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OSE, TOCOM Launch New Derivatives Trading System – Regulation Asia

J-GATE 3.0 will help to expand market liquidity and improve reliability and convenience for investors and trading participants.

OSE (Osaka Exchange) and TOCOM (Tokyo Commodity Exchange) are launching a “next-generation” derivatives trading system known as J-GATE 3.0 today (21 September).

The new system will help to expand market liquidity, and further improve reliability and convenience for investors, trading participants, and other market users.

J-GATE 3.0 will be able to better align with changes in the business environment and the needs of market users, while also allowing for the timely addition of new products and functionalities, TOCOM previously said.

In a brief statement on Sunday (19 September), the JSCC (Japan Securities Clearing Corporation) said a go-live rehearsal was completed successfully, and that it has decided to go live with the new clearing system as well as J-GATE 3.0 at the OSE and TOCOM as scheduled.

As part of the launch, OSE and TOCOM will extend the night session, apply the immediately executable price range rule (DCB rule) to the opening auction, and introduce a static circuit breaker (SCB rule) mechanism during regular trading hours.

The reference prices and circuit breaker price limits for futures trading were published on Friday (17 September).

The OSE will also introduce flexible futures trading, as well as new products including Nikkei 225 Total Return Index Futures/Index Futures and CME Group Petroleum Index Futures.

OSE rubber futures and TOCOM crude oil products will also now have 15 contract months, compared to just six previously.

Following the launch of J-GATE 3.0, the OSE and TOCOM will work to implement holiday trading by September 2022.