Circuit breakers in and after February 2013

1.31.2013


    Circuit breakers in and after February 12, 2013 will be handled as follows for the time being; provided, however, that the Exchange might change the Initial CB Trigger Levels, CB Expansion Amounts, and number of expansion, etc., when it deems necessary.

    With regard to the futures contracts of soybean, azuki (red beans), corn and raw sugar, which are scheduled for the start of trading on February 12, the CB trigger level for each contract will be set based on the settlement prices of February 8 on the Tokyo Grain Exchange market.

    1. CB Trigger Levels

    Commodity
    (Mini & Options Included)
    Initial CB Trigger Levels
    (also CB Expansion Amounts)
    Operation of CB
    Number of expansion

    Duration
    of
    a Halt

    Precious Metals
    Gold .
    150 yen 3 times 5 minutes
    Silver .
    6.0 yen
    Platinum .
    200 yen
    Palladium .
    100 yen
    Oil
    Gasoline .
    2,400 yen
    Kerosene .
    2,400 yen
    Crude Oil .
    2,400 yen
    Gas Oil .
    2,400 yen
    Chukyo-Oil
    Chukyo Gasoline .
    2,400 yen
    Chukyo Kerosene .
    2,400 yen
    Rubber
    Rubber
    5.0 yen
    Agricultural Product and Sugar Soybean 2,000 yen Twice
    Azuki 350 yen Once
    Corn 1,000 yen Twice
    Raw Sugar 2,000 yen

 

    2. Process Following a CB Trigger

    • CB is triggered for each contract month.
    • For each 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.
    • From the CB trigger exceeding the number of expansion set forth for each product, trading will resume after a 5-minute halt, but the CB trigger level will not be expanded.
    • As for the Rubber market, the CB trigger level will not be expanded, in principle, from the fourth CB trigger except for the nearest contract month.
    • When deemed necessary by the Exchange, however, the halt period and trigger level expansion may be modified.

     

    3. Examples of CB Expansion

    (1) Example for Gold (figures are in JPY)
    · CB Trigger Level after 1st Trigger = 150 (initial trigger level) + 150 (expansion amount) = 300
    · CB Trigger Level after 2nd Trigger = 300 (previous trigger level) + 150 (expansion amount) = 450
    · CB Trigger Level after 3rd Trigger = 450 (previous trigger level) + 150 (expansion amount) = 600

    (2) Example for Azuki (figures are in JPY)
    · CB Trigger Level after 1st Trigger = 350 (initial trigger level) + 350 (expansion amount) = 700
    · CB Trigger Level after 2nd Trigger = 700

     

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