TSE Derivatives Market Highlights
April 1, 2002〜March 31, 2003

Price Movements

1501600
1400

1401200
1000

1308001206004001105.04.03.02.01.0

10-year JGB Yield(%)※

1800
TOPIX Futures(points)

160

JGB Futures
10-year JGB Yield
TOPIX Futures

10-year JGB Futures(￥)

2000

20009394

95

96

97

98

9900

0102

03

100

Year0.0※Source：QUICK

Largest Day-to-Day Fluctuations（4.1.02〜3.31.03）
TOPIX Futures

UpDown10-year JGB Futures

Change (%)

Price12345+36.0（+4.0%）

939.0 （09.17.02）
968.5 （08.07.02）
863.0 （01.06.03）
877.5 （10.15.02）
974.5 （07.30.02）

1234-38.5（-4.7%）-30.5（-3.0%）

779.5 （03.31.03）
1008.5 （06.19.02）
855.5 （10.07.02）
985.0 （06.26.02）

5-27.0（-2.9%）

912.5 （09.30.02）+34.0（+3.6%）+28.5（+3.4%）+28.0（+3.3%）+27.0（+2.8%）-34.0（-3.3%）-31.5（-3.6%）

Date

Up

Down

ChangePrice

122450.94140.20 （09.19.02）
138.63 （04.30.02）
140.16 （09.25.02）
142.25 （01.15.03）
141.60 （09.06.02）

12
34

-1.99
-0.44

139.26 （09.18.02）
139.48 （09.20.02）
141.25 （11.21.02）
141.75 （11.14.02）

5-0.43141.10 （10.22.02）

0.58
0.58
0.54
0.48

-0.72
-0.53

Date

Trading Data（4.1.02〜3.31.03）（units, ￥100mil.）Futures
EquityProduct

Trading Volume

ChangeTrading Value

TOPIX Futures

7,441,075
488
195,792
125,472
300,761
5,905,592
977,600

30%
-15%
965%
1154%
-25%-16%-8%

683,905

―

67―

3,281

―

263

5,289

33

39,8058,305,878

―

1,714

55,850

TOPIX Electric Appliances
Index Futures
TOPIX Banks Index Futures

Options

TOPIX Options
Equity Options

Futures 10-year JGB Futures
BondOptions

Options on 10-year
JGB Futures

Exercise Volume

Open Interest

241,344120
24,351
10,665
13,03943,62914,234
April 2003 1Stock Index Futures, Stock Index Options & Equity Options●TOPIX Futures■Open Interest■Trading Volume（Daily Average）（Trading Volume : thous. units）（Market Share）

90

TOPIX

80

Nikkei 225※

70

TOPIX market share

60（Open Interest : thous. units）

60％

300

50％

250

40％

200

30％

150

20％

100

10％

500％

0

（Market Share）

70％

TOPIX
Nikkei 225※

60％

TOPIX market share

50％
40％50
4030％

3020
1088899091929394 95 96 97
Fiscal Year

98

9900

010220％10％88899091929394 95 96 97
Fiscal Year98

990001020％※Source: Osaka Securities Exchange Web Site etc.

■Trading Volume by Type of Investor（Stock Index Futures）（Apr. 02〜Mar. 03）●TOPIX Options

Others1％■Trading Volume（Daily Average）& Open Interest（Trading Volume：units）

Foreigners
29％（Open Interest：thous. units）

12
1000

Trading Volume（Put）

10

Individuals 0％

8Business Cos.
0％

6

Investment Trusts
2％4Life & Non-Life Ins. Cos.
2％

Trading Volume（Call）

800

Open Interest

600
4002000909192939495 96 97
Fiscal Year

98

9900

01

Securities Cos.
56％

Trust BK
10％289

FY2002002●Equity Options■Trading Volume by Type of Investor（Apr. 02〜Mar. 03）■Trading Volume（Daily Average）& Open Interest（Trading Volume：units）

1800（Open Interest：thous. units）

Trading Volume（Call）

1400

100

Foreigners
15％

Open Interest

1200

80

Individuals 7％FY2002

1000

60

800
600

40400

202000

Others 6％

120

Trading Volume（Put）

1600

9798

9900
Fiscal Year

01

02

Securities Cos.
42％

Business Cos.
7％
Investment Trusts
1％0Life & Non-Life Ins. Cos.
11％

Trust BK11％■Trading Volume by Underlying Stock（4.1.02〜3.31.03）
Ranking12345678910

Code/Issue

Trading Volume

Share56,352
13,194
13,065
12,87010,774
10,194
9,522
9,217
9,091
8,545

19%
4%
4%
4%
4%
3%
3%
3%
3%
3%

9437 NTTDoCoMo
8306 Mitsubishi Tokyo FG
8252 Marui6773 Pioneer
7203 Toyota Motor
9432 NTT
8411 Mizuho FG
8307 UFJ Holdings
6902 Denso
8316 Sumitomo Mitsui FG■Trading Volume by Individuals（Trading Volume：thous. units）

40
Trading Volume（Put）

30

Trading Volume（Call）

20

10097989900
Fiscal Year

0102

April 2003 2

JGB Futures & Options on JGB Futures●JGB Futures（10 year）■Trading Volume by Type of Investor（JGB Futures）（Apr. 02〜Mar. 03）■Trading Volume（Daily Average）& Open Interest（Trading Volume：¥100bil.）

100（Open Interest：¥100bil.）

250

Trading Volume
Open Interest

80

Others 2％
Foreigners
22％20060150

FY2002401002050

0

Securities Cos.
44％

Long-term
Credit, City &Regional Banks
32％

085 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02
Fiscal Year

●Options on 10-year JGB Futures■HV of JGB Futures & IV of Options on JGB Futures■Trading Volume（Daily Average）& Open Interest（Trading Volume：thous. units）

15％（Open Interest：thous. units）

20

Trading Volume（Put）

HVIV80

Trading Volume（Call）

1560

Open Interest

1040

5

20

10％

5％

090

91

92

93

94

95 96 97
Fiscal Year

98

9900

01

02

0％

093

94

95

96

97

98

9900

010203Year

Contract Specifications（as of March 31. 2003）
Product

Trading Hours（Auction）

Trading Hours（Off-Auction）

Minimum
Fluctuation

5¥ 285,000

× 1,000

3¥ 26,000

TOPIX Electric Appliances
Index Futures

× 10,000

3¥ 785,000

0.1

× 10,0003¥ 115,000

0.01

× 1,000,000

3¥ 270,000

0.01

× 1,000,000

3¥ 940,000

Auction：0.5
Morning Session： 9:00〜11:00
Afternoon Session：12:30〜15:10

8:20〜16:00

TOPIX Banks Index Futures
5-year JGB Futures

Morning Session：9:00〜11:00
Afternoon Session：12:30〜15:00

10-year JGB Futures

Evening Session：15:30〜18:00

Product

Trading Hours（Auction）

TOPIX Options
Equity Options
Options on 10-year
JGB Futures

Morning Session： 9:00〜11:00
Afternoon Session：12:30〜15:10

9:00〜11:20
12:30〜15:20
15:30〜18:20

Off-Auction：0.1

Minimum Fluctuation

Contract
Trading Unit No. ofMonths
Minimum No. of Exercise Prices0.5（more than 5 point）
0.1（5 point or less）
determined by that day's minimum
underlying stock price× 10,000

49（ATM±4）minimum
trading unit ofunderlying stock

45（ATM±2）

0.01

× 1,000,000

3〜4Serial Months：11（ATM±5）
Quartery Months：7（ATM±3）

Morning Session：9:00〜11:00
Afternoon Session：12:30〜15:00
Evening Session：15:30〜18:00

Margin per unit
（1.20. 03 ― 4.13. 03）

× 10,000

TOPIX Futures
S&P/TOPIX150 Futures

Contract
Trading Unit No. ofMonths

April 2003 3

Newsdate

Equity Derivatives

Bond Derivatives

Apr. 2002

Conclusion not to change 10-year JGB Futures
specifications at discussion group

Jun. 2002 Introduction of 'batch processing' in the case ofaccumulation of orders (TOPIX Futures)

Contingency plan for the last trading day and S.Q. calculation day of Futures & Options（effective December 2002)
Dormancy of S&P/TOPIX 150 Options and TOPIX
Transportation Equipment Index Futures

Sep. 2002

Euronext and TSE sign an Agreement for General Cooperation

Dec. 2002

Amendment to determination method for settlement price for futures contract（scheduled for the middle of 2003）
Amendment to delisting rule for equity options
contract (effective February 2003)

Jan. 2003 Amendment of TSE Disclosure Document Regarding Offer and Sale of TSE Equity Options & Stock Index Options in the U.S.
Amendment of Agreement for setting up futures trading / options trading accountTrading Records
TOPIX Futures

JGB Futures
株 式 派 生(10商 品 year)

FY 2002(units, point）

dateHistorical(units, point）

FY 2002

datedate

Lowest Price

254,758 （03.11.03）
7,155 （05.02.02）
370,259 （09.13.02）
203,865 （09.18.02）
1,144.5 （05.27.02）
766.0 （03.17.03）

Limit Up

none

Limit Up

noneLimit Down

none

Limit Down

139.25 （02.09.18）

Emergency Margin Depositnone

Emergency Margin Deposit

none

Temporary Trading Halt

none

Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Price

254,758 （03.11.03）
0 （01.31.94）
370,259 （09.13.02）
11,183 （12.08.88）
2,956.0 （12.18.89）
766.0 （03.17.03）(¥100 mil., ¥）Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Price
Lowest Price

69,609 （09.06.02）
8,034 （12.25.02）
67,055 （08.30.02）
33,525 （12.12.02）
143.66 （03.11.03）
137.48 （04.01.02）

Historical(¥100 mil., ¥）date

154,112 （09.06.89）
510 （10.28.85）
310,415 （02.08.00）
14,585 （12.12.85）
143.66 （03.11.03）
87.08 （09.27.90）＊Figures refer only to days when trading volume is not 0.

No. of Trading Participants: General Trading Participant: 108/ Stock Index Futures Trading Participant: 2/ JGB Futures Trading Participant: 84/
Equity Options Trading Participant: 0 (as of 3. 31. 03)

TSE Web Site

TOPIX/JGB Futures & Options Club Email Service

Our web site provides an introduction to TSE and provides easy accessto regularly updated information about our market.

TSE provides an email information mailing service which includes
timely and accurate updates concerning regulatory and systemdevelopments in the futures and options market. Bulletins are
emailed directly to registered members for free.

http://www.tse.or.jp

http://www.tse.or.jp/english/option/mlservice/topix̲appli.html【Equity derivatives】

http://www.tse.or.jp/english/option/mlservice/jgb̲appli.html【Bond derivatives】

TOKYO STOCK EXCHANGE, INC.
Derivatives Department

New York Representative Office

2-1 Nihombashi-Kabuto-cho, Chuo-ku,Tokyo 103-8220 Japan
Tel: 03-3665-1385 Fax: 03-3661-9113
derivatives@tse.or.jp

45 Broadway, 12th Floor, New York NY 10006 USA
Tel: +1+212-363-2350 Fax: +1-212-363-2354
contact@tsenyrep.com

London Representative Office
4th Floor, Peninsular House, 36 Monument Street,London EC3R 8LJ UK
Tel: +44-20-7236-0885 Fax: +44-20-7489-1273
tse@tseldn.co.uk

Singapore Representative Office
20 Collyer Quay #10-02A Tung Centre, Singapore 049319
Tel: +65-6438-5100 Fax: +65-6438-5800
sintse@ntti.net.sg

Copyright (c) 2003 Tokyo Stock Exchange, Inc. All rights reserved.
While very effort is taken to ensure the accuracy of the information contained in this publication, Tokyo Stock Exchange, Inc. (TSE) does not guarantee, nor assume
responsibility for any damages caused by any errors or omissions. The descriptions in this publication are only intended as general information, and are not intended asinvestment advice. TSE reserves the right to change the contents of this publications without notice.

April 2003 4