TSE Derivatives Market Highlights
January 1, 2008〜December 31, 2008
Price Movements

Trading Value（¥100 bil.）

Index（points）■ TOPIX and Trading Value of TSE 1st Section（Daily Average）
40
2500

Trading Value（1st sec）
TOPIX
TOPIX Core30
TSE REIT Index

2000

35
30
25

1500

20
15

1000

10500
0
96

5097

98

9900

01

02

03

04

05

06

07

08

150
145
140
135
130
125
120
115
110
105
100
93

10-year JGB Futures
10-year JGB Yield

9495

96

97

98

9900

0102

03

04

05

06

07

08

54.5
43.5
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. 2008)
TOPIX Futures
Change(%)

10-year JGB Futures

PriceDate

1 +162.5（+19.9％）+73.0 （+5.7％）
2Up 3+63.5 （+6.9％）+62.0 （+5.7％）
4+61.5 （+7.3％）
5980.01356.0978.51148.0909.5（10.14.08）（01.25.08）（11.05.08）（09.19.08）（10.30.08）-105.5（-11.1％）

848.0
881.0
817.5
899.5
1213.0（10.16.08）（10.08.08）（10.10.08）（11.06.08）（01.22.08）

12
Down 345-100.0（-10.2％）-95.5（-10.5％）-79.0 （-8.1％）-76.5 （-5.9％）

1ChangePriceDate

12Up 24
5+2.10+1.43+1.43

139.45141.70135.35139.55138.68（09.16.08）（03.17.08）（06.03.08）（10.08.08）（09.05.08）

12
Down 345-1.49

135.59137.32137.02
136.10133.81（04.25.08）（09.08.08）（09.19.08）（10.14.08）（06.10.08）

+1.25
+1.18

-1.36
-1.32
-1.25
-1.24

January 2009

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

160
TOPIX
TOPIX market share（Trading Volume: thous. units）

140

70%

Daily Average Trading
Volume（TOPIX）（units）
2007：67,668
2008：75,003

Nikkei225※

140■ Trading Volume of TOPIX Futures（Daily Average・2008）（Market Share）

TOPIX（ToSTNeT Trading）
TOPIX（Auction Trading）

60%

120

50%

10040%

80

30%

6020%

4010%

200%

0120

10080

60

4020088 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08
Year■ Open Interest of TOPIX Futures（Open Interest: thous. units）

4567Montｈ89TOPIX open Interest
TOPIX market share

101112■ Trading Volume of Index Futures in the World（2008）

Open Interests（TOPIX）（units）
2007：365,595
2008：367,194

Nikkei225※

Products

70%

60%50%

40%

250
200

30%CMECME

16,763,071

CME

108,734,456

CME

46,065,655

Eurex

432,298,342

DAX Futures

Eurex

49,237,082

FTSE 100Euronext Liffe

100
10%

42,314,080

Euronext Liffe

49,242,000

Futures

KRX

65,299,373

NIKKEI 225 Futures

OSE

35,546,016

TOPIXFutures

TSE

18,375,802

Futures※※Source:Websiteof each exchage50

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08
YearFutures

Futures

Kospi 200
20%

Futures633,889,466

DJ Euro Stoxx 50 Futures

CAC40150

Trading Volume(Contracts)

S&P500 Futures
E-mini Russel

300

Exchange

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

35003（Market Share）

450
400

2120080%※Source:Osaka Securities Exchange Website etc.

■ Trading Volume by Type of Investor（Jan.〜Dec. 2008）
Others 0.4%

Others 1.2%

TOPIX
Futures

Nikkei 225
Futures

Securities Cos.
33.1%
Non-Japanese
50.4%

2008

Securities Cos.
42.2%

Non-Japanese
53.8%

2008

Trust BK 1.0%

Individuals
0.3%
Business Cos.
0.0%

Individuals
8.7%

Trust BK 4.7%
Life & Non-Life 0.8%
Investment Trusts 1.2%

Business Cos.
1.0%

2Life & Non-Life
0.3%
Investment
Trusts0.7%

January 2009

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

2000（Open Interest: thous. units）

1800

10
Trading Volume(Call)

1600

Open Interest

1600

8

Daily Average Trading Volume
2007：80units
2008：253units
Open Interests
2007：2,050units
2008：2,663units1200120

Daily Average Trading Volume
2007：594units
2008：360units
Open Interests
2007：6,481units
2008:44,628units

Trading Volume(Put)

1400
1200

100

Trading Volume（Put）

680

Trading Volume（Call）

1000

Open Interest

60

800
800

4600

400

40400

220200089 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08
Year※Trading Volume in 1989 : PUT 58,842units , CALL 39,231units00■ Trading Volume by Underlying Stock（Jan.〜Dec. 2008）

98

9900

010203Year

04050607080■ Trading Volume by Type of Investor（Jan.〜Dec. 2008）
Others 0.1%

Ranking12345678910Code/Issues

Trading Volume

Share8267 AEON CO.,LTD.
25,7555,4008252 MARUI GROUP CO.,LTD.
5,200
7201 NISSAN MOTOR CO.,LTD.
8306 Mitsubishi UFJ Financial Group,Inc. 4,985
3,7028604 Nomura Holdings,Inc.
5802 Sumitomo Electric Industries,Ltd. 2,945
2,5009437 NTT DoCoMo, Inc.
9502 Chubu Electric Power Company,Incorporated 1,681
1,669
9062 NIPPON EXPRESS CO.,LTD.
1,577
7267 HONDA MOTOR CO.,LTD.

29%
6%
6%
6%
4%
3%
3%
2%
2%
2%

Non-Japanese
20.1%

Business Cos.
0.2%

Securities Cos.
45.9%

2008Individuals
12.8%

Trust BK
20.9%

JGB Futures■ Trading Volume（Daily Average）& Open Interest（Trading Volume: thous. units）■ Trading Volume（Daily Average）& Open Interest（2008）（Open Interest: thous. units）

100

Daily Average TradingVolume（thous. units）
2007：55,287
2008：43,428
Open Interests（thous. units）
2007：112,392
2008：45,508

Trading Volume(Average)
Open Interest(End of year)（Trading Volume: thous. units）（Open Interest: thous. units）

100

250

250
Trading Volume (Average)
Open Interest (End of month)2008020060150601504010040100205020500080085 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08
Year■ Trading Volume of Interest Rate Futures in the World（2008）
Products

Exchange
CBOT

256,770,689

5 Year T-Note Futures

CBOT

168,127,469

30 Year T-Bond Futures

CBOT

89,464,546

3 Month Eurodoller Futures

CME

596,974,081

Euro-Bund Futueres

Eurex

257,827,619

Euro-Bobl Futures

Eurex

155,090,861

Euro-Schatz Futures

Eurex

174,226,719

3 Month Euribor Futures

Euronext Liffe

228,487,462

3 Month Sterling Futures

Euronext Liffe

104,572,875

3 Month Euroyen Futures

TFX

22,372,133

10 Year JGB Futures

TSE

10,639,934

234567Month891011120■ Trading Volume by Type of Investor（Jan.〜Dec. 2008）
Others 0.8%

Trading Volume

10 Year T-Note Futures

12008

Non-Japanese
39.9%

2008

Securities Cos.
38.9%

Banks
20.3%

※
※Source：Website of each exchage

3January 2009

Options on JGB Futures■ Trading Volume（Daily Average）& Open Interest（Trading Volume: thous. units）■ Trading Volume（Daily Average）& Open Interest（2008）（Open Interest: thous. units）

20（Trading Volume: thous. units）

80（Open Interest: thous. units）

2025

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

Trading Volume(Call)

70

Open Interest

15Open Interest

60

Daily Average Trading Volume
2007：11,448units
2008：9,970units
Open Interests
2007：16,034units
2008：4,125units

1020

1550

1540

10103020555100

90

91

92

93

94

95

96

979899 00
Year0102

03

04

05

06

07

0800

■ HV・IV

12008

234567Month891011120■ Trading Volume by Type of Investor（Jan.〜Dec. 2008）
Others 1.2%

15%
IV
HV

Securities Cos.
14.5%

10%

2008

Banks
16.5%

5%

Non-Japanese
67.8%
0%9697989900

010203Year040506

0708

Trading Data (Jan.~Dec. 2008)（Units, ¥100 mil.）ProductChange

Trading Value

18,375,802

10.8%

2,153,162−

367,194

mini-TOPIX Futures

599,692−

7,396−

565

TOPIX Core30 Futures

202,189−

1,245−

39,159TSE REIT Index Futures

89,922−

956−

4,509

00%

0−

0TOPIX Banks
Index Futures

1,218−

26−

0TOPIX Options

62,045217.3%

572

5,667

2,663

Individual Options

88,256-39.3%

47,02344,6285-year JGB Futures

00%0−010-year JGB Futures

10,639,934-21.4%

14,619,964−45,508

Options on 10-year
JGB Futures

2,442,598-12.9%

7,354

131,151

4,125

TOPIX Futures

Trading Volume

Exercise Volume

Open InterestFutures
EquityTOPIX Electric Appliances
Index Futures

Options

Futures
BondOptions

4January 2009

Contract Specifications
Product

Trading Hours（Auction）

Trading Hours（ToSTNeT）

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

Vendor Codes
Bloomberg
Reuters

Margin per Unit (¥)
Contract
Trading Unit No. ofMonths(As of the end of December)

Minimum
Fluctuation

Auction：0.5
ToSTNeT：0.1

TOPIX Electric Appliances
Index Futures

× 1,000

3¥93,000

TMIA<index>CT0#JTM:

× 10,000

5¥930,000

TPX<index>CT0#JTI:

× 1,000

3¥63,000

TPCA<index>CT

0#JTC:

× 1,000

3¥97,000

TREA<index>CT0#JRT:

× 10,0003¥1,370,000

TKA<index>CT

0#JEL:TOPIX Banks Index Futures

0.1

× 10,000

3¥259,000

TZA<index>CT

0#JBK:

5-year JGB Futures

0.01

× 1,000,000

3¥380,000JJA<CMDTY>CT0#JMB:

9:00〜11:00
8:20〜15:1010-year JGB Futures 12:30〜15:00
15:30〜18:20
15:30〜18:00

0.01

× 1,000,000

3¥1,360,000

JBA<CMDTY>CT

0#JGB:

mini-10-year JGB Futures

0.005

× 100,000

3−suspense

0#JGM:※Index Futures Supporter・・・kabu.com Securities Co., Ltd. , Deutsche Securities Inc.

Product

Trading Hours（Auction）

Trading Hours（ToSTNeT）

Minimum
Fluctuation

Contract
Trading Unit No. ofMonths

TOPIX Options

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

9:00〜11:00
12:30〜15:10

determined by that

× 10,000

Minimum No. of
Exercise Prices

89（ATM±4）45（ATM±2）

TPX<index>GMONminimum

8:20〜16:00 day's minimum

trading unit ofunderlying security price underlying security

9:00〜11:00

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

Vendor Codes
Bloomberg
Reuters

0.01

3〜4

× 1,000,000(company code)<EQUITY>GMON

0#JTI*.T

0#OPT*.T

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., Newedge Japan Inc.
※Individual Options Supporter・・・Nikko Citigroup Limited, Tokai Tokyo Securities Co.,Ltd., Goldman Sachs Japan Ltd.

Trading Fees (as of Dec. 31,2008)
Products

5-& 10-year JGB
Futures

Exchange trading fees（reference）Clearing fees of JSCC

Trade

100yen (per contract）

Regular Trade

Trade by Exercise ofOptions on JGB Futures

87.5yen (per contract）

Trade by Exercise ofOptions on JGB Futures

50yen (per contract)

Physical delivery

15yen (per contract）

Physical delivery

135yen (per contract)Regular Trade

5yen (per contract)

Final Settlement

15yen (per contract)

Regular Trade

Trading value × 0.00005

Exercise

12.5yen × Trading volume of JGB
Futures by exercise

Regular Trade

Trading value × 0.0000014

SQ Settlement

Trading value for final settlement ×0.000004

Regular Trade

Trading value × 0.00005

Exercise

Trading value by exercise × 0.0002

Regular Trade

Trading value × 0.00005

Exercise ***Trading value of cash trading by exercise
× 0.0000015

mini-10-year JGB
Futures（scheduledTradeto become available
on March 23, 2009）

20yen (per contract）

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*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 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 Dec.31, 2008）（Caution.2）Give-up fees（5yen per contract）will be required for Clearing Broker.（Introduction date of Give-up system: January 15, 2008）

5January 2009

NewsdateEquity Derivatives
Bond Derivatives
・Activation of the New Derivatives Trading System
・Introduction of Give-up system

Jan-15,2008

・Introduction of TOPIX Options Liquidity Provider（LP）System（Jun-2）Deutsche Securities Inc. designated as LP（Jun-23）Merrill Lynch Japan Securities Co., Ltd. designated as 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 andOptions 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"

Jul-2008

・Change in the strike price setting policy in Options on JGB Futures

・Change of daily price limit on index futures（5th）・Newedge Japan Inc. designated as the TOPIX Options Liquidity
Nov-2008 Provider （13th）・Change of Daily Price Limit on Index Options（25th）
・Change of Circuit Breaker Rule（25th）

Dec-2008 ・Change of Circuit Breaker rule on index futures（15th）
Rule amendments in the futureMar-2009

・Listinging of Mini-10-year JGB futures
・Activation of new trading system based on LIFFE CONNECT R for TSE Options markets

Jul-2009 ・Introduction of Market Maker System for TSE Options markets

Trading Records
TOPIX Futures
2008 (Jan.-Dec.)（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

10-year JGB Futures

Historical（Units, point）

2008 (Jan.-Dec.)

Date（Units, ¥）488,687 （Mar.11/08） 559,027 （Dec.6/05）
18,734 （Dec.25/08）
0 （Jan.31/94）
617,585 （Mar.13/08） 617,585 （Mar.13/08）
332,094 （Sep.17/08） 11,183 （Dec.8/88）
1,450.0 （Jun.6/08）
2,956.0 （Dec.18/89）
717.0 （Oct.28/08）
717.0 （Oct.28/08）
nonenone（Mar.17/08）（Apr. 25/08）（May 9、14、23/08）（Jun. 6、10、13/08）（Sep. 8、16、18、19/08）（Oct. 10、14、16/08）（Oct. 10、14/08）

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

Historical（Units, ¥）Date

172,461 （Mar.7/08） 211,110 （Jun.7/07）
8,211 （Dec.24/08）
510 （Oct.28/85）
159,961 （Mar.5/08） 310,415 （Feb.8/00）
39,661 （Dec.11/08） 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）（Sep.16/08）
none（Mar.17/08）（Apr. 25/08）（May 9、14、23/08）（Jun. 6、10、13/08）（Sep. 8、16、18、19/08）（Oct. 10、14、16/08）（Apr.25/08）（Sep.16/08）（Oct. 10、14/08）＊Figures refer only to days when trading volume is not 0.

No. of Trading Participants: General Trading Participant: 108/ Index Futures Trading Participant: 2/ JGB Futures Trading Participant: 55/
Individual Options Trading Participant: 0 (as of 29 Dec.08)
Individual Options Supporter : 3(Nikko Citigroup Limited, Tokai Tokyo Securities Co.,Ltd., Goldman Sachs Japan Ltd.)TOPIX Options Liquidity Provider : 3(Deutsche Securities Inc. , Merrill Lynch Japan Securities Co., Ltd., Newedge Japan Inc. )Index Futures Supproter : 2(kabu.com Securities Co., Ltd. , Deutsche Securities Inc.)

TSE Web Site

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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
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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 JapanTel: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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Copyright (c) 2009 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. offutures/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.

6January 2009