Update : Jul. 01, 2012
Trading participants are not allowed to place a sell order which falls below the lower limit or a buy order which exceeds the upper limit for a certain price limit from the base price (i.e., previous day's settlement price).
The daily price limits in inter-month spread trading are, as a general rule, twice the daily price limits on bids and offers of individual issues.
Placement of sell orders or buy orders which exceed the daily price limits are not allowed.
In cases where a futures contract falls under the criteria for triggering a circuit breaker, TSE shall expand the daily price limit in stages.
|JGB Futures||Stock Price Index Futures*||Dividend Index Futures|
|Base price ± JPY 1||Base price ± 75 pts.||No daily price limits|
|Base price ± JPY 2||Base price ± 110 pts.|
|Base price ± JPY 3||Base price ± 150 pts.|
|Base Price of Central Contract Month
(Previous Day's Settlement Price)
|First Price Limit||Second Price Limit||Maximum Price limit|
|Less than 750 pts.||50.0 pts.||75.0 pts.||100.0 pts.|
|750 pts. or more but less than 1,000 pts.||75.0 pts.||110.0 pts.||150.0 pts.|
|1,000 pts. or more but less than 1,250 pts.||100.0 pts.||150.0 pts.||200.0 pts.|
|1,250 pts. or more but less than 1,750 pts.||150.0 pts.||225.0 pts.||300.0 pts.|
|1,750 pts. or more but less than 2,250 pts.||200.0 pts.||300.0 pts.||400.0 pts.|
|2,250 pts. or more but less than 2,750 pts.||250.0 pts.||375.0 pts.||500.0 pts.|
|2,750 pts. or more but less than 3,250 pts.||300.0 pts.||450.0 pts.||600.0 pts.|
|3,250 pts. or more but less than 3,750 pts.||350.0 pts.||525.0 pts.||700.0 pts.|
|3,750 pts. or more||400.0 pts.||600.0 pts.||800.0 pts.|
The same price shall be adopted from the morning session to the evening session and updated to the previous day's settlement price at the opening of the morning session on the following day.
However, the base price may be changed manually where necessary in light of market conditions.
Please refer to the following chart for an illustration of the update timing of base prices and daily price limits.
In cases where the central contract month meets the following criterion, temporary halt will apply to trading of not only the central contract month but all contract months immediately.
In case when a buy (sell) order is placed to the central contract month at the upper (lower) price limit (may be followed by the execution at this price), and there is no trade at other prices for next 5 minutes.
All contract months will be halted for 10 minutes when the central contract month meets an above criteria.
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