The reference price of Sequential Trade Quote is set at the time of first execution in Zaraba, and it is set again when the first Zaraba execution occurs after a certain period of time has elapsed.
For this reason, the execution price at the time of opening price determination and the Special Quote indicated price will not be the reference price.

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

1. A single order is likely to trigger a series of executions that will move the price beyond twice the special quote renewal price interval from the reference execution price. (The reference execution price is the last execution price.)

2. Regardless of whether it is a single order, there is likely to be a series of executions that will move the price beyond twice the special quote renewal price interval within one minute from the reference price. (The reference price is set as the first execution during the continuous trading session (Zaraba), and it is reset to the first execution after each time interval elapses.)