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

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

Expansion of Trading Hours

Longer Night Session

TOCOM will extend its trading hours to 6 a.m. not only to meet investor demand but also to enhance trading opportunity and price discovery function.

Trading Hours
(note)
  • ・For Electricity Futures, the night session ends at 7 p.m. as it is.
  • ・Trading hours for off-floor transaction will also be extended to 6 a.m.

Revision to Immediately Executable Price Range Rule (DCB Rule)

DCB Rule for Opening Auctions, etc.

TOCOM 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 Rule for opening

Wider DCB Price Range in Closing Auction

TOCOM will widen DCB Price Range in closing auction to improve the opportunity for closing price formation.

DCB Price Range in closing

Revision to Circuit Breaker Rule (SCB Rule)

Trigger Conditions for SCB Rule

For Crude Oil products, SCB will be triggered immediately after execution, etc. at the lowest price or the highest price of the circuit breaker range for the central contract month.

(note)
  • ・SCB will not be triggered 20 minutes before the closing auction.
  • ・SCB Rule will not be applied to products other than Crude Oil as it is.
Circuit Breaker
Price Limit Range

Revision to Contract Specifications

Number of Contract Months for Crude Oil Products

The number of contract months of Crude Oil products will be changed from 6 to 15.

Registration Price Range of Off-floor Transaction for Electricity Futures

The price range where off-floor transactions are allowed to be registered will be expanded to improve the convenience of those who use off-floor transaction for Electricity Futures.

(note)
  • ・Registration price range of off-floor transaction for Electricity Futures is calculated based on the following formula. Parameter N shall be expanded from the current 32 to 90.

X ± (Y × N %)
X: (1) latest execution price; if (1) doesn't exist, then previous business day's settlement price
Y: previous business day's settlement price

Abolition of Market to Limit Orders

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.