[English Translation]

ENFORCEMENT REGULATIONS FOR
TRADING REGULATIONSTOKYO FINANCIAL EXCHANGE INC.

(This is an English translation of the Enforcement Regulations for Trading Regulations,which original has been prepared in the Japanese language only. The Japanese language
text hereof shall govern for all purposes and in all respects. Accordingly, all questions
that may arise within or without courts of law in regard to the meaning of the words,
provisions and stipulations of these Enforcement Regulations for Trading Regulations shallbe decided in accordance with the Japanese language text. Tokyo Financial Exchange Inc.
(“TFX”) assumes no responsibility for accuracy, correctness, or content of this English
text.)

Enforcement Regulations for Trading Regulations

Table of Contents
Page
Article 1.
Article 1-2.
Article 2.
Article 3.

Purpose .................................................................................................... 1
Affiliation ................................................................................................ 1
Period for Accepting Cancellation of Bids and Offers ............................ 1
Particulars for Bids and Offers ................................................................ 1

Article 3-2.
Article 4.
Article 4-2.
Article 4-3
Article 5.
Article 6.

Correction to Whether for Customer Account or for House Account ..... 4
Period for Suspension of Market Derivatives Transaction ...................... 5
Publication or Notice of Invalidation ...................................................... 5
Invalidation of Contract ........................................................................... 7
Correction to Contents of Bid or Offer .................................................... 7
Application for Approval of Market Derivatives Transaction for Error
Trade Correction, etc. ............................................................................ 8
Types of Strategy Trade, etc. ................................................................... 8
Other Particulars for Strategy Trade ........................................................ 8

Article 6-2.
Article 6-3.

Article 6-3-2. Special Provisions concerning Precedence of Bids and Offers matchedin accordance with Principle of Price/Time Priority ............................. 9
Article 6-4. Particulars for Application for Block Trade .......................................... 10
Article 6-5. Period for Suspension of Block Trade ................................................... 12
Article 6-6. Give-up Notification Period .................................................................. 12
Article 6-7. Take-up and Other Notification Period ................................................. 12
Article 6-8. Correction to Contents of Give-up Notifications, etc. ........................... 12
Article 7.
Confirmation of Details of Overseas Position ....................................... 13
Article 8.
Time for Notice of L-T Link Position by Exchange.............................. 15
Article 9.
Article 10.
Article 11.

Period for Non-dispatch of Notice by Exchange ................................... 15
Notification of Doubts about L-T Link Position Details ....................... 15
Deadline for Submission of Notification on Whether for Customer
Account or for House Account of L-T Link Position .......................... 15
Article 12. (Deleted) ................................................................................................ 15
Article 13. Reporting on Market Derivatives Contracts .......................................... 15
Article 13-2. Method Utilizing Information and Telecommunication Technology for
Notice to Customers ............................................................................ 16
Article 14. Recordkeeping for Market Derivatives Transactions based on
Customer’s Order ................................................................................ 17
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Article 14-2. Method Utilizing Information and Telecommunication Technology for
Notice to Trading Members ................................................................. 18
Article 15. Calculation Method, etc. for Official Closing Price .............................. 19
Article 16. Regulatory Measures on Market Derivatives Transactions, etc. ........... 19
SUPPLEMENTARY PROVISIONS ................................................................................... 20
Appendix 1
Appendix 2

Types of Strategy Trades for Market Derivatives Contracts ..................... 22
Contents of Record for Bids and Offers .................................................... 24

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Table of Contents

Article 1.

Purpose

These Enforcement Regulations set forth the matters to be prescribed or designatedby the Exchange pursuant to the Trading Regulations (hereinafter called the “Trading
Regulations”).

Article 1-2.

Affiliation

The financial index set forth in Article 2(6) of the Trading Regulations shall be thefinancial index as set forth in Article 3(1) of the Trading Regulations.

Article 2.

Period for Accepting Cancellation of Bids and Offers

2.1
The Exchange shall accept cancellation requested by a Trading Member of its
bids or offers set forth in Article 5.4 of the Trading Regulations during the period fromthe opening of the pre-open period to the close of the evening session (or the close of the
day session if no matching is conducted during the evening session; this interpretation
shall similarly apply hereinafter) of the relevant market derivatives contract.
2.2
Cancellation of a GTC order referred to in Article 3.1(2)(a) hereof shall be
acceptable during the period set forth in Article 2.1 above, as well as the period during
which Trading Members have access to the Trading System.
2.3
Whenever the Exchange deems it necessary, it may accept cancellation of bids
and offers from a Trading Member during the hours designated by the Exchange fromtime to time in addition to the periods set forth in Articles 2.1 and 2.2 above.

Article 3.

Particulars for Bids and Offers

3.1
The matters to be prescribed by the Exchange in connection with bids and offers
for the market derivatives contracts based on the auction method pursuant to Article 11.7of the Trading Regulations shall be as follows.
(1)

Matching process of bids and offers

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A bid and an offer shall be processed in the Trading System in themanner set forth below, within a range of the corresponding volume
between them.

(2)

(a)

When a bid is submitted at a price higher than the price of anyof the offers then submitted, the bid shall be processed in thevolume corresponding to such offer or offers, subject to thelower limit set on the bid.

(b)

When an offer is submitted at a price lower than the price of
any of the bids then submitted, the offer shall be processed in
the volume corresponding to such bid or bids, subject to thehigher limit set on the offer.

Types of modifiers
A Trading Member may apply any of the following modifiers for any
bid or offer submitted by it; provided, however, that a Trading Member
shall not apply the modifier set in Article 3.1(2)(a) Packs and Bundles(these are strategy trades listed in Appendix 1) submitted for a strategy
trade.
(a)Good Till Cancelled (GTC)
A modifier to cause the bid or offer to become null and void atthe close of the evening session of a specified business day(or, if no business day is designated for that purpose, thebusiness day on which the last trading day’s day session falls)(b)

Good in Session (GIS)
A modifier to cause the bid or offer which is submitted duringa pre-open period or a day session to become null and void atthe close of the day session, and cause the bid or offer which is
submitted during an evening session to become null and voidat the close of the evening session

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(c)

(3)

On-Open modifier set forth in Article 2(43) of the Trading
Regulations

Modifiers which may be applied to a limit order
The modifier which may be applied to a limit order shall be those listed
in Article 3.1(2)(a) or 3.1(2)(b) above(4)

Modifiers applied to a market order
The modifier listed in Article 3.1(2)(a) or 3.1(2)(b) hereof may not beapplied to any market order. Any market order which is submitted
during a pre-open period shall be subject without exception to the
On-Open modifier listed in Article 3.1(2)(c) hereof.

(5)

Expiration of a bid or offer
A bid or offer inputted into the Trading System which remains
unmatched shall expire as set forth below; provided, however, that,when market derivatives transactions are suspended pursuant to any
Item of Article 14 of the Trading Regulations, the expiry of the bid oroffer may be designated by the Exchange from time to time.
(a)A limit order shall become null and void at the close of theevening session of the business day on which the limit order isinputted into the Trading System, provided, however, that if
any condition is imposed on the expiration thereof, suchcondition shall be observed.

(6)

(b)

A market order (except for On-Open order) shall become nulland void immediately.

(c)

An On-Open order shall be treated as per the provision of
Article 10.4 of the Trading Regulations.

Prohibition of market order, etc.

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Whenever the Exchange determines it necessary in light of state ofbids and offers then submitted and other factors concerned, theExchange may prohibit any Trading Member from submitting market
orders (including On-Open orders).
3.2
For the purpose of application of Article 3.1 above in connection with strategy
trades, the term “price” referred to in Item (1) of the same Article shall be replaced with“strategy price”, and “offer” and “bid” referred to therein shall be replaced with“strategy offer” and “strategy bid” respectively.

Article 3-2.
Account

Correction to Whether for Customer Account or for House

3-2.1 When a Trading Member intends to make correction to the whether for acustomer account or for a house account referred to in Article 11 or 28-2 of the Trading
Regulations due to a truly unavoidable reason, the Trading Member shall (after obtaining
prior consent from its Designated Clearing Member, if such Trading Member is a
Non-clearing Member) notify the Exchange of the contents of the correction by 10:00
a.m. of the business day immediately following the business day on which there occurs
the day session of the trading day on which the market derivatives contract or L-T Link
Position after the correction to whether for a customer account or for a house account is
executed or arises. Notwithstanding the foregoing, no correction shall be made towhether for a customer account or for a house account on the last trading day of therelevant contract month.
3-2.2 The Trading Member who has made a correction notice set forth in Article 3-2.1
above shall confirm the results of the correction immediately after the same is carried out
by the Exchange.

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Article 4.

Period for Suspension of Market Derivatives Transaction

Market derivatives transactions shall be suspended in the case listed in any Itemof Article 14 of the Trading Regulations for a period deemed necessary by the Exchange
from time to time.

Article 4-2.

Publication or Notice of Invalidation

The matters published or communicated by the Exchange pursuant to Articles
14-2-2 and 14-3 of the Trading Regulations shall be the name of the Trading Member
who executed the order of Error Trade and the other matters set forth below. Provided,
however, if the Exchange deems it necessary, any particulars to be published orcommunicated may be added or omitted.
(1)

(2)

When an Interest Rate Futures contract is invalidated(a)Type of the market derivatives contract(b)

Contract month or series(c)Whether it is a sale contract or a purchase contract(d)

Trading volume(e)Volume for option exercise(f)Contract price(g)Time for execution of the invalidated contract

When an FX Daily Futures contract is invalidated(a)Type of the market derivatives contract(b)

Whether it is a sale contract or a purchase contract

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(3)

(4)

(c)

Trading volume(d)Contract price(e)Time for execution of the invalidated contract

When an Equity Index Daily Futures contract is invalidated(a)Type of the market derivatives contract(b)

Whether it is a sale contract or a purchase contract(c)

Traded volume(d)Contract price(e)Time for execution of the invalidated contract

When an FX Clearing Futures contract is invalidated(a)Type of the market derivatives contract(b)

Whether it is a sale contract or a purchase contract(c)

Trading volume(d)Contract price(e)Time for execution of the invalidated contract

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Article 4-3

Invalidation of Contract

The invalidation of a contract in accordance with Article 14-2.2 of the Trading
Regulations shall be made after the publication in accordance with Article 14-2-2 of theTrading Regulations.

Article 5.

Correction to Contents of Bid or Offer

Correction to the inputted contents pursuant to Article 15.3 of the Trading
Regulations shall be made in the following manner.
(1)

Correction to a bid or offer
The concerned Trading Member shall cancel the bid or offer and theninput a correct bid or offer in accordance with Article 11 of the Trading
Regulations.

(2)

Correction of the volume for a bid or offer
The bid or offer shall be cancelled to the extent of the volume of
reduction.

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Article 6.
Application for Approval of Market Derivatives Transaction forError Trade Correction, etc.
If a Trading Member intends to obtain the Exchange’s approval for Error Trade
Correction for a market derivatives contract (excluding FX Daily Futures contract andEquity Index Daily Futures contract) pursuant to Article 19 of the Trading Regulations,
the Trading Member shall submit a specified form of application to the Exchange notlater than 10:00 a.m. of the business day immediately following the business day on
which the Error Trade or other event in question has occurred.

Article 6-2.

Types of Strategy Trade, etc.

The types of combinations of the multiple contracts in strategy trades set forthin Article 20-2.1 of the Trading Regulations and the pricing formulas and other mattersto be prescribed in connection with strategy trades set forth in Article 20-2.2 of theTrading Regulations shall be as per in Appendix 1 “Types of Strategy Trades for Market
Derivatives Contracts” attached hereto.

Article 6-3.

Other Particulars for Strategy Trade

The matters to be prescribed by the Exchange in connection with strategy trades
pursuant to Article 20-2.4 of the Trading Regulations shall be as follows.
(1)

Implied-out Function
For the purpose of enhancing the probability of matching of bids andoffers submitted by Trading Members, the Exchange shall match any
bid or offer inputted into the Trading System for a “calendar spread”
strategy trade and a bid or offer submitted for a given market
derivatives contract that would be capable of being traded in suchstrategy trade, in accordance with the calculation made by the
Exchange, in order to generate the counterpart offer or bid for the othermarket derivatives contract that would be capable of being traded insuch strategy trade.

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(2)

Implied-in Function
For the purpose of enhancing the probability of matching of bids andoffers submitted by Trading Members, the Exchange shall match a bid
and an offer inputted into the Trading System which are submitted forany of the market derivatives contracts that would be capable of being
traded in a strategy trade, in accordance with the calculation made by
the Exchange, in order to generate the counterpart bid or offer for suchstrategy trade.

(3)

Article 6-3-2.

Whenever the Exchange deems it necessary to do so due to failure in
the Trading System or under other circumstances, the Exchange may
suspend the implied-out function or implied-in function set forth inItems (1) and (2) above.

Special Provisions concerning Precedence of Bids and Offers

matched in accordance with Principle of Price/Time Priority
6-3-2.1 A bid or offer for market derivatives contract generating in accordance with
Article 6-3 (1) above shall be subordinated to the other bids or offers placed as limit
orders of the same price which are to be matched in accordance with principle ofprice/time priority, regardless of the timing of the order therefor being placed.
6-3-2.2 A bid or offer for strategy trade generating in accordance with Article 6-3 (2)above shall be subordinated to the other bids or offers of the same strategy price which
are to be matched in accordance with principle of price/time priority, regardless of thetiming of the order therefor being placed.
6-3-2.3 If there is more than one (1) bid or offer for market derivatives contract
generating in accordance with Article 6-3 (1) above of the same price, an earlier ordershall take precedence over the later order. The foregoing provision shall apply equallywith respect to a bid or offer for strategy trade generating in accordance with Article 6-3(2) above.

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Particulars for Application for Block Trade

The matters to be prescribed by the Exchange in connection with block tradepursuant to Article 20-5.2 of the Trading Regulations shall be as follows.
(1)

Method of application
A Trading Member shall apply for a block trade by inputting thefollowing information into the Trading System through the Member’s
terminal device.
(a)Name of the applicant Trading Member(b)Type of the market derivatives contract(c)

Contract month

(d)

Price

(e)

Volume designated for the relevant bid or offer(f)

Whether for a customer account or for a house account for thesale contract or purchase contract(g)

The counterparty Trading Member (if the applicant Trading
Member intends to execute the market derivatives contract
with another Trading Member)(2)

Restriction on pricing
The price listed in (d) of Item (1) above shall be in a fair andreasonable amount to be determined based on the trading situation at
the Exchange at the time of the block trade application.

(3)

Minimum volume

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The volume of market derivative contract which shall be executed at a
block trade shall be not less than one (1) trading unit.
(4)

Conditions for approval
If the Exchange confirms that the application submitted by a Trading
Member satisfies all of the following conditions, the Exchange shallapprove execution of the market derivatives contract based on thecontents of such application.

(5)

(a)

All of the information set forth in Item (1) above are clearlyspecified in the application.

(b)

The price set forth in (d) of Item (1) above is the price set forthin Item (2) above.

(c)

The minimum volume requirement set forth in Item (3) above
shall be satisfied.

(d)

It is not obviously inappropriate in any other respects to allow
execution of the market derivatives contract based on theapplication.

Notice of approval or disapproval
If the Exchange approves execution of the market derivatives contract
pursuant to Item (4) above, the Exchange shall communicate its
approval or disapproval to the applicant Trading Member. If the
Exchange fails to give a notice of either approval or disapproval by theclose of the evening session of the business day on which theapplication is submitted to the Exchange, the Exchange shall bedeemed to have disapproved the application.

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Article 6-5.

Period for Suspension of Block Trade

A block trade shall be suspended in the case listed in any Item of Article 20-9 of
the Trading Regulations for a period deemed necessary by the Exchange from time totime.

Article 6-6.

Give-up Notification Period

The period for give-up notification to be prescribed by the Exchange pursuant
to Article 20-16 of the Trading Regulations shall be a period commencing at the time
when the market derivatives contract to be given up is executed or the L-T Link Position
to be given up arises and ending at 4:45 p.m. of the business day on which there occurs
the day session of the trading day on which such market derivatives contract is executedor such L-T Link Position arises. As to the last trading day of a contract month,
however, the give-up notification shall be submitted not later than 3:45 p.m. of thebusiness day on which the last trading day’s day session falls.

Article 6-7.

Take-up and Other Notification Period

The period to be prescribed by the Exchange pursuant to Article 20-16 of theTrading Regulations for notification pursuant to Article 20-14.1 of the Trading
Regulations (hereinafter called “take-up notification, etc.”) shall be a period
commencing at the time when the Exchange gives the notification under Article 20-13.2of the Trading Regulations and ending at 5:00 p.m. of the business day on which there
occurs the day session of the trading day on which the market derivatives transaction to
be given up is executed or the L-T Link Position to be given up arises. As to the last
trading day of a contract month, however, the take-up notification, etc. shall be
submitted after the time when the Exchange gives the said notification, but not later than
4:00 p.m. of the business day on which the last trading day’s day session falls.

Article 6-8.

Correction to Contents of Give-up Notifications, etc.

The matters to be prescribed by the Exchange pursuant to Article 20-16 of the

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Trading Regulations for correction to give-up notifications and take-up notifications, etc.
(hereinafter collectively called “give-up notification, etc.”) shall be as set forth below.
(1)

Correction to the contents of give-up notification, etc.
If a Trading Member intends to make correction to the give-up
notification, etc. submitted by it with respect to a market derivatives
contract or an L-T Link Position given up based on a Customer’s orderdue to a truly unavoidable reason, the Trading Member shall (together
with its Designated Clearing Member if such Trading Member is a
Non-clearing Member) notify the Exchange to that effect, in themanner prescribed by the Exchange by 10:00 a.m. of the third business
day after the business day on which there occurs the day session of the
trading day on which such given up market derivatives contract is
executed or such given up L-T Link Position arises; provided, however,that no correction shall be made to a give-up notification, etc. for any
contract month on its last trading day.

(2)

Confirmation of results of correction to the contents of give-up
notification, etc.
A Trading Member who has made a notification of correction to thegive-up notification, etc. set forth in Item (1) above shall immediately
confirm the results of the correction made by the Exchange.

Article 7.

Confirmation of Details of Overseas Position

With respect to a statement of overseas position set forth in Article 21.1 of theTrading Regulations, the Exchange shall confirm:(1)that the code number of the Trading Member transmitted with respect
to each overseas position indicated on the statement corresponds withthe code number of the same Trading Member which is alreadyregistered in the computer or other system of the Exchange;(2)that the category of the contract month of each overseas position

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indicated on the statement corresponds with the contract month set
forth in Article 4 of the Trading Regulations;(3)that the distinction of sale contract/purchase contract, the transaction
code number, the volume, the figure, etc. and the trading days of theoverseas financial instruments market operated by the Linked Overseas
Exchange are identified with respect to each overseas positionindicated on the statement;(4)

that the calendar day immediately preceding the day on which thestatement is transmitted to the Exchange (in Japan time) correspondswith the latest trading day of the respective overseas position referred
to in Item (3) above;(5)

that, with respect to all the overseas positions indicated on thestatement, the total volume sold corresponds with the total volume
purchased for the respective contract month communicated to the
Exchange; and(6)other matters that the Exchange deems necessary to confirm.

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Article 8.

Time for Notice of L-T Link Position by Exchange

The time to be designated by the Exchange pursuant to Article 26 of the Trading
Regulations shall be 9:00 a.m.

Article 9.

Period for Non-dispatch of Notice by Exchange

The period during which the Exchange shall refrain from dispatching the notice
set forth in Article 21.1 of the Trading Regulations in the case listed in any Item of
Article 27 thereof shall be a period to be determined by the Exchange from time to time.

Article 10.

Notification of Doubts about L-T Link Position Details

If a Trading Member receiving a notice of the L-T Link Position details or a
notice of non-arising of L-T Link Position intends to notify the Exchange of any doubt
as to such notice pursuant to Article 28.4 of the Trading Regulations, the Trading
Member shall file a notification with the Exchange in a prescribed form.

Article 11.
Deadline for Submission of Notification on Whether for Customer
Account or for House Account of L-T Link Position
The deadline to be prescribed by the Exchange pursuant to Article 28-2.3 of theTrading Regulations shall be 5:00 p.m. of the business day on which there occurs the day
session of the trading day on which the L-T Link Position arises.

Article 12.

(Deleted)

Article 13.

Reporting on Market Derivatives Contracts

The form and other manners to be prescribed by the Exchange pursuant to
Article 76 of the Trading Regulations shall be determined by the Exchange from time totime, paying due regard to the status of arising of market derivatives contracts or L-T

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Link Positions and other factors.

Article 13-2.
Method Utilizing Information and Telecommunication Technology
for Notice to Customers
13-2.1 The method separately prescribed by the Exchange referred to in Article 79 of
the Trading Regulations shall be any one of the methods set forth in Item (1) or (2)below.
(1)(2)

An electronic data processing and network organization as set forth in
Item (a) or (b) below shall be utilized.
(a)Transmission will be made via telecommunication lines
connecting computers used by a Trading Member and thoseused by a Customer and the contents so transmitted will berecorded into files stored in the computers used by a recipient.

(b)

The matters recorded into files stored in the computers used bya Trading Member that would otherwise be described in thenotice referred to in Article 79 of the Trading Regulations will
be made available for access by a Customer via
telecommunication lines and those matters will be downloaded
into files stored in the computers used by the Customer.

The matters that would otherwise be described in the notice referred toin Article 79 of the Trading Regulations shall be recorded into such
files that will be controlled by magnetic disc, CD-ROM or any otherequivalent media capable of reliably recording some contents, and therecording media containing such files shall be dispatched.

13-2.2 Each of the methods set forth in Article 13-2.1 above shall be the one enabling a
Customer to output the contents recorded into the files in paper form.
13-2.3 An “electronic data processing and network organization” referred to in Article
13-2.1(1) above means an electronic data processing and network organization
connecting computers used by a Trading Member and those used by its Customer by

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means of telecommunication lines.

Article 14.
Recordkeeping for Market Derivatives Transactions based on
Customer’s Order
14.1
The records to be prescribed by the Exchange pursuant to Article 79-2 of theTrading Regulations shall be the ones set forth below.
(1)

Record of bids and offers acquired from the Member’s terminal devices(2)“Member-wise Daily Trade Statements” listing transaction results
acquired from the Member’s terminal devices(3)“Member-wise Daily Trade Statements” listing given up transactionsacquired from the Member’s terminal devices(4)“Member-wise Daily Trade Statements” listing taken-up transactionsacquired from the Member’s terminal devices(5)“Member-wise Daily Trade Statements” listing the transactions subject
to position transfer acquired from the Member’s terminal devices, or an
output of position transfer enquiry via the Member’s terminal devices(6)“Statements of Linked Clearing” or “Member-wise Daily Trade
Statements” describing the transactions related to L-T Link Positions,which shall be acquired from the Member’s terminal devices

14.2
The records set forth in Article 14.1(1) above shall record the matters set forthin Appendix 2 attached hereto.
14.3
A Trading Member may keep the records set forth in Article 14.1 above in theform of output, or microfilm, floppy disk or any other electronic media.
14.4

The records set forth in Article 14.1 above shall be kept for five (5) years.

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Article 14-2.
Method Utilizing Information and Telecommunication Technology
for Notice to Trading Members
14-2.1 The method separately prescribed by the Exchange referred to in Article 81.2 of
the Trading Regulations shall be any one of the methods set forth in Item (1) or (2)below.
(1)

An electronic data processing and network organization as set forth in
Item (a) or (b) below shall be utilized.
(a)Transmission will be made via telecommunication lines
connecting computers used by the Exchange and those used bya Trading Member and the contents so transmitted will berecorded into files stored in the computers used by a recipient.

(b)

The matters recorded into files stored in the computers used by
the Exchange that are set forth in the Appendix attached to the
Trading Regulations will be made available for access by a
Trading Member via telecommunication lines and thosematters will be downloaded into files stored in the computersused by the Trading Member.

(2)

The matters that would otherwise be described in the notice referred toin the Appendix attached to the Trading Regulations shall be recorded
into such files that will be controlled by magnetic disc, CD-ROM or
any other equivalent media capable of reliably recording somecontents, and the recording media containing such files shall bedispatched.

14-2.2 An “electronic data processing and network organization” referred to in Article
14-2.1(1) above means an electronic data processing and network organization
connecting computers used by the Exchange and those used by a Trading Member bymeans of telecommunication lines.

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Article 15.

Calculation Method, etc. for Official Closing Price

15.1
The Official Closing Price Indicative Period defined in Article 82.2 of theTrading Regulations shall be a specific period determined by the Exchange from time totime, which shall fall within the period from the opening of the relevant business day’s
day session to the close of the same business day’s evening session.
15.2
If no contract is executed for a specific contract month during the Official
Closing Price Indicative Period set forth in Article 82.3 of the Trading Regulations, theOfficial Closing Price for such contract month shall be calculated in the following
manner.
(1)

The Official Closing Price for the said specific contract month shall bein the amount of the Official Closing Price for the latest contract monthas adjusted based on the difference between the daily settlement pricefor the said specific contract month calculated on the concernedbusiness day and the daily settlement price for the said latest contract
month calculated on the same business day.

(2)

If the price cannot be calculated in accordance with Article 15.2(1)above or if the Exchange determines that the price calculated inaccordance with Article 15.2(1) above is inappropriate, the Exchange
shall determine the Official Closing Price for the said specific contract
month from time to time by referring to the prevailing market quotes
and some other factors.

Article 16.

Regulatory Measures on Market Derivatives Transactions, etc.

The Exchange may take necessary regulatory measures including cancelation ofbids or offers based on Article 85 of the Trading Regulations.

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SUPPLEMENTARY PROVISIONS
The amended Enforcement Regulations shall take effect as from February 27,2017.

SUPPLEMENTARY PROVISIONS
The amended Enforcement Regulations shall take effect as from July 24, 2017.

SUPPLEMENTARY PROVISIONS
The amended Enforcement Regulations shall take effect as from February 26, 2018.

SUPPLEMENTARY PROVISIONS
The amended Enforcement Regulations shall take effect as from May 29, 2018.

SUPPLEMENTARY PROVISIONS
The amended Enforcement Regulations shall take effect as from September 30, 2019.

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SUPPLEMENTARY PROVISIONS
The amended Enforcement Regulations shall take effect as from April 12, 2021.

SUPPLEMENTARY PROVISIONS
The amended Enforcement Regulations shall take effect as from March 20, 2023.

SUPPLEMENTARY PROVISIONS
The amended Enforcement Regulations shall take effect as from January 4, 2024.

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Appendix 1
Type of strategy trade
Calendar Spread

Packs

Bundles

Types of Strategy Trades for Market Derivatives Contracts

Strategy sale

Strategy purchase

How to calculate strategy priceSell one contract for a near month, Purchase one contract for a near The traded price of the contract for theand purchase one contract for a far month, and sell one contract for a far near month, minus the traded price of themonth.

month.

contract for the far month.

Sell one contract for each of four ormore consecutive quarterly months;
provided that the first one of suchconsecutive quarterly months shall be
the 1st, 5th, 9th, 13th or 17th month

Purchase one contract for each offour or more consecutive quarterly
months; provided that the first one ofsuch consecutive quarterly months
shall be the 1st, 5th, 9th, 13th or 17th

An average of the respective figure
obtained by subtracting the previous
business day’s daily settlement price foreach contract month from the tradedprice for such contract month.

on a quarterly month basis.

month on a quarterly month basis.

Sell one contract for each of any
specified number of consecutive
contract months; provided that (i) the
first one of such consecutive
quarterly months shall be the 1stmonth on a quarterly month basis andPurchase one contract for each of any
specified number of consecutive
contract months; provided that (i) the
first one of such consecutive
quarterly months shall be the 1stmonth on a quarterly month basis and(ii) the specified number as aforesaid (ii) the specified number as aforesaid
shall be eight, twelve, sixteen or shall be eight, twelve, sixteen or
twenty.
twenty.

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An average of the respective figure
obtained by subtracting the previous
business day’s daily settlement price foreach contract month from the tradedprice for such contract month.

(Notes)

1.
2.
3.
4.

The combination of the contracts for strategy trade shall be composed of market derivatives contracts of the same
type.
A “near month” means a contract month for which the last trading day falls in an earlier month.
A “far month” means a contract month for which the last trading day falls in a later month.
A “quarterly month” means a contract month for which its final settlement date falls in any of March, June,

5.

September and December.
For Three-month TONA futures, “Calendar Spreads” shall be available as strategy trade.

.

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Appendix 2

Contents of Record for Bids and Offers
Matters to be recorded

1.
2.
3.

Types of financial indices, etc. and contact months or series specified in the Special
Provisions for Options
Distinction of sale/purchase contract
Order price or the price prescribed by the Special Provisions for Options (and thefact that it is a market order, if applicable)

4.
5.
6.
7.
8.

VolumeDate and time of acceptance in the Trading System
Order code number
Fact that it is based on a Customer’s orderType of a strategy trade9.
10.

Fact that it is a block trade, if applicable
Type(s) of modifier(s), if any

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