Market News

Jul. 07, 2016 OSE Important Matters Concerning the Launch of the Next J-GATE and the Introduction of New Products

 

In relation to the OSE launch of the Next J-GATE trading platform and the introduction of new products on Tuesday, July 19, 2016, we have outlined important matters as follows.

Contract Months

Due to the introduction of new products(*1) and revision of trading rules(*2) , the contract months which will be newly added and other information on the launch date of the Next J-GATE (hereinafter “launch date”) is as outlined, as below.

*1 Indicates TSE Mothers Index Futures, FTSE China 50 Index Futures, TAIEX Futures and JPX-Nikkei Index 400 Options.
*2 Expansion of contract months for TOPIX options.

Newly added contract months and other information on the launch date of next J-GATE icon-pdf

Price Limits

Price Limits

Price limits ,as below will be applied from the launch date including the new products.
Please note that the price limits of index options will be set depending on each instruments’reference price per each underlying index.
(Price limits of current futures contracts will be the same as the previous trading day.)

Index Futures and Options
Overseas Indices Futures

Periodic Update of the Price Limit Range for New Products

Price limit ranges will normally be updated once in every three months.
Specifically, this update will be conducted on the first trading day of March, June, September and December for TSE Mothers Index Futures and JPX-Nikkei 400 Options. As for the price limits of FTSE China 50 Index Futures and TAIEX Futures, they will be updated on the fourth trading day of January, April, July, and October.

Reference Price of Price Limits

The reference price of price limits for each new product will be announced at the previous business day of the launch date (Friday, July 15).

New/Additional Strike Prices

Publish Time of New/Additional Strike Prices

New/additional strike prices will be announced on the JPX websites around 4:15 p.m. (for the time being, new/additional strike prices of security options will be around 4:45 p.m.) of the previous business day of the applicable date.

* new/additional strike prices applicable from the launch date will be announced at the previous business day (Friday, July 15).

New/Additional Strike Prices

New/Additional Strike Prices in the Week of the Last Trading Day

Starting from the launch date, new/additional strike prices will be set even when the applicable date is in the same week of the last trading day.

Notification of Arrival of Last Trading Day

Notification of arrival of last trading day and commencement of a new contract month for the new products will be announced at the same timing as the current timing, which is on the Wednesday of the previous week of the second Friday (when Wednesday is a non-business day, it shall be the preceding business day).

Notification of the Special Quotation

The SQ of the new products will be announced on the JPX websites at the following schedule.
There are no changes for current products.

FTSE China 50 Index Futures : After 3:15p.m.
TSE Mothers Index Futures : After 3:25p.m.
JPX-Nikkei Index 400 Options : After 3:25p.m.
TAIEX Futures : After 3:50p.m.

Give-up trades involving Non-integer Contract Values

As in a previous notice , among the give-up involving split of transactions, the give-up of transactions with non-integer contract value will NOT be available.

J-NET Trading

Others

Halting of the Night Session on the Previous Business Day of the Launch Date

In the current J-GATE, the night session of trading day July 19 will be halted for all products , including J-NET trading.

Treatment of Orders with Validity Period

Orders with a validity period of more than one day which were entered into the current J-GATE, will not be taken over to next J-GATE.

Important Matters concerning TSE Mothers Index Futures

(a) Since the quoting time period of market makers for TSE Mothers Index Futures is only during the day session, liquidity in the night session might be much lower than in the day session.
(b) There tend to be more stocks which conduct section transfers from the Mothers section compared to other market sections. Due to the weight change of component stocks following a section transfer, characteristics in fluctuation of the index value might be highly different than before. Accordingly, in order to make aware these changes which can affect trading in TSE Mothers Index Futures, OSE will notify trading members when a section transfer of stocks from the Mothers is announced.

TSE Mothers Index Futures

Important Matters concerning TAIEX Futures

(a) Night session will not be available for trading in this product.
(b) Static Circuit Breaker and price limits expansion will not apply for this product.
(c) J-NET trading will not be available for this product.

Non-Cancel Period

OSE will introduce a Non Cancel Period (hereinafter, NCP) for a one minute time period prior to opening auctions and closing auction of the night session which limits order amendment and cancellation (exclude orders which satisfies the error order condition of OSE) for designated products .
Furthermore, current rules will be continuously applied to the one minute time period prior to closing auction of the day session (some details of the rule are introduced /modified due to the introduction of NCP) .

New Non‐Cancel Period (NCP)

Enquiry

Osaka Exchange 
TEL:06-4706-0800