JPX Derivatives Market Highlights
January 1, 2018 ― December 31, 2018
Market Overview■ TOPIX and Trading Value of TSE 1st Section (Daily Average)
TOPIX(points)
2,500 Bankruptcy of Lehman Brothers(Sep 15, 2008)

TOPIX

Consumption Tax Increased from 5% to 8%(Apr 1, 2014)
Landslide Victory of the LDP(Dec 16, 2012)

2,000

Trading Value(¥ trillion)
5.0
Landslide Victory of the LDP (Oct 22, 2017)
U.S. Presidential Election（Nov 8, 2016）
4.0
Brexit Referendum（Jun 23, 2016）

Trading Value (1st sec.)

1,500

3.0

1,000

2.0

500

1.0

0

08

09

10

11

12

13
Year

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

JGB Futures (¥)

170
165

15

16

17

10-year Interest Rate
20-year Interest Rate
Introduction of yield curve control
by BOJ (Sep 21, 2016)

Introduction of Quantitative and Qualitative
Monetary Easing by BOJ (Apr 4, 2013)

160

14

18

Interest Rate (%)

3.0
2.5

Introduction of additional QQE
by BOJ (Oct 31, 2014)

2.0

155

1.5

150

1.0

145

0.5

140
135
130

08

09

10

Night Session Share
（％）

50

0.0

Introduction of negative interest
rate by BOJ (Jan 29, 2016)

Bankruptcy of Lehman Brothers(Sep 15, 2008)11

12■ Night Session

13
Year

Night Session Monthly Trading Volume

14

15

Night Session Share

16

Jul. 19, 2016
Night Session Hours extended(until 5:30 JST on the next day)15

Sep. 18, 2007
Evening Session
launched(until 19:00 JST)

10

10
0
07

25
20

Jul. 20, 2010
Hours extended(until 23:30 JST)

Oct. 14, 2008
Hours extended(until 20:00 JST)

30

-0.5
17
18
*Source：Ministry of FinanceNight Session Monthly Trading Volume(million contracts）

Jul. 19, 2011
Night Session launched (until 3:00 JST on the next day)

40

20

0.0

5

08

09

10

11

12

13
Year

1

14

15

16

17

18

0

January, 2019

Index Futures■ Nikkei 225 Futures ADV・Open Interest
Trading Vol.
(contracts)

180,000

Trading Volume
Open Interest (End of Year/Month)

Others0.3%

800,000

160,000

700,000

140,000

600,000

120,000

City/Regional
Banks,etc.
0.8%
Trust Banks
2.2%

400,000

80,00040,000200,000

20,000100,000
08 09 10 11 12 13 14 15 16 17 1

2

3

4

5

Year

6

7

8

9 10 11 12

1,800,0000■ Trading Volume by Type of Investors (Nikkei 225 mini)
Open Interest(contracts)

Others0.1%

1,400,000

1,600,000

1,200,000

1,400,000

1,000,000

1,200,000
1,000,000

800,000

800,000

600,000

600,000

08 09 10 11 12 13 14 15 16 17 1

2

3

4

5

Year

6

7

8

9 10 11 12

0

Month

■ TOPIX Futures ADV・Open Interest
Trading Vol.
(contracts)

250,000■ Trading Volume by Type of Investors (TOPIX Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

Others0.1%

800,000

150,000

600,000

City/Regional
Banks,etc.
0.4%500,000

Trust Banks
3.0%

400,000
100,000

100,000
2

3

4

5

6

7

8

9 10 11 12

Business Firms
0.1%

0Individual
Investors
0.6%

Month

■ mini-TOPIX Futures ADV・Open Interest
Trading Vol.
(contracts)■ Trading Volume by Type of Investors (mini-TOPIX Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

Others0.1%

80,00025,00020,000

Securities Firms
6.4%

70,000Trust Banks
0.9%

60,000Investment
Trusts0.5%

50,00040,00015,000Foreign Investors
82.5%

30,00010,00010,00008 09 10 11 12 13 14 15 16 17 1

Year

2

3

4

5

6

7

8

9 10 11 12

2018

Business Firms
0.4%
Individual
Investors
9.2%

20,0005,000

Insurance Firms
0.2%
Investment
Trusts2.4%

200,000

Year

0

2018

Foreign Investors
74.6%

300,000

50,00030,000

Securities Firms
18.7%

700,000

200,000

08 09 10 11 12 13 14 15 16 17 1

Securities Firms
4.7%
City/Regional
Banks,etc.
0.1%
Trust Banks
0.1%
Investment
Trusts0.1%
Business Firms
0.4%
Individual
Investors
18.5%

200,000

200,0000

2018

Foreign Investors
76.2%

400,000

400,000

Investment Trusts
3.3%

Individual
Investors
8.5%

Month

Trading Volume
Open Interest (End of Year/Month)Insurance Firms
0.1%

Business Firms
0.4%■ Nikkei 225 mini ADV・Open Interest
Trading Vol.
(contracts)

2018

Foreign Investors
69.9%

300,000

60,0000

Securities Firms
14.5%

500,000

100,0000■ Trading Volume by Type of Investors (Nikkei 225 Futures)Open Interest(contracts)

0

Month

2

January, 2019

Index Futures■ JPX-Nikkei 400 Futures Monthly ADV・Open Interest
Trading Vol.
(contracts)

Trading Volume (Monthly)Open Interest (End of Year/Monthly)

70,000■ Trading Volume by Type of Investors (JPX-Nikkei 400 Futures)Open Interest(contracts)

300,000

60,000

Securities Firms
15.9%

250,000

50,000Trust Banks
2.5%

200,000

40,000150,000

30,000100,000

20,000

0

14

15

16

17

1

2

3

4

5

Year

Business Firms
0.1%

6

7

8

9

10

11

12

Individual
Investors
3.2%

0

Month

■ TSE Mothers Index Futures ADV・Open Interest
Trading Vol.
(contracts)■ Trading Volume by Trade Type of Investors (TSE Mothers Index Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

6,000

Others2.8%

18,00016,0005,000

Securities Firms
25.2%

Foreign Investors
32.6%

14,0004,000

12,00010,0003,000

Trust Banks
2.3%

2018

8,000

2,000

6,000

Investment
Trusts
0.9%

4,000

1,000

2,000

0

16

17

1

2

3

4

5

Year

6

7

8

9

10

11

12

Trading Vol.
(contracts)

0

Month

Trading Volume
Open Interest (End of Year/Month)

1,000■ TSE REIT Index Futures ADV・Open Interest

Open Interest(contracts)

Trading Vol.
(contracts)

7,000

4,000

6,000

3,500

8,000

900
800
700
600

5,000

500

4,000

400

3,000

300

4,500

13

14

15

16

17

1

2

3

4

5

Year

6

7

8

9

10

11

12

25,0002,500

20,0002,000

15,00010,000
5,000

500

0

0

08 09 10 11 12 13 14 15 16 17 1

2

3

Year

Month

4

5

6

7

8

9 10 11 12

0

Month

■ Trading Volume by Trade Type of Investors (DJIA Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

2,000

30,0001,000■ DJIA Futures ADV・Open Interest
Trading Vol.
(contracts)

35,000

1,500

1,000

100

Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

3,000

2,000

200

12

Business
Firms
1.2%

Individual
Investors
35.0%■ Nikkei 225 VI Futures ADV・Open Interest

Others
0.1%

4,000

1,800

Securities Firms
2.9%
Business Firms
1.3%

3,500

1,600

3,000

1,400
1,200

2,500

1,000

2,000

800

1,500

600

Foreign Investors
57.4%

2018

Individual
Investors
38.4%

1,000

400

500

200
0

Investment
Trusts2.4%

50,00010,00002018

Foreign Investors
76.0%

12

13

14

15

Year

16

17

1

2

3

4

5

6

7

8

9

10

11

12

0

Month

3

January, 2019

Index Options■ Nikkei 225 Options ADV・Open Interest
Trading Vol.
(contracts)

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

300,000■ Trading Volume by Type of Investors (Nikkei 225 Options)

Open Interest(contracts)

Securities Firms
10.6%
City/Regional
Banks,etc.
1.6%

Others0.2%

4,000,000
3,500,000

250,000

Trust Banks
1.5%

3,000,000

200,000

Insurance Firms
0.5%

2,500,000
2,000,000

150,000

1,500,000

100,000

Investment
Trusts0.1%

2018

Foreign Investors
72.9%

Business Firms
0.7%

1,000,000

50,000500,000

0

08 09 10 11 12 13 14 15 16 17 1

2

3

4

5

Year

6

7

8

Individual
Investors
11.9%

0

9 10 11 12Month■ Nikkei 225 Weekly Options ADV・Open Interest
Trading Vol.
(contracts)

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

3,500
3,000

2,000

4,000

1,500

3,000

1,000

2,000

500

1,000
16

17

1

2

3

4

5

6

Year

1,800

6,000
5,000

15

Trading Vol.
(contracts)

7,000

2,500

0

■ TOPIX Options ADV・Open Interest

Open Interest(contracts)

7

8

9

10

11

100,000
90,0001,500

80,00070,0001,200

60,000900

50,00040,000600

30,00020,000

300
0

0

12

Open Interest(contracts)

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

10,00008 09 10 11 12 13 14 15 16 17 1

Month

2

3

4

Year

5

6

7

8

9 10 11 12

0

Month

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

9,000
8,000

600,000
500,000

7,000
6,000
5,000

300,000

4,000
2,000

2018

Foreign Investors
35.1%

200,000

3,000

100,000

1,000
0

Securities Firms
32.6%

400,000

08 09 10 11 12 13 14 15 16 17 1

2

3

4

Year

5

6

7

8

9 10 11 12

Individual Investors
10.4%

0

Month

■ Trading Volume by Underlying Securities（2018）
Rank CodeBusiness
Firms
21.9%

Underlying Security

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

Share

HV
(20d,%)

1

1321

Nikkei 225 Exchange Traded Fund 284,310 32.7%

2

4689

Yahoo Japan Corporation

3

8306

Mitsubishi UFJ Financial Group,Inc. 96,234 11.1%

4

7261

Mazda Motor Corporation

91,700 10.6%

5

6502

TOSHIBA CORPORATION

43,103

5.0%

6

9984

SoftBank Group Corp.

19,238

2.2%

7

1540

Japan Physical Gold ETF

17,800

2.0%

20

8

1605

INPEX CORPORATION

16,800

1.9%

10

9

1671

Simplex WTI ETF

15,900

1.8%

10

5713

Sumitomo Metal Mining Co.,Ltd.

15,150

1.7%

100
90

105,180 12.1%

Nikkei 225 Exchange Traded Fund
（1321）
Yahoo Japan Corporation（4689）
Mitsubishi UFJ Financial Group,Inc.
（8306）

80
70
60
50
40
30

0

4

16

17
Year

18

January, 2019

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

80,000

Trading Volume
Open Interest (End of Year/Month)

140,000

60,000120,000

50,000100,000

40,00080,00030,00060,00020,00040,00010,00020,00008 09 10 11 12 13 14 15 16 17 1

Others1.4%

160,000

70,0000■ Trading Volume by Type of Investors(10-year JGB Futures)Open Interest(contracts)

2

3

4

5

Year

6

7

8

9 10 11 12

180

Bankｓ
10.9%

0

Month

■ 20-year JGB Futures ADV・Open Interest

Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

Trading Vol.
(contracts)

700

160

12

500

10

100

400

8

80

300

6

200

4

100

2

0

0

120

60
40
20
11 12 13 14 15 16 17

1

2

3

4

5

6

Year

7

8

9

10 11 12

Month

Open Interest(contracts)

Trading Volume
Open Interest (End of Month)

14

600

140

0

2018

Foreign Investors
62.0%■ mini-10-year JGB Futures ADV・Open Interest
Trading Vol.
(contracts)

Securities Firms
25.7%

300
250
200
150
100
50

15

16

17

1

2

3

Year

4

5

6

7

8

9

10

11

12

0

Month

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

12,000Open Interest(contracts)

Trading Volume (Put)Others0.5%

25,000

Trading Volume (Call)

Securities Firms
22.1%

Open Interest (End of Year/Month)

10,00020,0008,000

15,000

6,000

5,000

2,000
0

08 09 10 11 12 13 14 15 16 17 1

2

3

Year

4

5

6

7

8

9 10 11 12

Bankｓ
28.2%

0

Month

■ Monthly Trading Volume and Exercise Volume■ S&P/JPX JGB VIX・10-year JGB Futures
S＆P/JPX
JGB VIX(%)

7

Trading Vol.
(contracts)

Price
（¥）

S＆P/JPX JGB VIX
10-year JGB Futures

155

120,000

154

6

152

4

151

3

150

17
Year

18

ＣＡＬＬ

2,000
0
2,000
4,000

80,000146

120,000

5

6,000
4,000

40,000

147
16

8,000

0

148

1

Exercise Vol.
(contracts)

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

40,000149

2

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

80,000

153

5

0

2018

Foreign Investors
49/.1%

10,000

4,000

ＰＵＴ
16

17
Year

18

6,000
8,000

January, 2019

Contract Specifications
Products

Trading Hours
AuctionBlock

Nikkei 225 Futures
Nikkei 225 mini
TOPIX Futuresmini-TOPIX Futures
JPX-Nikkei Index 400
Futures(JST)(JST)
TSE Mothers Index Futures 8:45～15:15 8:20～16:00
16:30～ 5:30 16:15～ 5:30
TOPIX Core30 Futures
TSE REIT Index Futures
(GMT)
(GMT)
TOPIX Banks Index Futures 23:45～ 6:15 23:20～ 7:00
RN Prime Index Futures
7:30～20:30 7:15～20:30
Nikkei 225 Dividend Index
(ET)
(ET)
Futures
18:45～ 1:15 18:20～ 2:00
TOPIX Dividend Index
2:30～15:30 2:15～15:30
Futures
TOPIX Core30 Dividend
Index Futures
DJIA Futures
FTSE China 50 Index
FuturesTAIEX Futures
Nikkei 225 VI Futures

5-year JGB Futures
10-year JGB Futuresmini-10-year JGB Futures
20-year JGB Futures

(JST)
N/A
8:45～15:15
(JST)
(JST)
9:00～15:15 8:20～16:00
16:30～19:00 16:15～19:00
(JST)
(JST)
8:45～11:02
8:20～15:15
12:30～15:02
15:25～ 5:30
15:30～ 5:30
(GMT)
(GMT)
23:45～ 2:02
23:20～ 6:15
3:30～ 6:02
6:25～20:30
6:30～20:30
(ET)
(ET)
18:45～21:02
18:20～ 1:15
22:30～ 1:02
1:25～15:30
1:30～15:30

Tick Size (point/¥)
Auction
Block
10
5
0.5
0.25

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

No. ofMargin per Unit (¥)
Contract
Months (As of Dec. 21 2018)

Vendor Codes
Bloomberg
Reuters

QUICK

19
16
5
3

¥780,000¥78,000¥510,000¥51,000

NKA<INDEX>NOA<INDEX>TPA<INDEX>TMIA<INDEX>

0#JNI:
0#JNM:
0#JTI:
0#JTM:

101.555
111.555
151.555
159.555

5

* 100

5

¥45,000 JPWA<INDEX>

0#JN4F:105.555

1
0.5
0.5
0.1
0.5

* 1,000* 1,000* 1,000* 10,000* 10,000

5
3
3
3
5

¥48,000 MROA<INDEX>¥23,000 TPCA<INDEX>¥31,000 TREA<INDEX>¥57,000 TZA<INDEX>¥385,000 AZA<INDEX>

0#JMI:
0#JTC:
0#JRT:
0#JBK:
0#JRN:

154.555
171.555
155.555
348.555
140.555* 1,000

8 (*1)¥13,600

INTA<INDEX>

0#JND:

112.555

0.1

0.00010.01* 10,000

8 (*1)¥12,600

TDIA<INDEX>

0#JTD:

178.555

0.01* 10,000

8 (*1)¥11,300 TCDA<INDEX>

0#JRD:

179.555

1

* 100

4

¥84,500 ODAA<INDEX>

0#JDI:

144.555

5

* 100

4

¥72,000 OFCA<INDEX>

0#JFC:

148.555

1

* 100

5

¥28,400 OFTA<INDEX>

0#TJW:

147.555

0.05* 10,0008¥67,000

JVIA<INDEX>

0#JNV:

145.555

0.01* 1,000,000

3¥110,000JJA<CMDTY>

0#JMB:

604.555* 1,000,000

3¥390,000JBA<CMDTY>

0#JGB:

601.555* 100,000

3¥39,000 MJBA<CMDTY>

0#JGM:

611.555* 1,000,000

3¥1,520,000 JJAA<CMDTY>

0#JTB:

602.555

Unit

No. ofContract
MonthsMinimum No. of
Exercise Prices

Vendor Codes
Bloomberg
Reuters

QUICK

25

nearest 3 contract
months : 49
(ATM±24)the other contract
months : 33
(ATM±16)

0.01
0.005

0.0001

0.01(*1) 9 contract months between Jan. to Mar.

Products

Trading Hours
AuctionBlock

Tick Size (point/¥)
Auction
Block

Regular
Options
Nikkei 225
Options
WeeklyOptions

TOPIX Options<depending on theoption price>¥100 or less : 1
(JST)
(JST)
9:00～15:15 8:20～16:00 above ¥100 to ¥1,000 : 5
above ¥1,000 : 10
16:30～ 5:30 16:15～ 5:30
(GMT)
(GMT)
0:00～ 6:15 23:20～ 7:00
7:30～20:30 7:15～20:30
(ET)
(ET)
19:00～ 1:15 18:20～ 2:00
2:30～15:30 2:15～15:30

JPX-Nikkei Index 400
Options

Single Stock Options-Single Stocks-ETFs-REITs

9:00～11:35
12:30～15:15

Options on JGB Futures

8:45～11:02
8:20～15:15
12:30～15:02
15:25～ 5:30
15:30～ 5:30

Flexible Options
Nikkei 225 Options
JPX-Nikkei Index 400 Options
TSE REIT Index Options (*1)
TOPIX Options
TOPIX Banks Index Options (*1)
Single Stock Options-Single Stocks-REITs-ETFs

8:20～16:00

Trading Hours
AuctionBlock* 1,000

0.000117 (ATM±8)<depending on theoption price>
20pts or less : 0.1
above 20pts : 0.5* 10,00019<depending on theoption price>
50pts or less : 1
above 50pts : 5nearest 3 contract
months :19 (ATM±9)
the other contract
months : 13
(ATM±6)* 1,000

19<dependingon thetrading unit
* minimumof thetrading unit
underlying>of theeven
underlying
number: 0.1
odd number:1

depending on theoption price

0.01

0.0001

Tick Size (point/¥)
Auction
Block

0#JNI*.OS

OP2@

Week1
Week1
WNKYA <Index> 0# JNI1W*.OS
Week3
Week3
WNKYC <Index> 0# JNI3W*.OS
OPW@
Week4
Week4
WNKYD <Index> 0# JNI4W*.OS
Week5
Week5
WNKYE <Index> 0# JNI5W*.OS
TPX<INDEX>OMON

0#JTI*.OS

OPT@

17 (ATM±8)

JPNK400<INDEX>
0#JN4O*.OS
OMON

OP4@

4

5 (ATM±2)(security code) 0#(security
KO@15<EQUITY>OMON code)*.OS* 1,000,000

3～4

21 (ATM±10)

JBA<CMDTY>
OMON

Unit

Contract
Month

Strike Price

Vendor Codes
Bloomberg

0.01 (*3)

ERH OSAamaximum
5-year* 10,000 period (*2)

0#JGB+

GB@* 1,000

8:20～20:00
N/A

N/A

Nearest4 weekly
contracts(except
for the2nd
Friday)NKY<INDEX>
OMON

0.0001

8:20～17:30* minimuma
trading unit maximumof the3-yearunderlying period (*2)(*1) TOPIX Banks Index Options and TSE REIT Index Options will be available only in Flexible Options Trading.
(*2) The minimum period from the creation day to the last trading day shall be five business days.
(*3) For certain underlying securities specified by OSE, one decimal place or an integer.

6

January, 2019

Trading Fees (as of December, 2018)
Products

Nikkei 225 Futures

Nikkei 225 mini

TOPIX Futures

Exchange Trading Fees

Regular Trade

Regular Trade

Regular Trade

Volume Discount Table (*1)
(Trading Volume) (Prop) ｜(Customer)
0 - 10,000 : ¥70 ｜¥110
10,000 - 50,000 : ¥35 ｜¥70
more than
50,000 - 100,000 : ¥20 ｜¥40
more than
100,000 : ¥15 ｜¥30
more thanVolume Discount Table (*1)
(Trading Volume)(Prop) ｜(Customer)
0 - 100,000 : ¥7 ｜¥11
more than 100,000 - 500,000 : ¥6 ｜¥8more than 500,000 - 1,000,000 : ¥4 ｜¥6
more than 1,000,000 : ¥3.5 ｜¥4.5
Volume Discount Table (*1)
(Trading Volume) (Fee)0 - 100,000 : ¥55
more than 100,000 - 300,000 : ¥35: ¥30
more than 300,000 -mini-TOPIX Futures
TSE Mothers Index Futures
TOPIX Core30 Futures
TSE REIT Index Futures

Regular Trade¥7 per contract

JPX-Nikkei Index 400
Futures

Regular Trade¥7 per contract

TOPIX Banks Index
Futures

Regular Trade¥55 per contract

Nikkei 225 Dividend Index
Futures
TOPIX Dividend Index
Futures
TOPIX Core30 Dividend
Index Futures

Regular Trade

Nikkei 225 VI Futures

Regular Trade¥80 per contract

DJIA Futures
FTSE China 50 Index
FuturesTAIEX Futures

Regular Trade¥40 per contract

RN Prime Index Futures

10-year JGB Futures
5-year JGB Futures
20-year JGB Futuresmini-10-year JGB Futures
Regular
Options
Nikkei 225
Options

Flexible
Options（Reference）Clearing Fees of JSCC

¥7 per contract (currently discounted from the feeson the volume discount (*1))(Trading Volume) (Fee)up to 5,000 : ¥40
more than 5,000 : ¥20

Regular Trade¥29 per contract

Regular Trade¥95 per contract

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¥2 per contract

SQ Settlement¥13 per contract

Regular Trade¥20 per contract

SQ Settlement¥57 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 Exerciseof Options on JGB ¥82 per contract
Futures

Trade by Exercise ¥49 per contractof Options on JGB
Futures

Physical delivery

Physical delivery¥132 per contract

Regular Trade¥5 per contract

Final settlement¥15 per contract

Regular Trade

0.5 bps per Trading Value (*3)

¥10 per contract

Regular Trade¥20 per contract

Regular Trade

Volume Discount Table (*1) (*2)(Trading Value)(Fee)
0 - ¥10 bil. ： 5.0 bps
more than ¥10 bil. - ¥25 bil. ： 3.5 bps
more than ¥25 bil. - ¥35 bil. ： 2.5 bps： 1.5 bps
more than ¥35 bil. -WeeklyOptions

Regular Trade¥40 per contract

TOPIX Options
JPX-Nikkei Index 400
Options
TOPIX Banks Index
Options

Regular Trade¥40 per contract

TSE REIT Index Options

Regular Trade¥7 per contract

Single Stock Options-Single Stocks-REITs-ETFs

Regular Trade

Notional value*0.2bps (*4)

Options on JGB Futures

Regular Trade¥40 per contract

Exercise

5.5 bps per amount of money transferredby exercise of options contract (*3)

Regular Trade¥10 per contract

Exercise¥130 per contract

Regular Trade¥10 per contract

Exercise¥10 per contract

Regular Trade¥2 per contract

Exercise¥2 per contract

Regular Trade
Exercise

Notional value*0.2bps
Notional value*0.2bps (*5)

Regular Trade¥10 per contract

Exercise¥10 per contract(*1) Volume discount is applied based on the monthly average trading volume or value (excluding Flexible Options and Weekly Options) over the three months fromthe month four months prior to the object month of fee calculation to the month two months prior to the object month of fee calculation.
(*2) The maximum fee is ¥350 per trading unit. The minimum fee is ¥5 per trading unit.
(*3) The maximum clearing fee is ¥35 per trading unit for regular trades and ¥385 per trading unit for exercises.
(*4) Notional value is calculated by multiplying the base prices of underlying securities by the quantity of an underlying security for one trading unit of the securities
options.
(*5) Clearing fees for cash trading (trading value of cash trading by exercise × 0.04 bp) will be required additionally.
Note: Give-up fees (¥5 per contract) will be charged on the clearing broker. For Nikkei 225 mini, mini-TOPIX Futures, JPX-Nikkei Index 400 Futures, TSE Mothers
Index Futures, TOPIX Core30 Futures, TSE REIT Index Futures, Dividend Index Futures, and mini-10-year JGB Futures, TSE REIT Index Options, Single Stock
Options, give-up fees are ¥1 per contract.

7

January, 2019

Trading Data (2018)
Trading Volume

Products

Futures
EquityOptions

Bond

Futures
Options

Nikkei 225 Futures
Nikkei 225 mini
TOPIX Futuresmini-TOPIX Futures
JPX-Nikkei 400 Futures
TSE Mothers Index Futures
TOPIX Core30 Futures
TSE REIT Index Futures
TOPIX Banks Index Futures
Nikkei 225 Dividend Index Futures
Nikkei 225 VI Futures
DJIA Futures
TAIEX Futures
FTSE China 50 Index Futures
Nikkei 225 Options
Weekly Options
TOPIX Options
Single Stock Options
10-year JGB Futuresmini-10-year JGB Futures
20-year JGB Futures
Options on JGB Futures
Total

Change26,193,823+13.6%
273,327,463+24.5%
26,224,277+7.5%
4,480,852+23.6%
8,152,838+6.3%
687,027+170.4%3,302+16.7%
338,669+10.6%
401,396+132.4%2,926-56.2%
10,020-41.1%
234,893+229.9%224 +22,300.0%
4−36,103,866+9.1%
601,555+21.8%
179,262-30.9%
869,163-5.1%
10,304,257+25.8%
3,434+114.4%152-49.8%
783,545-9.1%
388,301,393+20.4%

Trading Value Exercise Volume Open Interest

579,681,960
606,191,819
449,172,258
7,712,434
12,413,751
714,9282,512
585,594
725,429
1,261
1,895
586,474225
76,445,359
30,65260,8237,416
1,553,568,248
51,74523,63670,345
3,218,018,119−
426,448−
1,279,710−
534,861−
31,652−
161,167−
12,911−
254−
29,597−
29,711
−
3,808
−
364
−
1,626
−
0
−
0
1,022,192
1,910,974
27,590
1,605
29,022
69,11372,772
24,713−
110,589−162−
3
41,5707,720
1,165,556
4,635,383(Contracts, ¥ million)

Trading Records
Nikkei 225 Futures
2018(Contracts, ¥)TOPIX Futures

Historical(Date)(Contracts, ¥)(Date)

2018(Date)(Contracts, points)

10-year JGB Futures

Historical(Contracts, points)(Date)

2018(Contracts, ¥)(Date)

Historical(Contracts, ¥)(Date)

520,171 (Mar 6, 2018) 739,909 (Dec 7, 1999) 941,853 (Mar 6, 2018) 942,810 (Dec 5, 2017) 199,661 (Dec 10,2018) 211,110 (Jun 7, 2007)
Lowest Daily Trading Volume
41,406 (Aug 9, 2018)
0 (Jan 31,1994) 36,420 (Aug 9, 2018)
0 (Jan 31,1994) 13,915 (Jun 18,2018)
0 (Oct 25,1985)
Highest Open Interest 608,734 (Mar 8, 2018) 684,617 (Mar 14,2008) 739,301 (Sep 11,2018) 816,960 (Jun 10,2015) 185,351 (Sep 10,2018) 310,415 (Feb 8, 2000)
Lowest Open Interest 359,928 (Dec 17,2018)
10,450 (Sep 9, 1988) 460,235 (Dec 14,2018) 11,183 (Dec 8, 1988) 98,123 (Jan 4, 2018) 14,585 (Dec 12,1985)
Highest Price
24,480 (Oct 2, 2018) 39,820 (Dec 27,1989) 1,915.5 (Jan 24, 2018) 2,956.0 (Dec 18,1989) 152.84 (Dec 19,2018) 154.01 (Jul 28, 2016)
Lowest Price
18,840 (Dec 26,2018)
6,830 (Oct 28,2008) 1,392.0 (Dec 26,2018)
687.0 (Mar 13,2009) 149.75 (Aug 2, 2018)87.08 (Sep 27,1990)
Highest Daily Trading Volume

Contact: JPX (Japan Exchange Group)
Osaka Exchange ,Inc. - JPX Group Derivatives Business Development Dept.

Singapore Branch

London Representative Office

Beijing Representative Office

New York Representative OfficeHong Kong Representative Office

Tel:+81-(0)-50-3377-8645
Tel:+44-(0)-20-7329-2155
Tel:+1-212-363-2350

mkt-dept@jpx.co.jp

admin@jpxldn.co.uk

Tel:+65-6438-5100

Tel:+86-10-8517-1128

contact@jpxnyrep.com

Tel:+852-3796-7010

mkt-dept@jpx.co.jp
tsebjrep@tsebjrep.com.cn
mkt-dept@jpx.co.jp

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 theirfinancial 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 tradingmechanism, relevant fees, the risk involved, etc. While very effort is taken to ensure the accuracy of the information contained in this publication, Osaka Exchange, Inc. ("OSE"). shall not guarantee
and be liable for any damages caused by any errors or omissions in this publication. OSE subsidiaries reserve the right to change the contents of this publication without prior notice. ■"JPX-Nikkei
Index 400" ("JPX-Nikkei 400") is a copyrighted work calculated by methods independently developed by Japan Exchange Group, Inc. ("JPX"), Tokyo Stock Exchange, Inc. ("TSE") and Nikkei Inc.
("Nikkei"). JPX, TSE and Nikkei own copyrights and any other intellectual property rights to the JPX-Nikkei 400 and the methods used to calculate the JPX-Nikkei 400. All the business and trading
regulations on futures contracts based on JPX-Nikkei 400 shall be managed under the responsibilities of OSE and its participants. Accordingly, JPX, TSE and Nikkei, which manage the JPX-Nikkei
400 shall not assume any obligations or responsibilities for related business and trading regulations. JPX, TSE and Nikkei shall not be obligated to continuously publish the JPX-Nikkei 400. JPX,TSE and Nikkei shall not be liable for any error, delay or discontinuation of publication of JPX-Nikkei 400. JPX, TSE and Nikkei shall have the right to make any changes in component stocks,
calculation methods and any other elements or contents of the JPX-Nikkei 400. JPX, TSE and Nikkei shall also have the right to discontinue publishing the JPX-Nikkei 400. ■The "Dow Jones
Industrial AverageSM" is a product of Dow Jones Indexes, the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes") and has been licensed for use. "Dow
Jones®", "Dow Jones Industrial AverageSM" and "Dow Jones Indexes" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones"), and have been licensed to CME Indexes andsublicensed to and for use for certain purposes by OSE. Dow Jones Industrial Average ("DJIA") Futures based on the Dow Jones Industrial AverageSM are not sponsored, endorsed, sold or promoted
by CME Indexes, Dow Jones or their respective affiliates, and CME Indexes, Dow Jones and their respective affiliates make no representation regarding the advisability of trading in such product (s).
■TWSE Capitalization Weighted Stock Index is calculated by Taiwan Stock Exchange Corporation ("TWSE"). TWSE does not sponsor, endorse or promote this product. All copyright in the index
values and constituent list vests in TWSE. OSE has obtained a licence from TWSE to use such copyright in the creation of this product. ■All rights in the FTSE China 50 Index ("Index") vest in
FTSE International Limited ("FTSE"). "FTSE®" is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. The FTSE China 50 Index Futures ("Product")has been developed solely by OSE, Inc. The Index is calculated by FTSE or its agent. FTSE and its licensors are not connected to and do not sponsor, advise, recommend, endorse or promote theProduct and do not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Product. FTSE makes noclaim, prediction, warranty or representation either as to the results to be obtained from the Product or the suitability of the Index for the purpose to which it is being put by OSE. ■OSE, JPX andS&P Dow Jones Indices LLC ("S&P DJI") calculate and publish the S&P/JPX JGB VIX Index based on the volatility of 10-year JGB Futures contract in accordance with, as a general rule, themethods described in the white paper. When an event that is not specified in the document occurs, or if OSE, JPX and S&P DJI decide that it is difficult to use the methods described in the
document, OSE, JPX and S&P DJI may use an alternative method of index calculation as they deem appropriate. Information expressed in the document is subject to change without notice and in
those cases OSE, JPX and S&P DJI undertake no obligation to notify users of the document of such changes. OSE, JPX and S&P DJI may delay or terminate calculation of the S&P/JPX JGB VIX
Index as a result of system failure, power failure, natural disaster, maintenance work, or any other reason. OSE, JPX and S&P DJI will not accept any responsibility for any damage or loss arising fromdelayed transmission or inability to transmit information. OSE, JPX and S&P DJI provide no assurance regarding the accuracy or completeness of the S&P/JPX JGB VIX Index. OSE, JPX and S&P
DJI shall not be liable for the miscalculation or incorrect publication of the S&P/JPX JGB VIX Index and will not accept any responsibility for any decisions made based on the use of this information.

Copyright © Osaka Exchange, Inc. All rights reserved.

8

January, 2019