回答
What is a circuit breaker?
Circuit Breaker
The Static Circuit Breaker ("SCB") system is a measure to prevent excessive price movements of crypto assets by temporarily suspending trading when there is a sudden change in the price of our trading board in order to quell investors' overheated senses and provide them with an opportunity to make a calm decision. This measure is adopted in accordance with the measures to prevent sudden price fluctuations stipulated in the self-regulatory rules.
| Term | Description |
|---|---|
| Triggering Conditions | After the following conditions are met, the transition will be processed immediately and the circuit breaker will be triggered to temporarily suspend trading: ・When the best quote price contacts the price limit range. -- The lowest priced sell order is quoted above the upper limit. -- The highest priced buy order is quoted below the lower price limit. ・If the price inside one of the best prices is no longer executed or canceled and the best quote is above or below the upper or lower price limit. ・If the best quote is executed at a price above or below the upper or lower limit of the price limit. * Quoted price: The price (limit price) at which sellers and buyers wish to buy or sell in trading on the exchange. |
| Price Limit | The following price limits are set based on the reference price. ・Normal price range: 50% up/down ・First expansion range: 40% up/down ・Second range: 30% up/down * After the third expansion range, the price will continue to be expanded by 30%, the same as the second expanded price range. |
| Number of expansions | No limit. |
| Reference Price | The reference price is set based on the following conditions. ・Replacement at the timing of daily price update (update process) -- The daily update at our company is at 9:00 a.m. (JST). ・After the circuit breaker is triggered, the reference price is set to the price at which the circuit breaker is triggered. * If there is no previous day's trading, such as IEO, the price shall be the selling price. |
| Services subject to suspension | The target services to be temporarily suspended differ depending on the currency pair to be triggered as follows. ・In the case of BTC/JPY -- In consideration of the impact on our internal market impact and liquidity, we will temporarily suspend BTC/JPY on the exchanges and all currency pair issues handled by the sales offices. ・In the case of non-BTC/JPY -- In the case of a currency pair handled on an exchange and a currency pair handled on a venue (*1), trading of the relevant currency pair will be temporarily suspended (*2) on both the exchange and the venue. -- In the case of a currency pair handled only by an exchange, trading in the relevant currency pair will be temporarily suspended on the exchange service only. *1 : For exchanges, this includes exchange-related services such as "Tsumitate". *2 : Information on the status of the suspension will be provided on the screen or via the API for each service by displaying the status and response or by displaying an error message and response. |
| Period during which activation is applied | Only activated when the exchange is in the "normally operating" status as defined by the Company. |
| Start of Suspension (Conditions for Resumption after SCB Triggering) | Starts after the completion of our suspension procedures after the triggering conditions are met. |
| Suspension Period (SCB Triggering Period) | After interruption, it stops until the next process is promptly started. |
| Normal Transaction Resumption Method | After the suspension period has elapsed, trading will be resumed using the Itayose method after the price limits are expanded. |
| Status of SCB | Please refer to here for the status of SCB. |
Circuit Breaker Triggering Image
The figure below shows how the price limits change when the circuit breaker is triggered.Today+0 is the starting date. Each time the circuit breaker is activated during the day, the number of triggers increases and the price limit changes.
Today+1 and Today+2 represent one day and two days later, respectively. When the date changes, the number of circuit breaker triggers and the price limit of the previous day are reset, and the normal price limit is restored.
