect a of March 19, Reviion to Article 2 (Poition Limit of Member), Article 3 (Poition Limit of Cutomer) and Article 9 (Reporting of Poition) hall be in effect a of May 7, Article 1 Reviion to Article 2 (Poition Limit of Member), Article 3 (Poition Limit of Cutomer), Article 4 (Meaure to be Taken When the poition of Trade Member, etc. Exceed the Limit), Article 5 (Meaure to be Taken When the Cutomer Poition Exceed the Limit) and Article 9 (Reporting of Poition) hall be in effect a of September 20, Article 2 Notwithtanding the proviion of Article 1, in the event that there i operational trouble of the electronic trading ytem or other unavoidable reaon that it i deemed neceary by the Exchange, the effective date of preceding Article will be eparately provided by the Exchange. The reviion to Article 2 (Poition Limit of Member), Article 3 (Poition Limit of Cutomer), Article 4 (Meaure to be Taken When the Poition of Member Exceed the Limit), Article 7 (Hedge Poition) and Article 9 (Reporting of Poition) hall be in effect a of October 31, The reviion to Article 3 (Poition Limit of Cutomer) hall be in effect a of July 26, The reviion to Article 8 (Delivery Clearing Margin) hall be in effect a of Augut 1, /7