Circuit Breakers - Margins and Circuit Breakers

1. Circuit Breaker Trigger Level (Static Circuit Breaker (SCB) Level) and Immediately Executable Price Range (Dynamic Circuit Breaker (DCB) Level)

Commodity
(Mini, Options & Rolling Spot Futures Included)
Immediately Executable Price Range (Dynamic Circuit Breaker (DCB) Level) Circuit Breaker Trigger Level (Static Circuit Breaker (SCB) Level)
Gold 40 yen 800 yen
Silver 1.0 yen 30.0 yen
Platinum 40 yen 800 yen
Palladium 30 yen 300 yen
Gasoline 1,000 yen 10,000 yen
Kerosene 1,000 yen 10,000 yen
Dubai Crude Oil 1,000 yen 10,000 yen
Gas Oil 1,000 yen 10,000 yen
Chukyo Gasoline 1,000 yen 10,000 yen
Chukyo Kerosene 1,000 yen 10,000 yen
Rubber 5.0 yen 20.0 yen
Soybean 500 yen 4,800 yen
Azuki 100 yen 700 yen
Corn 250 yen 1,500 yen

* Acceptable Order Price Range for Standard Combination Order (SCO)

SCO is a type of order that enables participants to place a combination order between different contract months on the same product or a combination of different products (e.g. one oil product against another, gold versus platinum). Unlike other products, the exchange does not set Circuit Breaker Trigger Level (SCB Level) for SCOs.
Acceptable price range for SCOs shall be based on the upper and lower SCB limits for each contract month or product included in the combination, as shown below.

(Example 1) Calendar Spread on Gold (SCB range, JPY 800)
Settlement Price from the previous clearing period on the gold first contract month was JPY 4,400
Acceptable order price range: between JPY 3,600 and JPY 5,200
Settlement Price from the previous clearing period on the gold 6th contract month was JPY 4,500
Acceptable order price range: between JPY 3,700 and JPY 5,300
In the case above, the acceptable order price range for SCO comprised of the first contract month and 6th contract month of Gold shall be:
Upper Limit: JPY 5,200 (Upper Limit for the 1st contract month) - JPY 3,700 (Lower Limit for the 6th contract month) = JPY 1,500
Lower Limit: JPY 3,600 (Lower Limit for the 1st contract month) - JPY 5,300 (Upper Limit for the 6th contract month) = JPY -1,700
Therefore, acceptable order price range shall be between JPY 1,700 and JPY 1,500

(Example 2) Inter-commodity Spread between gasoline and crude oil (SCB level for both products: JPY 10,000)
Settlement Price from the previous clearing period on gasoline was JPY 50,000
Acceptable order price range: between JPY 40,000 and JPY 60,000
Settlement Price from the previous clearing period on crude oil was JPY 40,000
Acceptable order price range: between JPY 30,000 and JPY 50,000
In the case above, the acceptable order price range for SCO comprised of gasoline and crude oil shall be:
Upper Limit: JPY 60,000 (Upper Limit for gasoline) - JPY 30,000 (Lower Limit for crude oil) = JPY 30,000
Lower Limit: JPY 40,000 (Lower Limit for gasoline) - JPY 50,000 (Upper Limit for crude oil) = JPY -10,000
Therefore, acceptable order price range shall be between JPY 10,000 and JPY 30,000



 

 

 

 

 

 

 


TOP