JPX Derivatives Market Highlights
January 1, 2013～ December 31, 2013
Price Movement■ TOPIX and Trading Value of TSE 1st Section (Daily Average)
TOPIX(points)

Trading Value(¥100 bil.)
TOPIX
Trading Value (1st sec.)

2,500
2,000

40
30

1,500

20

1,000

10500
050

03

040506

0708

09

10

1112013Year■ Nikkei Stock Average and Nikkei Stock Average Volatility Index
Nikkei 225 (¥)

Nikkei 225 VI (Points)

10020,000

Nikkei Stock Average
Nikkei Stock Average Volatility Index

18,00016,0009080

14,00070

12,00060

10,000

50

8,000

40

6,000

304,000202,000

10003040506070809

101112013Year■ 10-year JGB Futures and 10-year JGB Yield
10-year JGB Futures (¥)

10-year, 20-year Interest Rate (%)
3.0

160

10-year JGB Futures
10-year Interest Rate
20-year Interest Rate

155

2.5

150

2.0

145

1.5

140

1.0

135

0.5

13003040506070809
Year110110.01213*Source：Ministry of Finance
January, 2014

Index Futures■ Nikkei 225 Futures ADV・Open Interest
Trading Volume(Contracts)

Trading Volume
Open Interest (End of Year/Month)

200,000■ Trading Volume by Trade Type of Investors(Nikkei 225 Futures)Open Interest(contracts)

Others1.1%

800,000

150,000

Securities Firms
14.7%

700,000

Trust Banks
1.9%

600,000

Insurance Firms
0.1%

500,000
100,000

400,000

Foreign Investors
69.8%

300,000
50,0002013

Investment
Trusts1.2%
Business Firms
0.8%

200,000
100,000

003 04 05 06 07 08 09 10 11 12 12345Year

6789 10 11 120

IndividualInvestors
10.6%

Month

■ Nikkei 225 mini ADV・Open Interest
Trading Volume(Contracts)■ Trading Volume by Trade Type of Investors(Nikkei 225 mini)
Open Interest(contracts)

Trading VolumeOpen Interest (End of Year/Month)

1,800,000
1,600,000

1,400,000

1,400,000

1,200,000

1,200,000

Business Firms
0.3%

800,000

800,000
400,000

400,000

200,000

200,000
06 07 08 09 10 11 12

1234

5Year

678910 11 12Month■ Trading Volume by Trade Type of Investors(TOPIX Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

180,000

Others0.7%

800,000

160,000

700,000

140,000

600,000

120,000

Trust Banks
3.5%

400,000

80,000Foreign Investors
73.0%

300,000

60,00040,000200,000

20,000100,000
03 04 05 06 07 08 09 10 11 12 1234Year5678

9 10 11 12

Investment
Trusts
1.1%0Month■ Trading Volume by Trade Type of Investors(mini TOPIX Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

30,0002013

Insurance Firms
1.1%

Individual
Investors
0.5%■ mini-TOPIX Futures ADV・Open Interest

Securities Firms
6.6%
Trust Banks
0.1%

50,00025,00040,00020,000Individual
Investors
5.0%

30,00015,000Foreign Investors
88.2%

20,00010,0002013

10,0005,000
0Securities Firms
20.0%

500,000

100,000

Trading Volume(Contracts)

Individual
Investors
20.2%0■ TOPIX Futures ADV・Open Interest
Trading Volume(Contracts)

2013

Foreign Investors
69.3%

600,000600,000

0Securities Firms
10.0%

1,000,0001,000,0000Others
0.1%

1,600,000080910Year

11121234567891011120Month

2January, 2014

Others 0%Index
Options

Securities Firms 0%■ Nikkei 225 Options ADV・Open TrustInterest
Banks0%
Trading Vol.
(contracts)

Insurance
Firms 0%

Trading Volume(Put)Trading Volume(Call)
Open Interest(End of Year/Month)

400,000
350,000■ TOPIX Options ADV・Open Interest

Open Interest(contracts)

Trading Vol.
(contracts)

Investment
Trusts 0%

ForeignInvestors
0%
300,000

3,000

4,000,000

250,000

Business
Firms 0%

Securities Firms

200,000
150,000

Individual
Investors 0%

Investment Trusts

50,000Individual Investors

03 04 05 06 07 08 09 10 11 12 1234

Foreign Investors
Year

567

8

1,000,000

140%
112%

00

9 10 11 12

証券会社
信託銀行
生保・損保
投資信託
事業法人
個人
海外投資家
その他

Nikkei 225 VI(Points)

8006

07

101112345678

9 10 11 120Month

Investment
Trusts0.1%

BusinessFirms
1.2%

Individual
Investors
11.1%

ForeignInvestors74.9%

Others0.3%

Trust Banks
0.2%

Foreign Investors
93.2%

TOPIX
Options013

TrustBanks
0.7%

Securities Firms
6.6%

4008
09
Year2Nikkei 225
Options

2005

03 04 05 06 07 08 09 10 11 12 1

Securities
Firms
11.8%

100

Jan.-Jun.
2013

04

10,000■ Trading Volume by Trade Type of Investors

6003

20,000

Year

28%
0%

30,000

Month

84%
56%

40,000500■ HV of Nikkei 225 and TOPIX and Nikkei 225 VI
HV

50,0001,000

OthersSecurities Firms
Nikkei 225HV
Trust Banks
InsuranceFirms
TOPIX
HV
Investment
NikkeiTrusts
225 VIBusiness Firms
Individual Investors
Foreign Investors
Others60,0001,500

Business Firms

070,000

2,000

2,000,000

Insurance Firms

100,000

80,0002,500

3,000,000

Trust Banks

Open Interest(contracts)

Trading Volume(Put)Trading Volume(Call)
Open Interest(End of Year/Month)

3,500

5,000,000

0%20%40%60%80%100%*Each share of Trust Banks/Insurance Firms/Investment Trusts is less than 0.1%.

Single Stock Options■ Trading Volume by Trade Type of Investors(Single Stock Options)■ Single Stock Options ADV・Open Interest
Trading Vol.
(contracts)

Open Interest(contracts)

Trading Volume(Block Trade)
Trading Volume(Auction)
Open Interest(End of Year/Month)

9,000
8,000

600,000
500,000

7,000

400,000

6,000
5,000

300,000

4,000

Foreign Investors
51.6%

2013

200,000

3,000
2,000

BusinessFirms
5.5%

100,000

1,0000Securities Firms
28.9%

03 04 05 06
07 08 of09Business
10 11 12 Firms
1 2 is3 less4 than5 6 0.1%.
7 8 9 10 11 12*Share

Year0

Individual
Investors
13.9%

Month

■ Trading Volume by Underlying Securities（Jan.〜Dec.2013）
Ranking CodeIssues

TradingVolume■ HV (Top 3 Trading Volume by Underlying Securities)

ShareHV

18411

Mizuho Financial Group,Inc.

227,157 20.1%

28591

ORIX CORPORATION

103,425

9.2%

38306

Mitsubishi UFJ Financial Group, Inc.

74,831

6.6%

46758

SONY CORPORATION

49,050

4.3%

57203

TOYOTA MOTOR CORPORATION

38,101

3.4%

67267

HONDA MOTOR CO.,LTD.

32,319

2.9%

78316

Sumitomo Mitsui Financial Group,Inc.

29,008

2.6%

89984

SOFTBANK CORP.

28,793

2.5%

97751

CANON INC.

28,4442.5%101306TOPIX
Exchange
Traded Fund
27,4442.4%*Each shareof Trust Banks/Insurance
Firms/Investment
Trusts/BusinessFirms is less than 0.1%.

100%Mizuho Financial Group,Inc.
ORIX CORPORATION
Mitsubishi UFJ Financial Group, Inc.

80%60%40%20%0%
201032011

2012
Year

2013

January, 2014

JGB Futures■ 10-year JGB Futures ADV・Open Interest
Trading Vol.
(contracts)

Trading Volume
Open Interest (End of Year/Month)

60,000

Securities Firms
40.5%

140,000
120,000

50,000Foreign Investors
43.8%

100,000

40,00080,00030,000Business Firms
0.2%

60,00020,00010,00003 04 05 06 07 08 09 10 11 12 12345789 10 11 12

Trust Banks0.3%

20,000

Other Financials
0.3%

0Insurance Firms
0.1%

11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 122012

1,000,000

2,00000

2013

Contract Month0

201309200

201303

400

50

4,000

201209100

2,000,000

201203600

6,000

201109150

3,000,000

201103800

201009200

201003

1,000

8,000

200909250

10,0004,000,000

200903

1,200

200809300

Delivery Settlement Vol.
(Contracts)

Total Trading Volume
Delivery Settlement Vol.

5,000,000

200803

1,400

2011

Total Trading Vol.
(Contracts)

1,600

3500

■ Trading Volume of Each 10-year JGB Futures contracts months・Delivery Settlement Volume

Open Interest(contracts)

Trading Volume
Open Interest (End of Month)

400Bankｓ
14.7%Month■ mini-10-year JGB Futures ADV・Open Interest
Trading Vol.
(contracts)

2013

200709Year

640,000

2007030■ Trading Volume by Trade Type of Investors(10-year JGB Futures)Open Interest(contracts)JGB Options■ Trading Volume by Trade Type of Investors(Options on JGB Futures)■ Options on JGB Futures ADV・Open Interest
Trading Vol.
(contracts)

Open Interest(contracts)

Trading Volume(Put)Trading Volume(Call)
Open Interest(End of Year/Month)

14,00012,000Others
0.5%

25,000

Securities Firms
13.7%

20,00010,0008,000

15,000

6,000

10,0002013

Foreign Investors
61.6%

4,000
5,000

2,000
003 04 05 06 07 08 09 10 11 12 1

23Year456789 10 11 12Bankｓ
24.2%

0Month■ Monthly Trading Volume and Exercise Volume■ HV・IV・JGBF-VI

Trading Vol.
(contracts)

JGBF-VI
(pts)

IV
HV
JGBF-VI

IV・HV

15%

10150,000

810%

Trading Vol.(CALL)
Exercise Vol.(CALL)

200,000

6

Trading Vol.(PUT)
Exercise Vol.(PUT)

Exercise Vol.
(contracts)

20,000ＣＡＬＬ

15,000100,000

10,00050,0005,000045%

250,000

5,000

100,000

10,000150,000
0%

03

04

05

06

07

08

09
Year

101112130

0200,000

ＰＵＴ
1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112
2011

415,000

2012

20,0002013

January, 2014

Contract Specifications
Products

Trading Hours
AuctionBlock Trade

Tick Size(point/¥)
AuctionBlock Trade

105
0.5
0.25
0.5
0.5
0.1
0.1
0.01
0.01
0.05
1
0.5
0.01
0.005
0.01

11
0.1
0.05
0.1
0.1
0.1
0.1
0.01
0.01
0.01
1
0.1
0.01
0.005
0.01

Nikkei 225 Futures
9:00〜15:15 8:20〜16:00
16:30〜3:00 16:30〜3:00
Nikkei 225 mini
TOPIX Futuresmini-TOPIX Futures
TOPIX Core30 Futures
9:00〜11:35
TSE REIT Index Futures
8:20〜16:00
11:45〜15:15
16:20〜23:30
TOPIX Banks Index Futures
16:30〜23:30
Nikkei 225 Dividend Index Futures
TOPIX Dividend Index Futures
TOPIX Core30 Dividend Index Futures
Nikkei 225 VI Futures
9:00〜15:15 8:20〜16:00
OSE DJIA Futures
9:00〜15:15 8:20〜16:00
16:30〜3:00 16:30〜3:00
RN Prime Index Futures
10-year JGB Futures
8:45〜11:02
8:20〜15:15
mini-10-year JGB Futures
12:30〜15:02
15:25〜23:30
15:30〜23:30
5-year JGB Futures(*1) 9 contract months between Jan. to Mar.
Products

Trading Hours

Tick Size(point/¥)

AuctionBlock Trade

Nikkei 225 Options

9:00〜15:15
16:30〜3:00

determined by option price1 ( ¥50 or less)8:20〜16:00
16:30〜3:00 5 (over ¥50 to ¥1,000)
10 (more than ¥1,000)

TOPIX Options

9:00〜11:30 8:20〜16:00
11:45〜15:10 16:20〜23:30
16:30〜23:25

Single Stock Options

9:00〜11:30
12:30〜15:10

8:20〜16:00

AuctionBlock Trade

No. of Margin per Unit(¥)
Contract
Months (As of the end of Dec. 2013)

Unit＊ 1,000＊ 100＊ 10,000＊ 1,000＊ 1,000＊ 1,000＊ 10,000＊ 1,000＊ 10,000＊ 10,000＊ 10,000＊ 100＊ 10,000＊ 1,000,000＊ 100,000＊ 1,000,000

13
55
3
3
3
38(*1)
8(*1)
8(*1)
8
4
5
3
3
3

¥600,000¥60,000¥405,000¥40,500¥23,000¥83,000¥130,000¥6,500¥1,000¥1,000¥55,500¥34,200¥305,000¥570,000¥57,000¥230,000

No. of Minimum No. ofContract
Months Exercise Prices

Unit

Vendor Codes
Bloomberg

Reuters

QUICK

NKA<INDEX>NOA<INDEX>TPA<INDEX>TMIA<INDEX>TPCA<INDEX>TREA<INDEX>TZA<INDEX>NKYDIV<INDEX>TPXDIV<INDEX>TPXC30D<INDEX>JVIA<INDEX>ODAA<INDEX>AZA<INDEX>JBA<CMDTY>MJBA<CMDTY>JJA<CMDTY>

0#JNI:
0#JNM:
0#JTI:
0#JTM:
0#JTC:
0#JRT:
0#JBK:
0#JND:
0#JTD:
0#JRD:
0#JNV:
0#JDI:
0#JRN:
0#JGB:
0#JGM:
0#JMB:

101.555
111.555
151.555
159.555
171.555
155.555
348.555
112.555
178.555
179.555
145.555
144.555
140.555
601.555
611.555
604.555

Vendor Codes
Bloomberg

Reuters

QUICK

1＊ 1,000

1933（ATM±16）

NKY<index>OMON

0#JNI*.OS

OP2@

0.1

＊ 10,000813（ATM±6）

TPX<index>OMON

0#JTI*.T

OPT@

determined by option price＊minimum trading
unit of underlying

45（ATM±2）(security code)＜EQUITY＞OMON

0#OPT*.T

KO@16＊ 1,000,000

3〜421（ATM±10）

JBA<CMDTY>OMON

0#JGB+

GB@

0.5 (*1)

8:45〜11:00 8:20〜15:15
Options on JGB Futures
12:30〜15:00 15:25〜23:30
15:30〜23:25(*1) 0.1 when option's price is under 20 points

0.01

0.01

Trading Fees (as of Dec. 2013)
ProductsNikkei 225 Futures

Nikkei 225 mini

TOPIX Futures
TOPIX Banks Index Futuresmini-TOPIX Futures
TOPIX Core30 Futures
TSE REIT Index Futures
Nikkei 225 Dividend Index Futures
TOPIX Dividend Index Futures
TOPIX Core30 Dividend Index Futures

Exchange Trading Fees (Rate)

Regular Trade

Regular Trade

Regular Trade

Fee rate calculated by the table below using monthly
average trading volume of 3 months from 4 months prioruntil 2 months prior(Customer)｜(Prop)
0 - 9,999 ：¥110 ｜ ¥ 70
10,000 - 49,999：¥ 70 ｜ ¥ 35
50,000 - 99,999：¥ 40 ｜ ¥ 20
100,000 - 149,999：¥ 25 ｜ ¥ 15
150,000 ：¥ 15 ｜ ¥ 10
Fee rate calculated by the table below using monthly
average trading volume of 3 months from 4 months prioruntil 2 months prior(Customer)｜(Prop)
0 - 99,999 ：¥11 ｜ ¥ 7
100,000 - 499,999 ：¥ 8 ｜¥6
500,000 - 999,999 ：¥ 6 ｜¥4
1,000,000 ：¥ 4 ｜¥3
based on monthly volume threshold (per contract)0 - 100,000 : ¥ 55
100,001 - 300,000 : ¥ 35
300,001- : ¥ 20

Regular Trade¥7 per contract

Regular Trade¥7 per contract (discounted fee：Originally ¥40）

Nikkei 225 VI Futures

Regular Trade¥80 per contract

OSE DJIA Futures

Regular Trade¥40 per contract

Regular Trade¥29 per contract

RN Prime Index Futures
10-year JGB Futures
5-year JGB Futuresmini-10-year JGB Futures

Nikkei 225 Options（Reference）Clearing Fees of JSCC
Regular Trade¥20 per contract

SQ Settlement¥130 per contract

Regular Trade¥2 per contract

SQ Settlement¥13 per contract

Regular Trade¥20 per contract

SQ Settlement¥57 per contract

Regular Trade¥2 per contract

SQ Settlement¥6 per contract

Regular Trade¥10 per contract

SQ Settlement¥30 per contract

Regular Trade¥20 per contract
SQ Settlement¥100 per contract
Regular Trade¥5 per contract
SQ Settlement¥45 per contract
Regular Trade¥16 per contract
SQ Settlement¥45 per contract
Regular Trade
Trade by Exercise of ¥49 per contract
Options on JGB Futures
Physical delivery¥132 per contract
Regular Trade¥5 per contract
Final settlement¥15 per contract

Regular Trade¥95 per contract
Trade by Exercise of ¥82 per contract
Options on JGB Futures
Physical delivery¥10 per contract
Regular Trade¥20 per contract

Regular Trade(*1)

Fee rate calculated by the table below using monthly
average trading value of 3 months from 4 months prior until
2 months prior
0 - less than ¥ 10 bil. ： 5.0 bp¥ 10 bil. - less than ¥ 25 bil. ： 3.5 bp¥ 25 bil. - less than ¥ 35 bil. ： 2.5 bp¥ 35 bil. ： 1.5 bp

Regular Trade(*1)
Exercise(*1)

0.5 bp per Trading Value
5.5 bp per amount to transfer by exercise

Regular Trade¥10 per contract
Exercise¥10 per contract
Regular Trade¥10 per contract
Single Stock Options
Regular Trade¥10 per contract
Exercise(*2)¥10 per contract
Regular Trade¥10 per contract
Options on JGB Futures
Regular Trade¥40 per contractExercise¥10 per Trading Volume of JGB Futures by Exercise(*1)The maximum fee is JPY 350 per trading unit. The maximum clearing fees are JPY 35 (Regular Trade) per trading unit and JPY 385 (Exercise) per trading unit.
(*2) Clearing fees for cash trading (trading value of cash trading by exercise × 0.000004) will be required additionally.
(Note) Give-up fees (JPY 5 per contract) will be required for Clearing Broker.(JPY 0.5 for mini-10-year JGB Futures, mini TOPIX Futures, TOPIX Core30 Futures, TSE REIT Index Futures,Dividend Index Futures)(Note) TSE has set the transfer fee to JPY 5 per contract for the position transfers of 10-year JGB Futures and TOPIX Futures trading from NYSE Liffe to TSE.
TOPIX Options

Regular Trade¥40 per contract

5January, 2014

Trading Data (Jan.-Dec. 2013)
Products

Trading Volume

ChangeNikkei 225 Futures

30,907,691
233,860,478
22,714,121
3,156,452
8,383
74,612
16,398111,644
38,496
26,81657,269,727
386,231
1,129,358
0
9,141,020
17,831
1,692,752+58.3%+79.3%+49.5%+46.9%−17.4%+23.6%+368.5%−9.6%+197.1%+40.0%+17.4%+1602.7%+160.5%−+3.1%−44.4%−25.9%

Nikkei 225 mini
TOPIX Futuresmini-TOPIX Futures
Futures
EquityTOPIX Core30 Futures
TSE REIT Index Futures
TOPIX Banks Index Futures
Nikkei 225 Dividend Index Futures
Nikkei 225 VI Futures
OSE DJIA Futures
Nikkei 225 Options

Options

TOPIX Options
Single Stock Options
5-year JGB Futures

BondFutures

10-year JGB Futuresmini-10-year JGB Futures

Options

Options on JGB Futures

Trading Value Exercise Volume Open Interest

4,185,444
3,157,203
2,556,394
34,87750
1,038
28626397407101,055
1,139
88
0
13,161,467
2,567
3,008

−−−−−−−−−−
425,774
70,194
165,154−−−
87,397420,037
673,736594,299
31,404
259
5,923
2,644
112,801
2,101
446
3,212,114
40,406
136,525
0
98,944102
13,415(Contracts, ¥100million)

Trading RecordsContact

JPX (Japan Exchange Group)

Nikkei 225 Futures
2013 (Jan.-Dec.)(Contracts, ¥)Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Price
Lowest Price(Date)

Historical(Contracts, ¥)448,005 （13/05/23）
47,415 （13/12/26）
681,292 （13/12/11）
349,620 （13/06/18）
16,340 （13/12/30）
10,350 （13/01/04）(Date)

739,909 （99/12/07）
0 （94/01/31）
684,617 （08/03/14）
10,450 （88/09/09）
39,820 （89/12/27）
6,830 （08/10/28）

TOPIX Futures
2013 (Jan.-Dec.)(Contracts, Points)

Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Price
Lowest Price(Date)

Historical(Contracts, Points)

747,937 （13/06/11）
26,978 （13/12/25）
784,611 （13/12/11）
419,995 （13/01/07）
1,310.5 （13/12/30）
856.5 （13/01/04）(Date)

747,937 （13/06/11）
0 （94/01/31）
784,611 （13/12/11）
11,183 （88/12/08）
2,956.0 （89/12/18）
687.0 （09/03/13）

10-year JGB Futures
2013 (Jan.-Dec.)(Contracts, ¥)Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Price
Lowest Price(Date)

171,939 （13/12/09）
9,702 （13/10/28）
125,183 （13/05/24）
76,236 （13/06/18）
146.44 （13/04/05）
140.70 （13/05/23）

Market Planning & Development Dept.
Tel:+81-50-3377-8645
derivatives@jpx.co.jp

New York Representative Office
Tel:+1-212-363-2350
contact@tsenyrep.com

London Representative Office
Tel:+44-(0)-20-7329-2155
tse@tseldn.co.uk

Singapore Representative Office
Tel:+65-6438-5100
sintse@ntti.net.sg

Beijing Representative Office

Historical(Contracts, ¥)Osaka Securities Exchange(Date)

211,110 （07/06/07）
510 （85/10/28）
310,415 （00/02/08）
14,585 （85/12/12）
146.44 （13/04/05）
87.08 （90/09/27）

Tel : +86-10-8517-1128
tsebjrep@tsebjrep.com.cn●Osaka Securities Exchange：
http://www.ose.or.jp/e/*Figures refer only to days when trading volume is not 0.
Disclaimer : The descriptions in this publication are intended solely for the purpose of providing information on futures and options. Losses may be incurred due
to fluctuation of prices of futures and/or options, etc. and the entire deposited margin or a portion of such may be lost. Losses may also exceed the deposited
margin. Investors must carefully review the documents provided by their financial services provider before trading futures and/or options, and must trade on their own
responsibility based on their own judgment only after fully understanding the product qualities, the trading mechanism, relevant fees, the risk involved, etc. Whilevery effort is taken to ensure the accuracy of the information contained in this publication, Japan Exchange Group, Inc. and its subsidiaries shall not guarantee andbe liable for any damages caused by any errors or omissions in this publication. Japan Exchange Group, Inc. and its subsidiaries reserve the right to change thecontents of this publication without prior notice.

Copyright Ⓒ Japan Exchange Group, Inc. 2014 All rights reserved.

6January, 2014