TSE Derivatives Market Highlights
January 1, 2008〜June 30, 2008
Price Movements

2500

Trading Value（¥100 bil.）

Index（points）■ TOPIX and Trading Value of TSE 1st Section（Daily Average）
40
Trading Value（1st sec）
TOPIX
TOPIX Core30
TSE REIT Index

2000

35
30
25

1500

20
1000

1510500

5096

097

98

99000102030405060708

150145140135130125120115
110
105
10093

10-year JGB Futures
10-year JGB Yield

9495969798

9900

010203040506

0708

10-year JGB Yield（％）

10-year JGB Futures（¥）■ 10-year JGB Futures and 10-year JGB Yield54.543.5
32.5
2
1.5
10.50

※Source：QUICK,Japan Bond Trading Co.,Ltd

Largest Day-to-Day Fluctuations (Jan.~Jun. 2008)
TOPIX Futures

10-year JGB Futures

Change(%)

PriceDate

12Up 344+73.0（+5.7%）

1356.01285.51337.51250.51338.0（01.25.08）（04.02.08）（02.14.08）（01.23.08）（02.21.08）

12Down 3
35-76.5 （-5.9%）

1213.01291.01405.01291.01135.5（01.22.08）（02.06.08）（01.04.08）（01.28.08）（03.17.08）+49.5（+4.0%）+46.0（+3.6%）+37.5（+3.1%）+37.5（+2.9%）-66.5 （-4.9%）-65.0 （-4.4%）-65.0 （-4.8%）-53.0 （-4.5%）

1

ChangePriceDate

11Up 345+1.43+1.43

141.70135.35138.08136.60138.47（03.17.08）（06.03.08）（02.06.08）（05.09.08）（02.29.08）

12Down 345-1.49

135.59133.81134.97134.35137.36（04.25.08）（06.10.08）（05.14.08）（05.23.08）（01.25.08）

+0.88
+0.80
+0.77

-1.24
-1.14
-1.07
-0.90

July 2008

Index Futures■ Trading Volume of TOPIX Futures（Daily Average）（Trading Volume: thous. units）（Market Share）

140
TOPIX

120

70%

Daily Average Trading
Volume(TOPIX)(units)2007：67,668
2008（Jan.-Jun.）：75,077

Nikkei225※
TOPIX market share60%

10050%

80

40%60

30%

4020%

2010%

089

8890

91

9293

9495

96

97

98
Year

9900

010203040506

070%
08（Jan.-Jun.）■ Open Interest of TOPIX Futures（Open Interest: thous. units）（Market Share）

500
450

TOPIX open Interest
TOPIX market share

400

70%

Open Interests（ＴＯＰＩＸ）(units)2007：365,595
2008（Jan.-Jun.）：347,722

Nikkei225※

60%50%

350
300

40%

250
30%

200
150

20%

10010%
5008889909192939495969798Year9900010203040506

070%
08（Jan.-Jun.）※Source:Osaka Securities Exchange Website etc.

■ Trading Volume of Index Futures in the World（2007）■ Trading Volume of TOPIX Futures（Daily Average・2007〜2008）（Trading Volume: thous. units）

Products

140
ToSTNeT Trading
Auction Trading

120

CME

415,348,228

S&P500 Futures

CME

15,837,593

CME

95,309,053

E-mini Russel
80

60

60,731,902

DJ Euro Stoxx 50 Futures

Eurex

327,034,149

DAX Futures

Eurex

50,413,122

FTSE 100Euronext Liffe0212007

3456789 10 11Montｈ12212008

345Futures

33,535,934

Euronext Liffe

44,668,975

Futures

KRX

46,862,948

NIKKEI 225 Futures

OSE

30,084,781

ＴＯＰ
ＩＸFutures

TSE

16,578,731

Futures

Futures

Kospi 200
20Futures

CME

CAC40

40

Trading Volume(Contracts)

E-mini S&P 500 Futures
E-mini Nasdaq 100

100

Exchange※※Source:Websiteof each exchage6■ Trading Volume by Type of Investor（Jan.〜Jun. 2008）
Others 0.4%

Others 1.1%

TOPIX
Futures

Non-Japanese
51.2%

Nikkei 225
FuturesJan.-Jun.
2008

Securities Cos.
42.4%

Non-Japanese
52.8%

Jan.-Jun.
2008

Securities Cos.
34.2%

Trust BK 1.0%

Individuals
0.3%
Business Cos.
0.1%

Individuals
8.9%
Trust BK 3.9%Life & Non-Life 0.4%
Investment Trusts 1.4%

Business Cos.
1.1%

2Life & Non-Life
0.2%
Investment
Trusts0.7%

July 2008

Index Options & Individual Options■ TOPIX Options Trading Volume（Daily Average）&Open Interest■ mini-TOPIX Futures（Trading Volume: units）（Open Interest: thous. units）

2000（Trading Volume: units）

16
Trading Volume(Put)（Open Interest: units）

4,500

14,000

Trading Volume(Call)

Trading Volume
Open Interest

12,0004,000

12003,0008,000

12Daily Average Trading Volume
2007：80units
2008（Jan.〜Jun.)：261units
Open Iterests
2007：2,050units
2008（Jan.〜Jun.)：14,292units

3,500
10,000

14Open Interest

1600

108

2,500
800

6

2,000

6,000

4

1,500

400

4,000

2

1,000
2,000

0

500

6/16
2008

6/17

6/18

6/19

6/20

6/23

6/24

6/25

6/26

6/27

6/30

00089 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08
Year（Jan.-Jun.）※Trading Volume in 1989 : PUT 58,842units , CALL 39,231units■ Individual Options Trading Volume（Daily Average）（Trading Volume: units）（Open Interest: thous. units）

1800
1600
1400

■ TOPIX Core30 Futures

120

Daily Average Trading Volume
2007：594units
2008（Jan.〜Jun.）：237units
Open Interests
2007：6,481units
2008（Jan.〜Jun.）:6,938units

1200

100

Trading Volume（Put）

80

Trading Volume（Call）

1000（Trading Volume: units）

Open Interest

60（Open Interest: units）

2,500

2,500

800

Trading Volume
Open Interest

600

2,000

2,000

40400
20200

1,500

1,500
0

1,000

1,000

500

500

98

9900

010203Year040506

00708（Jan.-Jun.）■ Trading Volume by Underlying Stock（Jan.〜Jun. 2008）
Code/Issues

Ranking

06/16
2008

6/17

6/18

6/196/20

6/23

6/24

6/25

6/26

6/27

6/30

123456789100■ TSE REIT Index Futures（Trading Volume: units）

Trading Volume8252 MARUI GROUP CO.,LTD.
5802 Sumitomo Electric Industries,Ltd.
9062 NIPPON EXPRESS CO.,LTD.
8604 Nomura Holdings,Inc.
9737 CSK ＨＯＬＤＩＮＧＳ CORPORATION
7267 HONDA MOTOR CO.,LTD.
6902 DENSO CORPORATION
9437 NTT DoCoMo, Inc.
3382 Seven & I Holdings Co.,Ltd.
5108 BRIDGESTONE CORPORATION

Share

3,200
2,945
1,309
1,302
977
945
880
857
754
707

11%
10%
5%
5%
3%
3%
3%3%
3%2%

（Open Interest: units）

2,500

6,000
Trading Volume
Open Interest

5,000

2,000

■ Trading Volume by Type of Investor（Jan.〜Jun. 2008）
4,000

Others 0.3%

1,500
3,000

Individuals
7.1%

1,000

Non-Japanese
11.3%

2,000

Business Cos.
0.2%

500

0

1,000

6/16
2008

6/17

6/18

6/19

6/20

6/23

6/24

6/25

6/26

6/27

6/30

Jan.-Jun.
2008

0Securities Cos.
43.3%

Trust BK
38.0%

3July 2008

JGB Futures

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

100（Trading Volume: thous. units）

250Daily Average Trading Volume
2007：55,287units
2008(Jan.〜Jun.)：53,948units
Open Interests
2007：112,392units
2008(Jan.〜Jun.)：71,330units

Trading Volume(Average)
Open Interest(End of year or month)80■ Trading Volume（Daily Average）& Open Interest（Open Interest: thous. units）（Open Interest: thous. units）

2080
Trading Volume(Put)Trading Volume(Call)

1560

150

40100

2050

70

Open Interest

20060

Daily Average Trading Volume
2007：11,448units
2008(Jan.〜Jun.)：12,076units
Open Interests
2007：16,034units
2008(Jan.〜Jun.)：16,408units

1050
4030
2051000085 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08
Year（Jan.-Jun.）■ Trading Volume（Daily Average）& Open Interest（2007〜2008）（Trading Volume: thous. units）

9192

93949596979899 00
Year010203

0405

06

007 08（Jan.-Jun.）■ Trading Volume（Daily Average）& Open Interest（2007〜2008）（Trading Volume: thous. units）（Open Interest: thous. units）

25010090（Open Interest: thous. units）

2080

Trading Volume (Average)

Trading Volume(Put)Trading Volume(Call)

Open Interest (End of month)

70

Open Interest

20080

1560

150

40100

20506050

104030520
1002120073456789 10Month1112212008

345600■ Trading Volume of Interest Rate Futures in the World（2007）
ProductsExchange

1220073456789 10Month1112122008

34560■ HV・IV
15%

Trading Volume

10 Year T-Note Futures

CBOT

349,229,371

IV

5 Year T-Note Futures

CBOT

166,207,391

HV

30 Year T-Bond Futures

CBOT

107,630,211

3 Month Eurodoller Futures

CME

621,470,328

Euro-Bund Futueres

Eurex

338,319,416

Euro-Bobl Futures

Eurex

170,909,055

Euro-Schatz Futures

Eurex

181,101,310

3 Month Euribor FuturesEuronext Liffe

221,411,485

3 Month Sterling Futures

Euronext Liffe

119,675,947

3 Month Euroyen Futures

TFX

38,952,553

10 Year JGB Futures

ＴＳＥ

13,545,225

10%5%0%96※※Source：Website of each exchage■ Trading Volume by Type of Investor（Jan.〜Jun. 2008）

97

98

99

00

01

02
03
Year

04

05

06

0708

■ Trading Volume by Type of Investor（Jan.〜Jun. 2008）
Others 1.5%

Others 0.7%

Securities Cos.
15.0%

Non-Japanese
39.2%

Jan.-Jun.
2008

Securities Cos.
39.8%

Jan.-Jun.
2008

Banks
16.5%

Non-Japanese
67.1%
Banks
20.3%

4July 2008Trading Data (Jan.~Jun. 2008)（Units, ¥100 mil.）Product

Trading Volume

9,084,318
00
31,63028,6460
6,527,765
1,461,179

TOPIX Futures
Futures
EquityTOPIX Electric Appliances
Index Futures
TOPIX Banks Index Futures

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

Options on 10-year
JGB Futures

ChangeTrading Value+17.7%0%0%+260.3%-70.0%0%-0.2%+10.9%

Exercise Volume

1,198,252

−0−0−

196

3,117

1

5,320

0−

8,962,222

−

4,282

91,327

Open Interest

347,7220014,292
6,938
071,330
16,408Contract Specifications
ProductTrading Hours（Auction）

Trading Hours（ToSTNeT）

Contract
Trading Unit No. ofMonths

Minimum
Fluctuation

Auction：0.25
ToSTNeT：0.05

mini-TOPIX Futures
TOPIX Futures
9:00〜11:00
8:20〜16:00
12:30〜15:10
16:30〜19:10
TSE REIT Index Futures 16:30〜19:00

TOPIX Core30 Futures

Auction：0.5
ToSTNeT：0.1

TOPIX Electric Appliances
Index Futures

Margin per Unit (¥)(As of the end of June)

Vendor Codes
Bloomberg
Reuters

× 1,000

3¥63,000

TMIA<index>CT0#JTM:

× 10,000

5¥630,000

TPX<index>CT0#JTI:

× 1,000

3¥42,500

TPCA<index>CT

0#JTC:

× 1,000

3¥86,000

TREA<index>CT0#JRT:

× 10,000

3¥885,000

TKA<index>CT

0#JEL:TOPIX Banks Index Futures

0.1

× 10,000

3¥208,000

TZA<index>CT

0#JBK:

9:00〜11:00
8:20〜15:10
12:30〜15:00
15:30〜18:20
10-year JGB Futures 15:30〜18:00

0.01

× 1,000,000

3¥440,000JJA<CMDTY>CT

0#JMB:

0.01

× 1,000,000

3¥1,430,000

JBA<CMDTY>CT

0#JGB:

5-year JGB Futures※Index Futures Supporter・・・kabu.com Securities Co., Ltd. , Deutsche Securities Inc.

ProductTOPIX Options

Trading Hours（Auction）

Trading Hours（ToSTNeT）

Minimum
Fluctuation

Contract
Trading Unit No. ofMonths

9:00〜11:00
8:20〜16:00 Auction:0.5 (more than 5 point)
12:30〜15:10
0.1（5 points or less）
16:30〜19:10
16:30〜19:00
Off-Auction:0.1
9:00〜11:00

Individual Options 12:30〜15:10

determined by that

8:20〜16:00 day's minimum

underlying security price

Options on 10-year 9:00〜11:00 8:20〜15:10
12:30〜15:00
JGB Futures
15:30〜18:00 15:30〜18:20

0.01

Minimum No. ofExercise Prices

× 10,00089（ATM±4）minimum
trading unit ofunderlying security

45（ATM±2）

× 1,000,000

3〜4

Vendor Codes
Bloomberg
Reuters

TPX<index>GMON

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

Serial Months：19（ATM±9） JBA<CMDTY>GMON 0#JGB++
Quartery Months：11（ATM±5）※TOPIX Options Liquidity Provider・・・Deutsche Securities Inc. , Merrill Lynch Japan Securities Co., Ltd.
※Individual Options Supporter・・・Nikko Citigroup Limited, Tokai Tokyo Securities Co.,Ltd., Goldman Sachs Japan Ltd.

Trading Fees (as of June 30,2008)
Products
JGB Futures

Exchange trading fees
Trade100yen (per contract)
Trade by Exercise of
87.5yen (per contract)
Options on JGB Futures
15yen (per contract)
Physical delivery

Options on JGB
Futures

Regular Trade

Trading value × 0.000075

Index Futures *Regular Trade

Trading value × 0.0000046

Index Options **Regular Trade

Trading value × 0.00015

Individual Options

Regular Trade

Trading value × 0.0001（reference）Clearing fees of JSCC
Regular Trade
Trade by Exercise of
50yen (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 Settlement0.000004
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, mini-TOPIX Futures, TOPIX Core30 Futures, TSE REIT Index 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 Index Options: execution price (i.e. Premium) × trading volume × multiplier (10,000yen)
Trading value of Individual Options:execution price (i.e. Premium) × trading volume × the minimum trading unit of the underlying security（Caution.1）TSE rounds up clearing fees schedule based on Clearing fees rule of JSCC. (As of Jun.30, 2008)（Caution.2）Give-up fees（5yen per contract）will be required for Clearing Broker.（Introduction date of Give-up system: January 15, 2008）

5July 2008

NewsdateEquity Derivatives

Bond Derivatives

・Activation of the New Derivatives Trading System
・Introduction of Give-up system
・Introduction of TOPIX Options Liquidity Provider（LP）System（Jun-2）Deutsche Securities Inc. designated as LP（Jun-23）Merrill Lynch Japan Securities Co., Ltd. designatedas LP・Listinging of New derivative products（mini-TOPIX Futures、TSE REIT Index Futures、TOPIX Core30
Jun-2008 Futures）
・Introduction of Evening Session for Index Futures and Options
market・Expanding the range of underlying securities for options
・Introduction of Index Futures Supporters System（Jun-16）kabu.com Securities Co., Ltd. and Deutsche
Securities Inc. designated as an Index Futures Supporter
・Change in the strike price setting policy in Options on JGB
Jul-2008
Futures

Jan-15,2008

Rule amendments in the future
R for TSE Options markets
・Activation of new trading system based on LIFFE CONNECT○2009 ・Introduction of Market Maker System for TSE Options markets

Trading Records
TOPIX Futures
2008 (Jan.-Jun.)（Units, point）

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

10-year JGB Futures

Historical（Units, point）

2008 (Jan.-Jun.)

Date（Units, ¥）488,687 （Mar.11/08） 559,027 （Dec.6/05）
32,349 （Feb.8/08）
0 （Jan.31/94）
617,585 （Mar.13/08） 617,585 （Mar.13/08）
344,032 （Jun.20/08） 11,183 （Dec.8/88）
1,450.0 （Jun.6/08）
2,956.0 （Dec.18/89)
1,127.5 （Mar.17/08）
766.0 （Mar.17/03）
nonenone（Mar.17/08）（Apr. 25/08）（May 9, 14, 23/08）（Jun. 6, 10, 13/08）

Temporary Trading HaltHighest 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

Historical（Units, ¥）Date

172,461 （Mar.7/08） 211,110 （Jun.7/07）
26,336 （Mar.24/08）
510 （Oct.28/85）
159,961 （Mar.5/08） 310,415 （Feb.8/00）
65,825 （Jun.12/08） 14,585 （Dec.12/85）
142.00 （Mar.18/08） 145.28 （Jun.11/03)
132.05 （Jun.13/08）
87.08 （Sep.27/90）
nonenone（Mar.17/08）（Apr. 25/08）（May 9, 14, 23/08）（Jun. 6, 10, 13/08）(Apr.25/08)＊Figures refer only to days when trading volume is not 0.

No. of Trading Participants: General Trading Participant: 111/ Index Futures Trading Participant: 3/ JGB Futures Trading Participant: 57/
Individual Options Trading Participant: 0 (as of 30 Jun.08)
Individual Options Supporter : 3(Nikko Citigroup Limited, Tokai Tokyo Securities Co.,Ltd., Goldman Sachs Japan Ltd.)TOPIX Options Liquidity Provider : 2(Deutsche Securities Inc. , Merrill Lynch Japan Securities Co., Ltd.)
Index Futures Supproter : 2(kabu.com Securities Co., Ltd. , Deutsche Securities Inc.)TSE Web Site

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TOKYO STOCK EXCHANGE, INC.
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Tel:03-3665-1385 Fax:03-3661-9113
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tsebjrep@tsebjrep.com.cnCopyright (c) 2008 Tokyo Stock Exchange, Inc. All rights reserved.
・The description 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, etc. of
futures/options, and the entire deposited margin or a portion of such may be lost. Losses may also exceed deposited margin. When trading futures and options, investors must
carefully review the documents provided by their financial services provider before contract signing, 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. 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.
・TSE reserves the right to change the contents of this publications without notice.

6July 2008