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
(Standard, Mini, Options & Rolling Spot Futures )
Immediately Executable Price Range (Dynamic Circuit Breaker (DCB) Level) Circuit Breaker Trigger Level (Static Circuit Breaker (SCB) Level)
Gasoline 1,000 yen 10,000 yen
Cash-settled Barge Gasoline 1,000 yen 10,000 yen
Cash-settled Lorry Gasoline 1,000 yen 10,000 yen
Kerosene 1,000 yen 10,000 yen
Platts Cash-settled Barge Kerosene 1,000 yen 10,000 yen
Platts Cash-settled Lorry Kerosene 1,000 yen 10,000 yen
Gas Oil 1,000 yen 10,000 yen
Platts Cash-settled Barge Gas Oil 1,000 yen 10,000 yen
Platts Cash-settled Lorry Gas Oil 1,000 yen 10,000 yen
Platts Dubai Crude Oil 1,000 yen 10,000 yen
East Area Baseload Electricity 1.00 yen 4.00 yen
West Area Baseload Electricity 1.00 yen 4.00 yen
East Area Peakload Electricity 1.00 yen 4.00 yen
West Area Peakload Electricity 1.00 yen 4.00 yen
Chukyo-Gasoline 1,000 yen 10,000 yen
Chukyo-Kerosene 1,000 yen 10,000 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). 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 Platts Dubai Crude Oil (SCB range, JPY 8,000)
Settlement Price from the previous clearing period on the Platts Dubai Crude Oil 1st contract month was JPY 44,000
Acceptable order price range: between JPY 36,000 and JPY 52,000
Settlement Price from the previous clearing period on the Platts Dubai Crude Oil 6th contract month was JPY 45,000
Acceptable order price range: between JPY 37,000 and JPY 53,000
In the case above, the acceptable order price range for SCO comprised of the 1st contract month and 6th contract month of Platts Dubai Crude Oil shall be:
Upper Limit: JPY 52,000 (Upper Limit for the 1st contract month) - JPY 37,000 (Lower Limit for the 6th contract month) = JPY 15,000
Lower Limit: JPY 36,000 (Lower Limit for the 1st contract month) - JPY 53,000 (Upper Limit for the 6th contract month) = JPY -17,000
Therefore, acceptable order price range shall be between JPY -17,000 and JPY 15,000

(Example 2) Inter-commodity Spread between gasoline and Platts Dubai Crude Oil (SCB level for both products: JPY 8,000)
Settlement Price from the previous clearing period on gasoline was JPY 50,000
Acceptable order price range: between JPY 42,000 and JPY 58,000
Settlement Price from the previous clearing period on Platts Dubai Crude Oil was JPY 40,000
Acceptable order price range: between JPY 32,000 and JPY 48,000
In the case above, the acceptable order price range for SCO comprised of gasoline and Platts Dubai Crude Oil shall be:
Upper Limit: JPY 58,000 (Upper Limit for gasoline) - JPY 32,000 (Lower Limit for Platts Dubai Crude Oil) = JPY 26,000
Lower Limit: JPY 42,000 (Lower Limit for gasoline) - JPY 48,000 (Upper Limit for Platts Dubai Crude Oil) = JPY -6,000
Therefore, acceptable order price range shall be between JPY -6,000 and JPY 26,000

2. Others

Orders Placed At Price Level Significantry Diverging from Market conditions

・Trading in the following contracts has been suspended from the night session commencing August 31, 2020.
Platts Cash-settled Barge Gas Oil futures contract ,Platts Cash-settled Lorry Gas Oil futures contract, Platts Cash-settled Barge Kerosene futures contract,Platts Cash-settled Lorry Kerosene futures contract,Cash-settled Barge Gasoline futures contract,Cash-settled Lorry Gasoline futures contract

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