Price Limits/ Circuit Breaker Rule

Price Limits

Index futures and options

The price limits for index futures and options contracts are set according to each underlying index category.
In the case where a Circuit Breaker is triggered, trading will be halted and the price limit range will be expanded.

Periodic update of the price limit range

  • For Nikkei 225 Futures, Nikkei 225 mini ,TOPIX Futures, mini-TOPIX Futures, JPX-Nikkei 400 Futures, TSE Mothers Index Futures, TOPIX Core30 Futures, TOPIX Banks Index Futures , TSE REIT Index Futures, RN Prime Index Futures , Nikkei 225 Options, TOPIX Options and JPX-Nikkei 400 Options, the price limit range shall be calculated by multiplying the base price for calculating the price limit range by the following rates. This base price for calculating the price limit range is a value obtained by using reference prices of price limits from a most recent time period(*).In principle, the price limit range will be recalculated on a quarterly basis (March, June, September and December)
  • The price limit range for DJIA Futures will be revised every 3 months(April to June, July to September, October to December, and January to March). Base price for calculating the price limit range is the closing level of DJIA on the last day of the last month of the quarter will be applicable for the next quarter.
  • The price limit range for India Nifty50 Futures will be revised every 3 months(April to June, July to September, October to December, and January to March). Base price for calculating the price limit range is the closing level of Nifty 50 on the last day of the last month of the quarter will be applicable for the next quarter.
  • The price limit range for TAIEX Futures will be revised every 3 months(April to June, July to September, October to December, and January to March). Base price for calculating the price limit range is the closing level of TAIEX on the last day of the last month of the quarter will be applicable for the next quarter.
  • The price limit range for FTSE China 50 Index Futures will be revised every 3 months(April to June, July to September, October to December, and January to March). Base price for calculating the price limit range is the closing level of FTSE China 50 Index on the last day of the last month of the quarter will be applicable for the next quarter.

    ※ Please note that the applicable period of the price limits for DJIA Futures, India Nifty50 Futures, TAIEX Futuresa and FTSE China 50 Index Futures is different from other OSE products.
  • The price limit range for Nikkei 225 VI Futures will be 10 points (absolute value) and will not be recalculated regularly.
(note)
  • ・Base price for calculating the price limit range.
    The average value of the reference price of the price limits for bids and offers (=previous day's settlement price) on each trading day with regards to the leading contract month on each underlying index for 20 days from the trading day ending on the day that is 25 days prior to the trading day (or the following business day, if it falls on a non-business day) listed in the following (a) through (d).

    (a) Trading day ending on March 1
    (b) Trading day ending on June 1
    (c) Trading day ending on September 1
    (d) Trading day ending on December 1

Base price for calculating a price limit range

Base price for calculating a price limit range
(note)
  • ・In the case where the ratio of the price limit range at the 2nd expansion of price limits to the reference price for price limits is beyond 20% for the two straight days (Nikkei 225 Futures, Nikkei 225 mini ,TOPIX Futures, mini-TOPIX Futures, JPX-Nikkei 400 Futures, TSE Mothers Index Futures, TOPIX Core30 Futures, TOPIX Banks Index Futures , TSE REIT Index Futures, RN Prime Index Futures , Nikkei 225 Options, TOPIX Options, JPX-Nikkei 400 Options) or in other cases where OSE deems it necessary,OSE will make an extraordinary revision of the price limit range.
    In case of Index Futures, only price limits in one direction, up or down, will be expanded. For Index options, both the upper and lower limits will be expanded

Expansion of upper or (and) lower price limits when a Circuit Breaker is triggered

  • The price limits for Index Futures(except for TAIEX Futures, Dividend Index Futures and Nikkei 225 VI Futuresi) will be expanded to the 1st expansion of price limits, and then to the 2nd expansion of price limits.
  • Normally, the upper or lower price limit range for Nikkei 225 VI Futures will be expanded by 5 points (no limitation on how many times the price limit range will be expanded).
  • In case of Index Futures, only price limits in one direction, up or down, will be expanded. For Index options, both the upper and lower limits will be expanded .

Category Normal 1st Expansion 2nd Expansion
Index Futures Nikkei 225 Futures, Nikkei 225 mini 8% 12% 16%
TOPIX Futures, mini-TOPIX Futures
JPX-Nikkei 400 Futures
TSE Mothers Index Futures
TOPIX Core30 Futures
TOPIX Banks Index Futures
TSE REIT Index Futures
RN Prime Index Futures
India Nifty50 Futures 10% 15% 20%
FTSE China 50 Index Futures
Nikkei 225 VI Futures 10pts Normally, expanded by 5 points(unlimited number of times)
DJIA Futures 7% 13% 20%
TAIEX Futures 10% No expansion of price limits
Index Options Nikkei 225 Options
(Reference price)
less than 50 yen
50 yen or more to less than 200 yen
200 yen or more to less than 500 yen
500 yen or more


4%
6%
8%
11%
Add 3% to Normal Price Limits Add 3% to 1st Expansion Price Limits
TOPIX Options
(Reference price)
less than 5 points
5 points or more to less than 20 points
20 points or more to less than 50 points
50 points or more


4%
6%
8%
11%
Add 3% to Normal Price Limits Add 3% to 1st Expansion Price Limits
JPX-Nikkei 400 Options
(Reference price)
less than 50 points
50 points or more to less than 200 points
200 points or more to less than 500 points
500 points or more


4%
6%
8%
11%
Add 3% to Normal Price Limits Add 3% to 1st Expansion Price Limits

The Present setting of Price Limits

Dividend Index Futures

The price limit range

  • The price limit range for Nikkei Stock Average Dividend Point Index shall be 50 JPY up and down from the reference price and will not be periodically updated.
  • The price limit range for TOPIX Dividend Index and TOPIX Core30 Dividend Index shall be 5 points up and down from the reference price and will not be periodically updated.

Expansion of upper or (and) lower price limits when a Circuit Breaker is triggered

  • Normally, the upper or lower price limit range for Nikkei Stock Average Dividend Point Index will be expanded by 25 yen (no limitation on how many times the price limit range will be expanded).
  • Normally, the upper or lower price limit range for TOPIX Dividend Index and TOPIX Core30 Dividend Index will be expanded by 2.5 pts (no limitation on how many times the price limit range will be expanded).
Category Normal Expansion
Nikkei Stock Average Dividend Point Index JPY 50 Normally,expanded by 25 yen
(unlimited number of times)
TOPIX Dividend Index 5pts Normally,expanded by 2.5 pts
(unlimited number of times)
TOPIX Core30 Dividend Index 5pts Normally,expanded by 2.5 pts
(unlimited number of times)

Securities Options

With respect to price limits for Securities options Contracts, the price limit range will be calculated by multiplying the reference price for price limits of an underlying security on the designated market by 25%, and the range will be recalculated daily.

JGB Futures and Options

The price limit range

The price limit range of JGB Futures and Options shall not be periodically undated as in Index Futures and Options, but will be set as in the table below.
In the case where a Circuit Breaker is triggered, trading will be halted and the price limit range will be expanded.

Expansion of upper or (and) lower price limits when a Circuit Breaker is triggered

The expansion of JGB Futures and Options shall be conducted only once (this differs from Index Futures and Options).

Category Normal Expansion
5-year JGB Futures JPY 2.00 JPY 3.00
10-year JGB Futures JPY 2.00 JPY 3.00
20-year JGB Futures JPY 4.00 JPY 6.00
mini 10-year JGB Futures JPY 2.00 JPY 3.00
Options on JGB Futures JPY 2.10 JPY 3.00

Circuit Breaker Rule(SCB)

The circuit breaker rule is applied to temporarily halt trading in order to allow investors to calm down when the market is overly volatile.

Conditions for CB Trigger Below applies with respect to the leading contract month of future contracts. In the case where a buy (sell) order is placed (or executed) at the upper (lower) price limit for the central contract month of a futures contract (excluding mini contracts), and no subsequent trades are executed outside 10% of the daily price limit range (JGB futures will be applied the dynamic circuit breaker range.) from said upper (lower) price limit in the next minute, the trading of futures whose underlying is the same as this central contract month (including mini contracts) will be suspended and the upper (lower) daily price limit range will be expanded. Price limits will be expanded in stages according to CB trigger situation. Price limits will be expanded during the trading halt.
Contracts (Issues) Subject to Trading Halt In cases where the criteria for the CB trigger are met, trading of the issues below will be halted.
  1. All future contract months
  2. All option contracts which have the same underlying index
  3. The strategy trades related to (1)
  4. J-NET trading of (1) and (2)
Conditions for Exception of Application
  • In the case where the above criteria is met within 20 minutes before the end of the regular session of the day (afternoon) or night session.
  • For futures (excluding Nikkei 225 VI futures and dividend index futures),in the case where the circuit breaker criteria is triggered again after the daily price limits has been expanded to the 2nd expansion range.
  • In cases where the Exchange deems that a trading suspension would not be appropriate in consideration of the trading conditions, etc.
Beginning of
Trading Halt
The time that OSE determines on each occasion immediately after the criteria for CB trigger are met
(note)
  • ・Due to that halt operation is carried out immediately after CB criteria is met, there is a slight time difference between the time CB criteria is met and the actual initiation of halt.
Duration for Trading Halt 10 minutes
Method for Resumption After the duration for a trading halt, trading will be resumed by the Itayose method with the price limit expanded.
Method for Resumption Renewed on a trading day basis
(note)
  • ・CB is not applied to TAIEX Futuers.
  • ・In cases where the Exchange deems that a trading suspension would not be appropriate in consideration of the trading conditions, etc., trading will not be halted.

Please see the following for the description of triggering CB and expanding price limits in stages.

Example of Triggering Circuit Breaker
Description of Expanding Price Limits in Stages