Immediately Executable Price Range Rule

Immediately Executable Price Range Rule (Dynamic Circuit Breaker (DCB))

From the viewpoint of preventing sudden price fluctuations, such as those caused by erroneous orders, trading is temporarily halted when an order bringing an execution outside of a set price range (hereinafter referred to as the "DCB Price Range") based on the last reference price (hereinafter referred to as the "DCB Reference Price") is placed. This is called the Immediately Executable Price Range Rule.

  • ・Temporary trading halt based on the immediately executable price range rule (Dynamic Circuit Breaker) is similar to special quotation mechanism in stock market and different from the trading halt based on Price Limits/ Circuit Breaker Rule (Static Circuit Breaker).

For Itayose at market opening (hereinafter referred to as the “Opening Auction”, including market re-opening after trading suspension and temporary trading halt due to Static Circuit Breaker) and regular session (Zaraba), trading will be temporarily halted when orders are matched on the outside of DCB Price Range based on the last reference price.
Also, in principle, after a set duration of time *1 has passed from the start of the temporary trading halt, yet if the matching price is still outside of the DCB Price Range, the trading halt will continue and the DCB Reference Price will be updated to a price tick and closest to the matching price within the DCB Price Range. If the matching price is inside the DCB Price Range after a set of duration of time, trading will be resumed by Itayose. For Itayose at market closing (hereinafter referred to as the "Closing Auction"), in a case where a closing auction price is outside of a DCB Price Range based on a DCB Reference Price, trade will not be executed.
The DCB Price Range for Opening Auction and Closing Auction shall be set wider than that for regular session, except for some products. (Please refer to the table below for the details.)

For specific examples regarding DCB, please refer to "Example of Temporary Trading Halts based on Immediately Executable Price Range Rule" at the bottom of this page.

The DCB Reference Price shall be the last traded price of the auction (hereinafter referred to as the "Last Price") for Nikkei 225 Futures, Nikkei 225 mini, TOPIX Futures, JPX-Nikkei Index 400 Futures, Nikkei 225 Options, Commodity Futures (except for CME Group Petroleum Index Futures) and Commodity Options, Last Price or the mid-price of the last best offer and best bid (hereinafter referred to as the "BBO mid-price")*2 for other products. When adopting Last Price or BBO mid-price as a DCB Reference Price, in principle, Last Price will be referred for an order just after the execution, while BBO mid-price for others. The last BBO mid-price in a regular session will be referred when the BBO mid-price is adopted as a DCB Reference Price of Closing Auction. However, DCB Reference Price may not be updated to BBO mid-price in market conditions such as when the spread between the last best bid and the last best offer exceeds a certain range (MAX SPREAD). If there is no Last Price or BBO mid-price in the trading day, a Reference Price of price limits in auction market of the trading day is used as a DCB Reference Price.

The DCB Price Range shall be the range as in the table below of its product category.


Products DCB Reference Price DCB Price Range
Opening Auction Regular Session Closing Auction
Nikkei 225 Futures Last Price ±3.0%*3 ±0.8%*3 ±1.5%*3
Nikkei 225 mini
TOPIX Futures
Mini-TOPIX Futures Last Price or BBO mid-price
RNP Index Futures
JPX-Nikkei Index 400 Futures Last Price
TSE Mothers Index Last Price or BBO mid-price
TSE REIT Index Futures
TOPIX Core30 Futures
TOPIX Banks Futures
DJIA Futures ±1.0%*3
TAIEX Futures
FTSE China Index 50 Futures
Nikkei 225 VI Futures ±30Ticks ±10Ticks ±15Ticks
Nikkei 225 Dividend Index Futures ±JPY30 ±JPY10 ±JPY15
5-year JGB Futures ±JPY0.3 ±JPY0.1
10-year JGB Futures
20-year JGB Futures ±JPY0.9 ±JPY0.3
mini 10-year JGB Futures ±JPY0.3 ±JPY0.1
Options on JGB Futures
Nikkei 225 Options Last Price ±60Ticks ±10Ticks ±30Ticks
TOPIX Options Last Price or BBO mid-price
JPX-Nikkei Index 400 Options
Gold Standard Futures Last Price ±JPY120 ±JPY40 ±JPY80
Gold Mini Futures
Gold Rolling-Spot Futures
Silver Futures ±JPY3 ±JPY1 ±JPY2
Platinum Standard Futures ±JPY120 ±JPY40 ±JPY80
Platinum Mini Futures
Platinum Rolling-Spot Futures
Palladium Futures ±JPY90 ±JPY30 ±JPY60
CME Group Petroleum Index Futures Last Price or BBO mid-price ±1.0%*3 ±1.5%*3 ±3.0%*3
RSS3 Rubber Futures Last Price ±JPY15 ±JPY5 ±JPY10
TSR20 Rubber Futures
Soybean Futures ±JPY1,500 ±JPY500 ±JPY1,000
Azuki (Red Bean) Futures ±JPY300 ±JPY100 ±JPY200
Corn Futures ±JPY750 ±JPY250 ±JPY500
Options on Gold Futures ±JPY120 上±JPY40 ±JPY80
Dubai Crude Oil Futures ±JPY3,000 ±JPY1,000 ±JPY2,000
Gasoline Futures
Kerosene Futures
Gas Oil Futures
Chukyo Gasoline Futures
Chukyo Kerosene Futures
East Area Baseload Electricity Futures ±JPY6.00 ±JPY2.00 ±JPY4.00
West Area Baseload Electricity Futures
East Area Peakload Electricity Futures
West Area Peakload Electricity Futures


The DCB Price Range for Securities Options is as follows depending on the underlying security price

Category DCB Reference Price Reference Price of Underlying Securities DCB Price Range
Securities Options Last Price or Last BBO mid-price Less than JPY 500 ± JPY 10
JPY 500 or more, but less than JPY 1,000 ± JPY 20
JPY 1,000 or more, but less than JPY 3,000 ± JPY 50
JPY 3,000 or more, but less than JPY 5,000 ± JPY 100
JPY 5,000 or more, but less than JPY 10,000 ± JPY 200
JPY 10,000 or more, but less than JPY 30,000 ± JPY 500
JPY 30,000 or more, but less than JPY 50,000 ± JPY 1,000
JPY 50,000 or more, but less than JPY 100,000 ± JPY 2,000
JPY 100,000 or more, but less than JPY 300,000 ± JPY 5,000
JPY 300,000 or more, but less than JPY 500,000 ± JPY 10,000
JPY 500,000 or more ± JPY 20,000

  • Duration of the temporary trading halt is at least 30 seconds (15 seconds for index options ). The trade halt will continue until the matching price falls within the DCB Price Range.
  • The calculated BBO mid-price shall be aligned up or down to the closest price tick. If the calculated BBO mid-price is equally far from two price ticks, the mid-price shall be aligned up to the nearest higher price tick. For example, if the best bid and the best offer for mini-TOPIX Futures are 1,300 pts and 1,300.25 pts, the BBO mid-price is 1300.25 pts.
  • Suppose that the DCB Reference Price for Nikkei 225 Futures is JPY 20,010. Since the DCB price range is (JPY 20,010*0.8% =) ± JPY 160.08, the upper limit is JPY 20,170.08 and the lower limit is JPY 19849.92. Thus quotes available within this range suggests the immediately executable upper price tick is JPY 20,170, and the lower is JPY 19,850. The DCB will be triggered if the matching price is outside of the range.
Example of Temporary Trading Halts based on Immediately Executable Price Range Rule
Example of DCB Range