Explaining the reason why Tokyo Metro did not touch on the listing day at 9:00!

In this ipos, Tokyo Metro raised 348.6 billion yen from the market. It's the first large company's initial public offering since SoftBank in 2018, six years ago. Did you participate?

Many people were paying attention to the opening situation this morning, but the opening price did not set until 10 a.m.

"I wonder why?" You might have thought! Today, I will explain the "special quote" system, which is the reason for that!Special quotesExplanation about the "special quote" system!

Special quotesWhen a large number of 'buy orders' or 'sell orders' are concentrated at once and trading is not completed, the trade is temporarily suspended.This refers to a situation where trading is temporarily suspended when a large number of 'buy orders' or 'sell orders' are concentrated.When there are many buy orders, it is called 'special buying pressure', and when there are many sell orders, it is called 'special selling pressure'.When there are many buy orders, it is called 'special buying pressure'.When there are many sell orders, it is called 'special selling pressure'.When there are many sell orders, it is called 'special selling pressure'.When there are many buy orders, it is called 'special buying pressure'.

Special indications are a system set up by the Tokyo Stock Exchange to prevent investors from incurring unexpected losses due to sudden price fluctuations. This article provides a brief explanation of the mechanism of special indications and common cases where special indications are likely to occur.

This certain price range is called "Updated price range of special quotes", and it is determined by how much the previous stock price was.

For example, if the previous stock price is 2000Yen, the special quote update range is 50.YenTherefore, 1949 yen or lessor2,051 yen or moreif the transaction is likely to be concluded at...

In the case of the above figure,Market order 3,000 sharesと、There is a limit order for 3,000 shares at 2,051 yen.The trade is likely to be executed. If the stock price rises from 2,000 yen to 2,051 yen, it will exceed the maximum price change of 50 yen. Therefore, a special quote occurs.and the trading is temporarily suspended.It is a mechanism.

After the special quote occurs, if no opposite orders are received for a while, the special quote is updated and the stock price is gradually made easier to trade.Closer to a stock price where trades are more likely to be executed.etc.

The update time is3 minutesand the updated range is the same as the "Updated price range of special quotes" listed in the table above.For example, if a stock with a price of 2,000 yen becomes a special buy quote,、the quote value will increase by 50 yen every 3 minutes.

When significantly higher than normal trading volume, market orders in one direction lead to sudden price fluctuations, special quotes are expected to occur. This helps prevent market confusion.

Order imbalanceWhen the volume of buy orders or sell orders significantly exceeds the normal trading volume (e.g. more than twice the normal volume), or when the balance between buy and sell orders is extremely skewed, such imbalances are made known to attract opposing orders, which leads to the display of special quotes. The situation of this imbalance occurs regardless of the number of shares, for example, even a market order of 100 shares will display special quotes if there are no opposing orders.

(Note) The opening price is determined by the call auction method, so all market orders must be executed. Therefore, there may be situations where the opening price is not set at 9:00 (market orders are not executed).

Some common situations where special quotes are likely to occur include:

①Significant corporate announcement.When important news about companies such as earnings reports, revised financial estimates, and M&A is announced, there may be a sudden increase in buy orders or sell orders.

②Rapid market fluctuations.Due to economic indicators, global news, and fluctuations in financial policies, if the entire market moves significantly, orders may concentrate on specific stocks.

③Listing of star stocks or announcement of new products.Investor interest may focus on stocks of companies that have newly attracted attention or announced new products/services, resulting in special attention.

④Speculative movements in the market.When speculative funds flow into certain stocks, extreme price movements and concentration of orders can occur, leading to the emergence of special indications.