Investor's Calculator日本語

What Is a Special Quote (Tokubetsu Kehai)?

A special quote is an indicative price shown in place of a regular market price when buy and sell orders become significantly imbalanced, and it is updated step by step over time as orders are collected.

How it works

When buy and sell order volumes become significantly skewed and cannot be balanced within the ordinary price range, the exchange displays a special indicative price (a special quote) in place of a regular market price. The special quote is updated step by step at set intervals, based on the state of supply and demand.

Relationship to the daily price limit

If repeated updates of the special quote cause the price to reach the upper or lower boundary of the daily trading range (the daily price limit), that state is commonly referred to as limit-up or limit-down. The special quote mechanism exists to help form a price by collecting orders when a sharp price movement occurs.

This article is provided for general informational purposes only and does not recommend or solicit the purchase or sale of any specific investment method or security. Final investment decisions are your own responsibility.

Frequently Asked Questions

Can trading still happen while a special quote is displayed?
Orders can still be placed while a special quote is displayed, but the difference from ordinary trading is that a regular market price is not shown; instead, the quote is updated step by step as orders are collected to balance supply and demand.
Is a special quote the same thing as limit-up or limit-down?
A special quote is a mechanism for updating the indicative price in response to an imbalance between buy and sell orders. If repeated updates cause the price to reach the upper or lower boundary of the daily price limit, that state is called limit-up or limit-down. The two concepts are related but are not the same thing.

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