ASC

ASE

There are no price limits at SOFFEX.

BDF

Frankfurt Stock Exchange:

Not relevant.

DTB:

Not relevant.

CFTC

Overall or daily price limits constitute the maximum price advance or decline from the previous day's settlement price that are permitted during one trading session. Such limits are not required. In general, each futures exchange determines the price limits, if any, for a particular contract traded at the exchange. At the CME and NYMEX for example, the daily price limits are contained in each contract and vary contract by contract. In most contracts, however, the limits do not apply on the final day of trading. Most exchanges have rules permitting limits to increase automatically should there be successive days of trading at the limit, if any. See Table 1.

CNV

COB

For each contact, price limits are determined. There may be no price limit for the nearest maturity of the contract in order to facilitate the convergence of cash and future prices. If the price limit is reached again after reopening the market, the clearing house calls complementary margins. Trading can be stopped by the clearing house for more than one hour. If necessary the chairman of the CMT can stop the trading for a longer time. Complementary margins are calculated as being the difference between the price at the limit and the price at the last margin calls. In practice, the clearing house can modulate to take account of an emergency situation.

When transactions are suspended in the cash market on a given security, due to undue price movement, transactions on the option based on the underlying security are also suspended.

CONSOB

CVMQ

The governing committee of the Montreal Exchange established, under section 6808 of the By-Laws and Rules, a maximum price limit for each contract with respect to the previous days settlement price and there is no trading above or below that limit except as provided below. Until otherwise determined, the daily price limits are as follows:

- 1-month and 3-month Canadian bankers' acceptance futures: NIL

- Government of Canada Bond futures:

Trading is prohibited during any day at a price higher or lower by more than 3 points ($3,000 CAN per contract), than:

i) the settlement price for such futures contract on the previous business day; or

ii) the average of the opening range or the first trade, during the first day of trading in a futures contract; or

iii) the price established by the Exchange in an inactive contract.

MOF

Price Limits:

The daily price limits are set by the exchange as follows. The price limits can be changed by the exchange according to market conditions.

Stocks - approximately 15% (upward or downward) of previous day's Closing Price

Stock Index futures - approximately 3% (upward or downward) of previous day's Closing Price

Stock Index options - approximately 3% (upward or downward) of previous day's Closing Price

Special Quote:

The exchange implements special quote system to prevent drastic price volatility. When there is major order imbalance, a special quote is posted in order to solicit counter orders. When a special quote is posted, no actual transactions are allowed to take place. A special quote can be renewed upward or downward within the price quotation spread set by the exchange, until sufficient counter orders come out for establishing equilibrium of supply and demand.

OSC

The normal daily price limit on the Toronto 35 Index futures is 13.5 points for all contracts except for the last day of trading in the expiry month, when there shall be no limit. When the Toronto 35 Index futures trading in any series closes at the normal daily limit, the limit on all series will automatically expand the following day by 50% to 20.20 points and remain at such level until such time as no series closes at or beyond the normal price limit. This remains subject to the discretion of the Board of Governors.

The TFE does not have established price limits, but TFE practice indicates that such price limits would likely be triggered at prices below a 170-point drop on the DJIA, assuming the Dow and the Toronto 35 fell proportionately together.

SEC

None.

SFC

The HKFE imposes a Maximum Fluctuation per trading session on each of the Hang Seng Index and Hang Seng Sub-Index Futures Contracts. Trading may only occur at prices within a limit which is a range equal to the closing quotation of the previous session plus or minus the Maximum Fluctuation. However, the Maximum Fluctuation rule does not apply to spot month futures contracts and further, on the expiry day of the spot month contract, it is disapplied to the next month futures contracts as well.

The current levels of the Maximum Fluctuation are as follows:

   Hang Seng Index Futures  300 points 
   Hang Seng Sub-Index Futures  
    Finance   300 points 
    Properties   450 points 
    Commerce & Industries 300 points 
    Utilities   300 points 
   Hang Seng Index Option  Nil

Since there are two trading sessions per trading day, the daily limit is actually twice the above specified levels.

The SEHK imposes limits on the opening quotation of a stock in relation to its closing price on the previous trading day. Where there has been no first ask of the day, the first bid must be higher than or equal to the previous closing price minus four spreads; and where there has been no first bid, the first ask price must be lower than or equal to the previous closing price plus four spreads.

For quotations other than the opening quotation, a buy order may be at a price between one spread to four spreads below the current ask price, or if there is no existing bid and ask price, a price greater than or equal to four spreads below whichever is the lowest of the last ask price, the previous closing price and the lowest transacted price of the day. Similarly, a sell order may be made at a price between one spread to four spreads above the current bid price, or if there is no existing bid and ask price, a price lower than or equal to four spreads above whichever is the highest of the last bid price, the previous closing price and the highest transacted price of the day.

SIB

None.