Stock Price Formulation

How are special quotes indicated?

Update : Jan. 04, 2010

Answer :

As explained in 'What kind of market information is available to investors?', TSE indicates the special quote and the aggregate shares on each side of the order book up to the special quote price, as well as the 7 next best buy and sell prices with their number of shares.

• What kind of market information is available to investors?

The table below shows the order book with a special bid quote of 500 yen. So TSE calculates the aggregates of offers at prices lower than and equal to that price, and of bids at prices higher than or equal to that price. Thus we can see that there are sell orders for 800 shares at prices up to 500 yen and buy orders for 5,700 shares at 500 yen or more. So the TSE provides information indicating that there is a special quote at 500 yen with a net of 4,900 shares.

Offer (sell) Price Bid (buy) Aggregate Share Share Aggregate 3,500 200 508     3,300 300 507     3,000 100 506     2,900 600 505     2,300 500 504     1,800 300 503     1,500 200 502 4,000 4,000 1,300 500 501 700 4,700 800 400 500S 1,000 5,700 400 200 499 800 6,500 200 200 498 3,000 9,500     497 400 9,900     496 300 10,200     495 100 10,300     494 400 10,700     493 100 10,800     492 500 11,300