Tokyo Commodity Exchange: Circuit Breakers For September 2009

1. CB Trigger Levels

(in JPY)

2. Process Following a CB Trigger

(1) All Commodities Except Rubber

(a) 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

(b) 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.

(2) Rubber

(a) For the first 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.
* CB Trigger Level after First Trigger = 10 (initial trigger level) + 10 (expansion amount) = 20

(b) From the second CB trigger, trading will resume after a 5-minute halt, but the CB trigger level will not be expanded (the CB trigger level will stay at JPY 20).  However, when deemed necessary by the Exchange, the halt period and trigger level expansion may be modified.

As for the CB trigger level at the start of the Day Session on September 1, if the CB is triggered two times during the Night Session on August 31 then the level will be JPY 30 (initial 10 + first trigger 10 + second trigger 10), and if the CB is triggered three times then the level will be JPY 40 (initial 10 + first trigger 10 + second trigger 10 + third trigger 10).  See chart below.

August 31		September 1
During Night Session		At the Start of Day Session	During Day Session
Number of CB triggered	CB Trigger Levels	CB Trigger Levels	Number of CB triggered	CB Trigger Levels
No CB Triggered	10	10	1	20
			2 or more	20
1	20	20	2 or more	20
2	30	30	3 or more	30
3 or more	40	40	4 or more	40