Modification of Rules & Regulations related to Introduction of New Trading System and Extension of Trading Hours

2008.6.25

The Exchange is planning to introduce a new trading system and extend its trading hours (start of an evening session) in May 2009.
Starting with the contract months in the Precious Metals Market and the Aluminum Market that will be available for trade in June 2008, contract months on and after the May 2009 contract month will be affected by some modifications of our trading rules before they reach expiry. Customers are invited to keep this in mind before trading these contracts.
The details of said modifications will be released at a later date. The currently planned modifications are summarized below:

1. Modification of Order Types
a) The current TOCOM-original Market Order will be replaced with the international standard for Market Order (if no matching order exists on the other side of the market, the former Market Order will be stored in the order book, whereas the latter will be canceled)
b) Since closing Ita-awase (auction) will be abolished, Market Order at Closing and Limit Market Order, which are currently offered by TOCOM to FCMs, will be eliminated.
c) TOCOM will make available to FCMs a variety of internationally recognized order types.

2. Modification of Execution Rules
a) Price limits will be eliminated and replaced with circuit breakers.
b) Executable Price Range and Warning Points will be abolished. Accordingly, a Market Order (international standard type) placed during continuous trading will be executed instantly if there is an order on the opposite side of the market (matching order) within the range of the circuit breakers (if there is no matching order within the set range, the order is canceled).

3. Extension of Trading Hours
The Exchange’s trading hours will be extended until 23:00. The morning session and afternoon session will be replaced by a day session without a lunch break (the opening Ita-awase auction of the afternoon session will be eliminated). On the Last Trading Day, trading will take place until the closing time of the day session (15:30).

Trading Hours (planned):
Day Session: 09:00 to 15:30 (orders start to be accepted at 8:30)
Evening Session: 17:00 to 23:00 (orders start to be accepted at 16:45)

*Note 1: with regards to modification #1 here above, the type of orders offered by each FCM may differ.
*Note 2: with regards to modification #3 here above, these refer to the trading hours of the Exchange. FCMs may choose to cover different trading hours.

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