Circuit Breakers for September 2009

8.25.2009

      1. CB Trigger Levels

      (in JPY)
      Commodity
      (Mini & Options Included)
      Initial CB Trigger Levels
      (also CB Expansion Amounts)
      Gold 100
      Silver 25.0
      Platinum 200
      Palladium 60
      Aluminum 10.0
      Gasoline 2,400
      Kerosene 2,400
      Crude Oil 2,400
      Rubber 10.0

     

      2. Process Following a CB Trigger

      (1) All Commodities Except Rubber

      (a) For the first, second and third CB trigger, the trading session will be halted for 5 minutes from the time of the trigger.   Trading will then resume with an expanded CB.

      Example for Gold (figures are in JPY):
      * CB Trigger Level after First Trigger = 100 (initial trigger level) + 100 (expansion amount) = 200
      * CB Trigger Level after Second Trigger = 200 (previous trigger level) + 100 (expansion amount) = 300
      * CB Trigger Level after Third Trigger = 300 (previous trigger level) + 100 (expansion amount) = 400

      (b) From the fourth CB trigger, trading will resume after a 5-minute halt, but the CB trigger level will not be expanded (for the gold example above, the CB trigger level will stay at JPY 400).  However, when deemed necessary by the Exchange, the halt period and trigger level expansion may be modified.

      (2) Rubber

      (a) For the first CB trigger, the trading session will be halted for 5 minutes from the time of the trigger.
      Trading will then resume with an expanded CB.
      * CB Trigger Level after First Trigger = 10 (initial trigger level) + 10 (expansion amount) = 20

      (b) From the second CB trigger, trading will resume after a 5-minute halt, but the CB trigger level will not be expanded (the CB trigger level will stay at JPY 20).  However, when deemed necessary by the Exchange, the halt period and trigger level expansion may be modified.

      As for the CB trigger level at the start of the Day Session on September 1, if the CB is triggered two times during the Night Session on August 31 then the level will be JPY 30 (initial 10 + first trigger 10 + second trigger 10), and if the CB is triggered three times then the level will be JPY 40 (initial 10 + first trigger 10 + second trigger 10 + third trigger 10).  See chart below.

      August 31

      September 1

      During Night Session

      At the Start of
      Day Session

      During Day Session

      Number of CB triggered

      CB Trigger Levels

      CB Trigger Levels

      Number of CB triggered

      CB Trigger Levels

      No CB Triggered

      10

      10

      1

      20

      2 or more

      20

      1

      20

      20

      2 or more

      20

      2

      30

      30

      3 or more

      30

      3 or more

      40

      40

      4 or more

      40

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