Osaka Securities Exchange: Rule Amendments For Circuit Breakers For Stock Index Futures, etc.

Along with the rule amendments for Daily Price Limit for Stock Index Futures enforced on November 5, 2008, OSE will make the following amendments to the rules for Circuit Breakers for Stock Index Futures and rules for Daily Price Limit for Stock Index Options.

1. Summary of Rule Amendments   (1) Rule Amendments for Circuit Breakers for Stock Index Futures     a.  Nikkei 225 Futures & Nikkei 225 mini (yen)     Standard price Daily price limit Circuit Breakers Price range from standard price Deviation from the fair value Amended Current Amended Current Less than 7,500 ±1,000 500 1,000 100 200 7,500 - less than 10,000 ±1,500 750 150 10,000 - less than 12,500 ±2,000 1,000 200 12,500 - less than 17,500 ±3,000 1,500 300 17,500 - less than 22,500 ±4,000 2,000 400 22,500 - less than 27,500 ±5,000 2,500 500 27,500 - less than 32,500 ±6,000 3,000 600 32,500 - less than 37,500 ±7,000 3,500 700 37,500 - less than 42,500 ±8,000 4,000 800 42,500 or more ±9,000 4,500 900     b.  Nikkei 300 Futures (points)     Standard price Daily price limit Circuit Breakers Price range from standard price Deviation from the fair value Amended Current Amended Current Less than 150 ±20 10 15 2 3 150 - less than 175 ±25 12.5 2.5 175 - less than 200 ±30 15 3 200 - less than 250 ±40 20 4 250 - less than 300 ±50 25 5 300 - less than 350 ±60 30 6 350 - less than 400 ±70 35 7 400 - less than 450 ±80 40 8 450 - less than 500 ±90 45 9 500 or more ±100 50 10     c.  MSCI JAPAN Futures & RN Prime Index Futures (points)     Standard price Daily price limit Circuit Breakers Price range from standard price Deviation from the fair value Amended Current Amended Current Less than 500 ±80 40 8 500 - less than 750 ±120 60 80 12 16 750 - less than 1,000 ±160 80 16 1,000 - less than 1,500 ±240 120 24 1,500 - less than 2,000 ±320 160 32 2,000 - less than 2,500 ±400 200 40 2,500 - less than 3,000 ±480 240 48 3,000 - less than 3,500 ±560 280 56 3,500 or more ±640 320 64   (2) Rule Amendments for Daily Price Limit for Stock Index Options     a.  Nikkei 225 Options (yen)     Amended Current Standard price Daily price limit Standard price Daily price limit Less than 7,500 ±1,000 Newly Added. 7,500 - less than 10,000 ±1,500 10,000 - less than 12,500 ±2,000 Less than 12,500 ±2,000 12,500 - less than 17,500 ±3,000 12,500 - less than 17,500 ±3,000 17,500 - less than 22,500 ±4,000 17,500 - less than 22,500 ±4,000 22,500 - less than 27,500 ±5,000 22,500 - less than 27,500 ±5,000 27,500 - less than 32,500 ±6,000 27,500 - less than 32,500 ±6,000 32,500 - less than 37,500 ±7,000 32,500 - less than 37,500 ±7,000 37,500 - less than 42,500 ±8,000 37,500 - less than 42,500 ±8,000 42,500 or more ±9,000 42,500 or more ±9,000     b.  Nikkei 300 Options (points)     Amended Current Standard price Daily price limit Standard price Daily price limit Less than 150 ±20 Newly Added. 150 - less than 175 ±25 175 - less than 200 ±30 Less than 200 ±30 200 - less than 250 ±40 200 - less than 250 ±40 250 - less than 300 ±50 250 - less than 300 ±50 300 - less than 350 ±60 300 - less than 350 ±60 350 - less than 400 ±70 350 - less than 400 ±70 400 - less than 450 ±80 400 - less than 450 ±80 450 - less than 500 ±90 450 - less than 500 ±90 500 or more ±100 500 or more ±100 2. Effective Date     The amended rules will be enforced on November 25, 2008.