Exchange Background, Interface, and Restrictions
The Tokyo Commodity Exchange, Inc., or TOCOM, deals in futures and options trading of precious metals, rubber, aluminum, and oil. TOCOM was founded in 1951 with the launch of the Tokyo Textile Exchange, which later merged with the Tokyo Rubber Exchange and the Tokyo Gold Exchange, forming today’s TOCOM. TOCOM, which was demutualized December 1, 2008, is currently Japan’s largest commodity exchange, handling over 64% of all commodity futures transactions.
In September of 2016, TOCOM introduced the Next Generation Derivatives Trading System (Next J-GATE) upgrade, which includes a new ITCH price feed in addition to OM API changes.
The API upgrade changes the following for TOCOM Gateway users:
- Introduces the new Mini Gold-Mini Plat (SCO: Spread) product.
- TOCOM is extending trading hours as follows:
- Day Session will begin at 08:45 and end at 15:15.
- Night Session will be begin at 16:30 and end at 05:30am (Night Session for Rubber (RSS3) ends at 19:00. No change).
- Introduces Closing Auction (Ita awase) for Futures and Options.
- Introduces Opening Auction (Ita awase) for SCO (Spread) : no Closing Auction is held.
- Deprecates support for Native Stop orders: Customers must now utilize Synthetic Strategy Engine (SSE) for Stop Order functionality.
- Contract name format change: from contract month to a date specified by the exchange as below. Some products will display prior or following month to the contract month.
- Last Trading Date Products with Delivery Settlement
- SQ Date Products with Making-Up Settlement and Gold Option
- Fixed Date (2079/12/31) Gold Daily Futures
For example, CRUD is cash settled (making-up) and SQ date is the first business day of the following month. Jan17 contract is currently displayed as “2017/01” and changed to “01Feb17” after migration.
- Sub-Account in FFT3 is no longer required: Risk Account changes to Account#.
- Fill Server Rollover time will now occur at 16:03.
- Introduces Non-Cancellation Period:
- Change and cancel are restricted by the exchange for one minute before auction matching except Closing Auction at day session end.
- Exchange timestamp changes from JST to UTC (GMT): Exch Time and Exch Date columns in the Fill Window are now in UTC (GMT).
- Tailor Made Combination (TMC) is now available under Strategy and available for Gold Option (available ratio is "one" due to the exchange limitation).
Other rule changes (please refer to the TOCOM website for the details):
- New contract becomes tradable from day session on the following day of expiry.
- Trading for mini contracts cease at the day session on the previous day of expiry of standard contracts.
- Night session will be open for the last business day of December.
- Introduction of Dynamic Circuit Breaker (DCB).
- Gold Option specification change.
- Calculation for the Settlement Price for some products.
You can find the preceding information on the TOCOM website at http://www.tocom.or.jp
Required Connection Information
Before you can install a TOCOM Gateway, you must work with the Exchange to complete the following:
- Obtain an ID from the Exchange for the Price connection.
- Obtain a separate ID from the Exchange for each Order connection.
- Obtain the connection IP address and port for the Price and Order connections.
- Create and register Sub Accounts with the Exchange
TOCOM Login User IDs may be used for either Price or Order connections.
Exchange API Interface
TOCOM uses the CLICK XT provided by NASDAQ OMex (Version 19.3-0300). CLICK XT’s OMnet is an Open API that allows its members to interact directly with OMX software. TOCOM uses the Next Generation Derivatives Trading System (Next J-GATE) ITCH price feed for real-time prices, and the OM API interface for order management and execution.
The following lists various Exchange restrictions and unique Exchange behavior:
- Line Capacity: One Mbps of line capacity for each Login User ID.
- Line Capacity: 50 Login User IDs per line. This limitation is based on a single pair of Exchange-side Network Gateways.
- Maximum Order Throughput: Each Login User ID is limited to 200 orders per 10 seconds.