1. Order size checking function which prevents orders exceeding a certain quantity from being accepted
If an order that falls under the following criteria is placed, the TSE's trading systems will consider it an error and not accept it.
- Domestic stocks (including preferred securities, ETFs and REITs) Orders exceeding 30% of the number of listed shares
- Foreign stocks (however, the domestic stock criteria will be applied to those issues which TSE considers necessary based on the liquidity of the stocks) Orders exceeding a trading unit of 30,000
- Convertible bonds Orders exceeding a face amount of 3 billion Yen
* TSE will apply the domestic stock criteria to Xinhua Finance Ltd. (9399) for the time being after implementing this program.
On the 21st of each month, the base number of listed shares shall be renewed to the number of listed shares at the end of the previous month.
However, when a stock split or reverse split happens before the renewal day, TSE shall renew the number of listed shares for stock splits from the ex-rights day and for reverse splits from the effective date according to the ratio of the stock split or reverse split.
2. Erroneous order detection function
As a part of structural changes to address erroneous orders, TSE has developed a function to detect abnormal orders which exceed certain quantities according to the number of listed shares per stock.
* Reference
For "Structural Changes to Address Erroneous Orders" announced on March 22, 2006, please refer to the following page that includes the relevant PDF file:
Structural Changes to Address Erroneous Orders (TSE News: Apr.3, 2006)
