Jun. 10, 2016 OSE
Handling of Rules and Important Notes Concerning Launch of Next J‐GATE and New Products
The handling of rules concerning developing rules in connection with the lanch of Next J-GATE on July 19, 2016 (scheduled),etc. will be as follows.
1. Night session will not be held on the business day preceding the launch date of Next J‐GATE
The night session on July 15, 2016 (Trading day:July 19, 2016), which is a business day preceding the launch date of Next J‐GATE, will not be held at OSE.
2.Non-cancel Period
The products and timetable for the Non-cancel Period , a new one-minute period during which existing orders cannot be amended or cancelled, are specified in Appendix 1.
3.Reference price of immediately executable price range
For all products, the reference price for the immediately executable price range shall be the middle price of the last best bid and offer prices (including the last contract price) or, when OSE deems it necessary, a price determined by OSE.
4. Setting strike prices based on application(On-demand strike)
With respect to options trading, excluding securities options, strike prices may be set based on application from trading participants.
5. Implied-out function
Implied-out function shall be introduced for TOPIX Options. The implied-out function generates a bid and offer for the issue involved in the strategy trade from a bid or offer based on a certain strategy and is currently introduced only for Options on JGB Futures.
6.Restriction on Give-Up
Contract value below JPY 1 may be generated due to the reduction of the tick size in J-NET trading to 0.0001. Due to this, OSE will restrict Give-Ups involving splitting the original contract quantity that result in non-integer contract value.
7. Contract prices for strategy trade component issues
Contract prices for strategy trade component issues may fall above or below the price limit range of each issue.
8. Central contract month for New Products
The central contract month for TSE Mothers Futures and FTSE China 50 Index Futures shall be the nearest contract month. The central contract month is used to determine the trigger level for a temporarily trading halt (Circuit Breaker Rule: SCB).
※TAIEX Futures are not subject to SCB.
9. Order size limits
As one of the measures to enhance market supervision on erroneous orders, our trading system rejects orders that exceed the quantity specified by OSE (hereinafter “order size limits“). The order size limits for existing and new products after the launch date are shown in Appendix 2.
10. Temporary revisions to the price limit range
The price limit range for futures and options contracts based on a Japanese securities index will be temporarily revised in cases where the ratio of the price limit range at the second expansion of the price limits to the reference price for price limits is beyond 20% or under 12% for two straight days or in others cases where OSE deems it necessary. This handling will also apply to the TSE Mothers Index.
Please refer to the following file for the Appendixes.
Contact
Osaka Exchange
TEL:+81-6-4706-0800
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