Manage exposure to Japan’s leading power markets

Japanese Power futures and options*

Add more power to your strategies

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.

* Options contract pending regulatory approval

Key capabilities

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

Research

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.

Click to read article in Japanese (日本語)

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).

Click to read article in Japanese (日本語)

Explore these products in depth

Get more information about how Japanese Power futures will trade, how to look up quotes for these contracts once they are live, and more.

Tokyo contract specs

CONTRACT TITLE

Japanese Power (Day-ahead) Tokyo Base-load Month futures

Japanese Power (Day-ahead) Tokyo Peak-load Month futures

CODE

JBT

JPT

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 peak 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.

Kansai contract specs

CONTRACT TITLE

JAPANESE POWER (DAY-AHEAD) KANSAI BASE-LOAD MONTH FUTURES

JAPANESE POWER (DAY-AHEAD) KANSAI PEAK-LOAD MONTH FUTURES

CODE

JBK

JPK

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 peak 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 Tokyo Base-Load Average Price Options*

 

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

* Options contract pending regulatory approval

Find a broker

Company

Contact Name

Email

Arraco Global Markets

 

Kyle Hamilton

kyle.hamilton@arraco.com

William Briggs

william.briggs@arraco.com

Enechain Corporation

 

 

Otsu Seita

broking-desk@enechain.co.jp

 

 

Kato Hideaki

Karen Nakahara

FIS

Theodore Goulios

TheoG@freightinvestor.com

Akihisa Watanabe

akihisaw@freightinvestor.com

ICAP

Louis Hall

Louis.Hall@icap.com.sg

Marex

Mika Yamaji

MYamaji@marex.com

SSY

James Whistler

jwhistler@ssysingapore.com

Tradition

Chris Halliwell

chris.halliwell@traditionasia.com

Tullett Prebon

 

Risa Suzuki

rsuzuki@tullettprebon.co.jp

Tobias Davis

TJDavis@tullettprebon.com.sg

Frequently asked questions

How can the futures contracts be traded?

The futures contracts are available on CME Globex and for submission as a block trade for clearing via CME ClearPort or CME Direct.


How do I start trading these contracts?

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.


The futures contract is available to trade as a block. How does it work?

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.


Why is CME Group listing Yen-denominated Platts JKM futures and JCC futures?

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.