Revisions to Trading Rules in Connection with Launch of J-GATE3.0

OSE will partially revise the trading rules in line with the launch of J-GATE3.0 as follows.

Expansion of Trading Hours

OSE will extend its trading hours not only to meet investor demand but also to enhance trading opportunity and price discovery function.

Longer Night Session

OSE will extend the end of the night session from 5:30 a.m. to 6:00 a.m.
This provides investors with more opportunities to respond to fluctuations in NY equity market (Winter Time : 11:30 p.m. - 6:00 a.m.)

(note)
  • ・For Nikkei 225 VI Futures and Commodity Futures (Rubber Market), the night session ends at 7 p.m. as it is.
  • ・Trading hours for J-NET trading will also be extended to 6:00 a.m.

Earlier Opening Time for Equity Index Option

OSE will move up the start of the day session for index options from 9:00 a.m. to 8:45 a.m.

Trading Time after the Revisions

Trading Hours

Revision to Immediately Executable Price Range Rule (DCB Rule), etc.

DCB Rule for Opening Auctions, etc

OSE will introduce DCB Rule for opening auctions, etc. (including Itayose after trading suspension and halt) to increase the possibility of price correction by attracting counter-orders and improving the possibility of cancellation.

DCB Price Range in opening auction will be set wider than during the regular session (Zaraba) for smooth price formation reflecting the market conditions.

Image of DCB Activation in Opening Auction / DCB Price Range

Wider Executable Price Range in Closing Auction

OSE will widen Executable Price Range for index futures trading, index options trading, commodity futures trading and options on commodity futures trading in closing auction to improve the opportunity for closing price formation.

Image of Executable Price Range / Executable Price Range for each Product

Revision to Circuit Breaker Rule (SCB Rule)

Trigger Conditions for SCB Rule

To enhance convenience for investors by making SCB Rule easier to understand, SCB will be triggered immediately after execution, etc. at the lowest price or the highest price of the price limit range for the central contract month of each product.

Image of Triggering Circuit Breaker

When a buy (sell) order is placed (or executed) at the upper (lower) price limit, Static Circuit Breaker will be triggered immediately.

Circuit Breaker

Price Limit Range

The base price for calculating the price limit range for equity index futures trading will be the reference price of the price limit range, and the price limit range will be set on a daily basis.

Price Limit Range

Flexible Contract Months for Index Futures Trading

OSE will introduce Flexible Contract Months for index futures trading (Flexible Futures Trading). Flexible Futures Trading will be conducted in J-NET market (a separate market from the auction market) and contracts can be set based on an application from a trading participant.

Flexible Products
Instrument Creation Time and Trading Hours

New Products

OSE will introduce the following new products.

Nikkei 225 Total Return Index Futures
CME Group Petroleum Index Futures

Revision to Contract Specifications

Intervals for Strike Prices and Number thereof for Options on JGB Futures

The intervals for strike prices for options on JGB Futures will be changed from JPY0.5 to JPY 0.25. The number of strike prices will be changed from 10 strike prices above and below the ATM (total 21 strike prices) to 20 strike prices above and below the ATM (total 41 strike prices) that are set above and below the strike price nearest the settlement price of the underlying contract.

Number of Strike Prices for Nikkei 225 Weekly Options

The number of strike prices for Nikkei 225 Weekly Options will be changed from 8 strike prices above and below the ATM (total 17 strike prices) to 24 strike prices above and below the ATM (total 49 strike prices) that are set above and below the strike price nearest the final value of Nikkei 225.

Tick Sizes for Nikkei 225 Options

The tick sizes of Nikkei 225 Options (including Weekly Options) whose premium price is over JPY 1,000 will be changed from JPY 10 to JPY 5.

Number of Contract Months for Rubber Futures

The number of contract months of Rubber Futures shall be changed from 6 to 12.

Other Revisions

  • TOPIX Dividend Futures and TOPIX Core30 Dividend Futures will be delisted.
  • Strategy trading for options trading (Tailor Made Combination) will be abolished.
    * Strategy trading for futures trading (Calendar Spread) will be continued.
  • The Market Limit Order function that allows the execution of an order placed without a specified limit price against the best bid or best offer at the time will be abolished.
  • The J-NET combo trade function, which allows trades in up to six issues to be executed at the same time in J-NET trading, and the Flexible combo trading function, which allows trades in up to ten issues to be executed at the same time as trading in Flexible Contract Months, will be abolished.