1

Annex

Summary of SPAN / IM Add-on Charge Treatment related to Transfer of Commodity Derivatives Trading from Tokyo Commodity

Exchange to Osaka Exchange and Integration of Clearing Function

October 2019 Japan Securities Clearing Corporation

DISCLAIMER: This is the reference translation of the original Japanese document. Japan Securities Clearing Corporation shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. This document may not be reproduced or redistributed in whole or in part without the permission of Japan Securities Clearing Corporation.

2

Annex Update History

Date Page Outline

2019/10/2 - ・ Version 1

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Annex

Treatment of SPAN Risk Parameter File (RPF) in association with Comprehensive Exchange is as outlined below.

For Participants which continue to trade existing OSE products only (such as JGB Futures and Index Futures), there will be no change to RPF recorded items related to existing products. However, please note that, in some cases, such as when a Participant is performing Margin calculation internally by copying logic rather than using PC-SPAN, additional operation, such as process of eliminating unnecessary products, may arise as OSE Commodity products and TOCOM Commodity products will be recorded on the same RPF.

For Participants which start dealing with Commodity Derivatives at this timing, please get ready for dealing with these products by reference to descriptions in this material and using sample files annexed hereto rather than using RPF currently issued by JCCH.

1. List of SPAN Treatment

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# Summary of Change Participants Affected by Change Detailed

Explanation

① Change of RPF Posting URL Participants dealing with products currently traded at TOCOM and those currently traded at ODE

P.4

② Change of RPF Distribution Timing Participants dealing with products currently traded at TOCOM and those currently traded at ODE

P.5

③ Change of Code Setting Value Participants dealing with products currently traded at TOCOM P.6

④ Elimination of Dummy Products Participants dealing with products currently traded at TOCOM P.7

⑤ Recording Rule Change for Products currently Traded at TOCOM

Participants dealing with products currently traded at TOCOM P.8-11

⑥ Setting Delivery Month Charge － P.12

⑦ Change related to Electricity Futures Participants dealing with Electricity Furures P.13-14

⑧ Notes related to Portfolio File and Position Report File

Participants dealing with products currently traded at TOCOM P.15

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Annex 2. ① Change of RPF Posting URL

＜① Change of RPF Posting URL＞

For Participants currently acquiring JCCH’s RPF, URL at which RPF is posted will change.

【Current】

【After Change】

CCP Exchange File Name URL

JSCC OSE JscYYYYMMDD_HHMM.zip https://www.jpx.co.jp/jscc/sakimono/span/

JCCH TOCOM jcch.YYYYMMDD.f.zip https://jcch.co.jp/span/

JCCH ODE jccho.YYYYMMDD.f.zip

CCP Exchange File Name URL

JSCC

OSE JscYYYYMMDD_HHMM.zip https://www.jpx.co.jp/jscc/sakimono/span/

TOCOM

ODE jccho.YYYYMMDD.f.zip https://www.jpx.co.jp/jscc/sakimono/span-o/

RPF for TOCOM traded products will be integrated to those for OSE traded products, and will be posted with the same file name and on the same URL as existing JSCC’s RPF.

For RPF for ODE, posting URL will change, and posting timing will also change as outlined in the next slide.

Please also note that URL for RPF posted on CME FTP site will also change from “ftp://ftp.cmegroup.com/pub/span/archive/jcch/” to ftp://ftp.cmegroup.com/pub/span/data/jsc/.

T D O

DISCLAIMER: This is the reference translation of the original Japanese document. Japan Securities Clearing Corporation shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. This document may not be reproduced or redistributed in whole or in part without the permission of Japan Securities Clearing Corporation.

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Annex

DISCLAIMER: This is the reference translation of the original Japanese document. Japan Securities Clearing Corporation shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. This document may not be reproduced or redistributed in whole or in part without the permission of Japan Securities Clearing Corporation.

2. ② Change of RPF Distribution Timing

＜② Change of RPF Distribution Timing＞

In association with introduction of Intraday Margin framework for Commodity Derivatives , etc., RPF distribution timing will be as shown below:

【After Change】

CCP Exchange Intraday Margin

Emergency Margin

EOD

Early Final

JSCC

OSE Around 11:30

Around 13:30

Around 15:45

Around 16:00 TOCOM

ODE － － － Around 15:30

Records contained in Early file and Final file will be the same for Commodity Derivatives (difference of recorded issues is the same as current files, i.e., whether RN Prime Futures and Flexible Options currently traded at OSE are recorded or not)

Because ODE traded products will be out of the scope of Intraday Margin and Emergency Margin calculation for the time being, there will be no RPF posting at these timings.

Because contents of Early file and Final file for ODE related RPF are the same, we will just post Final file going forward (there will be no change to expected posting time)

* Please note that, as scheduled posting time is an estimate based on current average distribution time, we may need more time depending on market conditions, etc.

T D

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Annex

DISCLAIMER: This is the reference translation of the original Japanese document. Japan Securities Clearing Corporation shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. This document may not be reproduced or redistributed in whole or in part without the permission of Japan Securities Clearing Corporation.

2. ③ Change of Code Setting Value

＜③ Change of Code Setting Value＞

For products currently traded at TOCOM, there will be changes to SPAN code setting value for both products to be transferred to OSE and those remain on TOCOM.

There will be no SPAN code change for products currently traded at OSE (such as JGB Futures and Index Futures) and products traded at ODE.

Below chart is not an exhaustive list of products with code change. So, for the entire list, please see “Reference 6_Commodity Code for RPF and APF“(there will be changes to products not in below list, such as platinum).

【Current】

Codes used for portfolio files will also need to be changed. Please be careful.

Product Exchange Code

Commodity Group Code

Combined Commodity

Code

Commodity Code

225 Futures (Large) OSE IDX NK225 NK225F

Gold (Standard) TC CCG CCGOLD GOLD

Rubber RSS3 TC CCG CCRSS3 RSS3

Corn TC CCG CCTGCN TGCN

Dubai Crude Oil TC CCG CCCRUD CRUD

East Area Baseload Electricity

TC CCG CCTEBL TEBL

Niigata Koshi OD ODE CCKENI KENI

Exchange Code

Commodity Group Code

Combined Commodity

Code

Commodity Code

OSE IDX NK225 NK225F

OSE PME GOLD GOLDF

OSE RUB RSS3 RSS3F

OSE AGR CORN CORNF

OSE ENG CRUD CRUDF

OSE ENG TEBL TEBLF

OD ODE CCKENI KENI

【After Change】

T

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Annex 2. ④ Elimination of Dummy Products

＜④ Elimination of Dummy Products＞

Dummy records related to rice futures currently recorded on RPF for products at TOCOM (Niigata Koshi, Tokyo Rice, Osaka Rice) will not be recorded after the RPF integration.

T

2 TC CCKENI1JPYYPN CCKENI PHY KENI FUT3 CCKENI1001201910202008 100010001000C CCKENI1001020000000010101B020101A4 CCKENI01 00000001001001002B TC CCKENI PHY000000 0000000 0 9999 300003000 002738 10000B TC KENI FUT201910 0000000 0 9999 300003000000000000000002738 1000000000000CCKENIB TC KENI FUT201912 0000000 0 9999 300003000000000000000002738 1000000000000CCKENIB TC KENI FUT202002 0000000 0 9999 300003000000000000000002738 1000000000000CCKENIB TC KENI FUT202004 0000000 0 9999 300003000000000000000002738 1000000000000CCKENIB TC KENI FUT202006 0000000 0 9999 300003000000000000000002738 1000000000000CCKENIB TC KENI FUT202008 0000000 0 9999 300003000000000000000002738 1000000000000CCKENIP TC CCKENI PHYNIIGATA RICE 000000 000002500000000000000001JPYYSTDP TC KENI FUTNIIGATA RICE 000000 000002500000000000000001JPYYSTD5 CCG CCCGASCCCKERCCCRUDCCGASOCCGDCDCCGOLDCCGSOLCCKENICCKERCCCKERI81TC KENI CCKENI FUT 201910 00000+00000+03333-03333-03333+03333+06666-06666-06666+82TC KENI CCKENI FUT 201910 06666+09999-09999-09999+09999+08999-08999+10000+00000000000100081TC KENI CCKENI FUT 201912 00000+00000+03333-03333-03333+03333+06666-06666-06666+82TC KENI CCKENI FUT 201912 06666+09999-09999-09999+09999+08999-08999+10000+00000000000100081TC KENI CCKENI FUT 202002 00000+00000+03333-03333-03333+03333+06666-06666-06666+82TC KENI CCKENI FUT 202002 06666+09999-09999-09999+09999+08999-08999+10000+00000000000100081TC KENI CCKENI FUT 202004 00000+00000+03333-03333-03333+03333+06666-06666-06666+82TC KENI CCKENI FUT 202004 06666+09999-09999-09999+09999+08999-08999+10000+00000000000100081TC KENI CCKENI FUT 202006 00000+00000+03333-03333-03333+03333+06666-06666-06666+82TC KENI CCKENI FUT 202006 06666+09999-09999-09999+09999+08999-08999+10000+00000000000100081TC KENI CCKENI FUT 202008 00000+00000+03333-03333-03333+03333+06666-06666-06666+82TC KENI CCKENI FUT 202008 06666+09999-09999-09999+09999+08999-08999+10000+000000000001000

Example of Records to be Eliminated (in red)

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Annex

＜Change related to Type T Records＞

As Type T Records refer to those currently on JSCC’s RPF, exchange rate recording method for Type T records will be changed as follows:

Current/New Recorded Value

1 Current T USD$JPYY 107000000

2 After Change

T USD$JPYY 00

＜Change related to Recording Order of Products/Contract Months＞

Type 2, B, P Records will be recorded in ascending order by number, and then ascending order by alphabet. So, recording order of Commodity Code for some Combined Commodity, such as gold futures group, will change.

As to Type 5 Record, because Commodity Group Codes for products currently traded at TOCOM will change, there will be a change in recording order and an increase in number of records.

As to each group of records per Combined Commodity comprised of Type 2, 3, C, 4, B, P Records, it is set in ascending order by number, and then ascending order by alphabet within Combined Commodity. So, please note that products currently traded at TOCOM may be recorded either above or below products currently traded at OSE. The same applies to Type 81, 82 Records.

T

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2. ⑤ Recording Rule Change for Products currently Traded at TOCOM

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Annex

＜Change related to Type 3 Records＞

Tier 1 Start Contract Month and Tier 1 End Contract Month to be recorded on Type 3 Record will be recorded in the manner described below:

However, there will be no change to products subject to Contract Day transaction.

Current/ New

Tier 1 Start Month Record

Example Tier 1 End Month

Record Example

1 Current Smallest value of Contract Month set on each Combined Commodity

201910 Largest value of Contract Month set on each Combined Commodity

202008

2 After Change

Month to which distribution date belongs for all Combined Commodity

201909 Month that is 20 years or more after distribution date for all Combined Commodity

203909

＜Change related to Type C Records＞

Leg 1 and Leg 2 Market Side Indicator recorded on Type C Record is currently set in the order of B to A for products currently traded at TOCOM, but will be changed to set in the order of A to B.

Current/ New

Leg 1 Market Side Indicator

Leg 2 Market Side Indicator

1 Current B A

2 After Change

A B

T

DISCLAIMER: This is the reference translation of the original Japanese document. Japan Securities Clearing Corporation shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. This document may not be reproduced or redistributed in whole or in part without the permission of Japan Securities Clearing Corporation.

2. ⑤ Recording Rule Change for Products currently Traded at TOCOM

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Annex

＜Change related to Type B Records＞

Below items of Type B Record will be recorded in the following manner for products currently traded at TOCOM.

Current/New Current Setting / Example Setting/Example after Change

1 Volatility Scan Range

・Zero padding at end ・VSR not recorded for Futures

・No zero padding at end ・VSR recorded even in case of Futures

2 Price Scan Range ・PSR recorded even in case of PHY

・PSR not recorded in case of PHY

3 Interest Rate ・For Futures, 00000 in all cases ・For Futures, 5-digit single byte spaces in all cases

4 Time to Maturity ・For Futures, 0000000 in all cases ・For Futures, 7-digit single byte spaces in all cases

5 Lookahead Time Set according to number of days up to next business day

002738

6 Delta Scaling Factor

・0.1 for PHY of Gold Futures Group ・1 for Electricity Futures

・1 for PHY of Gold Futures Group ・For Electricity Futures, refer to P.13

7 Maturity Date ・For Futures, 00000000 in all cases

・For Futures, 8-digit single byte spaces in all cases

8 Dividend Yield ・For Options on Gold Futures, not recorded

・For Options on Gold Futures, “ 00” (1-digit single byte space and 00)

＜Change related to Type P Records＞

Product name to be recorded on Type P Record will be recorded in the following manner for products currently traded at TOCOM.

Current/New Current Setting / Example Setting/Example after Change

1 Product Name Set name for each Commodity Code (GOLD STD) Set same value as Commodity Code (GOLDF)

T

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2. ⑤ Recording Rule Change for Products currently Traded at TOCOM

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Annex 2. ⑤ Recording Rule Change for Products currently Traded at TOCOM

＜Change related to Type 6 Records＞

As to Leg 1 and Leg 2 Commodity Group to be recorded on Type 6 Record, it is currently recorded in

ascending order by alphabet in Combined Commodity Code. It will be recorded such that Combined

Commodity whose Delta/Spread ratio is 1 will be Leg 1 for the time being.

Current/ New

Example

1 Current 6 CCG00060180000TC CCGDCD0050000ATC CCPLAT0010000B

2 After Change

6 PME0054018000AOSE PLAT 0010000AOSE GOLDS 0050000B

T

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Annex

＜Setting Delivery Month Charge＞

Delivery Month Charge is not currently set at JSCC. However, in the same manner as current JCCH, Delivery Month Charge parameters will be set for Commodity products.

When setting Delivery Month Charge, in the same manner as current JCCH, record “10” in the calculation procedure set from Byte 9 to 10 of Type 4 Record, and then record information of Contract Month / charge amount for which Contract Month Charge is set.

Contract Month Charge will not be set for products currently traded at OSE (such as JGB Futures and Index Futures).

2. ⑥ Setting Delivery Month Charge

Example of Contract Month Charge Setting

Setting Contract Month Charge of 25,000 yen for both Outright Charge and Spread Charge on September 2019 Contract Month of Rubber RSS3 Group

2 OSE RSS3 1JPYYPN RSS3 PHY RSS3F FUT4 RSS3 10 1 1201909 2500 2500 00000001001001002

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Annex

While Risk Component of “4” is currently set, this value will be changed as appropriate according to PSR to apply to the relevant Combined Commodity (example: 3 when PSR is 1mil yen or more, 2 when 0.1mil yen or more, 1 when 10,000 yen or more, and 0 when less than 10,000 yen)

Applying this rule to PSR prevailing at JCCH late September 2019, Risk Component for East Area Baseload Electricity will be changed from 4 to 2, and Risk Component for other electricity futures will be changed from 4 to 1.

Please note that, as a result of this change in Risk Component, recording position of Intra-Commodity Spread Charge on Type C Record and PSR recording position on Type B Record will change.

As to underlying asset record for electricity futures, Contract Month day count to be used for calculation of trade unit will be 31 days for baseload type and 22 days for peak load type.

As Delta Scaling Factor recorded on Type B Record, the value adjusted to take into consideration day-count ratio to each Contract Month will be set rather than fixing it to 1 for every Contract Month. (example: For baseload type product with contract month day count of 30 days, set 0.966, as Delta Scaling Factor is calculated by 30 days/31 days)

However, for trade conversion multiplier to be recorded on Type P Record, the same value as trade unit of underlying asset record will be set for both underlying asset record and Futures record. (example: For baseload type product with contract month day count of 30 days, 74,400)

In association with the change of Delta Scaling Factor, Risk Array Value to be set on Type 81, 82 Records will be different depending on the Contract Month day count.

See next slide for an example.

2. ⑦ Change related to Electricity Futures T

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Annex 2. ⑦ Change related to Electricity Futures T

Example of Record Setting after Change (Example for East Area Baseload Electricity Futures; excerpts)

Points mentioned in the previous slide are shown in red.

DISCLAIMER: This is the reference translation of the original Japanese document. Japan Securities Clearing Corporation shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. This document may not be reproduced or redistributed in whole or in part without the permission of Japan Securities Clearing Corporation.

2 OSE TEBL 2JPYYPN TEBL PHY TEBLF FUT3 TEBL 1001201909203909 100010001000C TEBL 1001020002000010101A020101B4 TEBL 01 00000001001001002B OSETEBL PHY000000 0000000 300003000 002738 10000B OSETEBLF FUT201909 0000000 00 1000 300003000 002738 09677 TEBLB OSETEBLF FUT201910 0000000 00 1000 300003000 002738 10000 TEBLB OSETEBLF FUT201911 0000000 00 1000 300003000 002738 09677 TEBLB OSETEBLF FUT201912 0000000 00 1000 300003000 002738 10000 TEBLB OSETEBLF FUT202001 0000000 00 1000 300003000 002738 10000 TEBLB OSETEBLF FUT202002 0000000 00 1000 300003000 002738 09355 TEBLP OSETEBL PHYTEBL 000000 007440000000000000000001JPYYSTDP OSETEBLF FUTTEBLF 002000 007440000000000000000001JPYYSTD81OSETEBLF TEBL FUT 201909 00000+00000+00290-00290-00290+00290+00677-00677-00677+82OSETEBLF TEBL FUT 201909 00677+00968-00968-00968+00968+00871-00871+10000+00000000000101181OSETEBLF TEBL FUT 201910 00000+00000+00300-00300-00300+00300+00700-00700-00700+82OSETEBLF TEBL FUT 201910 00700+01000-01000-01000+01000+00900-00900+10000+00000000000093481OSETEBLF TEBL FUT 201911 00000+00000+00290-00290-00290+00290+00677-00677-00677+82OSETEBLF TEBL FUT 201911 00677+00968-00968-00968+00968+00871-00871+10000+00000000000092281OSETEBLF TEBL FUT 201912 00000+00000+00300-00300-00300+00300+00700-00700-00700+82OSETEBLF TEBL FUT 201912 00700+01000-01000-01000+01000+00900-00900+10000+00000000000096181OSETEBLF TEBL FUT 202001 00000+00000+00300-00300-00300+00300+00700-00700-00700+82OSETEBLF TEBL FUT 202001 00700+01000-01000-01000+01000+00900-00900+10000+00000000000114381OSETEBLF TEBL FUT 202002 00000+00000+00281-00281-00281+00281+00655-00655-00655+82OSETEBLF TEBL FUT 202002 00655+00936-00936-00936+00936+00842-00842+10000+000000000001042

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Annex

＜Treatment of Portfolio File for PC-SPAN＞

Depending on setting of Client Identifiers (23-digits character made from Clearing Member Code and Account Number) of Portfolio File, the calculation result will be different even for the same portfolio as the following table.

The same as the current margin offset by Net Option Value among JGB Futures Group and Equity Group.

As to #4, margins are offset among products regulated under the Commodity Derivatives Act and the Financial Instruments and Exchange Act, and the calculation result of PC-SPAN will be different from the result calculated by JSCC. Therefore, please note that margins shall not be offset by some manners such as separating Client Identifiers or separating Portfolio File.

＜Treatment of Position Report File for cCran＞

As to Position Report File, Initial Margins are calculated for each account and each Client ID.

Therefore, in case of setting Client IDs like #1, 2 and 3, the result will be the same as cCran.

On the other hand, as to #4, even in case that the same Client IDs are used, the calculation result by cCran will be #3 not #4, as Position Report will be done for different accounts.

2. ⑧ Notes related to Portfolio File and Position Report File T O

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Sample Portfolio Setting SPAN Initial Margin

1 ・225OP_Put_Oct. 2019_Strike14000：Long 1 Qty ・Gold Futures_Aug. 2020：Long 1 Qty

In case that Client Identifiers of Portfolio File are different between the two instruments

・PSR(Gold Futures) →108,000 JPY

2 In case that Client Identifier of Portfolio File is the same between the two instruments

・PSR(Gold Futures)-NOV →108,000-1,000=107,000 JPY

3 ・225OP_Put_Oct. 2019_Strike14000：Long 1 Qty ・Dubai Crude Oil Futures_Feb. 2020：Long 1 Qty

In case that Client Identifiers of Portfolio File are different between the two instruments

・PSR(Dubai Crude Oil Futures) →115,000 JPY

4 In case that Client Identifier of Portfolio File is the same between the two instruments

・PSR(Dubai Crude Oil Futures)-NOV →115,000-1,000=114,000 JPY

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Annex

＜Addition of Commodity Products＞

We are thinking about adding some of the products to be transferred to OSE and some of the products remaining at TOCOM to products subject to IM Add-on Charge calculation.

Sample file containing additional products will be provided as soon as decision is made on the covered products. However, as it is planned to be recorded on the same Add-on Charge Parameter File (APF) as the products currently traded at OSE (such as JGB Futures and Index Futures), for Participants using APF, please note the following:

Record starting line for existing products will change due to addition of Type 1 Record / Type 2 Record related to Commodity Derivatives

Type 3 Record related to Commodity Derivatives will be recorded

Alphabet will be set for 9 digit issue code related to Commodity Derivatives

There will be no change to file posting location and time.

3. Change in Add-on Charge Parameter File T O

DISCLAIMER: This is the reference translation of the original Japanese document. Japan Securities Clearing Corporation shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. This document may not be reproduced or redistributed in whole or in part without the permission of Japan Securities Clearing Corporation.