TSE Derivatives Market Highlights
January 1, 2010〜December 31, 2010
Price Movements

Trading Value（¥100 bil.）

Index（points）■ Indices 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

99

00

01

02

03

04

05

06

07

08

09

10150
145
140
135
130
125
120
115
110
105
100
93

10-year JGB Futures
10-year JGB Yield

94

95

96

97

98

9900

01

02

03

04

05

06

07

08

09

1054.5
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. 2010)
TOPIX Futures

10-year JGB Futures

Change(%)

PriceDate

12Up 225+23.5（+2.7%）

893.5
904.5
862.5
836.5
894.5

（Jun. 3, 2010）（Feb. 17, 2010）（Jul. 8, 2010）（Nov. 5, 2010）（Jun. 16, 2010）12
Down 344-36.0 （-4.0%）

857.0
954.0
800.5
874.5
826.5

（Jun. 7, 2010）（May 6, 2010）（Aug. 31, 2010）（May 21, 2010）（Sep. 30, 2010）+20.0（+2.3%）+20.0（+2.4%）+20.0（+2.5%）+19.5（+2.2%）-29.0 （-3.0%）-28.0 （-3.4%）-23.5 （-2.6%）-23.5 （-2.8%）

1ChangePriceDate

12Up 345+0.90

139.81
142.12141.48139.71140.61（Dec. 17, 2010）（Sep. 15, 2010）（Dec. 6, 2010）（Dec. 10, 2010）（Dec. 30, 2010）

1
23Down45
5-1.11

140.10138.95141.17142.02
141.23140.57（Dec. 8, 2010）（Dec. 13, 2010）（Sep. 6, 2010）（Nov. 15, 2010）（Nov. 22, 2010）（Nov. 26, 2010）

+0.74
+0.60
+0.59+0.56

-0.76
-0.73

-0.57
-0.53
-0.53

January 2011

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

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

140

70%

Daily Average Trading
Volume(TOPIX)
2009：62,514
2010：59,354

Nikkei225※

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

TOPIX（ToSTNeT）
TOPIX（Auction）

60%

120

50%

10040%

80

30%

60

20%

40

10%

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 09 10Year■ Open Interest of TOPIX Futures(Open Interest: thous. contracts)

450
Nikkei225※

400

TOPIX open interest

234567Month89101112■ Trading Volume of Index Futures in the World(Jan.〜Dec.2010)（Market Share）

Products70%

Open Interest（ＴＯＰＩＸ）
2009：338,228
2010：368,395

60%

TOPIX market share

350
50%
300
40%

250
200

30%

150
20%
100
10%

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
Year

Exchange

Trading Volume(Contracts)

E-mini S&P 500 Futures

CMES&P500 Futures

CME

555,328,670
7,689,961

E-mini Nasdaq 100 Futures

CME

79,637,745

Russell 2000 Mini Index Futures

ICE

39,747,503

DJ Euro Stoxx 50 Futures

Eurex

372,229,766

DAX Futures

Eurex

40,994,689

FTSE 100 Futures

Euronext Liffe

37,627,230

CAC40 Futures

Euronext Liffe

44,559,669

Kospi 200 Futures

KRX

86,762,976

NIKKEI 225 Futures

OSE

22,483,722

TOPIX Futures

TSE

14,541,751※※Source:Websiteof each exchange

5001
20100%※Source:Osaka Securities Exchange Website etc.

■ Trading Volume by Type of Investors(Jan.〜Dec. 2010)
Others 0.2%

Others 0.8%

TOPIXFutures

Nikkei 225FuturesSecurities Firms
29.1%
Foreign Investors
52.0%

Individual Investors
0.2%
Business Firms
0.0%

2010

Securities Firms
40.5%

Foreign Investors
55.6%

Trust Banks
1.5%
Insurance
0.2%

2010

IndividualInvestors
10.4%

Investment
Trusts1.2%
Business Firms
1.1%

Trust Banks 5.3%
Insurance 0.6%
Investment Trusts 1.1%

※Total volume of TOPIX Futures and TOPIX Core30 Index Futures

2January 2011

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

700

18Open Interest

400

Open Interest

3000

Daily Average Trading Volume
2009：216
2010：490
Open Interest
2009：17,608
2010：9,677

500

Trading Volume（Call）

3500

16300

Daily Average Trading Volume
2009：2,728
2010：3,408
Open Interest
2009：104,340
2010：299,216

Trading Volume（Put）

Trading Volume(Call)

600（Open Interest: thous. contracts）

4000

20
Trading Volume(Put)

250

14200
2500

12

2000

10300

8150

1500
100

6200

1000
450

100

500

2089 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10Year※Trading Volume in 1989 : PUT 58,842, CALL 39,231※Trading Volume in 1990 : PUT 788, CALL 1,09200■ Trading Volume by Underlying Securities（Jan.〜Dec. 2010）

98

9900

01020304
Year0506070809100■ Trading Volume by Type of Investors(Jan.〜Dec. 2010)
Others 0.8%

Ranking12345678910

Code/Issues

Trading VolumeShare

8306 Mitsubishi UFJ Financial Group, Inc. 292,752
89,3018604 Nomura Holdings,Inc.
8316 Sumitomo Mitsui Financial Group,Inc. 43,952
7203 TOYOTA MOTOR CORPORATION 28,489
22,8708308 Risona Holdings, Inc.
22,7676752 Panasonic Corporation
22,1466758 SONY CORPORATION
18,5006773 PIONEER CORPORATION
15,8348411 Mizuho Financial Group,Inc.
15,0407201 NISSAN MOTOR CO.,LTD.

35%
11%
5%
3%
3%
3%
3%
2%
2%
2%

Individual
Options

Foreign Investors
40.0%

Securities Firms
35.6%

2010

Individual
Investors
13.2%

Trust Banks
9.8%

Business Firms 0.1%
Insurance 0.6%

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

100

Daily Average Trading
Volume2009：27,840
2010：32,741
Open Interest
2009：55,581
2010：49,335

Trading Volume
Open Interest

80(Trading Volume: thous. contracts）(Open Interest:thous. contracts）

50250100
Trading Volume

45200

Open Interest

4080

3560

150

401003060

2540

20152050

10205085 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10Year00■ Trading Volume of Interest Rate Futures in the World (Jan.〜Dec. 2010)
Products

Exchange
CME

293,718,907

5 Year T-Note Futures

CME

132,149,948

30 Year T-Bond Futures

CME

83,509,754

3 Month Eurodoller Futures

CME

510,955,113

Euro-Bund Futures

Eurex

231,484,529

Euro-Bobl Futures

Eurex

133,851,275

Euro-Schatz Futures

Eurex

140,923,898

3 Month Euribor Futures

Euronext Liffe

248,504,960

3 Month Sterling Futures

Euronext Liffe

112,944,490

3 Month Euroyen Futures

TFX

11,274,925

10 Year JGB Futures

TSE

8,021,458

234567Month891011120■ Trading Volume by Type of Investors（Jan.〜Dec. 2010）
Others 0.9%

Trading Volume

10 Year T-Note Futures

12010

Foreign Investors
35.1%

2010

Securities Firms
43.6%

Banks20.4%※※Source：Website of each exchage

3January 2011

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

20(Trading Volume: thous. contracts）

80

25
Trading Volume(Put)Trading Volume(Call)

Trading Volume(Call)

70

Open Interest

15Open Interest

60

Daily Average Trading Volume
2009：10,013
2010：8,160
Open Interest
2009：3,338
2010：3,779

10(Open Interest: thous. contracts）

20

Trading Volume(Put)

20

1550

1540

1010302055510090 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
Year00■ HV・IV

12010

234567Month891011120■ Trading Volume by Type of Investors（Jan. 〜Dec. 2010）
Others 0.8%

15%
IV
HV

Securities Firms
13.8%

10%

2010

Bankｓ
21.5%

5%

Foreign Investors
63.9%

0%
969798

9900

0102

0304
Year

0506

07

08

09

10

Trading Data (Jan.〜Dec. 2010)（Contracts, ¥100mil.）ProductChange

Trading Value

14,541,751-4.3%

1,282,103−

368,395

mini-TOPIX Futures

1,044,343

53.3%

9,371

−

4,805

TOPIX Core30 Futures

242,105-33.3%

1,220−

30,000Futures TSE REIT Index Futures

46,696-11.6%

444−

4,136

TOPIX Electric Appliances

00%0−

05,808−

83−

019,553−32−

13,620

TOPIX Options

120,040

128.5%

215

7,073

9,677

Individual Options

834,941

26.0%

55

72,441

299,2165-year JGB Futures

00%0−

0Futues 10-year JGB Futures

8,021,458

18.6%

11,298,352−

49,335mini-10-year JGB Futures

0-100.0%

0−0Options on 10-year
JGB Futures

1,999,282-17.8%

3,919

107,0103,779TOPIX Futures

EquityIndex Futures
TOPIX Banks
Index Futures
Nikkei 225 Dividend
Index Futures

Trading Volume

Exercise Volume

Open InterestOptions

BondOptions

4January 2011

Contract Specifications
Product

Trading Hours（Auction）

Trading Hours（ToSTNeT）

Minimum
Fluctuation

Trading Unit

Auction：0.25
ToSTNeT：0.05

mini-TOPIX Futures
TOPIX Futures
TOPIX Core30 Futures
TSE REIT Index Futures

Auction：0.5
ToSTNeT：0.1

9:00〜11:00

8:20〜16:00
TOPIX Electric Appliances 12:30〜15:10
Index Futures
16:30〜19:10

TOPIX Banks Index Futures
Nikkei 225 Dividend
Index Futures
TOPIX DividendIndex Futures
TOPIX Core30 Dividend
Index Futures
5-year JGB Futures

16:30〜19:00

0.10.01

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

mini-10-year JGB Futures

Vendor Codes
Bloomberg
Reuters

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

× 1,000

3¥ 21,000

TMIA<index>CT0#JTM:

× 10,000

5¥ 210,000

TPX<index>CT0#JTI:

× 1,000

3¥ 12,000

TPCA<index>CT0#JTC:

× 1,000

3¥ 25,500

TREA<index>CT0#JRT:

× 10,000

3¥ 425,000

TKA<index>CT

0#JEL:

× 10,000

3¥ 44,000

TZA<index>CT

0#JBK:×1,0008(*1)¥ 6,000

NKYDIV<Index>CT

0#JND:×10,0008(*1)¥ 6,000

TPXDIV<Index>CT

0#JTD:

×10,0008(*1)¥ 4,000

TPXC30D<Index>CT

0#JRD:

0.01

× 1,000,000

3¥ 270,000

JJA<CMDTY>CT

0#JMB:

0.01

× 1,000,000

3¥ 900,000

JBA<CMDTY>CT

0#JGB:

0.005

× 100,000

3¥ 90,000

MJBA<CMDT>CT0#JGM:

Minimum
Fluctuation

Trading Unit

No. of Contract
MonthsMinimum No. of
Exercise Prices

× 10,000813（ATM±6）

TPX<index>GMON

0#JTI*.Tby options' priceminimum
trading unit ofunderlying security

45（ATM±2）(company code)<EQUITY>GMON

0#OPT*.T

0.01

× 1,000,000(*1) 9 contract months during Jan.-Mar.

ProductTOPIX Options

Trading Hours（Auction）

Trading Hours（ToSTNeT）

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

Individual Options 12:30〜15:10

8:20〜16:00 determined

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

3〜4 Serial Months：19（ATM±9）

Quartery Months：11（ATM±5）

Vendor Codes
Bloomberg
Reuters

JBA<CMDTY>GMON 0#JGB++

Trading Fees (as of January, 2011)
Products
5-& 10-year JGB
Futuresmini-10-year JGB
Futures
Options on JGB
Futures
Index Futures(TOPIX Futures,
TOPIX Sector
Index Futures)

Exchange trading fees
Regular Trade
Trade by Exercise ofOptions on JGB Futures
Physical delivery
Regular Trade

Index Options
Individual Options

10yen (per contract)

Regular Trade

based on monthly volume
threshold (per contract)0 - 100,000: 55yen
100,001-300,000: 35yen
300,001-: 20yen

Regular Trade

Regular Trade

20yen (per contract)40yen (per contract)

Regular Trade

Regular Trade
Trade by Exercise ofOptions on JGB Futures
Physical delivery

82yen (per contract)

Regular Trademini-Index Futures(mini-TOPIX Futures,TOPIX Core30
Regular Trade
Futures, TSE REIT
Index Futures)
Dividend Index Futures(Nikkei225 Dividend Index
Futures, TOPIX Dividend Regular Trade
Index Futures, TOPIX Core30
Dividend Index Futures)（reference）Clearing fees of JSCC

95yen (per contract)49yen (per contract)132yen (per contract)5yen (per contract)

Final Settlement

15yen (per contract)

Regular Trade
Exercise

10yen(per contract)
10yen × Trading volume of JGB
Futures by exercise

Regular Trade

20yen (per contract)

SQ Settlement

57yen (per contract)

Regular Trade

2yen (per contract)

SQ Settlement

6yen (per contract)

Regular Trade

10yen (per contract)

SQ Settlement

30yen (per contract)

Regular Trade

10yen (per contract)

Exercise

10yen (per contract)

Regular Trade

10yen (per contract)

Exercise(Note3)

10yen (per contract)7yen (per contract)7yen (per contract)(Note2)

40yen (per contract)40yen (per contract)(Note1)
TSE sets the transfer fee to JPY 5 per contract for the position transfers from NYSE Liffe.
(Note2)
Discounted from 40 JPY per contract until further notice.
(Note3)
Clearing fees for cash trading (trading value of cash trading by exercise × 0.000004) will be required additionally.
(Note4)
TSE rounds up clearing fees schedule based on Clearing fees rule of JSCC. (As of Jan. 2011)(Note5)Give-up fees (5yen per contract) will be required for Clearing Broker.

5January 2011

NewsDate

Events and Rule amendmentsof "arrowhead", the Next Generation Equity/CB Trading System -The Tokyo Market entered the Millisecond World with
Jan. 2010 Launch"arrowhead"TSE designated Interactive Brokers Securities Japan, Inc. as the Market Maker for Individual Options.
Mar. 2010 <Designated Market Makers>
http://www.tse.or.jp/english/rules/derivatives/marketmaker/index.html
Dividend Index Futures have been listed on July 26, 2010.
-Nikkei Stock Average Dividend Point Index Futures-TOPIX Dividend Index Futures-TOPIX Core30 Dividend Index Futures

Jul. 2010

TSE designated following trading participants as Index Futures Trading Supporter for Dividend Index Futures.
-Deutsche Securities Inc.
-Nomura Securities Co., Ltd.
-BNP Paribas Securities (Japan) Limited
Sep. 2010 TSE trimmed the interval of real-time dissemination of TOPIX from 15 sec. to 1 sec.
TOPIX futures became listed on the NYSE Liffe market.
<Trading hours>
Oct. 2010 6:00am to 9:00pm in GMT (3:00pm to 6:00am in JST)
(7:00am to 9:00pm in BST (3:00pm to 5:00am in JST))TSE has been authorized as a provider of automated trading services by the Securities and Futures Commission of Hong Kong inaccordance with the Securities and Futures Ordinance of Hong Kong.
Nov. 2010 Broker dealers in Hong Kong which do not have offices in Japan can directly access the TSE market as trading participants.
Monthly trading volume and open interest of Individual Options reached a record high since its loanch.

Rule amendments in the future
Revision of trading hours<Index futures and options>-morning session 09:00-11:30-afternoon session 11:45-15:10
2011 2Q -evening session 16:30-19:00(no change)<Individual options>-morning session 09:00-11:30-afternoon session 12:30-15:10(no change)
2011 3Q Position transfer scheme will be introduced to JGB futures currently traded on NYSE Liffe.
2011 4Q Futures trading platform will be migrated into the exisitng options trading system based on LIFFE CONNECT R .

Trading Records
TOPIX Futures
2010 (Jan.-Dec.)（Contracts, points） Date

Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Index
Lowest Index
Upper Limit
Lower Limit
Emergency Margin Deposit
Temporary Trading Halt

10-year JGB Futures

Historical2010 (Jan.-Dec.)（Contracts, points） Date

（Contracts, ¥）DateHistorical（Contracts, ¥）Date

467,328（Jun. 8, 2010） 559,027（Dec. 6, 2005） Highest Daily Trading Volume 113,380（Sep. 7, 2010） 211,110（Jun. 7, 2007）
15,576（Dec. 28, 2010）
0（Jan. 31, 1994） Lowest Daily Trading Volume 11,360（Dec. 27, 2010）
510（Oct. 28, 1985）
506,546（Dec. 9, 2010） 615,314（Mar. 13, 2008） Highest Open Interest
93,428（Aug. 31, 2010） 310,415（Feb. 8, 2000）
321,857（Mar. 12, 2010） 11,183（Dec. 8, 1988） Lowest Open Interest
47,285（Dec. 28, 2010） 14,585（Dec. 12, 1985）
1,003.0（Apr. 12, 2010） 2,956.0（Dec. 18, 1989） Highest Index
144.31（Oct. 6, 2010）145.28（Jun. 11, 2003）
798.5（Sep. 1, 2010）
687.0（Mar. 13, 2009） Lowest Index
137.94（Apr. 8, 2010）87.08（Sep. 27, 1990）
Upper Limit
Lower Limit
Emergency Margin Deposit
Temporary Trading Halt

Jun. 7, Sep. 15, Dec. 15

Jun. 7, Sep. 15, Dec. 15＊Figures refer only to days when trading volume is not 0.

No. of Trading Participants: General Trading Participant: 103/ Index Futures Trading Participant: 1/ JGB Futures Trading Participant: 44/

Individual Options Trading Participant: 0 (as of Dec 30, 2010)
Number of Market Makers: Options on JGB futures：10, Index options：3, Individual equity options：5(as of Dec 30, 2010)

Bloomberg TSE page code:TSEJ <GO>
●Trading Calendar：
http://www.tse.or.jp/english/rules/derivatives/calendar/index.html●Daily Report：
http://www.tse.or.jp/english/market/data/daily/index.html●Tdex Square：
http://www.tse.or.jp/english/rules/derivatives/tdex̲sq/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
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Copyright (c) 2010 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 2011