1. Reference Price
(1) Changing reference price in case when the market is in the "order shortage status"
<Current rule>
In principle, the Exchange changes reference prices every two minutes, within the executable price range.<New rule>
In principle, the Exchange changes reference prices every one minute, within the executable price range.
(2) Changing reference price in case when the market is in the "special quotation status"
<Current rule>
In principle, the Exchange changes reference prices every two minutes, within the executable price range.<New rule>
In principle, the Exchange changes reference prices every one minute, within the executable price range.
(3) Changing reference price in case when the market is in either the order shortage status or special quotation status and at the same time upper/lower limit of executable price range hits the warning points
<Current rule>
In principle, the Exchange changes reference prices after two minutes elapsed since the warning points are reset.<New rule>
In principle, the Exchange changes reference prices after one minute elapsed since the warning points are reset.
2. Warning Points
<Current rule>
In principle, warning points are reset using the reference price as mid-point at the time when two minutes have elapsed since the upper/lower limit of executable price range reached warning points. Provided, however, that the Exchange may reset warning points at its discretion using the reference price as mid-point at the time, according to the market situation (how the orders are placed, how the prices differ among different contract months, etc.).<New rule>
In principle, warning points are reset using the reference price as mid-point at the time within one-minute period following the upper/lower limit of executable price range reached warning points. Provided, however, that the Exchange may reset warning points at its discretion using the reference price as mid-point at the time, according to the market situation (how the orders are placed, how the prices differ among different contract months, etc.).
3. Effective date
September 12, 2005
