{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "the-contract", "type": "definition", "offset": [0, 12]}, {"key": "margin-fx-contract", "type": "definition", "offset": [23, 41]}, {"key": "quantity-of", "type": "clause", "offset": [54, 65]}, {"key": "underlying-instrument", "type": "definition", "offset": [70, 91]}, {"key": "counter-currency", "type": "definition", "offset": [95, 111]}, {"key": "as-specified", "type": "clause", "offset": [112, 124]}, {"key": "product-schedule", "type": "clause", "offset": [132, 148]}, {"key": "the-trading-platform", "type": "clause", "offset": [162, 182]}, {"key": "from-time-to-time", "type": "clause", "offset": [195, 212]}], "snippet": "The Contract Unit of a Margin FX Contract will be the quantity of the Underlying Instrument in counter currency as specified in the Product Schedule available on the Trading Platform and updated from time to time.", "samples": [{"hash": "4YvrycXEGgL", "uri": "/contracts/4YvrycXEGgL#contract-unit", "label": "Client Agreement", "score": 33.3623822878, "published": true}, {"hash": "jD3BmRqABsA", "uri": "/contracts/jD3BmRqABsA#contract-unit", "label": "Client Agreement", "score": 31.1138672432, "published": true}, {"hash": "gwi6ktNksDF", "uri": "/contracts/gwi6ktNksDF#contract-unit", "label": "Client Agreement", "score": 30.6220019121, "published": true}], "size": 28, "hash": "7894891e0c6d14a3ede93244d14d68ce", "id": 1}, {"snippet_links": [{"key": "the-contract", "type": "definition", "offset": [0, 12]}, {"key": "quantity-of", "type": "clause", "offset": [39, 50]}, {"key": "underlying-instrument", "type": "definition", "offset": [55, 76]}, {"key": "base-currency", "type": "definition", "offset": [80, 93]}, {"key": "as-specified", "type": "clause", "offset": [94, 106]}, {"key": "the-trading-platform", "type": "clause", "offset": [110, 130]}, {"key": "from-time-to-time", "type": "clause", "offset": [164, 181]}], "snippet": "The Contract Unit of a CFD will be the quantity of the Underlying Instrument in Base Currency as specified on the Trading Platform. 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If, in accordance with the custom of the relevant market, prices for a commodity are quoted in different currencies in different markets, you may request us to quote a price for the Commodity CFD in any of the customary currencies.", "samples": [{"hash": "1NoVOkj9Axv", "uri": "/contracts/1NoVOkj9Axv#contract-unit", "label": "Client Agreement", "score": 31.7879656334, "published": true}, {"hash": "286G4SsaqWZ", "uri": "/contracts/286G4SsaqWZ#contract-unit", "label": "Client Agreement", "score": 26.87816564, "published": true}, {"hash": "jFGbZxhKPYu", "uri": "/contracts/jFGbZxhKPYu#contract-unit", "label": "Client Agreement", "score": 26.370294319, "published": true}], "size": 15, "hash": "fb15102b7994d8c32f844d5bb23b79b3", "id": 3}, {"snippet_links": [], "snippet": "Enter address of unit, including apartment number, if any.", "samples": [{"hash": "3953c6LooP7", "uri": "/contracts/3953c6LooP7#contract-unit", "label": "Residential Lease Agreement", "score": 34.224063563, "published": 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"samples": [{"hash": "1NoVOkj9Axv", "uri": "/contracts/1NoVOkj9Axv#contract-unit", "label": "Client Agreement", "score": 31.7879656334, "published": true}, {"hash": "286G4SsaqWZ", "uri": "/contracts/286G4SsaqWZ#contract-unit", "label": "Client Agreement", "score": 26.87816564, "published": true}, {"hash": "jFGbZxhKPYu", "uri": "/contracts/jFGbZxhKPYu#contract-unit", "label": "Client Agreement", "score": 26.370294319, "published": true}], "size": 11, "hash": "ffd8a8b66e7a7286f9bdc736b15f3706", "id": 5}, {"snippet_links": [{"key": "the-contract", "type": "definition", "offset": [0, 12]}, {"key": "index-futures-cfd", "type": "definition", "offset": [24, 41]}, {"key": "index-futures-contract", "type": "definition", "offset": [90, 112]}, {"key": "quoted-prices", "type": "definition", "offset": [121, 134]}, {"key": "currency-of", "type": "definition", "offset": [151, 162]}, {"key": "currency-amount", "type": "definition", "offset": [213, 228]}, {"key": "as-specified", "type": "clause", "offset": [246, 258]}], "snippet": "The Contract Unit of an Index Futures CFD will be the points total of the relevant Equity Index Futures Contract and our quoted prices in the relevant currency of the Equity Index Futures Contract at the relevant currency amount per index point (as specified in our PDS).", "samples": [{"hash": "bzu3Tt6VszM", "uri": "/contracts/bzu3Tt6VszM#contract-unit", "label": "Retail Client Agreement", "score": 29.8499093866, "published": true}, {"hash": "cq31UuQMNMJ", "uri": "/contracts/cq31UuQMNMJ#contract-unit", "label": "Retail Client Agreement", "score": 27.2203148432, "published": true}, {"hash": "218NWm2BKZz", "uri": "/contracts/218NWm2BKZz#contract-unit", "label": "Retail Client Agreement", "score": 25.2630970234, "published": true}], "size": 6, "hash": "2551751502161ae21409a4fe7a40f721", "id": 6}, {"snippet_links": [{"key": "the-contract", "type": "definition", "offset": [0, 12]}, {"key": "one-ounce", "type": "definition", "offset": [48, 57]}, {"key": "the-relevant", "type": "clause", "offset": [61, 73]}, {"key": "currency-of", "type": "definition", "offset": [155, 166]}, {"key": "relevant-market", "type": "clause", "offset": [171, 186]}], "snippet": "The Contract Unit of a Bullion Contract will be one ounce of the relevant metal (gold, silver, palladium or platinum) and we quote prices in the customary currency of the relevant market per ounce.", "samples": [{"hash": "bzu3Tt6VszM", "uri": "/contracts/bzu3Tt6VszM#contract-unit", "label": "Retail Client Agreement", "score": 29.8499093866, "published": true}, {"hash": "cq31UuQMNMJ", "uri": "/contracts/cq31UuQMNMJ#contract-unit", "label": "Retail Client Agreement", "score": 27.2203148432, "published": true}, {"hash": "218NWm2BKZz", "uri": "/contracts/218NWm2BKZz#contract-unit", "label": "Retail Client Agreement", "score": 25.2630970234, "published": true}], "size": 4, "hash": "73c219dd741228223bb93fecc2cea4df", "id": 7}, {"snippet_links": [{"key": "foreign-exchange-contract", "type": "definition", "offset": [5, 30]}, {"key": "currency-unit", "type": "definition", "offset": [43, 56]}, {"key": "the-primary", "type": "clause", "offset": [60, 71]}, {"key": "reference-currency", "type": "definition", "offset": [72, 90]}], "snippet": "of a Foreign Exchange Contract will be one currency unit of the primary reference currency.", "samples": [{"hash": "bzu3Tt6VszM", "uri": "/contracts/bzu3Tt6VszM#contract-unit", "label": "Retail Client Agreement", "score": 29.8499093866, "published": true}, {"hash": "cq31UuQMNMJ", "uri": "/contracts/cq31UuQMNMJ#contract-unit", "label": "Retail Client Agreement", "score": 27.2203148432, "published": true}, {"hash": "218NWm2BKZz", "uri": "/contracts/218NWm2BKZz#contract-unit", "label": "Retail Client Agreement", "score": 25.2630970234, "published": true}], "size": 4, "hash": "138aae14ff1706ba7d48b1d08a4bb355", "id": 8}, {"snippet_links": [{"key": "the-contract", "type": "definition", "offset": [0, 12]}, {"key": "currency-unit", "type": 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"refer-to", "type": "definition", "offset": [543, 551]}, {"key": "the-link", "type": "clause", "offset": [571, 579]}, {"key": "to-pay", "type": "clause", "offset": [827, 833]}, {"key": "futures-margin", "type": "definition", "offset": [838, 852]}, {"key": "according-to", "type": "definition", "offset": [874, 886]}, {"key": "calculation-methodology", "type": "definition", "offset": [938, 961]}, {"key": "the-standard", "type": "clause", "offset": [979, 991]}, {"key": "future-losses", "type": "definition", "offset": [1062, 1075]}, {"key": "current-positions", "type": "clause", "offset": [1089, 1106]}, {"key": "price-volatility", "type": "clause", "offset": [1129, 1145]}, {"key": "implied-volatility", "type": "definition", "offset": [1147, 1165]}, {"key": "futures-contracts", "type": "definition", "offset": [1174, 1191]}, {"key": "an-investor", "type": "definition", "offset": [1295, 1306]}, {"key": "the-position", "type": "clause", "offset": [1316, 1328]}, {"key": "terms-of-the", "type": "clause", "offset": [1351, 1363]}, {"key": "the-investor", "type": "definition", "offset": [1447, 1459]}, {"key": "based-on", "type": "clause", "offset": [1576, 1584]}, {"key": "market-conditions", "type": "clause", "offset": [1668, 1685]}, {"key": "minimum-required-amount", "type": "definition", "offset": [1754, 1777]}, {"key": "trading-participant", "type": "definition", "offset": [1798, 1817]}, {"key": "margin-amount", "type": "definition", "offset": [1902, 1915]}, {"key": "delivery-date", "type": "definition", "offset": [1995, 2008]}, {"key": "day-of", "type": "clause", "offset": [2037, 2043]}, {"key": "business-holiday", "type": "definition", "offset": [2085, 2101]}, {"key": "date-of-the-contract", "type": "clause", "offset": [2144, 2164]}, {"key": "business-day", "type": "clause", "offset": [2182, 2194]}, {"key": "prior-to-the-delivery", "type": "clause", "offset": [2195, 2216]}, {"key": "contract-months", "type": "clause", "offset": [2270, 2285]}, {"key": "the-contracts", "type": "clause", "offset": [2331, 2344]}, {"key": "for-example", "type": "definition", "offset": [2382, 2393]}, {"key": "listed-contract", "type": "definition", "offset": [2419, 2434]}, {"key": "new-contract", "type": "clause", "offset": [2554, 2566]}, {"key": "current-date", "type": "definition", "offset": [2712, 2724]}, {"key": "contract-in-the", "type": "clause", "offset": [2741, 2756]}, {"key": "actively-traded", "type": "definition", "offset": [2790, 2805]}, {"key": "month-contract", "type": "clause", "offset": [2853, 2867]}, {"key": "this-contract", "type": "clause", "offset": [3001, 3014]}, {"key": "in-practice", "type": "clause", "offset": [3222, 3233]}, {"key": "nine-months", "type": "definition", "offset": [3279, 3290]}, {"key": "price-data", "type": "definition", "offset": [3337, 3347]}, {"key": "active-contract", "type": "definition", "offset": [3396, 3411]}], "snippet": "The contract size of a single JGB Futures contract is JPY 100 million, suggesting that buying or selling one unit of JGB Futures contacts is equivalent to holding long or short position amounts to JPY 100 million worth of JGB Futures. This amount of JPY 100 million is referred to as \u201cnotional contract value (or notional amount).\u201d As shown in Figure 3, the current average daily trading volume of 10-year JGB Futures is about 40,000 contracts or JPY 4 trillion on a contract notional value basis. 4 For more details about the itayose method, refer to JPX\u2019s website from the link below. \u2587\u2587\u2587\u2587\u2587://\u2587\u2587\u2587.\u2587\u2587\u2587.\u2587\u2587.\u2587\u2587/english/derivatives/rules/trading-methods/index.html To buy one unit of JGB Futures, equivalent to the notional amount of JPY 100 million, investors do not need to prepare JPY 100 million. Instead, investors only need to pay the futures margin required, calculated according to their positions. Futures margins are measured by a calculation methodology called SPAN\u00ae, or the Standard Portfolio Analysis of Risk, and its fundamental objective is to cover future losses arising from current positions by using the expected price volatility (implied volatility) of the futures contracts.5 Suppose a futures margin of JPY 1 million is required to buy one JGB Futures contract. In this case, an investor can take the position of JPY 100 million in terms of the notional value of JGB Futures with collateral of JPY 1 million. This suggests that the investor can trade with 100 times leverage (100 million/1 million) using JGB Futures. Since the futures margin is calculated based on parameters such as expected price volatility, the level of leverage depends on the market conditions at that time. Note that the futures margin measured by SPAN\u00ae is the minimum required amount between a CCP and a trading participant, and investors can reduce the level of leverage by increasing the deposited futures margin amount. The month in which futures contracts expire is called the contract month. The delivery date for JGB Futures is the 20th day of each contract month (or if it falls on a business holiday, the following day), and the last trading date of the contract month is the 5th business day prior to the delivery date. As mentioned above, JGB Futures have quarterly contract months in March, June, September, and December, and the contracts of the upcoming three can be traded. For example, as of January 2021, the listed contract months of JGB Futures are March-2021, June-2021, and September-2021s. When the March-2021 contract month is expired, a new contract month, the December-2021 contract month, will be launched. In the JGB Futures market, a contract month whose last trading date is closest to the current date, the March-2021 contract in the above case, tends to be the most actively traded, and such a contract month is called an active month contract. Investors typically trade the nearest contract month: the March-2021 contract month in the above case. As the last trading date for this contract month approaches, investors roll their positions to the following nearby contract month (the June-2021 contract month in the above case). As such, one contract month is only actively traded for three months in practice, although theoretically it can be traded for nine months. As shown in Figure 3, when using time series price data of JGB Futures contracts, prices of the nearest active contract months are usually combined.", "samples": [{"hash": "eCWYjVMxpYj", "uri": "/contracts/eCWYjVMxpYj#contract-unit", "label": "Introduction to Japanese Government Bond (Jgb) Futures", "score": 30.1092533413, "published": true}, {"hash": "ltZM7qwKXqu", "uri": "/contracts/ltZM7qwKXqu#contract-unit", "label": "Introduction to Japanese Government Bond (Jgb) Futures", "score": 23.5544147844, "published": true}], "size": 2, "hash": "1dc2c83ac59aa2727609ebe1886bfd09", "id": 10}], "next_curs": "ClYSUGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjILEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhZjb250cmFjdC11bml0IzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"parents": [["pricing", "PRICING"], ["cfd-pricing", "CFD Pricing"], ["margin-fx-contracts-pricing", "Margin Fx Contracts Pricing"], ["bullion-cfds", "Bullion CFDs"], ["commodity-cfds", "Commodity CFDs"]], "children": [["shares", "Shares"], ["indices", "Indices"], ["where-the-spot-or-forward", "Where the Spot or Forward"]], "title": "Contract Unit", "size": 67, "id": "contract-unit", "related": [["unit", "Unit", "Unit"], ["contract-creation", "CONTRACT CREATION /", "CONTRACT CREATION /"], ["contract-task-order", "Contract Task Order", "Contract Task Order"], ["c1-contract-price", "C1 Contract Price", "C1 Contract Price"], ["contract-sales-price", "Contract Sales Price", "Contract Sales Price"]], "related_snippets": [], "updated": "2025-07-07T12:36:13+00:00", "also_ask": [], "drafting_tip": null, "explanation": "The Contract Unit clause defines the specific quantity or measurement that serves as the basis for transactions under the agreement. It typically specifies how goods or services are grouped for pricing, delivery, and settlement purposes\u2014for example, a contract unit might be one metric ton of a commodity or a set number of service hours. By clearly establishing the standard unit for contractual obligations, this clause ensures both parties have a mutual understanding of the scope of each transaction, reducing the risk of disputes over quantity or performance."}, "json": true, "cursor": ""}}