Osaka Exchange’s Pocket Gold 100 Futures traded 13,526 contracts on 16 October, taking daily activity above 10,000 for the first time since their April launch. JPX disclosed the milestone on 21 October as it prepared to introduce the December 2027 gold and platinum contracts on 28 October.[1]
The timing makes the activity report more consequential than a stand-alone volume record. The exchange is approaching both the first annual rollover window for the Pocket products and the end of the older rolling-spot contracts. Those are different events, with different consequences for an existing position.[4]
Smaller contracts still carry leveraged exposure
Pocket Gold represents 100 grams, one-tenth of the standard gold contract’s one-kilogram unit. It settles in cash and references Gold Standard Futures. The platinum equivalent also represents 100 grams, compared with 500 grams for Platinum Standard Futures.[2][5]
Pocket Gold: exposure and settlement mechanics
| Feature | Published specification |
|---|---|
| Contract unit and quotation | 100 grams; quoted in yen per gramSource 3 |
| Order-book price increment | ¥1 per gram, equivalent to ¥100 per contractSource 3 |
| Daily settlement | Corresponding Gold Standard Futures settlement; last traded price where no matching month exists, subject to JSCC adjustmentSource 3 |
| Final settlement reference | Opening price in the day session on the final trading day of the relevant December Gold Standard Futures contractSource 3 |
| Contract availability | December maturity each year; the next December contract overlaps from late OctoberSource 2 |
At the published contract size, the reported 16 October turnover represents 1,352.6 kilograms of aggregate contract quantity. That is a calculation of trading activity, not bullion delivered or investor holdings: the same exposure can change hands repeatedly during a session. The release does not provide a matching open-interest figure or a spread-and-depth comparison.[1][3]
A ¥100-per-gram move changes one contract’s value by ¥10,000 before costs. That simple sensitivity is more informative than the product’s small unit alone. A lower contract size gives brokers finer increments for position sizing, but the amount needed to support a position still depends on margin and the price path.[3]
Why the old product is being retired
OSE attributes the rolling-spot redesign to persistent gaps between traded and theoretical spot prices. Its explanation describes deteriorating arbitrage, lost liquidity and instances in which price limits obstructed execution. Adding a maturity and anchoring the new contracts to standard futures creates a defined point at which the cash-settled and reference prices converge.[4]
The two transitions brokers need to distinguish
| Date | Event | Effect on positions |
|---|---|---|
| 28 October 2026 | December 2027 Pocket contracts scheduled to start | Creates an overlap with the December 2026 Pocket contracts for rolloverSource 1 |
| 22 December 2026 | Last trading day of the old gold and platinum rolling-spot products | Outstanding positions do not transfer into Pocket contractsSource 4 |
| 23–24 December 2026 | Old-product final price determined on 23 December; final settlement on 24 December | The old positions settle using the theoretical spot-price calculationSource 4 |
For a holder who wants to maintain exposure, the operational task is to distinguish closing or settling an old position from opening a new one. A continuous chart or similar product name cannot perform that transaction. Broker interfaces, contract identifiers and customer communications need to make the distinction visible, particularly when two December Pocket maturities are available together.
The next useful liquidity evidence will be how trading distributes between the Pocket maturities once the next contract opens. Strong turnover in the front contract can support adoption, but a usable rollover also requires executable prices in the next contract. That is the practical test for brokers offering the replacement through the year-end transition.
Sources & further reading
- Pocket Gold and Pocket Platinum 100 Futures Continue to Expand Japan Exchange Group · 21 Oct 2026 · Accessed 21 Oct 2026
- Pocket Gold 100 Futures — overview Japan Exchange Group · Accessed 21 Oct 2026
- Pocket Gold 100 Futures — contract specifications Japan Exchange Group · Accessed 21 Oct 2026
- Suspension of Rolling-Spot Futures and Listing of New Products Japan Exchange Group · Accessed 21 Oct 2026
- Pocket Platinum 100 Futures — overview Japan Exchange Group · Accessed 21 Oct 2026