Differences

This shows you the differences between two versions of the page.

--- japan_futures [2019/08/08 09:55] – maya
+++ japan_futures [2020/08/04 13:46] (current) – [Contracts] maya
@@ Line 12: / Line 12: @@
 =====Contracts=====
-[[http://www.jpx.co.jp/english/derivatives/products/domestic/225mini/01.html | Mini Nikkei 225 Futures]]: contract size / BP = price * 100 JPY
+You can use the following formula to calculate the contract value for each futures series. This value represents the amount of Buying Power (BP) you would need to trade a single contract.
+[[http://www.jpx.co.jp/english/derivatives/products/domestic/225mini/01.html | Mini Nikkei 225 Futures]]: contract value = price * 100 JPY
 Please familiarize yourself with the expiration dates of contracts and their universal month codes, which can be found on the [[http://www.cmegroup.com/product-codes-listing/month-codes.html|Contract Month Codes]] page.
@@ Line 42: / Line 44: @@
   * Tick Size: varies by contract.
   * Short Sale Rules: short selling is allowed, and no mark or locates are required for shorting.
+  * Circuit Breakers: for more information, you can see the [[https://www.jpx.co.jp/english/derivatives/rules/price-limit-cb/index.html|Price Limits/ Circuit Breaker Rule]] page.
 ==== Trading Overview ====
@@ Line 59: / Line 62: @@
   * In cases where the price determined by closing auction exceeds the defined price range (Executable Price Range in Closing Auction) from the last contract price, a transaction is not made. The Executable Price Range in Closing Auction is the same range as the Immediately Executable Price Range.
-**Condition 1:** the price where bids and offers match within the range between one tick above the highest order price and one tick below the lowest order price.
+**Condition 1:** the price where bids and offers match within the range between one tick above the highest order price and one tick below the lowest order price*1.
 **Condition 2:** in the case where there are several prices that meet Condition 1, the price that maximizes the traded volume.
-**Condition 3:** in the case there are several prices that meet Condition 2, the price that minimizes the difference between the cumulative volume of sell orders and the cumulative volume of buy orders (hereinafter called "surplus volume").
+**Condition 3:** in the case where there are several prices that meet Condition 2, the price that minimizes the difference between the cumulative volume of sell orders and the cumulative volume of buy orders (hereinafter called "surplus volume").
-**Condition 4:** in the case there are several prices that meet Condition 3, the either price of the following:
+**Condition 4:** in the case where there are several prices that meet Condition 3, the either price of the following:
 . In the case where the cumulative sell volume is larger than the cumulative buy volume at all such prices, the lowest price;