Tokyo Commodity Exchange: Circuit Breakers In And After February 2013

Circuit breakers in and after February 12, 2013 will be handled as follows for the time being; provided, however, that the Exchange might change the Initial CB Trigger Levels, CB Expansion Amounts, and number of expansion, etc., when it deems necessary.

With regard to the futures contracts of soybean, azuki (red beans), corn and raw sugar, which are scheduled for the start of trading on February 12, the CB trigger level for each contract will be set based on the settlement prices of February 8 on the Tokyo Grain Exchange market.

1. CB Trigger Levels

Commodity (Mini & Options Included)		Initial CB Trigger Levels (also CB Expansion Amounts)	Operation of CB
			Number of expansion	Duration of a Halt
Precious Metals	Gold .	150 yen	3 times	5 minutes
	Silver .	6.0 yen
	Platinum .	200 yen
	Palladium .	100 yen
Oil	Gasoline .	2,400 yen
	Kerosene .	2,400 yen
	Crude Oil .	2,400 yen
	Gas Oil .	2,400 yen
Chukyo-Oil	Chukyo Gasoline .	2,400 yen
	Chukyo Kerosene .	2,400 yen
Rubber	Rubber	5.0 yen
Agricultural Product and Sugar	Soybean	2,000 yen	Twice
	Azuki	350 yen	Once
	Corn	1,000 yen	Twice
	Raw Sugar	2,000 yen

2. Process Following a CB Trigger

• CB is triggered for each contract month.
• For each 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.
• From the CB trigger exceeding the number of expansion set forth for each product, trading will resume after a 5-minute halt, but the CB trigger level will not be expanded.
• As for the Rubber market, the CB trigger level will not be expanded, in principle, from the fourth CB trigger except for the nearest contract month.
• When deemed necessary by the Exchange, however, the halt period and trigger level expansion may be modified.

 

3. Examples of CB Expansion

(1) Example for Gold (figures are in JPY)
· CB Trigger Level after 1st Trigger = 150 (initial trigger level) + 150 (expansion amount) = 300
· CB Trigger Level after 2nd Trigger = 300 (previous trigger level) + 150 (expansion amount) = 450
· CB Trigger Level after 3rd Trigger = 450 (previous trigger level) + 150 (expansion amount) = 600

(2) Example for Azuki (figures are in JPY)
· CB Trigger Level after 1st Trigger = 350 (initial trigger level) + 350 (expansion amount) = 700
· CB Trigger Level after 2nd Trigger = 700