Circuit Breaker
Circuit breaker during rapid price changes (measure to prevent sudden changes in trading prices)
To prevent sudden price changes, bitFlyer Crypto CFD have a circuit breaker system. A circuit breaker temporarily suspends trading in order to prevent erroneous order placement.
Below is an overview of the circuit breaker system activated by sudden price fluctuations.
- * Orders may be placed and cancelled while trading is temporarily suspended.
- * If there have been no trades for 10 minutes, the reference price remains at its most recent value.
- * The single price determined by the Itayose method is taken as the circuit breaker reference price for the duration of the 10 minute period following the resumption of trading.
- * When trading is temporarily suspended due to circuit breaker activation and the single price determined by the Itayose method falls outside of the price fluctuation threshold, another period of suspension will immediately follow without resumption of trading. The reference price of this new period will be the price at which the price fluctuation threshold was exceeded.
- * There may be situations where the Company does not apply the circuit breaker if the Company determines that, in consideration of trading conditions, applying a temporary suspension to trading is not appropriate.
- * The Company will make a determination as to whether to temporarily suspend trading on each occasion that the circuit breaker activation conditions are met. There may be a time difference between the satisfaction of those conditions and the commencement of a suspension.
- * If the regularly scheduled maintenance time starts while the circuit breaker is activated, the circuit breaker Itayose process will take priority Over-the maintenance period.
- * Any opportunity losses, including those due to the introduction of the circuit breaker system, are under no circumstances the responsibility of the Company.
- * If, however, the following requirements for resumption of trading by the Circuit Breaker at the time of divergence expansion are not met, trading will continue to be suspended.
- * When trading resumes, bitFlyer's proprietary trading department may employ the Itayose method to hold positions for the purpose of hedging price fluctuation risks or for arbitrage trading. In such instances, the price and quantity desired by the proprietary trading department will be reflected on the order book and displayed in the same manner as orders from other customers.
If there are multiple limit orders at the same price, the orders will be executed in the order they were placed. All market orders placed before the single-price auction (Itayose method) is determined (including orders placed prior to scheduled maintenance) will be considered to have been placed at the same time.
Circuit breaker during divergence expansion (measure to prevent significant divergence from crypto asset spot trading prices)
bitFlyer Crypto CFD employs a circuit breaker mechanism to temporarily suspend trading with the aim of preventing a significant divergence between crypto asset spot trading prices and bitFlyer Crypto CFD trading prices.
Below is an overview of the circuit breaker system activated by sudden increases in divergence.
- * Orders may be placed and cancelled while trading is temporarily suspended.
- * If trading is temporarily suspended due to the activation of the circuit breaker and the single price determined by the Itayose method is outside the price limit range, trading will not resume and the suspension will continue.
- * There may be situations where the Company does not apply the circuit breaker if the Company determines that, in consideration of trading conditions, applying a temporary suspension to trading is not appropriate.
- * The Company will make a determination as to whether to temporarily suspend trading on each occasion that the circuit breaker activation conditions are met. There may be a time difference between the satisfaction of those conditions and the commencement of a suspension.
- * If the regularly scheduled maintenance time starts while the circuit breaker is activated, the circuit breaker Itayose process will take priority over the maintenance period. For the definition of Itayose, please refer to the note on "Measures to Prevent Sudden Fluctuations in Trade Prices" above.
- * Any opportunity losses, including those due to the introduction of the circuit breaker system, are under no circumstances the responsibility of the Company.
- * If, however, the above requirements for resumption of trading by the Circuit Breaker in the event of a sudden price change are not met, trading will remain suspended.
- * When trading resumes, bitFlyer's proprietary trading department may employ the Itayose method to hold positions for the purpose of hedging price fluctuation risks or for arbitrage trading. In such instances, the price and quantity desired by the proprietary trading department will be reflected on the order book and displayed in the same manner as orders from other customers.