TSE Derivatives Market Highlights
January 1, 2003〜December 31, 2003

Price Movements

1501600
1400

1401200
1000

130800120600
400

1105.04.03.02.01.0

10-year JGB Yield(%)※

1800
TOPIX Futures(points)

160

JGB Futures
10-year JGB Yield
TOPIX Futures

10-year JGB Futures(￥)

2000

2000100
939495969798

9900

01020.003

Year※Source：QUICK

Largest Day-to-Day Fluctuations（1.1.03〜12.31.03）
TOPIX Futures

UpDown10-year JGB Futures

Change (%)

Price12345+36.5（+3.5%）

1066.5 （10.02.03）
948.0 （07.02.03）
863.0 （01.06.03）
1072.5 （11.04.03）
1063.5 （09.16.03）

12345-59.0（-5.5%）+32.0（+3.5%）+28.5（+3.4%）+26.0（+2.5%）+25.5（+2.5%）-44.0（-4.4%）-38.5（-4.7%）-33.0（-3.1%）-32.5（-3.3%）

Date1012.0 （10.23.03）
962.0 （11.17.03）
779.5 （03.31.03）
1048.0 （10.08.03）
941.5 （07.11.03）

Up

Down

Change

Price

12
34
5

1.45

138.50 （09.22.03）
137.60 （11.11.03）
136.16 （09.04.03）
136.00 （09.11.03）
143.35 （06.20.03）

123
35

-1.63

1.27
1.06
1.00
0.95-1.36
-1.33
-1.33
-1.25

Date

139.65 （07.03.03）
142.40 （06.19.03）
138.22 （08.19.03）
134.82 （09.02.03）
136.15 （09.01.03）

Trading Data（1.1.03〜12.31.03）（units, ￥100mil.）Futures
EquityProduct

Trading Volume

Change

TOPIX Futures

9,359,047
724
140,331
98,137
296,574
6,465,073
972,518

31%
55%-1%5%-3%2%-6%

TOPIX Electric Appliances
Index Futures
TOPIX Banks Index Futures

Options

TOPIX Options
Equity Options

Futures 10-year JGB Futures
BondOptions

Options on 10-year
JGB Futures

Trading Value

Exercise Volume861,929―113―2,045―

1390

21

41,546

8,963,973

―

2,925

82,858Open Interest

295,606200
201
490
15,90550,84917,051January 2004

1

Stock Index Futures, Stock Index Options & Equity Options●TOPIX Futures■Open Interest■Trading Volume（Daily Average）（Trading Volume : thous. units）（Market Share）

100

TOPIX
Nikkei 225※80

TOPIX market share（Open Interest : thous. units）（Market Share）

70％

60％

350

50％

300

Nikkei 225※

60％

250

TOPIX market share

50％

40％

60

TOPIX

200

40％

150

30％

30％
4020％

20088

899091929394

95 96
Year9798

99000102

10020％10％

5010％0％003

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03
Year0％※Source: Osaka Securities Exchange Web Site etc.

■Trading Volume by Type of Investor（Stock Index Futures）（Jan. 03〜Dec. 03）●TOPIX Options

Others1％■Trading Volume（Daily Average）& Open Interest（Trading Volume：units）

Foreigners
30％（Open Interest：thous. units）

12
1000

Trading Volume（Put）

600
400
200

6

Investment Trusts
2％4Life & Non-Life Ins. Cos.
2％

90919293949596 97Year989900

010256％

Trust BK9％2892003(Jan.〜Dec.) Securities Cos.

Business Cos.
0％

8Open Interest0

Individuals 0％

10

Trading Volume（Call）

800003●Equity Options■Trading Volume by Type of Investor（Jan. 03〜Dec. 03）■Trading Volume（Daily Average）& Open Interest（Trading Volume：units）

2000（Open Interest：thous. units）

120

Trading Volume（Put）
Trading Volume（Call）

1500

Others 8％

Foreigners
5％100
Individuals 9％Open Interest

80
1000

Securities Cos.
2003
47％
(Jan.〜Dec.)

60
40

Business Cos.
19％

500
200

Investment Trusts
1％097

98

9900

0102

Life & Non-Life Ins. Cos.
4％03

Year

Trust BK7％

■Trading Volume by Underlying Stock（1.1.03〜12.31.03）
Ranking

1234
5678910

Code/Issue

Trading Volume

Share62,365
48,127
15,420
11,206
10,227
10,201
6,916
6,720
6,598
5,728

21%
16%
5%4%3%3%2%2%2%2%

8411 Mizuho FG
9437 NTT DoCoMo
9432 NTT
4502 Takeda Chemical
7203 Toyota Motor
9501 Tokyo Electric Power
9101 Nippon Yusen
8307 UFJ Holdings
9433 KDDI
8306 Mitsubishi Tokyo FG■Trading Volume by Individuals (Daily Average)（Trading Volume：units）

250
Trading Volume（Put）

200

Trading Volume（Call）

150
100
5009798

9900
Year010203January 2004

2JGB Futures & Options on JGB Futures●JGB Futures（10 year）■Trading Volume by Type of Investor（JGB Futures）（Jan. 03〜Dec. 03）■Trading Volume（Daily Average）& Open Interest（Trading Volume：¥100bil.）100（Open Interest：¥100bil.）

250

Trading Volume
Open Interest

80

20060

150

40100

20500

Others 2％Foreigners
25％

85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03
Year

2003
(Jan.〜Dec.)

Securities Cos.
44％

Banks
29％0

●Options on 10-year JGB Futures■HV of JGB Futures & IV of Options on JGB Futures■Trading Volume（Daily Average）& Open Interest（Trading Volume：thous. units）

15％（Open Interest：thous. units）

20

Trading Volume（Put）

HVIV70

Trading Volume（Call） 60

15Open Interest

10％50
40

10305％
20

51009091929394

95

96 97
Year

98

9900

01

02

03

0％093

94

95

96

97

98

9900

010203Year

Contract Specifications（as of December 31, 2003）
Product

Trading Hours（Auction）

Trading Hours（Off-Auction）

Minimum
Fluctuation

5¥ 285,000

× 1,000

3¥ 28,000

TOPIX Electric Appliances
Index Futures

× 10,000

3¥ 710,000

0.1× 10,000

3¥ 115,000

0.01× 1,000,000

3¥ 530,000

0.01

× 1,000,000

3¥ 1,450,000

Auction：0.5
Morning Session： 9:00〜11:00
Afternoon Session：12:30〜15:10

8:20〜16:00

TOPIX Banks Index Futures
5-year JGB Futures

Morning Session：9:00〜11:00
Afternoon Session：12:30〜15:00

10-year JGB Futures

Evening Session：15:30〜18:00

Product

Trading Hours（Auction）

TOPIX Options
Equity Options
Options on 10-year
JGB Futures

Morning Session： 9:00〜11:00
Afternoon Session：12:30〜15:10

9:00〜11:20
12:30〜15:20
15:30〜18:20

Off-Auction：0.1

Minimum Fluctuation

Contract
Trading Unit No. ofMonths
Minimum No. of Exercise Prices0.5 （more than 5 point）
0.1（5 point or less）
determined by that day's minimum
underlying stock price× 10,000

49（ATM±4）minimum
trading unit ofunderlying stock

45（ATM±2）

0.01

× 1,000,000

3〜4Serial Months：11（ATM±5）
Quartery Months：7（ATM±3）

Morning Session：9:00〜11:00
Afternoon Session：12:30〜15:00
Evening Session：15:30〜18:00

Margin per unit
（10.15. 03 ― 1.18. 04）

× 10,000

TOPIX Futures
S&P/TOPIX150 Futures

Contract
Trading Unit No. ofMonths

January 20043News
date

Equity Derivatives

Bond Derivatives

Jan. 2003 Amendment of TSE Disclosure Document Regarding Offer andSale of TSE Equity Options & Stock Index Options in the U.S.

Amendment of Agreement for setting up futures/options trading accounts, in accordance withSecurities Exchange Law amendments

Apr. 2003 Delisting of equity option contracts (10 underlying stocks) due
to trading inactivity during fiscal 2002

May. 2003 Amendment to the rule regarding the entry date into TOPIX
for issues newly listed on TSE, but already listed on anotherexchange

Annual renewal of position limits for equity option contracts
Reached a record high price for 10-year JGB Futures (145.28yen)

Jun. 2003
Aug. 2003 Addition to rule regarding the method for inclusion of newly

listed companies with extremely large market capitalizations
into the TOPIX and its sub-indicesSep. 2003

Amendment to the rule regarding the method for determining settlement prices of futures contracts
Commencement of real-time dissemination of TOPIX 1000,
Tokyo Stock Exchange Mothers Index and Tokyo Stock
Exchange REIT Index

Dec. 2003

Amendments to the rule regarding transfer of derivatives clearing functions to the JSCC
(Japan Securities Clearing Corporation) (effective February 2, 2004)
Reached a record high for daily trading volume of TOPIX
futures (324,528 contracts)

Trading Records
TOPIX Futures

JGB Futures
株 式 派 生(10商 品 year)

2003(Jan.〜Dec.)(units, point）

date

Historical(units, point）

2003(Jan.〜Dec.)

datedate

Lowest Price

324,528 （12/10/03）
10,331 （12/25/03）
388,101 （12/12/03）
233,926 （03/19/03）
1,113.5 （10/21/03）
766.0 （03/17/03）

Limit Up

none

Limit Up

none

Limit Down

none

Limit Down

none

Emergency Margin Deposit

Jun. 19, 20, 30, Jul. 3
Sep. 4, 22, 30
Oct. 23, Nov. 11, 17
none

Emergency Margin Deposit

Jun. 19, 20, 30, Jul. 3
Sep. 4, 22, 30
Oct. 23, Nov. 11, 17Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Price

Temporary Trading Halt

324,528 （12/10/03）
0 （01/31/94）
388,101 （12/12/03）
11,183 （12/08/88）
2,956.0 （12/18/89）
766.0 （03/17/03）(¥100 mil., ¥）Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Price
Lowest Price

83,718 （06/19/03）
7,241 （12/22/03）
100,038 （09/03/03）
37,225 （01/06/03）
145.28 （06/11/03）
134.09 （09/03/03）

Historical(¥100 mil., ¥）date

154,112 （09/06/89）
510 （10/28/85）
310,415 （02/08/00）
14,585 （12/12/85）
145.28 （06/11/03）
87.08 （09/27/90）＊Figures refer only to days when trading volume is not 0.

No. of Trading Participants: General Trading Participant: 108/ Stock Index Futures Trading Participant: 2/ JGB Futures Trading Participant: 78/
Equity Options Trading Participant: 0 (as of 12.31.2003)

TSE Web Site

TOPIX/JGB Futures & Options Club Email Service

Our web site provides an introduction to TSE and provides easy accessto regularly updated information about our market.

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
emailed directly to registered members for free.

http://www.tse.or.jp/english/index.shtml

http://www.tse.or.jp/english/option/mlservice/topix̲appli.html【Equity derivatives】

http://www.tse.or.jp/english/option/mlservice/jgb̲appli.html【Bond derivatives】

TOKYO STOCK EXCHANGE, INC.
Derivatives Department

2-1 Nihombashi-Kabuto-cho, Chuo-ku,
Tokyo 103-8220 Japan
Tel:+81-3-3665-1385 Fax:+81-3-3661-9113
derivatives@tse.or.jp

London Representative Office

4th Floor, Peninsular House, 36 Monument Street,London EC3R 8LJ UK
Tel:+44-20-7236-0885 Fax:+44-20-7489-1273
tse@tseldn.co.uk

New York Representative Office

45 Broadway, 12th Floor, New York, NY 10006 USA
Tel:+1-212-363-2350 Fax:+1-212-363-2354
contact@tsenyrep.com

Singapore Representative Office

16 Raffles Quay, #11-02, Hong Leong Building, Singapore
048581
Tel:+65-6438-5100 Fax:+65-6438-5800
sintse@ntti.net.sg

Copyright (c) 2004 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 asinvestment advice. TSE reserves the right to change the contents of this publications without notice.

January 2004

4