Tokyo Commodity Exchange: Circuit Breakers For July 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. 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
2. 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.