TSE Derivatives Market Highlights
January 1, 2007〜December 31, 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

15

500

10
5096

097

98

9900

0102

03

04

05

06

07

150145140
135130125
120115110105
10093

10-year JGB Futures
10-year JGB Yield

9495

96

97

98

9900

0102

03

040506

07

5
4.5
4.
3.5
32.5
21.5
10.5
0

10-year JGB Yield（％）

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

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

10-year JGB Futures

Change(%)

PriceDate

12Up 345+62.0（+4.1%）

1564.51499.01596.51524.51519.5（09.19.07）（11.14.07）（08.23.07）（08.20.07）（11.29.07）

12
Down 345-76.0 （-4.9%）

1476.01746.51664.51662.01589.0（08.17.07）（02.28.07）（03.14.07）（03.05.07）（08.15.07）+58.5（+4.1%）+54.5（+3.5%）+48.5（+3.3%）+44.0（+3.0%）-65.5 （-3.6%）-57.0 （-3.3%）-53.5 （-3.1%）-49.5 （-3.0%）

1ChangePriceDate

12Up 345+1.22136.27134.28136.09136.55132.00（08.17.07）（08.10.07）（11.02.07）（09.10.07）（07.11.07）

12
Down 34
5-0.77135.22136.45134.70135.62134.05（11.01.07）（12.06.07）（09.21.07）（09.19.07）（02.13.07）

+0.90
+0.87
+0.78
+0.75

-0.72
-0.60
-0.56
-0.52

January 2008

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

140（Trading Volume: thous. units）

70%

14060%

120

10050%

10080

40%80

6030%60

4020%

4020

10%

200%0Nikkei225※
TOPIX

1200

TOPIX market share

Daily Average Trading
Volume(TOPIX)(units)2006：60,112
2007：67,668

TOPIX Off Auction Block Trading

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07
Year■ Open Interest

TOPIX Auction Trading

21200734567Montｈ89101112■ Trading Volume of Index Futures in theWorld（2007）（Open Interest: thous. units）

450
Nikkei225※

400

TOPIX open Interest（Market Share）
Open Interests（ＴＯＰＩＸ）(units)2006：369,690
2007：365,595

TOPIX market share

Products

70%60%

350
50%

250
200

30%

150

415,348,228

S&P500 Futures

CME

15,837,593

CME

95,309,053
60,731,902

DJ Euro Stoxx 50 Futures

Eurex

327,034,149

DAX Futures

Eurex

50,413,122

FTSE 100Euronext Liffe

10%50

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07
Year0%Futures

33,535,934

Euronext Liffe

44,668,975

Futures

Futures

Kospi 200

100Futures

CME

CAC40

20%0CMEE-mini Russel
40%Trading Volume(Contracts)

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

300

ExchangeFutures

KRX

46,862,948

NIKKEI 225 Futures

OSE

30,084,781

ＴＯＰ
ＩＸFutures

TSE

16,578,731※※Source:Websiteof each exchage※Source:Osaka Securities Exchange Website etc.

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

Non-Japanese
51.2%

2007

Nikkei 225Futures

Securities Cos.
42.8%

Others 0.8%

Non-Japanese
42.8%

Individuals
0.4%

2007

Securities Cos.
42.0%

Individuals
10.5%

Business Cos.
0.1%
Investment
Trusts1.2%

Business Cos.
1.6%

Trust BK 3.5%
Life & Non-Life 0.4%

2Trust BK 1.7%
Investment Trusts
0.7%Life & Non-Life 0.1%

January 2008

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

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

10080

Trading Volume(Average)
Open Interest(End of year)（Open Interest:￥100 bil.）
Daily Average Trading Volume(¥100mil.)
2006：48,589
2007：55,287
Open Interests (¥100mil.)
2006：131,772
2007：112,392（Trading Volume:￥100 bil.）

250（Open Interest:￥100 bil.）

100250
Trading Volume (Average)
Open Interest (End of month)

20080

20060

15060

150

40

100401002050205000085 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07Year■ Trading Volume of Interest Rate Futures

234567Month891012110■ Trading Volume by Type of Investor

in the World（2007）
Products12007（Jan.〜Dec. 2007）
Exchange

Others 1.2%

Trading Volume

10 Year T-Note Futures

CBOT

349,229,371

5 Year T-Note Futures

CBOT

166,207,391

30 Year T-Bond Futures

CBOT

107,630,211

3 Month Eurodoller Futures

CME

621,470,328

Euro-Bund Futures

Eurex

338,319,416

Euro-Bobl Futures

Eurex

170,909,055Euro-Schatz Futures

Eurex

181,101,310

3 Month Euribor Futures

Euronext 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

Non-Japanese
38.4%

Securities Cos.
39.8%

2007

Banks
20.6%

※
※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）

102000
Trading Volume(Put)

1600

1200

Daily Average Trading Volume
2006：74units
2007：80units
Open Iterests
2006：2,176units
2007：2,050units

800

Daily Average Trading Volume
2006：770units
2007：594units
Open Interests
2006：39,428units
2007：6,481units

Trading Volume（Put）

1800

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

2000

8

Trading Volume（Call）
Open Interest

1600
1400

100

80

1200

61000
460

800
40600
400

120

2400

20200
089 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07
Year0098

9900

010203
Year

04

05

06

070

※Trading Volume in 1989 : PUT 58,842units , CALL 39,231units

3January 2008

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

Open Interest（Jan.〜Dec. 2007）（Trading Volume: thous. units）（Open Interest: thous. units）

20（Trading Volume: thous. units）

80（Open Interest: thous. units）

80

20

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

Trading Volume(Call)

70

Open Interest

1560

Daily Average Trading Volume
2006：8,309units
2007：11,448units
Open Interests
2006：16,987units
2007：16,034units

1070

Open Interest

60

1550504040

10303020

520

510100909192939495969798 99
Year000102030405060700■ Trading Volume by Type of Investor

12007

234567Month891011120■ IV・HV（Jan.〜Dec. 2007)
Others 1.6%

15%
IV
HVSecurities Cos.
16.9%
10%

2007

Banks
14.9%
5%

Non-Japanese
66.6%
0%
96

■ Trading Volume by Underlying Stock

97

98

9900

0102
Year

03

04

050607■ Trading Volume by Type of Investor（Jan.〜Dec. 2007）（Jan.〜Dec. 2007）
Others 0.9%

Ranking

1234
5678910

Code/Issues

Trading Volume Share9437 NTT DoCoMo, Inc.
21,8806,6054689 Yahoo Japan Corporation5108 BRIDGESTONE CORPORATION 5,389
9737 CSK ＨＯＬＤＩＮＧＳ CORPORATION 4,750
3,8764062 IBIDEN CO.,LTD.
5801 The Furukawa Electric Co.,Ltd. 3,328
3,062
6770 ALPS ELECTRIC CO.,LTD.
2,353
6301 KOMATSU LTD.
2,2404543 TERUMO CORPORATION
5713 Sumitomo Metal Mining Co.,Ltd. 2,211

15%
5%
4%
3%
3%
2%2%2%2%2%

Individuals
5.6%

Non-Japanese
11.3%

Business Cos.
0.8%
Investment
Trusts0.3%

2007

Securities Cos.
46.0%

Trust BK
35.2%

4January 2008

Trading Data (Jan.~Dec. 2007)（Units, ¥100 mil.）Product

Trading Volume

16,578,731
0019,555
145,449
013,545,239
2,804,811

TOPIX 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

ChangeTrading Value

11%
0%
0%
7%
-24%0%
12%36%

2,732,879

−

0−0−

118

150

1225,523

0−18,205,044

−

6,343

165,205

Open Interest

Exercise Volume

365,595
002,050
6,481
0112,392
16,034Contract Specifications
ProductTrading Hours（Auction）

Trading Hours（ToSTNeT）

TOPIX Futures
TOPIX Electric Appliances
Index Futures

9:00〜11:00
12:30〜15:10

8:20〜16:00

5-year JGB Futures

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

8:20〜15:10
15:30〜18:20

Trading Hours（ToSTNeT）

TOPIX Options
9:00〜11:00
12:30〜15:10

8:20〜16:00

Equity Options
9:00〜11:00

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

8:20〜15:10
15:30〜18:20

Margin per Unit (¥)（1.18.08-4.11.08）

Vendor Codes
Bloomberg
Reuters

× 10,000

5¥570,000

TPX<index>CT0#JTI:× 10,000

3¥800,000

TKA<index>CT

0#JEL:

0.1

× 10,000

3¥177,000

TZA<index>CT

0#JBK:

0.01

× 1,000,000

3¥360,000JJA<CMDTY>CT

0#JMB:

0.01

× 1,000,000

3¥900,000JBA<CMDTY>CT

0#JGB

Auction：0.5

TOPIX Banks Index Futures

ProductContract
Trading Unit No. ofMonths

Minimum
Fluctuation

ToSTNeT：0.1

Minimum
Fluctuation

Contract
Trading Unit No. ofMonths

Minimum No. of
Exercise Prices

Auction:0.5 (more than 5 point)
0.1（5 points or less）
ToSTNeT:0.1

× 10,000

89（ATM±4）

determined by that
day's minimumunderlying stock priceminimum
trading unit ofunderlying stock

45（ATM±2）

0.01

× 1,000,000

3〜4

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 December 31,2007)
Products
JGB Futures

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

Options on JGBFutures

Regular Trade

Trading value × 0.000075

Stock Index
Futures *Regular Trade

Trading value × 0.0000046

Stock Index
Options **Regular Trade

Trading value × 0.00015

Equity Options

Regular Trade

Trading value × 0.0001（reference）Clearing fees of JSCC
Regular 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.1）TSE rounds up clearing fees schedule based on Clearing fees rule of JSCC. (As of Dec.31, 2007)（Caution.2）Give-up fees（5yen per contract）will be required for Clearing Broker.（Introduction date of Give-up system: January 15, 2008）

5January 2008

Newsdate

Equity Derivatives

Bond Derivatives

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）
TOPIX Futures Comercial debuted on Nikkei CNBC
Delisting of equity option contracts un-traded during
fiscal 2006
Annual renewal of position limits of equity option contracts
Reached a record high for daily trading volume of JGBfutures（211,110 ¥100mil.）Name & Logo for Tokyo Stock Exchange Derivatives Market was made in public
Goldman Sachs Japan Ltd designated as the "TSE
Equity Options Supporter"

Mar-2007

Apr-2007

May-2007
Jun-2007
Sep-2007
Oct-2007

Rule amendments in the futureJan-15,2008 ・Activation of the New Derivatives Trading System
・Introduction of Give-up system

May-2008 ・Listinging of New derivative products（mini-TOPIX Futures、TSE REIT Index Futures、TOPIX Core30 Futures）
・Introduction of Evening Session for Index Futures and Options market
・Expanding the range of underlying securities for options

Trading Records
TOPIX Futures
2007 (Jan.-Dec.)（Units, point）

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

Date

10-year JGB Futures

Historical（Units, point）

2007 (Jan.-Dec.)

Date（¥100 mil., ¥）540,098 （Mar.7/07） 559,027 （Dec.6/05）
19,689 （Dec.26/07）
0 （Jan.31/94）
538,405 （Dec.12/07） 538,405 （Dec.12/07）
349,093 （Jun.8/07）
11,183 （Dec.8/88）
1,825.5 （Feb.27/07） 2,956.0 （Dec.18/89）
1,416.5 （Nov.22/07）
766.0 （Mar.17/03）

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

Date

Historical（¥100 mil., ¥）Date

211,110 （Jun.7/07） 211,110 （Jun.7/07）
21,667 （Dec.26/07）
510 （Oct.28/85）
173,631 （Jun.6/07） 310,415 （Feb.8/00）
110,026 （Dec.26/07） 14,585 （Dec.12/85）
137.73 （Dec.4/07）
145.28 （Jun.11/03）
130.76 （Jun.13/07）
87.08 （Sep.27/90）

Limit Upnone
none
Limit Down
Limit Down
none
none
Emergency Margin Deposit
Emergency Margin Deposit（Feb.28/07）（Feb.28/07）（Mar.14/07）（Mar.14/07）（Jul.27/07）（Jul.27/07）（Aug.10, 17/07）（Aug.10, 17/07）（Sep.10, 21, 28/07）（Sep.10, 21, 28/07）＊Figures refer only to days when trading volume is not 0.
Temporary Trading Halt
（Feb.28/07）
No. of Trading Participants: General Trading Participant: 110/ Stock Index Futures Trading Participant: 1/ JGB Futures Trading Participant: 61/Limit Up

Equity Options Trading Participant: 0（as of 31 Dec.07）
Equity Options Supporter : 3（Nikko Citigroup Limited, Tokai Tokyo Securities Co.,Ltd., Goldman Sachs Japan 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.

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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-（0）-20-7329-2155 Fax:+44-（0）-20-7236-0252
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Tel:+1-212-363-2350 Fax:+1-212-363-2354
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Tel:+65-6438-5100 Fax:+65-6438-5800
sintse@ntti.net.sg

Copyright (c) 2008 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.
Customers are required to deposit margin to participate in futures and options trading, and losses exceeding the amount of this margin may be incurred due to price fluctuations,etc. When trading financial products, please be certain to first completely read all documents provided by your financial product broker, etc. such as those provided before contract
creation, and trade at your own discretion and responsibility only after thoroughly understanding the qualities inherent in the product, trading structure, fees, risks involved, etc.
TSE reserves the right to change the contents of this publications without notice.

6January 2008