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Trading

Trading of subscription warrant securities is conducted through arrowhead.

Trading Hours 9:00 am - 11:30 am
12:30 pm - 3:00 pm
Trading Unit Same as stocks which will be granted upon exercise of subscription warrant securities (hereafter "underlying shares subject to exercise")
Tick Size Tick Size Table for issues other than TOPIX 500 constituents is applied(Tick size is set based on the price of the subscription warrant securities.)
Types of Orders Market orders and limit orders
Daily Price Limit Daily price limit of shares subject to exercise × No. of shares subject to exercise (bid/offer prices which have a fraction falling short of the tick sizes will be rounded up.)
Special Quote Renewal Price Interval Same table as underlying shares subject to exercise (Special quote renewal price interval is set based on the price of subscription warrant securities.)
Base Prices 1. Base price on initial listing date

　P = (A-B)xC

　P: Base price

　A: Closing price of underlying shares subject to exercise on the day before initial listing of subscription warrant securities

　B: Amount to be paid for 1 share of underlying shares subject to exercise

　C: No. of shares subject to exercise allotted per share

2. Base price on or after initial listing date
　 As a general rule, closing price on the previous day
Trade Execution Individual auctions for each issue
(same as underlying shares subject to exercise)
ToSTNeT Trading Available
Conditional Orders Available
Types of Trading and Settlement Dates Regular transaction (T+3)
Cash transaction (T+0)