JPX Derivatives Market Highlights
January 1, 2013～ June 30, 2013
Price Movement■ TOPIX and Trading Value of TSE 1st Section (Daily Average)
TOPIX(points)

Trading Value(¥100 bil.)
45

2,500

TOPIX
Trading Value (1st sec.)

2,000

35
30
25

1,500

20

1,000

15
10500040

503

04

05

06

0708
Year091011■ Nikkei Stock Average and Nikkei Stock Average Volatility Index
Nikkei 225 (¥)

12130

Nikkei 225 VI (Points)

100

20,000

Nikkei Stock Average
Nikkei Stock Average Volatility Index

18,00016,0009080

14,00070

12,00060

10,00050

8,000

406,000304,000

202,000

100030405060708Year0910■ 10-year JGB Futures and 10-year JGB Yield
10-year JGB Futures (¥)

111213010-year, 20-year Interest Rate (%)
3.0

160

10-year JGB Futures
10-year Interest Rate
20-year Interest Rate

155

2.5

150

2.0145

1.5

140

1.0

135

0.5

13003

0405060708
Year10910110.0
1213*Source：Ministry of FinanceJuly, 2013

Index Futures■ Nikkei 225 Futures ADV・Open Interest
Trading Volume(Contracts)

Trading Volume
Open Interest (End of Year/Month)

200,000■ Trading Volume by Trade Type of Investors(Nikkei 225 Futures)Open Interest(contracts)

Others1.2%

800,000

150,000

Securities Firms
14.7%

700,000

Trust Banks
1.7%

600,000

Insurance Firms
0.1%

500,000
100,000

400,000

Foreign Investors
68.8%

300,000
50,000Jan.-Jun.
2013

Investment
Trusts1.1%
Business Firms
0.9%

200,000
100,000

003

0405

06

0708

09

10111212Year

34

560

Individual
Investors
11.4%

Month

■ Nikkei 225 mini ADV・Open Interest
Trading Volume(Contracts)■ Trading Volume by Trade Type of Investors(Nikkei 225 mini)
Open Interest(contracts)

Trading VolumeOpen Interest (End of Year/Month)

1,800,000
1,600,000

1,400,000

1,400,000

1,200,000

1,200,000

Business Firms
0.3%

800,000

800,000
400,000

400,000

200,000

200,000
06070809

101112123Year

456Month■ Trading Volume by Trade Type of Investors(TOPIX Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

180,000

Others0.7%

800,000

160,000

700,000

140,000

600,000

120,000

Trust Banks
4.0%

400,000

80,000Foreign Investors
70.6%

300,000

60,00040,000200,000

20,000100,000
040506070809101112

12Year3456

Trading Volume(Contracts)

Insurance Firms
1.1%
Investment
Trusts1.2%
Individual
Investors
0.6%Month■ Trading Volume by Trade Type of Investors(mini TOPIX Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

30,000Jan.-Jun.
2013

0■ mini-TOPIX Futures ADV・Open Interest

Securities Firms
6.4%

50,00025,00040,00020,000Individual
Investors
4.6%

30,00015,000Foreign Investors
88.9%

20,00010,000Jan.-Jun.
2013

10,0005,000
0Securities Firms
21.8%

500,000

100,000

03

Individual
Investors
20.6%

0■ TOPIX Futures ADV・Open Interest
Trading Volume(Contracts)

Jan.-Jun.
2013

Foreign Investors
68.6%

600,000

600,000

0Securities Firms
10.3%

1,000,000

1,000,0000Others
0.1%

1,600,000

0809

10Year11121234560Month2July, 2013

Others 0%
Index
Options

Securities Firms 0%Trust■ Nikkei 225 Options ADV・OpenBanks Interest
0%
Trading Vol.
(contracts)

Insurance
Firms 0%

Trading Volume(Put)Trading Volume(Call)
Open Interest(End of Year/Month)

400,000
350,000■ TOPIX Options ADV・Open Interest

Open Interest(contracts)

Trading Vol.
(contracts)

Investment
Trusts 0%

ForeignInvestors 300,0000%BusinessFirms 0%

Securities Firms

200,000

2,000,000
IndividualInvestors 0%

Investment Trusts

50,0000304

Individual Investors
0506

0708

09

10111212Foreign Investors
Year

1,000,000

34580

56%

40

28%

2007

08
09
Year

Securities
Firms
12.1%

1006006

04

05

06

10110708

09

10111212121334560Month■ Trading Volume by Trade Type of Investors

Nikkei 225 VI(Points)

84%

05

03

Year

Securities Firms
証券会社
HV Trust Banks Nikkei 225HV 信託銀行（%）
Insurance Firms
生保・損保
TOPIX HV140%Investment Trusts
Nikkei 225 VI 投資信託
Business Firms
事業法人
Individual Investors
個人
Foreign Investors
海外投資家
112%Others
その他

04

10,000Month■ HV of TOPIX and Nikkei 225 and Nikkei 225 VI

03

20,00000

630,000

500

Others0%40,0001,000

Business Firms

050,000

1,500

Insurance Firms

100,000

60,0002,000

3,000,000

Trust Banks

150,000

70,0002,500

4,000,000

250,000

Open Interest(contracts)

Trading Volume(Put)Trading Volume(Call)
Open Interest(End of Year/Month)

3,000

5,000,000

TrustBanks
0.7%

Investment
Trusts0.1%

BusinessFirms
1.4%

IndividualInvestors
11.9%

ForeignInvestors
73.8%

Others0.2%

Nikkei 225
Options
Securities Firms
1.9%

Trust Banks
0.2%

Foreign Investors
97.8%

TOPIX
Options

00%

20%

40%

60%

80%

100%

*Each share of Trust Banks/Insurance Firms/Investment Trusts is less than 0.1%.

Single Stock Options■ Trading Volume by Trade Type of Investors(Single Stock Options)■ Single Stock Options ADV・Open Interest
Trading Vol.
(contracts)

Open Interest(contracts)

Trading Volume(Block Trade)
Trading Volume(Auction)
Open Interest(End of Year/Month)

9,000
8,000

500,000

7,000

Securities Firms20.5%

400,000

6,000
5,000

300,000

4,000

Jan.-Jun.
2013

Foreign Investors
66.9%

BusinessFirms
10.4%

200,000

3,000
2,000

100,000

1,000
0Others
0.1%

600,000

03

04

05*Share
06 of07 Business
08 09 Firms
10 11is less121
20.1%.
34
thanYear

56

IndividualInvestors
2.1%

0Month■ Trading Volume by Underlying Securities（Jan.〜Jun.2013）
Ranking CodeIssues

Trading
Volume■ HV (Top 3 Trading Volume by Underlying securities)

ShareHV（%）

18411

Mizuho Financial Group,Inc.

149,025 30.9%

28306

Mitsubishi UFJ Financial Group, Inc.

37,495

7.8%

37203

TOYOTA MOTOR CORPORATION

25,906

5.4%

48591

ORIX CORPORATION

22,300

4.6%

56758

SONY CORPORATION

18,995

3.9%

69437

NTT DoCoMo,Inc.

15,355

3.2%

77267

HONDA MOTOR CO.,LTD.

14,075

2.9%

89432

NIPPON TELEGRAPH AND TELEPHONE CORPORATION

13,804

2.9%

98316

Sumitomo Mitsui Financial Group,Inc.

13,1932.7%102914

JAPANTOBACCO
INC. Firms/Investment
11,556
2.4%*Each shareof Trust Banks/Insurance
Trusts/BusinessFirms is less than 0.1%.

Mizuho Financial Group,Inc.
Mitsubishi UFJ Financial Group, Inc.
TOYOTA MOTOR CORPORATION

80%

60%

40%

20%0%
201032011

Year2012

2013

July, 2013

JGB Futures■ 10-year JGB Futures(ADV)・Open Interest
Trading Vol.
(contracts)

Trading Volume
Open Interest (End of Year/Month)

60,000■ Trading Volume by Trade Type of Investors(10-yaer JGB Futures)Open Interest(contracts)

Securities Firms
48.1%

140,000
120,000

50,000Foreign Investors
40.7%

100,000

40,00080,00030,00020,00010,000080910111201020405

06

0Insurance Firms
0.1%Month1,2002501,000

200

800

150600

100

400

50200
11 12123452011

678910 11 12122012

3456

4,000,000

8,000

3,000,000

6,000

2,000,000

4,000

1,000,000

2,000002013

Contract Month0201303

300

10,0002012091,400

Delivery Settlement Vol.
(Contracts)

Total Trading Volume
Delivery Settlement Vol.

5,000,000

201203

3500

Total Trading Vol.
(Contracts)

1,600

201109Trading Volume
Open Interest (End of Month)400■ Trading Volume of Each 10-year JGB Futures contracts months・Delivery Settlement Volume

Open Interest(contracts)

201103

Trading Vol.
(contracts)

201009■ mini-10-year JGB Futures(ADV)・Open Interest

201003Year03

200909

07

Bankｓ
16.5%

20090306

Other Financials
0.5%20080905

20,00020080304

Trust Banks
0.2%

20070903

40,0002007030Jan.-Jun.
2013

Business Firms
0.1%

60,000JGB Options■ Trading Volume by Trade Type of Investors(Options on JGB Futures)■ Options on JGB Futures ADV・Open Interest
Trading Vol.
(contracts)

Open Interest(contracts)

Trading Volume(Put)Trading Volume(Call)
Open Interest(End of Year/Month)

14,00012,000

Others0.4%

25,000

Securities Firms
14.3%

20,00010,0008,000

15,000

6,000

10,000Jan.-Jun.
2013

Foreign Investors
61.1%

4,000
5,000

2,000
003

0405060708

091011120102

Year0304

0506

Bankｓ
24.2%

0Month■ Monthly Trading Volume and Exercise Volume■ HV・IVIV

Trading Vol.
(contracts)

HV

15%

Exercise Vol.(CALL)
Trading Vol.(CALL)

200,000
150,000

10%

Exercise Vol.
(contracts)

Exercise Vol.(PUT)
Trading Vol.(PUT)

20,000ＣＡＬＬ

15,000100,000

10,00050,0005,000

05%50,0005,000

100,000

10,000150,000
0%

03

04

05

06

070809Year

101112200,000

130ＰＵＴ
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6
2011

415,000

2012

20,0002013

July, 2013

Contract Specifications
ProductsTrading Hours
AuctionBlock Trade

Tick Size(point/¥)
AuctionBlock Trade

105
0.5
0.25
0.5
0.5
0.1
0.1
0.01
0.01
0.05
1
0.5
0.01
0.005
0.01

11
0.1
0.05
0.1
0.1
0.1
0.1
0.01
0.01
0.01
1
0.1
0.01
0.005
0.01

Nikkei 225 Futures
9:00〜15:15 8:20〜16:00
16:30〜3:00 16:30〜3:00
Nikkei 225 mini
TOPIX Futuresmini-TOPIX Futures
TOPIX Core30 Futures
9:00〜11:35
TSE REIT Index Futures
8:20〜16:00
11:45〜15:15
16:20〜23:30
TOPIX Banks Index Futures
16:30〜23:30
Nikkei 225 Dividend Index Futures
TOPIX Dividend Index Futures
TOPIX Core30 Dividend Index Futures
Nikkei 225 VI Futures
9:00〜15:15 8:20〜16:00
OSE DJIA Futures
9:00〜15:15 8:20〜16:00
16:30〜3:00 16:30〜3:00
RN Prime Index Futures
10-year JGB Futures
8:45〜11:02
8:20〜15:15
mini-10-year JGB Futures
12:30〜15:02
15:25〜23:30
15:30〜23:30
5-year JGB Futures(*1) 9 contract months between Jan. to Mar.
ProductsTrading Hours

Tick Size(point/¥)

AuctionBlock Trade

Nikkei 225 Options

9:00〜15:15
16:30〜3:00

determined by option price1 ( ¥50 or less)8:20〜16:00
16:30〜3:00 5 (over ¥50 to ¥1,000)
10 (more than ¥1,000)

TOPIX Options

9:00〜11:30 8:20〜16:00
11:45〜15:10 16:20〜23:30
16:30〜23:25

Single Stock Options

9:00〜11:30
12:30〜15:10

8:20〜16:00

AuctionBlock Trade

No. of Margin per Unit(¥)
Contract
Months (As of the end of Jun. 2013)

Unit＊ 1,000＊ 100＊ 10,000＊ 1,000＊ 1,000＊ 1,000＊ 10,000＊ 1,000＊ 10,000＊ 10,000＊ 10,000＊ 100＊ 10,000＊ 1,000,000＊ 100,000＊ 1,000,000

135533338(*1)
8(*1)
8(*1)
845333¥870,000¥87,000¥555,000¥55,500¥31,500¥83,000¥109,000¥8,000¥5,000¥3,500¥104,000¥38,100¥545,000¥1,020,000¥102,000¥300,000

No. of Minimum No. ofContract
Months Exercise Prices

Unit

Vendor Codes
Bloomberg

Reuters

QUICK

NKA<INDEX>NOA<INDEX>TPA<INDEX>TMIA<INDEX>TPCA<INDEX>TREA<INDEX>TZA<INDEX>NKYDIV<INDEX>TPXDIV<INDEX>TPXC30D<INDEX>JVIA<INDEX>ODAA<INDEX>AZA<INDEX>JBA<CMDTY>MJBA<CMDTY>JJA<CMDTY>

0#JNI:
0#JNM:
0#JTI:
0#JTM:
0#JTC:
0#JRT:
0#JBK:
0#JND:
0#JTD:
0#JRD:
0#JNV:
0#JDI:
0#JRN:
0#JGB:
0#JGM:
0#JMB:

101.555
111.555
151.555
159.555
171.555
155.555
348.555
112.555
178.555
179.555
145.555
144.555
140.555
601.555
611.555
604.555

Vendor Codes
Bloomberg

Reuters

QUICK

1＊ 1,000

1933（ATM±16）

NKY<index>OMON

0#JNI*.OS

OP2@

0.1

＊ 10,000813（ATM±6）

TPX<index>OMON

0#JTI*.TOPT@

determined by option price＊minimum trading
unit of underlying

45（ATM±2）(security code)＜EQUITY＞OMON

0#OPT*.T

KO@16＊ 1,000,000

3〜421（ATM±10）

JBA<CMDTY>OMON

0#JGB+

GB@

0.5 (*1)

8:45〜11:00 8:20〜15:15
Options on JGB Futures
12:30〜15:00 15:25〜23:30
15:30〜23:25(*1) 0.1 when option's price is under 20 points

0.010.01

Trading Fees (as of July 16, 2013)
Products

Nikkei 225 Futures

Nikkei 225 mini

TOPIX Futures
TOPIX Banks Index Futuresmini-TOPIX Futures
TOPIX Core30 Futures
TSE REIT Index Futures
Nikkei 225 Dividend Index Futures
TOPIX Dividend Index Futures
TOPIX Core30 Dividend Index Futures

Exchange Trading Fees (Rate)

Regular Trade

Regular Trade

Regular Trade

Fee rate calculated by the table below using monthly
average trading volume of 3 months from 4 months prioruntil 2 months prior(Customer)｜(Prop)
0 - 9,999 ：¥110 ｜ ¥ 70
10,000 - 49,999：¥ 70 ｜ ¥ 35
50,000 - 99,999：¥ 40 ｜ ¥ 20
100,000 - 149,999：¥ 25 ｜ ¥ 15
150,000 ：¥ 15 ｜ ¥ 10
Fee rate calculated by the table below using monthly
average trading volume of 3 months from 4 months prioruntil 2 months prior(Customer)｜(Prop)
0 - 99,999 ：¥11 ｜ ¥ 7
100,000 - 499,999 ：¥ 8 ｜¥6500,000 - 999,999 ：¥ 6 ｜¥4
1,000,000 ：¥ 4 ｜¥3
based on monthly volume threshold (per contract)0 - 100,000 : ¥ 55
100,001 - 300,000 : ¥ 35
300,001- : ¥ 20

Regular Trade¥7 per contract

Regular Trade¥7 per contract (discounted fee：Originally ¥40）

Nikkei 225 VI Futures

Regular Trade¥80 per contract

OSE DJIA Futures

Regular Trade¥40 per contract

Regular Trade¥29 per contract

RN Prime Index Futures
10-year JGB Futures
5-year JGB Futuresmini-10-year JGB Futures

Nikkei 225 Options（Reference）Clearing Fees of JSCC
Regular Trade¥20 per contract

SQ Settlement¥130 per contract

Regular Trade¥2 per contract

SQ Settlement¥13 per contract

Regular Trade¥20 per contract

SQ Settlement¥57 per contract

Regular Trade¥2 per contract

SQ Settlement¥6 per contract

Regular Trade¥10 per contract

SQ Settlement¥30 per contract

Regular Trade¥20 per contract
SQ Settlement¥100 per contract
Regular Trade¥5 per contract
SQ Settlement¥45 per contract
Regular Trade¥16 per contract
SQ Settlement¥45 per contract
Regular Trade
Trade by Exercise of ¥49 per contract
Options on JGB Futures
Physical delivery¥132 per contract
Regular Trade¥5 per contract
Final settlement¥15 per contract

Regular Trade¥95 per contract
Trade by Exercise of ¥82 per contract
Options on JGB Futures
Physical delivery¥10 per contract
Regular Trade¥20 per contract

Regular Trade(*1)

Fee rate calculated by the table below using monthly
average trading value of 3 months from 4 months prior until
2 months prior
0 - less than ¥ 10 bil. ： 5.0 bp¥ 10 bil. - less than ¥ 25 bil. ： 3.5 bp¥ 25 bil. - less than ¥ 35 bil. ： 2.5 bp¥ 35 bil. ： 1.5 bp

Regular Trade(*1)
Exercise(*1)

0.5 bp per Trading Value
5.5 bp per amount to transfer by exercise

Regular Trade¥10 per contract
Exercise¥10 per contract
Regular Trade¥10 per contract
Single Stock Options
Regular Trade¥10 per contract
Exercise(*2)¥10 per contract
Regular Trade¥10 per contract
Options on JGB Futures
Regular Trade¥40 per contract
Exercise¥10 per Trading Volume of JGB Futures by Exercise(*1)The maximum fee is JPY 350 per trading unit. The maximum clearing fees are JPY 35 (Regular Trade) per trading unit and JPY 385 (Exercise) per trading unit.
(*2) Clearing fees for cash trading (trading value of cash trading by exercise × 0.000004) will be required additionally.
(Note) Give-up fees (JPY 5 per contract) will be required for Clearing Broker.(JPY 0.5 for mini-10-year JGB Futures, mini TOPIX Futures, TOPIX Core30 Futures, TSE REIT Index Futures,
Dividend Index Futures)(Note) TSE has set the transfer fee to JPY 5 per contract for the position transfers of 10-year JGB Futures and TOPIX Futures trading from NYSE Liffe to TSE.
TOPIX OptionsRegular Trade¥40 per contract

5July, 2013

Trading Data (Jan.-Jun. 2013)
Products

Trading Volume

ChangeNikkei 225 Futures

17,742,655
139,487,331
12,403,983
2,232,662
6,732
43,104
6,893
107,169
7,941
4,823
35,348,542
195,749
482,12205,337,011
13,449
1,097,313+76.1%+114.4%+61.4%+128.0%+56.2%+55.7%+96.9%+1175.8%+85.9%-41.5%+47.2%+2351.5%+118.8%−+18.0%-51.5%-18.2%

Nikkei 225 mini
TOPIX Futuresmini-TOPIX Futures
Futures
EquityTOPIX Core30 Futures
TSE REIT Index Futures
TOPIX Banks Index Futures
Nikkei 225 Dividend Index Futures
Nikkei 225 VI Futures
OSE DJIA Futures
Nikkei 225 Options

Options

TOPIX Options
Single Stock Options
5-year JGB Futures

BondFutures

10-year JGB Futuresmini-10-year JGB Futures

Options

Options on JGB Futures

Trading Value Exercise Volume Open Interest

2,262,491
1,786,622
1,316,033
23,753
39593
116
253
20
68
62,396718
43
0
7,680,961
1,937
2,136

−
−−
−−
−
−−−
−
1,563,554
25,527
85,274−−−54,895377,346645,547
539,233
20,159615
4,582
2,051
114,866416
72
4,156,361
50,733
152,733
086,899392
2,523(Contracts, ¥100million)

Trading RecordsContact

Nikkei 225 Futures
2013 (Jan.-Jun.)(Contracts, ¥)Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Price
Lowest Price(Date)

Historical(Contracts, ¥)448,005 （13/05/23）
63,657 （13/05/01）
653,496 （13/06/14）
349,620 （13/06/18）
16,000 （13/05/23）
10,350 （13/01/04）(Date)

739,909 （99/12/07）
0 （94/01/31）
684,617 （08/03/14）
10,450 （88/09/09）
39,820 （89/12/27）
6,830 （08/10/28）

TOPIX Futures
2013 (Jan.-Jun.)(Contracts, Points)

Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Price
Lowest Price(Date)

Historical(Contracts, Points)

747,937 （13/06/11）
45,243 （13/01/21）
705,332 （13/06/12）
419,995 （13/01/07）
1,301.5 （13/05/23）
856.5 （13/01/04）(Date)

747,937 （13/06/11）
0 （94/01/31）
705,332 （13/06/12）
11,183 （88/12/08）
2,956.0 （89/12/18）
687.0 （09/03/13）

10-year JGB Futures
2013 (Jan.-Jun.)(Contracts, ¥)Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Price
Lowest Price(Date)

147,966 （13/06/07）
16,894 （13/05/09）
125,183 （13/05/24）
76,236 （13/06/18）
146.44 （13/04/05）
140.70 （13/05/23）

Tokyo Stock Exchange
Derivatives Department

2-1 Nihombashi-Kabuto-cho, Chuo-ku,
Tokyo 103-8220 Japan
Tel:+81-50-3377-7629
tdex-biz@tse.or.jp

New York Representative Office
Tel:+1-212-363-2350
contact@tsenyrep.com

London Representative Office
Tel:+44-(0)-20-7329-2155
tse@tseldn.co.uk

Singapore Representative Office
Tel:+65-6438-5100
sintse@ntti.net.sg

Historical(Contracts, ¥)● Tdex Square：http://www.tse.or.jp/english/rules/derivatives/tdex_sq/index.html● Trading Calendar：http://www.tse.or.jp/english/
rules/derivatives/calendar/index.html●Daily Report：http://www.tse.or.jp/english/market/
data/daily/●Daily Information for Option Contracts：http://www.
tse.or.jp/english/market/eqderiv/option/e-stprice.html(Date)

211,110 （07/06/07）
510 （85/10/28）
310,415 （00/02/08）
14,585 （85/12/12）
146.44 （13/04/05）
87.08 （90/09/27）

Beijing Representative Office
Tel : +86-10-8517-1128
tsebjrep@tsebjrep.com.cn

Osaka Securities Exchange

Market Planning & Development Dept.
Tel: +81-3-3665-4152
marketing_intl@ose.or.jp*Figures refer only to days when trading volume is not 0.
Disclaimer : The descriptions 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 of futures and/or options, etc. and the entire deposited margin or a portion of such may be lost. Losses may also exceed the deposited
margin. Investors must carefully review the documents provided by their financial services provider before trading futures and/or options, 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. Whilevery effort is taken to ensure the accuracy of the information contained in this publication, Japan Exchange Group, Inc. and its subsidiaries shall not guarantee andbe liable for any damages caused by any errors or omissions in this publication. Japan Exchange Group, Inc. and its subsidiaries reserve the right to change thecontents of this publication without prior notice.

Copyright Ⓒ Japan Exchange Group, Inc. 2013 All rights reserved.

6July, 2013