回答
Q
How is the execution price determined during Itayose?
A
The method for determining the execution price at Itayose when trading resumes is as follows.
First, the order board is checked and the "Itayose range" is set to the price one tick above the highest price and one tick below the lowest price among existing buy and sell limit orders.
The term "tick" here refers to the smallest unit of price fluctuation (the smallest unit of the bid/ask price or price range).
Next, the cumulative volume of selling and buying is calculated for each tick within this range, and the smaller of the cumulative volume of selling and buying for each tick is determined as the "execution volume.
The execution volume is then compared for all ticks, and the price at which the largest execution volume is obtained is set as the "execution price.
If the largest execution volume exists for more than one tick, the difference between the accumulated sell volume and accumulated buy volume for each tick is determined as the absolute value, which is the imbalance volume. The tick with the smallest imbalance is the "execution price.
If there is more than one price with the smallest imbalance, the price closest to the last traded price before the trading halt (the center price of the board) from the range one tick above or below all the bids and offers will be the execution price. If there is no last traded price before the trading halt, the price of the price limit will be used.
Finally, before resuming trading, the number of limit orders to sell or buy is checked on the order board, and if either the number of orders to sell or buy is zero, no execution will take place, in which case trading will be resumed without execution. The opening price at the time of resumption will be the last traded price before the trading session was suspended. If there is no last traded price before the trading halt, the opening price will be the price of the price limit.
Please refer to the following information section for more details.
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