Price Limits/ Circuit Breaker Rule

Index Futures

The Price limit range

  • For Nikkei 225 Futures, Nikkei 225 mini ,TOPIX Futures, mini-TOPIX Futures, JPX-Nikkei 400 Futures, TSE Mothers Index Futures, TOPIX Core30 Futures, TOPIX Banks Index Futures , TSE REIT Index Futures, RN Prime Index Futures , DJIA Futures, TAIEX Futures and FTSE China 50, the price limit range shall be calculated by multiplying the reference price for price limits by the following rates.
  • The price limit range for Nikkei 225 VI Futures will be 10 points (absolute value).
  • The price limit range for Nikkei Stock Average Dividend Point Futures will be JPY 50 (absolute value).

Expansion of upper or lower price limits when a Circuit Breaker is triggered

  • Only price limits in one direction, up or down, will be expanded.
  • Normally, the expansion in each direction shall be conducted only twice. However, the upper or lower price limit range for Nikkei 225 VI Futures and Nikkei Stock Average Dividend Point Index will be expanded with no limitations.

Category Normal 1st Expansion 2nd Expansion
Nikkei 225 Futures, Nikkei 225 mini 8% 12% 16%
TOPIX Futures, mini-TOPIX Futures
JPX-Nikkei 400 Futures
TSE Mothers Index Futures
TOPIX Core30 Futures
TOPIX Banks Index Futures
TSE REIT Index Futures
RN Prime Index Futures
FTSE China 50 Index Futures 10% 15% 20%
Nikkei 225 VI Futures 10 points Normally, expanded by 5 points (unlimited number of times)
DJIA Futures 7% 13% 20%
TAIEX Futures 10% No expansion of price limits
Nikkei Stock Average Dividend Point Index JPY 50 Normally, expanded by JPY 25 (unlimited number of times)

(note)
  • ・Where there is a fraction less than tick size in the amount of the price limit range calculated by multiplying the Reference Price by the rate, such a fraction shall be discarded. Suppose that the Reference Price for Nikkei 225 Futures is JPY 28,780. Since the price limit range is (JPY 28,780*8% = JPY 2,302.4, 2.4 shall be discarded) ± JPY 2,300, the upper limit is JPY 31,080 and the lower limit is JPY 26,480.

Index Options

Current Price Limits

The Price limit range

  • For Nikkei 225 Options, TOPIX Options and JPX-Nikkei 400 Options, the price limit range shall be calculated by multiplying the base price for calculating the price limit range by the following rates.
  • Base price for calculating the price limit range is the average value of the reference price of the price limits for bids and offers (=previous day's settlement price) on each trading day with regards to the leading contract month (Futures) on each underlying index for 20 days from the trading day ending on the day that is 25 days prior to the trading day (or the following business day, if it falls on a non-business day) listed in the following (a) through (d).
     
    (a) Trading day ending on March 1
    (b) Trading day ending on June 1
    (c) Trading day ending on September 1
    (d) Trading day ending on December 1
  • In the case where the ratio between (a) the price range as calculated by multiplying the "base price for calculating the price limit range" by 16% and (b) the reference price for price limits is beyond 20% or falls below 12% for two straight days (Nikkei 225 Options, TOPIX Options, JPX-Nikkei 400 Options) or in other cases where OSE deems it necessary, OSE will make an extraordinary revision of the price limit range.
Base price for calculating a price limit range

Expansion of upper and lower price limits when a Circuit Breaker is triggered

  • Both the upper and lower limits will be expanded. The expansion shall be conducted only twice.
Category Normal 1st Expansion 2nd Expansion
Nikkei 225 Options
(Reference price)
  less than JPY 50
  JPY 50 or more to less than JPY 200
  JPY 200 or more to less than JPY 500
  JPY 500 or more
4%
6%
8%
11%
Add 3% to Normal Price Limits Add 3% to 1st Expansion Price Limits
TOPIX Options
(Reference price)
  less than 5 points
  5 points or more to less than 20 points
  20 points or more to less than 50 points
  50 points or more
4%
6%
8%
11%
Add 3% to Normal Price Limits Add 3% to 1st Expansion Price Limits
JPX-Nikkei 400 Options
(Reference price)
  less than 50 points
  50 points or more to less than 200 points
  200 points or more to less than 500 points
  500 points or more
4%
6%
8%
11%
Add 3% to Normal Price Limits Add 3% to 1st Expansion Price Limits

Securities Options

With respect to price limits for Securities options Contracts, the price limit range will be calculated by multiplying the reference price for price limits of an underlying security on the designated market by 25%.

JGB Futures and Options

The price limit range

  • The price limit range of JGB Futures and Options will be set as in the table below.

Expansion of upper or (and) lower price limits when a Circuit Breaker is triggered

  • For JGB Futures, only price limits in one direction, up or down, will be expanded.
  • For JGB options, both the upper and lower limits will be expanded.
  • The expansion shall be conducted only once.
Category Normal Expansion
5-year JGB Futures JPY 2.00 JPY 3.00
10-year JGB Futures JPY 2.00 JPY 3.00
20-year JGB Futures JPY 4.00 JPY 6.00
mini 10-year JGB Futures JPY 2.00 JPY 3.00
Options on JGB Futures JPY 2.10 JPY 3.00

Commodity Futures and Options (OSE)

The Price limit range

  • The price limit range of Commodity Futures and Options listed on OSE will be set as in the table below. However, for CME Group Petroleum Index Futures, the price limit range shall be calculated by multiplying the reference price for price limits by the following rates.

Category Normal 1st Expansion 2nd Expansion
Commodity Futures Gold Standard Futures JPY 400 JPY 600 JPY 800
Gold Mini Futures
Gold Rolling-Spot Futures
Silver Futures JPY 10 JPY 20 JPY 30
Platinum Standard Futures JPY 400 JPY 600 JPY 800
Platinum Mini Futures
Platinum Rolling-Spot Futures
Palladium Futures JPY 1,000 JPY 1,500 PY 2,000
CME Group Petroleum Index Futures 10% 20% 30%
RSS3 Rubber Futures JPY 20 No expansion of price limits No expansion of price limits
TSR20 Rubber Futures
Soybean Futures JPY 4,800 No expansion of price limits No expansion of price limits
Azuki (Red Bean) Futures JPY 700
Corn Futures JPY 2,500
Commodity Options Options on Gold Futures
(Reference price)
less than JPY 10
JPY 10 or more to less than JPY 40
JPY 40 or more to less than JPY 100
JPY 100 or more


JPY 200
JPY 300
JPY 400
JPY 550


JPY 350
JPY 450
JPY 550
JPY 700


JPY 500
JPY 600
JPY 700
JPY 850

Expansion of upper or (and) lower price limits when a Circuit Breaker is triggered

  • The price limits for Commodity Futures and Commodity Options (Precious Metals and CME Group Petroleum Index) will be expanded to the 1st expansion of price limits, and then to the 2nd expansion of price limits.
  • In case of Commodity Futures (Precious Metals and CME Group Petroleum Index), only price limits in one direction, up or down, will be expanded. For Commodity options, both the upper and lower limits will be expanded.
  • SCB is not applied to Commodity Futures (Rubber and Agricultural).

Commodity Futures (TOCOM)

The price limit range (SCB Level)

  • The price limit range of Commodity Futures listed on TOCOM will be set as in the table below.

Expansion of upper or (and) lower price limits when a Circuit Breaker is triggered

  • For commodity Futures listed on TOCOM (except for Dubai Crude Oil Futures), the price limit range shall not be expanded.
  • The price limits for Platts Dubai Crude Oil Futures will be expanded to the 1st expansion of price limits, and then to the 2nd expansion of price limits.

   
Category Circuit Breaker Trigger Level(SCB Level)
Platts Dubai Crude Oil Futures
Normal Last Settlement Price±30%
1st expansion Last Settlement Price±45%
2nd expansion Last Settlement Price±60%
Gasoline Futures JPY 20,000
Kerosene Futures
Gas Oil FuturesJPY 10,000
Chukyo Gasoline Futures
Chukyo Kerosene Futures
East Area Baseload Electricity Futures JPY 8.00
West Area Baseload Electricity Futures
East Area Peakload Electricity Futures
West Area Peakload Electricity Futures

Circuit Breaker Rule(SCB)

The circuit breaker rule is applied to temporarily halt trading in order to allow investors to calm down when the market is overly volatile.

Conditions for CB Trigger Below applies with respect to the leading contract month of future contracts.
In the case where a buy (sell) order is placed (or executed) at the upper (lower) price limit for the central contract month of a futures contract (excluding mini contracts), the trading of futures whose underlying is the same as this central contract month (including mini contracts and Rolling-Spot contracts) will be suspended and the upper (lower) daily price limit range will be expanded.
Price limits will be expanded in stages according to CB trigger situation.
Price limits will be expanded during the trading halt.
Contracts (Issues) Subject to Trading Halt In cases where the criteria for the CB trigger are met, trading of the issues below will be halted.
  1. All future contract months
  2. All option contracts which have the same underlying
  3. The strategy trades related to (1)
  4. J-NET trading of (1) to (2)
Conditions for Exception of Application
  • In the case where the above criteria is met within 20 minutes before the end of the regular session of the day (afternoon) or night session.
  • For futures (excluding Nikkei 225 VI futures and Nikkei Stock Average Dividend Point Index futures), in the case where the circuit breaker criteria is triggered again after the daily price limits has been expanded to the 2nd expansion range.
  • In cases where the Exchange deems that a trading suspension would not be appropriate in consideration of the trading conditions, etc.
Beginning of
Trading Halt
The time that OSE determines on each occasion immediately after the criteria for CB trigger are met
(note)
  • ・Due to that halt operation is carried out immediately after CB criteria is met, there is a slight time difference between the time CB criteria is met and the actual initiation of halt.
Duration for Trading Halt 10 minutes
Method for Resumption After the duration for a trading halt, trading will be resumed by the Itayose method with the price limit expanded.
Method for Resumption Renewed on a trading day basis
(note)
  • ・CB is not applied to TAIEX Futures and Commodity Futures (Rubber and Agricultural).
  • ・In cases where the Exchange deems that a trading suspension would not be appropriate in consideration of the trading conditions, etc., trading will not be halted.

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.

Image of Triggering Circuit Breaker

Please see the following for the description of expanding price limits in stages.

Description of Expanding Price Limits in Stages