即時約定可能値幅制度 | 日本取引所グループ

This page describes the Dynamic Circuit Breaker (DCB) system implemented by Japan Exchange Group. The DCB system prevents sudden price changes caused by erroneous orders by suspending trading when executed prices exceed the specified price range from the DCB reference price. It applies during opening auctions, regular sessions, and closing auctions, and differs from static circuit breaker measures. The DCB reference price is based on either the last executed price or the midpoint of best bid-ask quotes depending on the product. Trading suspension continues if the matching price remains outside the DCB range after a specified period.