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Tokyo Stock Exchange: The Contingency Plan For The Last Trading Day And S.Q. Calculation Day Of Futures And Options

Date 18/06/2002

Last trading day
  1. Postponement of the last trading day for JGB Futures
    When JGB Futures trading is halted on the last trading day because of problems such as electric trading system troubles, the last trading day for JGB Futures (including inter-month spread transactions and off-auction trading) will be postponed until the next business day.As to Equity Options, Options on JGB Futures and Stock Price Index Futures and Options, the last trading days are not changed even under such situation.
  2. Postponement period of the last trading day for JGB Futures
    The last trading day for JGB Futures could be postponed maximum 2 business days.
  3. Postponement of the first trading day for a new contract month of JGB Futures
    New contract month starts trading on the business day following the postponed last trading day.
  4. Conditions of postponing the last trading day for JGB Futures
    The last trading day for JGB Futures is postponed in case that;i)Problems such as electric trading system troubles occur before the beginning of afternoon session and auction trading is halted during afternoon session (except the case that (a) order registration starts before 1:30 pm, (b) trading is continuously conducted from 2:00 pm to the end of afternoon session and (c) TSE announces such schedule before the beginning of afternoon session),ii) Problems such as electric trading system troubles occur and auction trading is halted during afternoon session, or,iii) Problems such as electric trading system troubles occur and trading is halted at the market close of afternoon session.
  5. Evening session
    Even if the last trading day for JGB Futures is postponed, the postponed contract month are not traded during evening session.
  6. Block trading for Stock Price Index Futures
    When Stock Price Index Futures trading is halted on the last trading day, although the last trading day will not be postponed, limit of minimum trading size for block trading will be relaxed to 1 unit on a temporary basis.

S.Q. calculation day of Stock Price Index Futures and Options

When trading of stock composing stock price index is halted on S.Q. calculation day (the day on which special quotation (S.Q.) is calculated) because of problems such as electric trading system troubles, the S.Q. calculation day for any Stock Price Index Futures and Options will be postponed as follows.

  1. Postponement of S.Q. calculation day
    S.Q. calculation day is postponed until auction trading for all composing stocks starts and S.Q.s for all Stock Price Index Futures and Options are decided.
  2. Conditions of postponing S.Q. calculation day
    S.Q. calculation day is postponed in case that auction trading for any composing stock is halted all the day because of problems such as electric trading system troubles.
  3. Stock price for calculating S.Q.
    Opening price on the day when auction trading for each component stock starts is adopted as price used for calculating S.Q. in principle.
  4. Futures and Options trading on the initial S.Q. calculation day
    Despite of conditions of electric trading system for stocks, Futures and Options trading are not halted and new contract month starts trading on the initial S.Q. calculation day as usual.
  5. Final Settlement day for Stock Price Index Futures and Options
    Along with the postponement of S.Q. calculation day, final settlement day for Stock Price Index Futures and Options is also postponed until the business day following the postponed S.Q. calculation day, and exercise day for Stock Price Index Options is postponed until the postponed S.Q. calculation day.

Notification of offsetting trade and option exercise/allocation

Notification of offsetting trade and option exercise/allocation between trading participants and TSE is basically conducted through facsimile in case of problems such as electric trading system troubles. Options automatic exercise is conducted even in such condition in principle. A time limit for notification of offsetting trade and option exercise to TSE is as usual.

Implementation date

This contingency plan is planed to be applied from December 2002 contract months.