There are two cases of "reference price" when Sequential Trade Quote is shown.

1. If a single order is likely to trigger a series of executions that will move the price beyond twice the renewal price range interval from the reference execution price, the reference price is the last execution price.

2. Regardless of whether it is a single order, if there is likely to be a series of executions that will move the price beyond twice the renewal price range interval within one minute from the reference price, the reference price is set as the first execution during the continuous trading session (Zaraba). And after that, it is reset at the time of the first continuous auction execution that occurs after one minute has passed, or at the time of the first continuous auction execution that occurs after a Itayose execution.