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FAQ (Derivatives)

Order

Q1. Does price or quantity amendment preserve the order book position of the original order?
A1. Decreasing the quantity will preserve order book position, however, increasing the quantity or changing the price will not preserve the order book position.
Q2. If a GTD/GTC order falls out of the range of price limits (SCB Level) from price limits (SCB Level) update, what would happen to that GTD/GTC order?
A2. Any order that falls out of the range of price limit (SCB Level) will be cancelled. Cancelled order will not become activated.

Price Regulation / Circuit Breaker Rule

Q1. What are the levels of Immediately Executable Price Range and the trading halt when DCB is triggered?
A1. Please refer to the following pages for Immediately Executable Price Range and Trading Halt length for each instruments.
Immediately Executable Price Range Rule
Price Limits/ Circuit Breaker Rule
Q2. How long are the trading halts?
A2. Trading halts will be at least ten minutes. Please refer to the following link for details.
Price Limits/ Circuit Breaker Rule

Price Regulation / Price Limit

Q1. How are the price limits (SCB Level) determined?
A1. The reference price of the price limits (SCB Level) is the settlement price of the previous day. Please refer to the following page for price limits (SCB Level) for each instruments.
Price Limits/ Circuit Breaker Rule

Settlement Price / Position

Q1. <OSE> Is it possible to resell long position of Nikkei 225 Futures in the Nikkei 225 mini market?
A1. Since Nikkei 225 Futures and Nikkei 225 mini are different products, open position cannot be closed in the other market.
Q2. Are there position limits on any of the products?
A2. There are no position limits, excluding individual options and commodity futures.

Others

Q1. Do OSE/TOCOM distribute order book information during Pre-Opening/Pre-Closing session?
A1. Yes, order book information is distributed in Pre-Opening/Pre-Closing session, however, accessible information can vary between brokers and information vendors.
Q2. Do OSE/TOCOM provide night session on the previous day of Japanese national holidays?
A2. Night session is conducted until 6:00 a.m. even if the next day of the business day is holiday. There is no night session on holidays.

Please refer to the following page for more details.
Exchange Holiday
Night Session