[English Translation]

SPECIAL PROVISIONS FOR TRADING REGULATIONS FOREQUITY INDEX DAILY FUTURES TRANSACTIONSTOKYO FINANCIAL EXCHANGE INC.

(This is an English translation of the Special Provisions for Trading Regulations for Equity
Index Daily Futures Transactions, the original of which has been prepared in the Japanese
language only. The Japanese language text hereof shall govern for all purposes and in all
respects. Accordingly, all questions that may arise within or without courts of law inregard to the meaning of the words, provisions and stipulations of these Special Provisions
shall be decided in accordance with the Japanese language text. Tokyo Financial
Exchange Inc. (“TFX”) assumes no responsibility for accuracy, correctness, or contents ofthis English text.)

Special Provisions for Trading Regulations for
Equity Index Daily Futures Transactions

Table of Contents
Page
CHAPTER I

GENERAL PROVISIONS ..................................................................................... 1

Article 1.

Purpose .......................................................................................................................... 1

Article 2.

Definitions, etc.............................................................................................................. 1

CHAPTER II.

TYPES OF EQUITY INDEX DAILY FUTURES CONTRACTS AND
CONTRACT DAYS, ETC. ..................................................................................... 5

Article 3.

Types and Financial Indices of Equity Index Daily Futures Contracts ..................... 5

Article 4.

Contract Day Transaction............................................................................................. 7

Article 4-2.

First Trading Day, etc. for Equity Index Daily Futures transaction/contract ............ 8

CHAPTER III. MATCHING FOR EQUITY INDEX DAILY FUTURES CONTRACTS ON THE
EXCHANGE MARKET ......................................................................................... 9
Article 5.

Market Trading Period, etc. for Equity Index Daily Futures transaction/contract . 10

Article 6.

Exchange Holiday, etc. ............................................................................................... 16

Article 7.

Business Day............................................................................................................... 21

Article 8.

Trading Day ................................................................................................................ 21

Article 9.

Notice of Temporary Suspension and Off-hour Matching....................................... 21

CHAPTER IV. EQUITY INDEX MARKET MAKER ................................................................. 21
Article 10.

Designation of Equity Index Market Maker ............................................................. 22

Article 11.

Obligations of Equity Index Market Makers ............................................................ 22

Article 12.

Prohibited Acts of Equity Index Market Makers ...................................................... 24

Article 13.

Establishment and Maintenance of Appropriate System of Equity Index Market
Maker .......................................................................................................................... 25

Article 14.

Moratorium on Equity Index Market-Making and Revocation of Designation as
Equity Index Market Maker ....................................................................................... 25

Article 15.

Equity Index Daily Futures Contracts for Equity Index Market Makers subject toMoratorium on Equity Index Market-Making or Revocation of Designation as
Equity Index Market Maker ....................................................................................... 26

Article 16.

Resignation of Equity Index Market Maker ............................................................. 26

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Article 17.

Equity Index Daily Futures Contracts for Resigning Equity Index Market Maker 26

Article 18.

Announcement of Designation, Resignation or Revocation of Designation, etc. .. 26

CHAPTER V. METHODS OF EXECUTION, etc. OF EQUITY INDEX DAILY FUTURES
TRANSACTIONS ................................................................................................ 27
Section 1. General Provisions......................................................................................................... 27
Article 19.

Precedence of Bids and Offers under the Market-Making Method ........................ 27

Article 20.

Trigger Order .............................................................................................................. 28

Article 21.

Priorities of Trigger Orders ........................................................................................ 29

Article 22.

Individual Auction under the Market-Making Method ............................................ 31

Article 23.

Bids and Offers ........................................................................................................... 31

Article 24.

Trading Unit ................................................................................................................ 35

Article 25.

Posting of Contract Price ........................................................................................... 36

Article 26.

Notice, etc. of Contents Inputted for Bids and Offers .............................................. 36

Article 27.

Matching of Bid and Offer ......................................................................................... 37

Article 28.

Notice of Execution of Equity Index Daily Futures Contract ................................. 37

Article 28-2. (Deleted)...................................................................................................................... 37
Section 2. Block Trade .................................................................................................................... 37
Article 28-3. Block Trade ................................................................................................................. 38
Article 28-4. Method of Block Trade .............................................................................................. 38
Article 28-5. Time for Application for Block Trade ....................................................................... 39
Article 28-6. Execution of Equity Index Daily Futures Transaction/Contract by Block Trade ... 39
Article 28-7. Publication of Contract Price for Block Trade ......................................................... 40
Article 28-8. Suspension of Block Trade ........................................................................................ 40
CHAPTER VI. OFFSETTING TRANSACTIONS ...................................................................... 41
Article 29.

Offsetting Transactions .............................................................................................. 41

CHAPTER VI-II. RESET ............................................................................................................. 41
Article 29-2. Reset ............................................................................................................................ 41
CHAPTER VII. EQUITY INDEX SETTLEMENT PRICE, ETC................................................ 41
Article 30.

Equity Index Settlement Price, etc. ........................................................................... 42

CHAPTER XIII. MISCELLANEOUS PROVISIONS ................................................................. 42
Article 31.

Identification of Parties to Equity Index Daily Futures Contract ............................ 42

Article 32.

Dispatch of Notice on Equity Index Daily Futures Transaction/Contract .............. 42

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Article 33.

Recordkeeping for Equity Index Daily Futures Transactions based on Customer’sOrder............................................................................................................................ 44

Article 34.

Method of Notice, etc. of Total Traded Volume, Total Contract Value, etc. ........... 44

Article 35.

Reporting to Prime Minister ...................................................................................... 45

Article 36.

Notice Concerning Delisting, etc. ............................................................................. 45

Article 37.

Adjustment of Unsettled Position upon Delisting etc. ............................................. 45

SUPPLEMENTARY PROVISIONS ................................................................................................ 46
Appendix

Notice, Announcement and Matters to be Reported (Article 34 and Article 35) ... 47

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CHAPTER I
GENERAL PROVISIONS

Article 1.

Purpose

1.1
These Special Provisions set forth the special provisions supplementing the
Trading Regulations with respect to Equity Index Daily Futures transactions.
1.2

Any matters not set forth in these Special Provisions shall be governed by the

Trading Regulations.
1.3
The amendment to Chapter Ⅱ shall be effected by obtaining the consent of the
Self-regulatory Committee.

Article 2.

Definitions, etc.

2.1
In these Special Provisions, the terms listed below shall have the meanings
ascribed to them in the respective Items below.
(1)

A “sale contract” means an Equity Index Daily Futures contract underwhich, if the Actual Figure (meaning the actual figure, etc. of therelevant financial index at a certain time in the future; the samedefinition shall apply in the immediately following Item) falls short ofthe contract figure (meaning the figure agreed between the parties as
the financial index in advance. The same definition shall apply in theimmediately following Item), the Equity Index variation excluding thedaily interest rate amount and the dividend amount set forth in the
Clearing Regulations will be greater than zero, and if the Actual Figure
exceeds the contract figure, the amount of Equity Index variation
excluding the daily interest rate amount and the dividend amount set
forth in the Clearing Regulations will be less than zero, pursuant to theconditions and in the manners prescribed by the Exchange.
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Equity Index Special Provisions

(2)A “purchase contract” means an Equity Index Daily Futures contract
under which, if the Actual Figure exceeds the contract figure, theamount of Equity Index variation excluding the daily interest rate
amount and the dividend amount set forth in the Clearing Regulations
will be greater than zero, and if the Actual Figure falls short of thecontract figure, the amount of Equity Index variation excluding thedaily interest rate amount and the dividend amount set forth in the
Clearing Regulations will be less than zero, pursuant to the conditions
and in the manners prescribed by the Exchange.

(3)“Bid and (or) offer” means a declaration of intent by a party of theupper or lower limit of the price at which the party intends to execute
an Equity Index Daily Futures contract.

(4)“Equity Index Market Maker” means an Equity Index Daily Futures
Trading Member, etc. engaging in trading at the Exchange’s market,
who is bound by the obligations to submit a bid and offer (or bids andoffers) for Equity Index Daily Futures contracts continuously andexecute the contracts based on the volume(s) of such bid(s) andoffer(s).

(5)“Non-Equity Index Market Maker” means an Equity Index Daily
Futures Trading Member, etc. engaging in trading at the Exchange’s
market, who is not bound by the obligations of Equity Index Market
Maker.

(6)

An “MM offer” means a declaration of intent by an Equity Index
Market Maker of the lower limit of the price at which the Equity Index
Market Maker intends to execute a sale contract in the capacity of
Equity Index Market Maker.

(7)An “MM bid” means a declaration of intent by an Equity Index Market
Maker of the upper limit of the price at which the Equity Index Market
Maker intends to execute a purchase contract in the capacity of Equity
Index Market Maker.

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Equity Index Special Provisions

(8)“MM bid and (or) offer” means either or both of an MM bid and an
MM offer.

(9)

A “non-MM offer” means an offer which is not an MM offer.

(10)

A “non-MM bid” means a bid which is not an MM bid.

(11)

“Non-MM bid and (or) offer” means either or both of a Non-MM bid
and a Non-MM offer.

(12)

The “Market-Making Method” means a method to cause matching ofan MM offer and a non-MM bid, or an MM bid and a non-MM offer,and to cause the execution of a contract between the said MM offer andthe non-MM bid, or between the said MM bid and the non-MM offer,pursuant to Article 22 hereof.

(13)“Exchange Holiday” means any of the days as defined in Article 6.1,
Article 6.2, Article 6.3, Article 6.4, Article 6.5, Article 6.6, Article 6.7,
Article 6.8 and Article 6.9 hereof in accordance with a type of Equity
Index Daily Futures transactions.

(14)

A “business day” means a day as defined in Article 7 hereof inaccordance with a type of Equity Index Daily Futures transactions.

(15)

A “trading day” means a day as defined in Article 8 hereof inaccordance with a type of Equity Index Daily Futures transactions.

(16)

A “banking day” means a day other than the banking holidays definedin Article 15, Paragraph 1 of the Banking Act (Act No. 59 of 1981).

(17)“Matching” means matching of an MM bid (or offer) and a non-MM
offer (or bid) on an individual auction basis in accordance with Article
22 hereof.

(18)

A “pre-open period” means a period during which bids and offers arereceived but no Matching is conducted, as set forth in Article 5.1(1),Article 5.2(1), Article 5.3(1), Article 5.4(1), Article 5.5(1), Article
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Equity Index Special Provisions

5.6(1), Article 5.7(1), Article 5.8(1), Article 5.9(1) and Article 5.6(10)hereof.
(19)“Market Trading Period” means a period for Matching of bids andoffers as defined in Article 5.1(2), Article 5.2(2), Article 5.3(2), Article
5.4(2), Article 5.5(2), Article 5.6(2), Article 5.7(2), Article 5.8(2),Article 5.9(2) and Article 5.10(2) hereof.

(20)“Equity Index Daily Futures Trading Member(s), etc.” means Equity
Index Daily Futures Trading Member(s) and/or Equity Index Daily
Futures Remote Trading Member(s).

(21)

An “overseas financial instruments market” means an overseas
financial instruments market defined in Article 2, Paragraph 8, Item 3(b) of the Financial Instruments and Exchange Act (Act No. 25, 1948;
hereinafter called the “Act”).

(22)

A “foreign commodities market” means a foreign commodities market
defined in Article 2, Paragraph 12 of the Commodity Derivatives Act(Act No. 239, 1950).

(23)(Deleted)(24)

A “first trading day” means a trading day on which an Equity Index
Daily Futures transaction/contract starts as set forth in Article 4-2(1) (a)and Article 4-2(2)(a).

(25)

A “last trading day” means the last trading day before the Reset Date(meaning a Reset Date defined in Article 2.1 (26) below) as set forth in
Article 4-2(1) (b) and Article 4-2(2)(b).

(26)

A “Reset Date” means a day on which a Reset (meaning the Resetdefined in Article 90-18.1 of the Clearing Regulations; the same shallapply hereinbelow) for an Equity Index Daily Futurestransaction/contract is made as set forth in Article 4-2(1) (c) and Article
4-2(2)(c).

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Equity Index Special Provisions

(27)An “issue” means a class of transactions with the same Reset Date
within each type of Equity Index Daily Futures transactions set forth ineach item of Article 3.1.

2.2
Indication of time in these Special Provisions shall be subject to the Japan
Standard Time.
2.3
Indication of date and day of the week in these Special Provisions shall be
subject to the Japanese calendar.

CHAPTER II.
TYPES OF EQUITY INDEX DAILY FUTURES CONTRACTS AND
CONTRACT DAYS, ETC.

Article 3.

Types and Financial Indices of Equity Index Daily Futures
Contracts

3.1
The financial indices to be traded for the Equity Index Daily Futurestransactions shall be defined as follows.
(1)

The Nikkei Stock Average calculated by Nikkei Inc. (such equity index
being called “Nikkei Stock Average” and an Equity Index Daily
Futures transaction/contract with respect to which the underlying
financial index is Nikkei Stock Average being hereinafter called“Nikkei 225 Daily Futures transaction/contract with Reset Date”.)(2)

The FTSE 100 Index calculated by FTSE International Limited (anEquity Index Daily Futures transaction/contract with respect to which
the underlying financial index is the FTSE 100 Index being hereinafter
called “FTSE 100 Daily Futures transaction/contract with Reset Date”).

(3)

The DAX® calculated by Qontigo (an Equity Index Daily Futures5

Equity Index Special Provisions

transaction/contract with respect to which the underlying financial
index is the DAX® being hereinafter called “DAX® Daily Futurestransaction/contract with Reset Date”).
(4)

The Dow Jones Industrial Average calculated by S&P Dow Jones
Indices LLC (such equity index being hereinafter called the “Dow Jones
Industrial Average” and an Equity Index Daily Futurestransaction/contract the underlying financial index of which is the Dow
Jones Industrial Average being hereinafter called “DJIA Daily Futurestransaction/contract with Reset Date”).

(5)

Reference price of SPDR® Gold Shares listed on Tokyo Stock
Exchange (an Equity Index Daily Futures transaction/contract theunderlying financial index of which is the said reference price being
hereinafter called “Gold ETF Daily Futures transaction/contract with
Reset Date”; the same shall apply hereinbelow).

(6)

Reference price of Simplex WTI ETF listed on Tokyo Stock Exchange(an Equity Index Daily Futures transaction/contract the underlying
financial index of which is the said reference price being hereinafter
called “WTI ETF Daily Futures transaction/contract with Reset Date”;
the same shall apply hereinbelow).

(7)

The NASDAQ-100 Index calculated by Nasdaq, Inc. (such equity index
being hereinafter called the “The NASDAQ-100” and an Equity Index
Daily Futures transaction/contract the underlying financial index ofwhich is the NASDAQ-100 being hereinafter called “NASDAQ-100
Daily Futures transaction/contract with Reset Date”).

(8)

The Russell® 2000 Index calculated by FTSE International Limited(such equity index being called “Russell 2000” and an Equity Index
Daily Futures transaction/contract with respect to which the underlying
financial index is the Russell 2000 being hereinafter called “Russell
2000 Daily Futures transaction/contract with Reset Date”).

(9)

Reference price of Wisdom Tree Physical Silver Individual Securities
listed on Tokyo Stock Exchange (an Equity Index Daily Futures6

Equity Index Special Provisions

transaction/contract the underlying financial index of which is the saidreference price being hereinafter called “Silver ETF Daily Futurestransaction/contract with Reset Date”; the same shall apply
hereinbelow).
(10)

Reference price of Wisdom Tree Physical Platinum Individual Securities
listed on Tokyo Stock Exchange (an Equity Index Daily Futurestransaction/contract the underlying financial index of which is the saidreference price being hereinafter called “Platinum ETF Daily Futurestransaction/contract
hereinbelow).

3.2

with

Reset

Date”;

the

same

shall

apply

The equity indices provided for in Article 3.1(1), Article 3.1 (2), Article 3.1 (4),Article 3.1 (7) and Article 3.1 (8) above shall be calculated without taking into accountof the effects of dividends accrued with respect to the issues of the relevant equity index.

Article 4.

Contract Day Transaction

4.1
Equity Index Daily Futures contracts shall be such contracts based on thecontract days that are executed during the Market Trading Period of a specific trading
day or created by a rollover at the close of the Market Trading Period of a specifictrading day’s previous trading day (which means the rollover as defined in Article 90-13of the Clearing Regulations; this definition shall similarly apply in Article 4.1(3) below)
and are discharged by any of the reasons set forth below.
(1)

Filing of offsetting notification provided for in Article 90-20.1(1) of the
Clearing Regulations(2)

Execution of offsetting transactions provided for in Article 90-20.1(2)of the Clearing Regulations(3)

Rollover at the close of the Market Trading Period of the trading day
on which the position arises

(4)

Reset

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Equity Index Special Provisions

4.2
The final settlement date for the position discharged under Article 4.1(1) or (2)above shall, in principle, be the calendar day after two banking days counted from andincluding the calendar day on which the pre-open period of the trading day on which theposition has been discharged falls and the final settlement date for the positions
discharged under Article 4.1(4) shall, in principle, the calendar day after two banking
days counted from and including the Reset Date.
4.3
Notwithstanding the provisions of Articles 4.2 above, the Exchange may
temporarily specify a final settlement date for any specific contract day. In this case,
the Exchange shall give an advance notice to that effect to the Equity Index Daily
Futures Trading Members, etc.

Article 4-2.

First Trading Day,transaction/contract

etc.

for Equity

Index

Daily

Futures4-2.1 A first trading day, last trading day and Reset Date of an Equity Index Daily
Futures transaction/contract shall be set forth as follows for each type of Equity Index
Daily Futures transaction/contract; provided, however, if deemed necessary by the
Exchange, such first trading day, last trading day and Reset Day may be changed.
(1)

Nikkei 225 Daily Futures transaction/contract with Reset Date(a)

A first trading day shall be a trading day, the opening time of
the Market Trading Period of which belongs to theimmediately following business day of the second Friday of
September each year.

(b)

A last trading day shall be a trading day, the opening time of
the Market Trading Period of which belongs to theimmediately preceding business day of the second Friday ofDecember of the year immediately following the year to which
the first trading day belongs.

(c)

A Reset Date shall be the second Friday of December of theyear to which the last trading day belongs.

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Equity Index Special Provisions

(2)FTSE 100 Daily Futures transaction/contract with Reset Date, DAX®
Daily Futures transaction/contract with Reset Date, DJIA Daily Futurestransaction/contract with Reset Date, Gold ETF Daily Futurestransaction/contract with Reset Date, WTI ETF Daily Futurestransaction/contract with Reset Date, NASDAQ-100 Daily Futurestransaction/contract with Reset Date, Russell 2000 Daily Futurestransaction/contract with Reset Date, Silver ETF Daily Futurestransaction/contract with Reset Date and Platinum ETF Daily Futurestransaction/contract with Reset Date(a)

A first trading day shall be a trading day, the opening time of
the Market Trading Period of which belongs to theimmediately following business day of the second Friday of
September each year.

(b)

A last trading day shall be a trading day, the opening time of
the Market Trading Period of which belongs to theimmediately preceding business day of the third Friday ofDecember of the year immediately following the year to which
the first trading day belongs.

(c)

A Reset Date shall be the third Friday of December of the year
to which the last trading day belongs.

CHAPTER III.
MATCHING FOR EQUITY INDEX DAILY FUTURES CONTRACTS
ON THE EXCHANGE MARKET

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Equity Index Special Provisions

Article 5.

Market Trading Period, etc. for Equity Index Daily Futurestransaction/contract

5.1
The pre-open period and the Market Trading Period for Nikkei 225 Daily
Futures transaction/contract with Reset Date shall be as set forth below; provided,
however, if an overseas financial instruments market (limited to those existing in the
United States of America) is closed or changes its trading sessions, the pre-open period
and the Market Trading Period shall be as determined by the Exchange.
(1)Pre-open period(a)Monday (If Monday is an Exchange Holiday for Nikkei 225
Daily Futures transaction/contract with Reset Date, theimmediately following day which is an Exchange businessday):from 8:00 a.m. to 8:30 a.m.

(b)

Tuesday, Wednesday, Thursday and Friday:
from 8:20 a.m. to 8:30 a.m.

(2)Market Trading Period
from 8:30 a.m. of a certain calendar day to 6:00 a.m. of the subsequentcalendar day (or from 8:30 a.m. of a certain calendar day to 5:00 a.m.
of the subsequent calendar day, during the time when Daylight Saving
Time is applied in the State of New York, the United States of America)

5.2
The pre-open period and the Market Trading Period for FTSE 100 Daily Futurestransaction/contract with Rest Date shall be as set forth below; provided, however, if anoverseas financial instruments market (limited to those existing in the United Kingdom)changes its trading sessions, the pre-open period and the Market Trading Period shall be
as determined by the Exchange.
(1)Pre-open period
from 4:50 p.m. to 5:00 p.m. (or from 3:50 p.m. to 4:00 p.m. during thetime when Daylight Saving Time is applied in Europe)
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Equity Index Special Provisions

(2)Market Trading Period
from 5:00 p.m. of a certain calendar day to 6:00 a.m. of the subsequentcalendar day (or from 4:00 p.m. of a certain calendar day during thetime when Daylight Saving Time is applied in Europe, or to 5:00 a.m.
of the subsequent calendar day during the time when Daylight Saving
Time is applied in the State of New York, the United States of America)

5.3
The pre-open period and the Market Trading Period for DAX® Daily Futurestransaction/contract with Reset Date shall be as set forth below; provided, however, if anoverseas financial instruments market (limited to those existing in the Federal Republicof Germany) changes its trading sessions, the pre-open period and the Market Trading
Period shall be as determined by the Exchange.
(1)Pre-open period
from 3:50 p.m. to 4:00 p.m. (or from 2:50 p.m. to 3:00 p.m. during thetime when Daylight Saving Time is applied in Europe)(2)Market Trading Period
from 4:00 p.m. of a certain calendar day to 6:00 a.m. of the subsequentcalendar day (or from 3:00 p.m. of a certain calendar day during thetime when Daylight Saving Time is applied in Europe, or to 5:00 a.m.
of the subsequent calendar day during the time when Daylight Saving
Time is applied in the State of New York, the United States of America)

5.4
The pre-open period and the Market Trading Period for DJIA Daily Futurestransaction/contract with Reset Date shall be as set forth below; provided, however, if anoverseas financial instruments market (limited to those existing in the United States ofAmerica) is closed or changes its trading sessions, the pre-open period and the Market
Trading Period shall be as determined by the Exchange.
(1)Pre-open period(a)Monday:11

Equity Index Special Provisions

from 8:00 a.m. to 8:30 a.m.
(b)

(2)

Tuesday, Wednesday, Thursday and Friday:
from 8:20 a.m. to 8:30 a.m.

Market Trading Period
from 8:30 a.m. of a certain calendar day to 6:00 a.m. of the subsequentcalendar day (or from 8:30 a.m. of a certain calendar day to 5:00 a.m.
of the subsequent calendar day, during the time when Daylight Saving
Time is applied in the State of New York, the United States of America)

5.5

The pre-open period and the Market Trading Period for Gold ETF Daily Futurestransaction/contract with Reset Date shall be as set forth below; provided, however, if aforeign commodities market listing gold futures contracts (limited to those prescribed by
the Exchange) is closed or changes its trading sessions, the pre-open period and theMarket Trading Period shall be as determined by the Exchange.
(1)

(2)

Pre-open period(a)Monday:from 8:30 a.m. to 9:00 a.m.

(b)

Tuesday, Wednesday, Thursday and Friday:
from 8:50 a.m. to 9:00 a.m.

Market Trading Period
from 9:00 a.m. of a certain calendar day to 6:00 a.m. of the subsequentcalendar day (or from 9:00 a.m. of a certain calendar day to 5:00 a.m.
of the subsequent calendar day, during the time when Daylight Saving
Time is applied in the State of New York, the United States of America)

5.6
The pre-open period and the Market Trading Period for WTI ETF Daily Futurestransaction/contract with Reset Date shall be as set forth below; provided, however, if aforeign commodities market listing crude oil futures contracts (limited to thoseprescribed by the Exchange) is closed or changes its trading sessions, the pre-open
12

Equity Index Special Provisions

period and the Market Trading Period shall be as determined by the Exchange.
(1)

(2)

Pre-open period(a)Monday:from 8:30 a.m. to 9:00 a.m.

(b)

Tuesday, Wednesday, Thursday and Friday:
from 8:50 a.m. to 9:00 a.m.

Market Trading Period
from 9:00 a.m. of a certain calendar day to 6:00 a.m. of the subsequentcalendar day (or from 9:00 a.m. of a certain calendar day to 5:00 a.m.
of the subsequent calendar day, during the time when Daylight Saving
Time is applied in the State of New York, the United States of America)

5.7

The pre-open period and the Market Trading Period for NASDAQ-100 Daily

Futures transaction/contract with Reset Date shall be as set forth below; provided,
however, if an overseas financial instruments market (limited to those existing in the
United States of America) is closed or changes its trading sessions, the pre-open period
and the Market Trading Period shall be as determined by the Exchange.
(1)

(2)

Pre-open period(a)Monday:from 8:00 a.m. to 8:30 a.m.

(b)

Tuesday, Wednesday, Thursday and Friday:
from 8:20 a.m. to 8:30 a.m.

Market Trading Period
from 8:30 a.m. of a certain calendar day to 6:00 a.m. of the subsequentcalendar day (or from 8:30 a.m. of a certain calendar day to 5:00 a.m.
of the subsequent calendar day, during the time when Daylight Saving
Time is applied in the State of New York, the United States of America)
13

Equity Index Special Provisions

5.8
The pre-open period and the Market Trading Period for Russell 2000 Daily
Futures transaction/contract with Reset Date shall be as set forth below; provided,
however, if an overseas financial instruments market (limited to those existing in the
United States of America) is closed or changes its trading sessions, the pre-open period
and the Market Trading Period shall be as determined by the Exchange.
(1)Pre-open period(a)Monday:from 8:00 a.m. to 8:30 a.m.

(b)

Tuesday, Wednesday, Thursday and Friday:
from 8:20 a.m. to 8:30 a.m.

(2)Market Trading Period
from 8:30 a.m. of a certain calendar day to 6:00 a.m. of the subsequentcalendar day (or from 8:30 a.m. of a certain calendar day to 5:00 a.m.
of the subsequent calendar day, during the time when Daylight Saving
Time is applied in the State of New York, the United States of America)

5.9
The pre-open period and the Market Trading Period for Silver ETF Daily
Futures transaction/contract with Reset Date shall be as set forth below; provided,
however, if a foreign commodities market listing silver futures contracts (limited to thoseprescribed by the Exchange) is closed or changes its trading sessions, the pre-open
period and the Market Trading Period shall be as determined by the Exchange.
(1)

(2)

Pre-open period(a)Monday:from 8:30 a.m. to 9:00 a.m.

(b)

Tuesday, Wednesday, Thursday and Friday:
from 8:50 a.m. to 9:00 a.m.

Market Trading Period
14

Equity Index Special Provisions

from 9:00 a.m. of a certain calendar day to 6:00 a.m. of the subsequentcalendar day (or from 9:00 a.m. of a certain calendar day to 5:00 a.m.
of the subsequent calendar day, during the time when Daylight Saving
Time is applied in the State of New York, the United States of America)
5.10
The pre-open period and the Market Trading Period for Platinum ETF Daily
Futures transaction/contract with Reset Date shall be as set forth below; provided,
however, if a foreign commodities market listing platinum futures contract (limited tothose prescribed by the Exchange) is closed or changes its trading sessions, the pre-open
period and the Market Trading Period shall be as determined by the Exchange.
(1)Pre-open period(a)Monday:from 8:30 a.m. to 9:00 a.m.

(b)

Tuesday, Wednesday, Thursday and Friday:
from 8:50 a.m. to 9:00 a.m.

(2)Market Trading Period
from 9:00 a.m. of a certain calendar day to 6:00 a.m. of the subsequentcalendar day (or from 9:00 a.m. of a certain calendar day to 5:00 a.m.
of the subsequent calendar day, during the time when Daylight Saving
Time is applied in the State of New York, the United States of America)

5.11
Notwithstanding the provisions of Articles 5.1 through 5.10 above, theExchange may accept a cancellation requested by an Equity Index Daily Futures Trading
Member, etc. of its bids or offers in accordance with the conditions separately prescribedby the Exchange.
5.12
The Exchange may temporarily change the pre-open period and the Market
Trading Period when the Exchange deems necessary to do so. In this case, theExchange shall give an advance notice to that effect to the Equity Index Daily Futures
Trading Members, etc.

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Equity Index Special Provisions

Article 6.

Exchange Holiday, etc.

6.1
The Exchange Holidays for Nikkei 225 Daily Futures transaction/contract with
Reset Date shall be as follows:(1)

Saturdays(2)

Sundays(3)

January 1(4)

January 2, if January 1 falls on Sunday

6.2
The Exchange Holidays for FTSE 100 Daily Futures transaction/contract with
Reset Date and DAX® Daily Futures transaction/contract with Reset Date shall be as
follows:(1)

Saturdays (including a day on which the overseas financial instruments
market on which the components of the equity index are traded is not
closed)(2)Sundays(3)

Any day as of the day on which the overseas financial instruments
market where the components of the equity index to be traded is closed(4)

Any day between the day to which the opening time of the Market
Trading Period of the last trading day belongs and the Reset Date

6.3
The Exchange Holidays for DJIA Daily Futures transaction/contract with Reset
Date shall be as follows:(1)

Saturdays (including a day on which the overseas financial instruments
market (limited to those existing in the United States of America) on
which the futures contracts whose the underlying asset is the Dow Jones
Industrial Average are listed is not closed)
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Equity Index Special Provisions

6.4

(2)

Sundays(3)

Any day as of the day on which the overseas financial instruments market(limited to those existing in the United States of America) on which the
futures contracts whose the underlying asset is the Dow Jones Industrial
Average are listed is closed (excluding the day which falls under (1) or(2) above)(4)

Any day between the day to which the opening time of the Market
Trading Period of the last trading day belongs and the Reset Date

The Exchange Holidays for Gold ETF Daily Futures transaction/contract with

Reset Date shall be as follows:(1)

Saturdays (including a day on which the foreign commodity market(limited to those designated by the Exchange) listing gold futurescontracts is not closed)(2)

Sundays(3)

Any day as of the day on which the foreign commodity market (limited tothose designated by the Exchange) listing gold futures contracts is closed(except the days falling under Article 6.4 (1) and (2) above)(4)

Any day between the day to which the opening time of the Market
Trading Period of the last trading day belongs and the Reset Date

6.5
The Exchange Holidays for WTI ETF Daily Futures transaction/contract with
Reset Date shall be as follows:(1)

Saturdays (including a day on which the foreign commodity market(limited to those designated by the Exchange) listing WTI crude oil
futures contracts is not closed)(2)

Sundays17

Equity Index Special Provisions

(3)Any day as of the day on which the foreign commodity market (limited tothose designated by the Exchange) listing WTI crude oil futures contracts
is closed (except the days falling under Article 6.5 (1) and (2) above)(4)

Any day between the day to which the opening time of the Market
Trading Period of the last trading day belongs and the Reset Date

6.6
The Exchange Holidays for NASDAQ-100 Daily Futures transaction/contract
with Reset Date shall be as follows:(1)

Saturdays (including a day on which the overseas financial instruments
market (limited to those existing in the United States of America) on
which the futures contracts whose the underlying asset is the
NASDAQ-100 are listed is not closed)(2)

Sundays(3)

Any day as of the day on which the overseas financial instruments market(limited to those existing in the United States of America) on which the
futures contracts whose the underlying asset is the NASDAQ-100 are
listed is closed (excluding the day which falls under (1) or (2) above)(4)

Any day between the day to which the opening time of the Market
Trading Period of the last trading day belongs and the Reset Date

6.7
The Exchange Holidays for Russell 2000 Daily Futures transaction/contract
with Reset Date shall be as follows:(1)

Saturdays (including a day on which the overseas financial instruments
market (limited to those existing in the United States of America) on
which the futures contracts whose the underlying asset is the Russell
2000 are listed is not closed)(2)

Sundays(3)

Any day as of the day on which the overseas financial instruments market(limited to those existing in the United States of America) on which the18

Equity Index Special Provisions

futures contracts whose the underlying asset is the Russell 2000 are listed
is closed (excluding the day which falls under (1) or (2) above)(4)

Any day between the day to which the opening time of the Market
Trading Period of the last trading day belongs and the Reset Date

6.8
The Exchange Holidays for Silver ETF Daily Futures transaction/contract with
Reset Date shall be as follows:(1)

Saturdays (including a day on which the foreign commodity market(limited to those designated by the Exchange) listing silver futurescontracts is not closed)(2)

Sundays(3)

Any day as of the day on which the foreign commodity market (limited tothose designated by the Exchange) listing silver futures contracts is
closed (except the days falling under Article 6.8 (1) and (2) above)(4)

Any day between the day to which the opening time of the Market
Trading Period of the last trading day belongs and the Reset Date

6.9
The Exchange Holidays for Platinum ETF Daily Futures transaction/contract
with Reset Date shall be as follows:(1)

Saturdays (including a day on which the foreign commodity market(limited to those designated by the Exchange) listing platinum futurescontracts is not closed)(2)

Sundays(3)

Any day as of the day on which the foreign commodity market (limited tothose designated by the Exchange) listing platinum futures contracts is
closed (except the days falling under Article 6.9 (1) and (2) above)(4)

Any day between the day to which the opening time of the Market
Trading Period of the last trading day belongs and the Reset Date
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Equity Index Special Provisions

6.10
The Exchange may designate an ad hoc holiday for Equity Index Daily Futurestransactions when the Exchange deems necessary to do so.
6.11
No Matching for Equity Index Daily Futures transactions shall be conducted on
the Exchange Holidays and ad hoc holidays; provided, however, that the foregoing shallnot apply to the Market Trading Period as set forth in Article 5.1(2), Article 5.2(2),Article 5.3(2), Article 5.4(2), Article5.5(2), Article5.6(2), Article5.7(2), Article5.8(2),Article5.9(2) and Article5.10(2) hereof when the calendar day immediately preceding an
Exchange Holiday or an ad hoc holiday is a business day.

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Equity Index Special Provisions

Article 7.

Business Day

A business day of the Exchange’s financial instruments market for Equity Index
Daily Futures transactions shall be a day other than the Exchange Holidays and an ad
hoc holidays set forth in Article 6 hereof.

Article 8.

Trading Day

A trading day on the Exchange for Equity Index Daily Futures transactions shallbe a period commencing at the opening of the pre-open period that starts on a specificbusiness day and ending at the close of the Market Trading Period following the said
pre-open period.

Article 9.

Notice of Temporary Suspension and Off-hour Matching

When the Exchange determines to have an ad hoc holiday or a temporary
suspension of Matching for Equity Index Daily Futures transactions, the Exchange shallgive an advance notice to that effect to the Equity Index Daily Futures Trading
Members, etc.
Should the Exchange determine to conduct Matching during
non-trading hours, the Exchange shall give a notice to that effect to the Equity Index
Daily Futures Trading Members, etc. two (2) business days before such date of off-hour
Matching.

CHAPTER IV.
EQUITY INDEX MARKET MAKER

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Equity Index Special Provisions

Article 10.

Designation of Equity Index Market Maker

10.1
In accordance with the conditions separately prescribed by the Exchange, theExchange shall seek applications from Equity Index Daily Futures Trading Members,
etc. or persons currently applying for Equity Index Daily Futures Trading Membershipor Equity Index Daily Futures Remote Trading Membership who desire to be designatedas Equity Index Market Maker, and the Exchange shall designate such Equity Index
Daily Futures Trading Member(s), etc. or Equity Index Daily Futures Trading
Membership applicant(s) or Equity Index Daily Futures Remote Trading Membership
applicant(s) as Equity Index Market Maker who will be determined as being qualified
after conducting a screening of those who have applied for designation as Equity Index
Market Maker.
10.2
Matters necessary for designation of Equity Index Market Makers shall beseparately prescribed by the Exchange.

Article 11.

Obligations of Equity Index Market Makers

11.1
An Equity Index Market Maker shall continuously submit an MM bid and offer
for the Equity Index Daily Futures transactions for which it is obligated to submit an
MM bid and offer, during the designated market-making period separately prescribed by
the Exchange, pursuant to the conditions separately prescribed by the Exchange, andthrough the FX/Equity Index Trading and Clearing System (meaning the “FX/Equity
Index Trading and Clearing System” defined in Article 15.1 of the Trading Member
Regulations; the same interpretation shall apply hereinbelow).
11.2
When a non-MM bid or non-MM offer corresponding to an MM offer or MM
bid submitted by an Equity Index Market Maker is inputted into the FX/Equity Index
Trading and Clearing System, the Equity Index Market Maker shall execute a contract.
11.3
If all the MM bids and offers submitted under Article 11.1 above are matched
for their entire volume pursuant to Article 11.2 above, the Equity Index Market Maker
shall promptly submit a new MM bid and MM offer.
11.4

If an Equity Index Market Maker notifies the Exchange of its intention tosuspend submission of MM bids and offers with respect to any one or all of the Equity
22

Equity Index Special Provisions

Index Daily Futures transactions for which it is obligated to submit an MM bid and offer
due to any of the following reasons and the Exchange determines that such suspension isappropriate, the Equity Index Market Maker shall be allowed to suspend the submissionof MM bids and offers as aforesaid, regardless of the provisions of Articles 11.1 through11.3 above.
(1)

When submitting an MM bid or offer may possibly result in violationof any applicable laws and regulations(2)

When the Equity Index Market Maker has been imposed disciplinary
measures (but limited to those relating to market derivatives
transactions, etc. or transactions on commodity markets) by thecompetent administrative authorities in accordance with the Acts, theForeign Exchange and Foreign Trade Acts or the Commodity
Derivatives Acts or any similar laws or regulations in foreign countries,
or other disciplinary measures by the Exchange in accordance with its
Articles of Incorporation, Trading Regulations, Brokering Terms,
Clearing Regulations or other applicable regulations, such disciplinary
measures of which will have caused the suspension or limitation of themarket derivatives transactions concluded by bids or offers of theMarket Maker on the Exchange.

(3)

11.5

When submitting an MM bid or offer may possibly disregard investor
protection or harm the fairness of trading, or erode trust in financial
instruments business or cause any other similar circumstances

When the Exchange confirms the existence of any of the events mentioned in

Article 11.4 above, or when the Exchange considers it necessary, the Exchange may
cause an Equity Index Market Maker to suspend submission of MM bids and offers,
without recourse to notification by the Equity Index Market Maker.
11.6
When the Equity Index Market Maker who has suspended submission of MMbids and offers under Article 11.4 or 11.5 above notifies the Exchange of its intention to
resume such submission and the Exchange determines that such resumption isappropriate, or when the Exchange determines that the event causing such suspension
has been eliminated and notifies the Equity Index Market Maker to that effect, the Equity
Index Market Maker shall submit MM bids and offers without delay.
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Equity Index Special Provisions

11.7
Each Equity Index Market Maker shall reasonably and faithfully fulfill its
obligations in light of the significance of its acceptance of designation as Equity Index
Market Maker. In addition to those set forth herein, other obligations of Equity Index
Market Makers in their Equity Index Market-Making shall be separately prescribed by
the Exchange.

Article 12.

Prohibited Acts of Equity Index Market Makers

An Equity Index Market Maker shall not commit any of the following acts:(1)

Delay in submitting an MM bid or offer, or submission of an MM bid
or offer that materially deviates from current market prices(2)

Leakage of any information that the Equity Index Market Maker has
become aware of through its Equity Index Market-Making, or impropertransaction using such information(3)

Submission of a bid or offer, as a Non-Equity Index Market Maker, for
the Equity Index Daily Futures transactions for which it is obligated tosubmit an MM bid and offer for its house account(4)

Undertaking of brokerage service for the Equity Index Daily Futurestransactions for which it is obligated to submit an MM bid and offer,
except where the Exchange determines that it is necessary

24

Equity Index Special Provisions

Article 13.

Establishment and Maintenance of Appropriate System of Equity
Index Market Maker

13.1
An Equity Index Daily Futures Trading Member, etc. who acts as Equity Index
Market Maker and who also undertakes brokerage services as Non-Equity Index Market
Maker shall establish and maintain the framework and system, as separately prescribedby the Exchange, necessary and appropriate for preventing possible conflict of interest
transactions and other unfair transactions, in managing information related to its
brokerage services with respect to the Equity Index Daily Futures transactions for which
it is obligated to submit an MM bid and offer.
13.2
An Equity Index Market Maker shall have the obligation to establish andmaintain a system which ensures that it will not make an order that materially deviatesfrom the price of the immediately preceding order at market making.
13.3
The level of price deviation set forth in the immediately preceding paragraphshall be separately prescribed by the Exchange.

Article 14.

Moratorium on Equity Index Market-Making and Revocation of
Designation as Equity Index Market Maker

14.1
If an Equity Index Market Maker fails to perform the obligations, etc. to be
assumed as an Equity Index Market Maker as set forth in Articles 11.1 through 11.3, 11.6
and 11.7 hereof or commits any of the acts set forth in Article 12 hereof, the Exchange
may invoke a moratorium on Equity Index Market-Making in whole or in part or revoke
designation as Equity Index Market Maker against the said Equity Index Market Maker.
14.2
If the Exchange considers it necessary in light of the condition of market
derivatives transactions, etc. on the Exchange Market or any other market, the conditionof domestic or international financial transactions, or any other situation, the Exchange
may take necessary measures against the concerned Equity Index Market Makers inaccordance with the conditions separately prescribed by the Exchange.

25

Equity Index Special Provisions

Article 15.

Equity Index Daily Futures Contracts for Equity Index Market
Makers subject to Moratorium on Equity Index Market-Making or
Revocation of Designation as Equity Index Market Maker

When the Exchange invokes a moratorium on Equity Index Market-Making or
revokes designation as Equity Index Market Maker, the Exchange may cause unsettled
Equity Index Daily Futures contracts executed based on MM bids and offers submitted
by the Equity Index Market Maker to be transferred to any other Equity Index Market
Maker or liquidated in the manner that the Exchange deems necessary.

Article 16.

Resignation of Equity Index Market Maker

An Equity Index Market Maker who is an Equity Index Market Maker may
resign as Equity Index Market Maker in accordance with the conditions separately
prescribed by the Exchange.

Article 17.

Equity Index Daily Futures Contracts for Resigning Equity Index
Market Maker

When an Equity Index Market Maker resigns, the Exchange may cause
unsettled Equity Index Daily Futures contracts executed based on MM bids and offers
submitted by the Equity Index Market Maker to be transferred to any other Equity Index
Market Maker or liquidated in the manner that the Exchange deems necessary.

Article 18.

Announcement of Designation, Resignation or Revocation of
Designation, etc.

If the Exchange designates an Equity Index Market Maker pursuant to Article
10 hereof, invokes a moratorium on Equity Index Market-Making in whole or in part or
revokes designation as Equity Index Market Maker pursuant to Article 14 hereof, andallows resignation as Equity Index Market Maker pursuant to Article 16 hereof, theExchange shall notify all other Equity Index Daily Futures Trading Members, etc. to that
effect.

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Equity Index Special Provisions

CHAPTER V.
METHODS OF EXECUTION, etc. OF
EQUITY INDEX DAILY FUTURES TRANSACTIONS

Section 1.

General Provisions

Article 19.

Precedence of Bids and Offers under the Market-Making Method

19.1
Equity Index Daily Futures transactions on the Exchange Market shall be basedon the Market-Making Method in principle.
19.2
MM bids and offers under the Market-Making Method set forth in Article 19.1
above shall be such bids and offers designating a price limit (hereinafter called the “limit
order(s)”) and the precedence among them shall be determined as follows: (i) a lower
MM offer shall take precedence over any higher MM offer, (ii) a higher MM bid shalltake precedence over any lower MM bid, and (iii) in the case of multiple MM bids or
MM offers at the same price, an earlier MM bid shall take precedence over any later MM
bid and an earlier MM offer shall take precedence over any later MM offer.
19.3

The precedence of non-MM bids and offers under the Market-Making Method

set forth in Article 19.1 above shall be determined as follows.
(1)

In the case of limit orders, (i) a lower offer shall take precedence overany higher offer, (ii) a higher bid shall take precedence over any lower
bid, and (iii) in the case of multiple bids or offers at the same price, anearlier bid shall take precedence over any later bid and an earlier offer
shall take precedence over any later offer.

(2)

IC market order (meaning a bid or offer submitted during the Market
Trading Period without designating a price limit and made null and27

Equity Index Special Provisions

void immediately in the absence of a corresponding MM offer or MM
bid; the same shall apply hereinafter) shall take precedence over a limit
order with respect to the price priority.
(3)

Loss-cut order (meaning a bid or offer submitted without designating a
price limit which shall continue in effect even in the absence of acorresponding MM offer or MM bid; the same shall apply hereinafter)shall take precedence over any limit order with respect to the pricepriority.

19.4
With respect to priorities between an IC market order and a loss-cut order, a bid
coming into effect earlier shall take precedence over any bid coming into effect later andan offer coming into effect earlier shall take precedence over any offer coming into
effect later. The same shall apply to the priorities among multiple IC market orders andthose among multiple loss-cut orders.

Article 20.

Trigger Order

20.1
An Equity Index Daily Futures Trading Member, etc. may submit bid and offer
which shall take effect upon fulfillment of the conditions set forth below (hereinafter
called the “trigger order(s)”), provided, however, a trigger order may not be submitted as
MM bid or offer.
(1)

An offer (which shall be called the “trigger offer” in Article 20.2
below) on the condition that a contract shall be executed at a pricedesignated by an Equity Index Daily Futures Trading Member, etc. inadvance (hereinafter called the “trigger price”) or lower, or MM bid
taking precedence over all other then submitted MM bids shall be
submitted at a trigger price or lower during the Market Trading Period(2)

A bid (which shall be called the “trigger bid” in Article 20.2 below) on
the condition that a contract shall be executed at a trigger price orhigher, or MM offer taking preceding over all other then submitted
MM offer shall be submitted at a trigger price or higher during theMarket Trading Period

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Equity Index Special Provisions

20.2

The types of trigger prices shall be as follows.
(1)

Trigger limit order(a)Trigger limit offer (among the trigger offers, meaning an offer
designating a price limit and continuing in effect in theabsence of a corresponding MM bid)(b)

Trigger limit bid (among the trigger bids, meaning a bid
designating a price limit and continuing in effect in theabsence of a corresponding MM offer)(2)

Article 21.

Trigger market order(a)Trigger market offer (among the trigger offers, meaning anoffer without designating a price limit and continuing in effectin the absence of a corresponding MM bid)(b)

Trigger market bid (among the trigger bids, meaning a bid
without designating a price limit and continuing in effect in
the absence of a corresponding MM offer)

Priorities of Trigger Orders

21.1
The priorities between the trigger limit order coming into effect and all otherorders shall be determined as follows.
(1)

The priorities among the trigger limit order coming into effect, the limit
order and other trigger limit orders coming into effect shall be
determined in accordance with the provisions of Article 19.3(1). In
such case, if a trigger limit order and a limit order are at the same price,
the one which has come into effect earlier shall take precedence over
the other which has come into effect later.

(2)

The trigger limit order coming into effect shall be subordinate to IC
market orders, loss-cut orders and trigger market orders coming into
29

Equity Index Special Provisions

effect, with respect to the price priority.
(3)

If multiple trigger limit orders of the same price have come into effectsimultaneously, the one accepted by the Exchange earlier shall takeprecedence over the other accepted by the Exchange later.

(4)

If multiple trigger limit orders of the same price have come into effectat different times, the trigger limit order which has come into effectearlier shall take precedence over the other which has come into effectlater.

21.2
The priorities between the trigger market order coming into effect and all otherorders shall be determined as follows.
(1)

The trigger market order coming into effect shall take precedence overthe limit orders and trigger limit orders coming into effect, with respect
to the price priority.

(2)

The priorities among the trigger market order coming into effect, IC
market order and loss-cut order, the one which has come into effectearlier shall take precedence over the other which has come into effectlater.

(3)

If multiple trigger market orders have come into effect simultaneously,
the one accepted by the Exchange earlier shall take precedence over theother accepted by the Exchange later.

(4)

If multiple trigger market orders have come into effect at different
times, the one which has come into effect earlier shall take precedence
over the other which has come into effect later.

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Equity Index Special Provisions

Article 22.

Individual Auction under the Market-Making Method

22.1
With respect to Equity Index Daily Futures transactions based on theMarket-Making Method set forth in Article 19.1 hereof in principle, their contracts shallbe executed based on the individual auction for MM bids and offers and based on theindividual auction for non-MM bids and offers respectively.
22.2
When, among MM offers and non-MM bids, an MM offer taking precedence
over all other then submitted MM offers and a non-MM bid taking precedence over allother then submitted non-MM bids correspond to each other, an Equity Index Daily
Futures contract shall be executed between such corresponding MM offer and non-MM
bid at the contract price in the amount equal to the said MM offer, regardless of the timeof submission of the said MM offer and non-MM bid.
22.3
When, among MM bids and non-MM offers, an MM bid taking precedence over
all other then submitted MM bids and a non-MM offer taking precedence over all otherthen submitted non-MM offers correspond to each other, an Equity Index Daily Futurescontract shall be executed between such corresponding MM bid and non-MM offer at thecontract price in the amount equal to the said MM bid, regardless of the time ofsubmission of the said MM bid and non-MM offer.

Article 23.

Bids and Offers

23.1
In order for an Equity Index Daily Futures Trading Member, etc. to execute
Equity Index Daily Futures transaction/contract by the Market-Making Method, bids oroffers shall be submitted through the Member’s terminal devices (meaning the“Member’s terminal devices” defined in Article 48.1 of the Trading Member
Regulations; the same interpretation shall apply hereinbelow). In this case, the Equity
Index Daily Futures Trading Member, etc. shall designate whether the bid or offer is for
its house account or based on an Equity Index Daily Futures Customer’s order for the
Exchange’s recognition.
23.2
In order to execute an Equity Index Daily Futures transaction/contract, the bids
or offers referred to in Article 23.1 above shall be inputted into the FX/Equity Index
Trading and Clearing System via the respective Member’s terminal devices.

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Equity Index Special Provisions

23.3
Bids and offers for Equity Index Daily Futures transaction/contract shall bequoted in the following manner.
(1)

Nikkei 225 Daily Futures transaction/contract with Reset Date
1 yen

(2)

FTSE100 Daily Futures transaction/contract with Reset Date
1 point(3)

DAX® Daily Futures transaction/contract with Reset Date
1 point(4)

DJIA Daily Futures transaction/contract with Reset Date
1 point(5)Gold ETF Daily Futures transaction/contract with Reset Date
1point(6)

WTI ETF Daily Futures transaction/contract with Reset Date
1point(7)

NASDAQ-100 Daily Futures transaction/contract with Reset Date
1 point(8)

Russell 2000 Daily Futures transaction/contract with Reset Date
0.1 point(9)

Silver ETF Daily Futures transaction/contract with Reset Date
0.1point(10)

Platinum ETF Daily Futures transaction/contract with Reset Date
1point23.4
The minimum price fluctuation of bids and offers for Equity Index Daily
Futures transaction/contract shall be determined for each type of financial indices asfollows.

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Equity Index Special Provisions

(1)Nikkei 225 Daily Futures transaction/contract with Reset Date
1 yen

(2)

FTSE100 Daily Futures transaction/contract with Reset Date
1 point(3)

DAX® Daily Futures transaction/contract with Reset Date
1 point(4)

DJIA Daily Futures transaction/contract with Reset Date
1 point(5)Gold ETF Daily Futures transaction/contract with Reset Date
1point(6)

WTI ETF Daily Futures transaction/contract with Reset Date
1point(7)

NASDAQ-100 Daily Futures transaction/contract with Reset Date
1 point(8)

Russell 2000 Daily Futures transaction/contract with Reset Date
0.1 point(9)

Silver ETF Daily Futures transaction/contract with Reset Date
0.1point(10)

Platinum ETF Daily Futures transaction/contract with Reset Date
1point23.5
If the Exchange sets any limit on the price range for Equity Index Daily Futurestransaction/contract, each bid or offer shall be at the price within such limited pricerange.
23.6
Each bid or offer for Equity Index Daily Futures transaction/contract shall be ina volume not exceeding the limit which the Exchange separately sets on the trading
volume, provided, however, that the foregoing volume limit shall not apply to MM bids
33

Equity Index Special Provisionsand offers.
23.7
The Exchange may reject to receive any bid or offer for Equity Index Daily
Futures transaction/contract if:(1)

the price of a bid or offer is outside of a specific price range set by the
Exchange, which price range is set above and below the reference pricethat may be established by the Exchange from time to time;(2)

it is necessary to do so in order to maintain a fair and orderly market or
to ensure the stable operation of the Exchange System as defined in
Article 15.1 of the Trading Member Regulations, or the Exchange
deems it necessary to do so for any other reason;(3)

the trigger price of the trigger order outside of a specific price range set
by the Exchange, which price range is set above and below thereference price that may be established by the Exchange from time totime; or(4)

the price of the trigger limit order is outside of a specific price range set
by the Exchange, which price range is set above and below the trigger
price that may be established by the Exchange.

23.8
When an Equity Index Daily Futures Trading Member, etc. submits the bids
and/or offers, it is not required to indicate whether the Equity Index Daily Futurestransaction/contract, which it desires to execute, is a new contract or settlement.
23.9
In addition to the provisions of these Special Provisions, any matters necessary
to stipulate in connection with bids and offers for Equity Index Daily Futurestransaction/contract under the Market-Making Method shall be separately prescribed by
the Exchange.

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Equity Index Special Provisions

Article 24.

Trading Unit

The trading unit for the respective type of Equity Index Daily Futurestransaction/contract shall be as follows.
(1)

Nikkei 225 Daily Futures transaction/contract with Reset Date
Amount equivalent to the equity index to be traded multiplied by 100
yen

(2)

FTSE100 Daily Futures transaction/contract with Reset Date
Amount equivalent to the equity index to be traded multiplied by 100
yen

(3)

DAX® Daily Futures transaction/contract with Reset Date
Amount equivalent to the equity index to be traded multiplied by 100
yen

(4)

DJIA Daily Futures transaction/contract with Reset Date
Amount equivalent to the equity index to be traded multiplied by 10
yen

(5)

Gold ETF Daily Futures transaction/contract with Reset Date
Amount equivalent to the Net Asset Value per Unit of the equity tradedfunds to be traded multiplied by 100 yen(6)

WTI ETF Daily Futures contract with Reset Date
Amount equivalent to the Net Asset Value per Unit of the equity tradedfunds to be traded multiplied by 100 yen(7)

NASDAQ-100 Daily Futures transaction/contract with Reset Date
Amount equivalent to the equity index to be traded multiplied by 10
yen

(8)

Russell 2000 Daily Futures transaction/contract with Reset Date
Amount equivalent to the equity index to be traded multiplied by 100
yen

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Equity Index Special Provisions

(9)Silver ETF Daily Futures transaction/contract with Reset Date
Amount equivalent to the Net Asset Value per Unit of the equity tradedfunds to be traded multiplied by 100 yen(10)

Platinum ETF Daily Futures transaction/contract with Reset Date
Amount equivalent to the Net Asset Value per Unit of the equity tradedfunds to be traded multiplied by 100 yen

Article 25. Posting of Contract Price
If an Equity Index Daily Futures transaction/contract has been executed (except
for the contracts executed in accordance with Article 19 of the Trading Regulations), theExchange shall post the contract price thereof on the Exchange Market.

Article 26. Notice, etc. of Contents Inputted for Bids and Offers
26.1
When any matter relating to a bid or offer has been inputted in accordance with
Article 23.2 hereof, the Exchange shall immediately communicate the contents inputted
into the FX/Equity Index Trading and Clearing System (hereinafter called “inputted
contents”) to the Equity Index Daily Futures Trading Member, etc. who has submitted
such bid or offer; provided, however, that the foregoing shall not apply to the inputted
contents for an MM bid or offer.
26.2
The Equity Index Daily Futures Trading Member, etc. shall promptly confirm
the inputted contents communicated under Article 26.1 above.
26.3
Any correction to the inputted contents communicated under Article 26.1 above
shall be made in accordance with the conditions separately prescribed by the Exchange.

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Equity Index Special Provisions

Article 27. Matching of Bid and Offer
When an MM offer and a non-MM bid satisfy the conditions for execution of an
Equity Index Daily Futures transaction/contract set forth in Article 22 hereof, or when an
MM bid and a non-MM offer satisfy the conditions for execution of an Equity Index
Daily Futures transaction/contract set forth in the said Article, the bid and the offer shallbe matched by the FX/Equity Index Trading and Clearing System in accordance with theprice and time priority set forth herein.

Article 28. Notice of Execution of Equity Index Daily Futures Contract
28.1

Upon execution of an Equity Index Daily Futures transaction/contract, theExchange shall immediately communicate the details thereof to the Equity Index Daily
Futures Trading Member, etc. who has submitted the bid or offer for suchtransaction/contract.
28.2

The Equity Index Daily Futures Trading Member, etc. shall promptly confirm

the details of the Equity Index Daily Futures transaction/contract communicated under
Article 28.1 above.

Article 28-2.

(Deleted)

Section 2.

Block Trade37

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Article 28-3.

Block Trade

In these Special Provisions, A “block trade” is a trade whereby thecorresponding offer and bid for a specific Equity Index Daily Futurestransaction/contract will be simultaneously submitted to the Exchange, at the same price,in the trading volume not less than the volume designated by the Exchange and notbased on the Market-Making Method, and then the sale contract and the purchase
contract for Equity Index Daily Futures transaction/contract will be executed at the priceso submitted.

Article 28-4.

Method of Block Trade28-4.1 An Equity Index Daily Futures Trading Member, etc. who wishes to make a
block trade shall make an application to the Exchange and obtain its approval; provided,
however, that the Exchange may from time to time designate the type of financial indicesfor which the Equity Index Daily Futures Trading Members, etc. will not be allowed tomake a block trade.
28-4.2 In the application set forth in Article 28-4.1 above, the bid and the offer for theblock trade shall be simultaneously submitted at the same price in accordance with theconditions separately prescribed by the Exchange.
28-4.3 The application set forth in Article 28-4.1 above shall remain valid until the
Exchange gives a notice of approval or disapproval to the Equity Index Daily Futures
Trading Member, etc. who has made the said application (hereinafter called the “blocktrade applicant”).

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Article 28-5.

Time for Application for Block Trade28-5.1 The bids and offers for block trade may be submitted during any of the sessions
or periods for the respective type of Equity Index Daily Futures transaction/contract set
forth in Articles 5.1.(2), 5.2.(2), 5.3.(2), 5.4.(2), 5.5.(2), 5.6.(2), 5.7.(2), 5.8.(2), 5.9.(2)and 5.10.(2) hereof, excluding the last one hour of each such session or period for therespective type of Equity Index Daily Futures transaction/contract.
28-5.2 The Exchange may temporarily change the time for application for block trade
set forth in Article 28-5.1 above when it deems necessary to do so, in which event the
Exchange shall give an advance notice to that effect to the Equity Index Daily Futures
Trading Members, etc.

Article 28-6.
Execution of Equity Index Daily Futures Transaction/Contract by
Block Trade28-6.1 The Equity Index Daily Futures transaction/contract intended to be executed bya block trade shall be deemed executed at the price of the bid and offer submitted by theblock trade applicant when the Exchange has approved the execution of the Equity Index
Daily Futures transaction/contract between the bid and offer submitted at the application
for the intended block trade.
28-6.2 Notwithstanding the provisions of Article 28-6.1 above, if a block tradeapplicant designates any other Equity Index Daily Futures Trading Member, etc. upon
obtaining its approval to be a counterparty to the block trade (hereinafter called the“block trade counterparty”) and makes an application set forth in Article 28-4.1 hereof inorder to execute the Equity Index Daily Futures transaction/contract with such blocktrade counterparty, such Equity Index Daily Futures transaction/contract shall be deemed
to have been executed as between the block trade applicant and the same block trade
counterparty at the price quoted by each of them, as of when the Exchange accepts thesaid block trade application.
28-6.3 After the execution of the Equity Index Daily Futures transaction/contract
pursuant to Article 28-6.2 above, the block trade applicant and the block trade
counterparty shall promptly confirm the details of the Equity Index Daily Futurestransaction/contract.
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Equity Index Special Provisions

28-6.4 Upon the confirmation pursuant to Article 28.6.3 above, if the block trade
counterparty sends a notice of non-approval on the application set forth in Article 28-6.2
hereof by the time prescribed by the Exchange, the Exchange shall cancel the Equity
Index Daily Futures transaction/contract.
28-6.5 If the Equity Index Daily Futures transaction/contract is cancelled by the
Exchange in accordance with Articled 28-6.4 hereof, such Equity Index Daily Futurestransaction/contract shall be deemed not to have been executed retroactively from the
beginning.

Article 28-7.

Publication of Contract Price for Block Trade

When an Equity Index Daily Futures transaction/contract is executed by a blocktrade, the Exchange shall publish the contract price therefor in accordance with theprocedures prescribed by the Exchange.

Article 28-8.

Suspension of Block Trade

The Exchange may suspend block trade with respect to all or some specificEquity Index Daily Futures Trading Members, etc. in accordance with the conditions
separately prescribed by the Exchange if:(1)

the Exchange finds an actual or threatened abnormal condition in any
block trade, or the Exchange deems it inappropriate to allow any block
trading to continue in light of management of the Exchange Market;(2)

the Exchange determines it difficult to allow any block trading tocontinue due to failure in the operation of the Exchange System or due
to any other reason for which the Exchange so determines; or(3)

the matching for Equity Index Daily Futures transaction/contract issuspended in accordance with Article 7 of the Trading Regulations.

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Equity Index Special Provisions

CHAPTER VI.
OFFSETTING TRANSACTIONSArticle 29. Offsetting Transactions
Matters necessary for offsetting transactions for Equity Index Daily Futurestransaction/contract shall be governed by Chapter XIII-II of the Clearing Regulations.

CHAPTER VI-II.
RESET

Article 29-2.

Reset

Matters necessary for Reset for Equity Index Daily Futures transaction/contract
shall be governed by Chapter XIII-II of the Clearing Regulations.

CHAPTER VII.
EQUITY INDEX SETTLEMENT PRICE, ETC

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Equity Index Special Provisions

Article 30. Equity Index Settlement Price, etc.
Matters necessary for Equity Index Settlement Prices and payment or receipt ofmonies for Equity Index Daily Futures transactions and others shall be governed by
Chapter XIII-II of the Clearing Regulations.

CHAPTER XIII.
MISCELLANEOUS PROVISIONS

Article 31. Identification of Parties to Equity Index Daily Futures Contract
31.1
A party involved in an Equity Index Daily Futures transaction/contract shall beidentified by its corporate name or trade name or its abbreviated name of a relevant
Equity Index Daily Futures Trading Member, etc.
31.2
The abbreviated name of an Equity Index Daily Futures Trading Member. etc.
shall be determined by the Exchange.

Article 32. Dispatch of Notice on Equity Index Daily Futures Transaction/Contract
32.1

An Equity Index Daily Futures Trading Member, etc. shall provide a monthly

statement to an Equity Index Daily Futures Customer holding any Unsettled Positions
for Equity Index Daily Futures transaction/contract for its account to report on the stateof such unsettled Equity Index Daily Futures transaction/contract; provided, however,that the foregoing shall not apply if an Equity Index Daily Futures Customer is afinancial instruments firm, an exchange licensed firm or a registered financial institution.
32.2
The following Items shall be described in a statement set forth in Article 32.1
above:(1)

Type of the Equity Index Daily Futures transaction/contract and the42

Equity Index Special Provisions

year to which the Reset Date belongs(2)

Trading day(3)Time of Matching(4)

Whether the Equity Index Daily Futures transaction/contract is a sale
contract or a purchase contract(5)

Trading volume(6)

Contract price

32.3
Instead of dispatching a monthly statement set forth in Article 32.1 above, an
Equity Index Daily Futures Trading Member, etc. may notify an Equity Index Daily
Futures Customer of the matters that would otherwise be described in the said statement,with its approval, by means of a method utilizing an electronic data processing andnetwork organization or a method utilizing any other information and telecommunication
technology to be separately prescribed by the Exchange. In this case, the Equity Index
Daily Futures Trading Member, etc. shall be deemed to have provided a monthly
statement referred to in the foregoing sentence.

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Equity Index Special Provisions

Article 33. Recordkeeping for Equity Index Daily Futures Transactions based on
Customer’s Order
An Equity Index Daily Futures Trading Member, etc. shall keep the records
separately prescribed by the Exchange with respect to the Equity Index Daily Futurestransactions based on an Equity Index Daily Futures Customer’s order.

Article 34. Method of Notice, etc. of Total Traded Volume, Total Contract Value,
etc.
34.1
The Exchange shall provide each Equity Index Daily Futures Trading Member,etc. with the daily information about the items set forth in the Appendix attached hereto
as prescribed under Article 130 of the Act, by means of notification and announcement
via electronic recording media on every business day; provided, however, such
notification and announcement may be made in writing rather than electronic recording
media if the Exchange deems it difficult to use the latter due to failure thereof or undersimilar circumstances.
34.2
Instead of the notification and announcement set forth in Article 34.1 above, theExchange may communicate the matters that would otherwise be described in the said
notification and announcement by means of a method utilizing an electronic dataprocessing and network organization or a method utilizing any other information andtelecommunication technology to be separately prescribed by the Exchange. In thiscase, the Exchange shall be deemed to have provided the notification and announcement
referred to in the foregoing sentence.

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Equity Index Special Provisions

Article 35. Reporting to Prime Minister
Notwithstanding the provisions of Article 81-2 of the Trading Regulations, theExchange shall report on daily market and other information about the Exchange’s
market for Equity Index Daily Futures transactions to the Prime Minister as required by
Article 131 of the Act by electronic recording media pursuant the Appendix attachedhereto; provided, however, that such report may be made in writing rather than electronic
recording media if the Exchange deems it difficult to use the latter due to failure thereofor under similar circumstances.

Article 36. Notice Concerning Delisting, etc.
In the event that the Exchange will delist or suspend listing of any Equity Index
Daily Futures contract (hereinafter called the “Delisting, etc.”), the Exchange shall notify
the Equity Index Daily Futures Trading Members, etc. of the date of the Delisting, etc.
and the last trading day before the Delisting, etc. (hereinafter called the “Equity Index
last trading day”) in advance.

Article 37. Adjustment of Unsettled Position upon Delisting etc.
37.1
In the event that the Exchange carries out Delisting, etc. of any Equity Index
Daily Futures transaction/contract, if there is any unsettled position thereunder at theclose of the Market Trading Period on the Equity Index last trading day, the Exchange
may cause Equity Index Daily Futures Trading Members, etc. to take any measure which
the Exchange deems necessary in order to settle the said unsettled position.
37.2
The day on which the unsettled position with respect to a certain Equity Index
Daily Futures transaction/contract is settled pursuant to Article 37.1 above shall be, in
principle, the Reset Date of the Equity Index Daily Futures transaction/contract and theprice for settlement of the unsettled position shall be the Reset Price on such Reset Date;provided however, if deemed necessary by the Exchange, the Exchange may set a day
and a price deemed appropriate separately.

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Equity Index Special Provisions

SUPPLEMENTARY PROVISIONS
These amended Special Provisions shall take effect as from September 20, 2014.

SUPPLEMENTARY PROVISIONS
These amended Special Provisions shall take effect as from June 9, 2017.

SUPPLEMENTARY PROVISIONS
These amended Special Provisions shall take effect as from November 1, 2019.

SUPPLEMENTARY PROVISIONS
These amended Special Provisions shall take effect as from October 26, 2020.

SUPPLEMENTARY PROVISIONS
These amended Special Provisions shall take effect as from April 12, 2021.

SUPPLEMENTARY PROVISIONS
These amended Special Provisions shall take effect as from February 28, 2022.

SUPPLEMENTARY PROVISIONS
These amended Special Provisions shall take effect as from September 11, 2023.

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Equity Index Special Provisions

Appendix
Notice, Announcement and Matters to be Reported (Article 34 and Article 35)
Nikkei 225 Daily Futures transaction/contract with Reset Date, FTSE 100 Daily
Futures transaction/contract with Reset date, DAX® Daily Futures transaction/contract
with Reset Date, DJIA Daily Futures transaction/contract with Reset Date, Gold ETF
Daily Futures transaction/contract with Reset Date, WTI ETF Daily Futurestransaction/contract with Reset Date, NASDAQ-100 Daily Futures transaction/contract
with Reset Date, Russell 2000 Daily Futures transaction/contract with Reset Date, Silver
ETF Daily Futures transaction/contract with Reset Date and Platinum ETF Daily Futurestransaction/contract with Reset Date (except for the transaction/contract executed inaccordance with Article 19 of the Trading Regulations)
Matters to be reported on every trading day
Highest, lowest, opening and last contract figures, trading volume, Equity Index
Settlement Price, position volume, daily interest rate amount and dividend amount
Matter to be reported monthly
Each trading volume of sale contracts and purchase contracts, position balance,
amount and daily average traded volume for each Equity Index Daily Futures
Trading Member

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