TSE Derivatives Market Highlights
January 1, 2007〜June 30, 2007
Price Movements

2000

Trading Value（¥100 bil.）

TOPIX（points）■ TOPIX and Trading Value of TSE 1st Section（Daily Average）
40
35
1500

30
25100020
Trading Value（1st sec）
TOPIX

15500

105096097

98

99000102030405

06

07

150
145
140
135
13012512011511010510093

10-year JGB Futures
10-year JGB Yield

9495

96

97

98

9900

010203

0405

06

07

10-year JGB Yield（％）

10-year JGB Futures（¥）■ 10-year JGB Futures and 10-year JGB Yield
54.5
4.
3.5
32.5
21.510.50※Source：QUICK,Japan Bond Trading Co.,Ltd

Largest Day-to-Day Fluctuations (Jan.~Jun. 2007)
TOPIX Futures

10-year JGB Futures

Change(%)

PriceDate

12Up 245+30.5（+1.8%）

1733.01691.01719.01735.01748.0（04.04.07）（03.06.07）（03.08.07）（05.07.07）（02.09.07）

12
Down 345-65.5 （-3.6%）

1746.51664.51662.01683.01717.5（02.28.07）（03.14.07）（03.05.07）（04.02.07）（02.05.07）+29.0（+1.7%）+29.0（+1.7%）+27.5（+1.6%）+27.0（+1.6%）-57.0 （-3.3%）-53.5 （-3.1%）-33.5 （-2.0%）-28.5 （-1.6%）

1ChangePriceDate

12Up 34
4+0.64134.40134.58132.01134.30135.24（01.17.07）（01.19.07）（06.29.07）（02.16.07）（03.05.07）

12
Down 344-0.52

134.05134.41133.86133.75133.70（02.13.07）（03.23.07）（05.23.07）（04.04.07）（04.16.07）

+0.48
+0.45
+0.42
+0.42

-0.49
-0.43
-0.42
-0.42

July 2007

Stock Index Futures■ Trading Volume（Daily Average）■ Trading Volume（Daily Average・2006〜2007）（Trading Volume: thous. units）（Market Share）

140（Trading Volume: thous. units）

70%

14060%

120

10050%

1008040%806030%60

4020%

402010%2000%
88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07（Jan.-Jun.）
Year0Nikkei225※
TOPIX

120

TOPIX market share

Daily Average Trading
Volume(TOPIX)(units)2006：60,112
2007（Jan.〜Jun）：63,807

TOPIX Off Auction Block Trading■ Open Interest

TOPIX Auction Trading

2120063456789 10 11Montｈ1212
2007

3456

■ Trading Volume of Index Futures in theWorld（2006）（Open Interest: thous. units）（Market Share）500Open Interests（ＴＯＰＩＸ）(units)2006：369,690
2007（Jan.〜Jun.）：371,287

Nikkei225※

450400

TOPIX open Interest
TOPIX market share

Products70%60%

CME

257,926,673

S&P500 Futures

CME

14,844,858

CME

79,940,222

E-mini Russel
300

40%

250
30%

200
150

10%
50041,748,538

DJ Euro Stoxx 50 Futures

Eurex

213,514,918

DAX Futures

Eurex

40,425,513

FTSE 100Euronext LIFFE

0%Futures

25,210,880

Euronext LIFFE

33,405,804

Futures

Futures

Kospi 200

100Futures

CME

CAC40

20%

Trading Volume(Contracts)

E-mini S&P 500 Futures
E-mini Nasdaq 10050%

350

Exchange

Futures

KRX

46,606,009

NIKKEI 225 Futures

OSE25,151,924

TOPIXFutures

TSE

14,907,723※※Source:Websiteof each exchage

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07（Jan.-Jun.）
Year※Source:Osaka Securities Exchange Website etc.

■ Trading Volume by Type of Investor（Jan.〜Jun. 2007）
TOPIX
Others 0.3%
Futures

Foreigners
49.0%

Jan.-Jun.
2007

Nikkei 225
Futures

Securities Cos.
44.6%

Foreigners
37.1%

Individuals
0.4%

Jan.-Jun.
2007

Individuals
10.5%
Business Cos.
1.9%
Investment Trusts
0.7%Business Cos.
0.1%
Investment
Trusts
1.4%

Others 0.7%

Trust BK 3.8%Life & Non-Life 0.4%

2Securities Cos.
47.2%

Trust BK 1.8%
Life & Non-Life 0.1%

July 2007

JGB Futures■ Trading Volume（Daily Average）& Open Interest■ Trading Volume（Daily Average）&

Open Interest（2006〜2007）（Trading Volume:￥100 bil.）

10080

Trading Volume(Average)Open Interest(End of year or month)（Open Interest:￥100 bil.）
Daily Average Trading Volume(¥100mil.)
2006：48,589
2007(Jan.〜Jun.)：54,074
Open Interests (¥100mil.)
2006：131,772
2007(Jan.〜Jun.)：164,564（Trading Volume:￥100 bil.）250（Open Interest:￥100 bil.）

100250
Trading Volume (Average)
Open Interest (End of month)2008020060150601504010040100205020500085 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07（Jan.-Jun.）
Year0■ Trading Volume of Interest Rate Futures

3456789 10 11Month12122007

34560■ Trading Volume by Type of Investor

in the World（2006）
Products

122006（Jan.〜Jun. 2007）
Exchange

Others 1.1%

Trading Volume

10 Year T-Note Futures

CBOT

255,571,869

5 Year T-Note Futures

CBOT124,870,313

30 Year T-Bond Futures

CBOT

93,754,895

3 Month Eurodoller Futures

CME

502,077,391

Euro-Bund Futueres

Eurex

319,889,369

Euro-Bobl Futures

Eurex

167,312,119

Euro-Schatz Futures

Eurex

165,318,779

3 Month Euribor Futures

EURONEXT LIFFE

202,091,612

3 Month Sterling Futures

EURONEXT LIFFE

83,003,622

3 Month Euroyen Futures

TFX

31,495,084

10 Year JGB Futures

ＴＳＥ

12,049,979

Foreigners
41.1%

Securities Cos.
39.2%

Jan.-Jun.
2007

Banks
18.6%

※
※Source：Website of each exchage

Stock Index Options & Equity Options■ TOPIX Options Trading Volume（Daily Average）（Trading Volume: units）■ Equity Options Trading Volume（Daily Average）（Open Interest: thous. units）（Trading Volume: units）

10

2000
Trading Volume(Put)

1600

1200

Daily Average Trading Volume
2006：74units
2007(Jan.〜Jun.）：73units
Open Interests
2006：2,176units
2007（Jan.〜Jun.）：1,838units

800

Daily Average Trading Volume
2006：770units
2007（Jan.〜Jun.）：790units
Open Interests
2006：39,428units
2007（Jan.〜Jun.）：21,264units

Trading Volume（Put）

1800

Trading Volume(Call)
Open Interest（Open Interest: thous. units）

2000

8

Trading Volume（Call）
Open Interest

1600
1400

10080

1200

61000
460

800
40600
400120240020

2000089 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07（Jan.-Jun.）
Year098

9900010203
Year0405006
07（Jan.-Jun.）※Trading Volume in 1989 : PUT 58,842units , CALL 39,231units

3July 2007

Options on JGB Futures■ Trading Volume（Daily Average）& Open Interest■ Trading Volume（Daily Average）&Open Interest（2006〜2007）（Trading Volume: thous. units）（Open Interest: thous. units）

20（Trading Volume: thous. units）

80（Open Interest: thous. units）

60

20

Trading Volume(Put)Trading Volume(Put)Trading Volume(Call)

Trading Volume(Call)

70Open Interest

15

Daily Average Trading Volume
2006：8,309units
2007(Jan.〜Jun.)：10,893units
Open Interests
2006：16,987units
2007(Jan.〜Jun.)：52,086units

1050

Open Interest

60

154050403010302020

551010090

91

92

93

94

95

96

97

98 99
Year

00

01

02

03

04

05

0006 07（Jan.-Jun.）■ Trading Volume by Type of Investor

1220063456789 10 11Month12122007

34560■ IV・HV（Jan.〜Jun. 2007)
Others 1.5%

15%
IVHV

Securities Cos.
18.0%
10%

Jan.-Jun.
2007

Banks
14.9%
5%

Foreigners
65.6%0%96■ Trading Volume by Underlying Stock979899000102Year0304050607■ Trading Volume by Type of Investor（Jan.〜Jun. 2007）（Jan.〜Jun. 2007）

Others 1.1%Ranking

12345678910Code/Issues

Trading Volume Share9437 NTT DoCoMo,Inc.
14,9435108 BRIDGESTONE CORPORATION 5,106
4,8554689 Yahoo Japan Corporation
5801 The Furukawa Electric Co.,Ltd. 3,146
2,857
4062 IBIDEN CO.,LTD.
2,502
6770 ALPS ELECTRIC CO.,LTD.
2,010
4543 TERUMO CORPORATION
5713 Sumitomo Metal Mining Co.,Ltd. 1,6659502 Chubu Electric Power Company,Incorporated 1,621
1,499
5411 JFE Holdings, Inc.

16%
5%5%3%
3%
3%
2%
2%
2%
2%

Individuals
4.4%

Foreigners
11.9%

Business Cos.
0.9%
Investment
Trusts0.2%

Jan.-Jun.
2007

Securities Cos.
46.3%

Trust BK
35.1%

4July 2007

Trading Data (Jan.~Jun. 2007)（Units, ¥100 mil.）ProductTOPIX Futures
Futures
EquityTOPIX Electric Appliances
Index Futures
TOPIX Banks Index Futures

TOPIX Options
Options
Equity Options
5-year JGB Futures
BondFutures
10-year JGB Futures
Options

Options on 10-year
JGB Futures

Trading Volume

7,720,652
008,778
95,62206,542,930
1,318,041

ChangeTrading Value-6%0%0%0%
40%0%
3%
19%

1,335,818

−

0−0−

61100

816,1710−8,741,781

−

2,528

68,577

Open Interest

Exercise Volume371,287
00
1,838
21,264
0
164,564
52,086

Contract Specifications (as of June 30,2007)
Product

Trading Hours（Auction）

Trading Hours（Off-Auction）

TOPIX Futures
TOPIX Electric Appliances
Index Futures

9:00〜11:00
12:30〜15:10

5-year JGB Futures

9:00〜11:00
12:30〜15:00
10-year JGB Futures 15:30〜18:00
Trading Hours（Auction）¥590,000

TPX<index>CT0#JTI:

× 10,000

3¥685,000

TKA<index>CT

0#JEL:

0.1

× 10,000

3¥138,000

TZA<index>CT

0#JBK:

9:00〜11:20
12:30〜15:20
15:30〜18:20

0.01

× 1,000,000

3¥220,000JJA<CMDTY>CT

0#JMB:

0.01

× 1,000,000

3¥520,000JBA<CMDTY>CT

0#JGB

Trading Hours（Off-Auction）

Minimum
Fluctuation

× 10,000

49（ATM±4）

8:20〜16:00

Auction:0.5 (more than 5 point)
0.1（5 points or less）
Off-Auction:0.1
determined by that
day's minimum
underlying stock priceminimum
trading unit ofunderlying stock

45（ATM±2）

0.01

× 1,000,000

3〜4

8:20〜16:00

Equity Options
9:00〜11:00

Options on 10-year
12:30〜15:00
JGB Futures
15:30〜18:00

Vendor Codes
Bloomberg
Reuters

5TOPIX Options
9:00〜11:00
12:30〜15:10

Margin per Unit (¥)（7.13.07-10.12.07）

× 10,000

Auction：0.5
Off-Auction：0.1

TOPIX Banks Index Futures

ProductContract
Trading Unit No. ofMonths

Minimum
Fluctuation

8:20〜15:10
15:30〜18:20

Contract
Trading Unit No. ofMonths

Minimum No. of
Exercise Prices

Vendor Codes
Bloomberg
Reuters

TPX<index>GMON

0#JTI*.T(company code)
0#OPT*.T<EQUITY>GMON

Serial Months：11（ATM±5）
JBA<CMDTY>GMON 0#JGB++
Quartery Months：7（ATM±3）

Trading Fees (as of June 30,2007)
Products
JGB Futures

Exchange trading fees
Trade
100yen (per contract)
Trade by Exercise of
87.5yen (per contract)
Options on JGB Futures
Physical delivery
15yen (per contract)

Options on JGB
Futures

Regular Trade

Trading value × 0.000075

Stock Index
Futures *Regular Trade

Trading value × 0.0000046

Stock Index
Options **Regular Trade

Trading value × 0.00015

Regular Trade

Trading value × 0.0001

Equity Options（reference）Clearing fees of JSCCRegular Trade
Trade by Exercise of50yen (per contract)
Options on JGB Futures
Physical delivery
135yen (per contract)
Regular Trade
Trading value × 0.00005
12.5yen × Trading volume of JGB
Exercise
Futures by exercise
Regular Trade
Trading value × 0.0000014
Trading value for final settlement ×
SQ Settlement
0.000004
Regular Trade
Trading value × 0.00005
Exercise
Trading value by exercise × 0.0002
Regular Trade
Trading value × 0.00005
Trading value of cash trading by exercise
Exercise ***× 0.0000015* TOPIX Futures and TOPIX Sector Index Futures. No exchange trading fee for S&P/TOPIX150 Futures is required.
** No trading fee for S&P/TOPIX150 options is required.
*** Clearing fees for cash trading will be required additionally.

（Note）Trading value of Stock Index Futures: execution price × trading volume × multiplier (10,000yen)
Trading value of Stock Index Options: execution price (i.e. Premium) × trading volume × multiplier (10,000yen)
Trading value of Equity Options:execution price (i.e. Premium) × trading volume × the minimum trading unit of the underlying stock（Caution）TSE rounds up clearing fees schedule based on Clearing fees rule of JSCC. (As of Jun.30, 2007)

5July 2007

Newsdate

Equity Derivatives

Bond Derivatives

Mar-2007

Tokai Tokyo Securities Co.,Ltd designated as the "TSE
Equity Options Supporter"
Introduction of the off-auction block trading for options(TOPIX options, Equity options, Options on JGB futures)
TOPIX Futures trading volume for FY2006 sets recordhigh(14,729,852 contracts)

Apr-2007

TOPIX Futures Comercial debuted on Nikkei CNBC
Delisting of equity option contracts un-traded during
fiscal 2006

May-2007

Annual renewal of position limits of equity option
contracts
Reached a record high for daily trading volume of JGB

Jun-2007futures（211,110 ¥100mil.）Trading Records
TOPIX Futures
2007 (Jan.-Jun.)（Units, point）

Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Index
Lowest Index
Limit Up
Limit Down
Emergency Margin Deposit

Temporary Trading Halt

Date

540,098 （03/07/07）
27,861 （01/16/07）
504,882 （03/07/07）
349,093 （06/08/07）
1,825.5 （02/27/07）
1,651.0 （01/11/07）

10-year JGB Futures

Historical（Units, point）

2007 (Jan.-Jun.)Date（¥100 mil., ¥）559,027 （12/06/05）
0 （01/31/94）
504,882 （03/07/07）
11,183 （12/08/88）
2,956.0 （12/18/89）
766.0 （03/17/03）

Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Index
Lowest Index

nonenone（02/28/07）（03/14/07）

Limit Up
Limit Down
Emergency Margin Deposit

Date

211,110 （06/07/07）
21,966 （05/07/07）
173,631 （06/06/07）
131,141 （03/12/07）
135.46 （03/09/07）
130.76 （06/13/07）

Historical（¥100 mil., ¥）Date

211,110 （06/07/07）
510 （10/28/85）
310,415 （02/08/00）
14,585 （12/12/85）
145.28 （06/11/03）
87.08 （09/27/90）

nonenone（02/28/07）（03/14/07）（02/28/07）＊Figures refer only to days when trading volume is not 0.

No. of Trading Participants: General Trading Participant: 110/ Stock Index Futures Trading Participant: 1/ JGB Futures Trading Participant: 63/
Equity Options Trading Participant: 0 (as of 30 Jun.07)
Equity Options Supporter : 2(Nikko Citigroup Limited, Tokai Tokyo Securities Co.,Ltd.)TSE Web Site

TSE 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/english/index.html* TSE Futures & Options Club Mailing Service
http://www.tse.or.jp/english/rules/derivatives/mlservice/index.html

TOKYO STOCK EXCHANGE, INC.
Derivatives Department

New York Representative OfficeLondon Representative Office

Singapore 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
Tel:+44-20-7929-7239 Fax:+44-20-7929-7235
tse@tseldn.co.uk

Tel:+1-212-363-2350 Fax:+1-212-363-2354
contact@tsenyrep.com

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 as
investment advice. TSE reserves the right to change the contents of this publications without notice.

6July 2007