JPX Derivatives Market Highlights
January 1, 2018 ― June 30, 2018
Market Overview■ TOPIX and Trading Value of TSE 1st Section (Daily Average)
TOPIX(points)

Trading Value(¥ trillion)

TOPIX

Trading Value (1st sec.)
U.S. Presidential Election
Consumption Tax Increased(Nov 8, 2016)
from 5% to 8% (Apr 1, 2014)

2,500 Bankruptcy of Lehman Brothers(Sep 15, 2008)

5.0

Brexit Referendum(Jun 23, 2016)

2,000

4.0

Landslide Victory of the LDP (Dec 16, 2012)

1,500

3.0

1,000

2.0

500

1.0
0.0

0
08

09

10

11

12

13
Year

14

15

16

17

18

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

JGB Futures (¥)

10-year Interest Rate
20-year Interest Rate

170

Announcement of Negative
Interest Rates by BOJ(Jan 29, 2016)

Quantitative and Qualitative
Monetary Easing by BOJ(Apr 4, 2013)

165

Interest Rate (%)
Introduction of
3.0
Yield Curve Control
by BOJ
2.5(Sep 21, 2016)

160

2.0

Additional QQE by BOJ
by BOJ (Oct 31, 2014)

155

1.5

150
1.0

Bankruptcy of Lehman Brothers

145 (Sep 15, 2008)

0.5

140

0.0

135
20-year JGB Futures Specs Change (Jul 6, 2015)

130
08

09

10

11

12

13
Year

14

15

16

-0.5
17
18
*Source：Ministry of FinanceIndex Futures■ Nikkei 225 Futures ADV・Open Interest
Trading Vol.
(contracts)

Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

180,000■ Trading Volume by Type of Investors (Nikkei 225 Futures)
Others0.3%

800,000

160,000

700,000

140,000

600,000

120,000

Securities Firms
14.8%
City/Regional
Banks,etc.
0.9%
Trust Banks
2.2%

500,000

100,000

400,000

80,000Foreign Investors
69.5%

300,000

60,00040,000200,000

20,000100,000

0
09

10

11

12

13

Year

14

15

16

17

1

2

3

4

5

Insurance Firms
0.1%
Investment Trusts
3.3%
Business Firms
0.4%

0
08

Jan - Jun
2018

Individual
Investors
8.5%

6

Month

1

July, 2018

Index Futures■ Nikkei 225 mini ADV・Open Interest
Trading Vol.
(contracts)■ Trading Volume by Type of Investors (Nikkei 225 mini)
Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

1,800,000

Others0.1%

1,200,000

1,600,000

1,000,000

1,400,000
1,200,000

800,000

1,000,000

600,000

800,000
600,000

Jan - Jun
2018

Foreign Investors
75.9%

400,000

400,000

Individual
Investors
18.6%

200,000

200,000
0

Securities Firms
5.0%
City/Regional
Banks,etc.
0.1%
Trust Banks
0.1%
Investment
Trusts0.1%
Business Firms
0.4%

0
08

09

10

11

12

13

14

15

16

17

1

2

Year

3

4

5

6

Month

■ TOPIX Futures ADV・Open Interest
Trading Vol.
(contracts)■ Trading Volume by Type of Investors (TOPIX Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

200,000

Others0.2%

800,000

180,000

Securities Firms
18.9%

700,000

160,000

City/Regional
Banks,etc.
0.3%600,000

140,000
120,000

500,000

100,000

400,000

80,000300,000

60,000Trust Banks
2.7%

Jan - Jun
2018

Foreign Investors
74.9%

Investment
Trusts2.3%

200,000

40,000100,000

20,0000

Business Firms
0.1%

0
08

09

10

11

12

13

14

15

16

17

1

2

Year

3

4

5

6

Individual
Investors
0.5%

Month

■ mini-TOPIX Futures ADV・Open Interest
Trading Vol.
(contracts)■ Trading Volume by Type of Investors (mini-TOPIX Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

30,000

Others0.1%

80,000

Securities Firms
7.0%
Trust Banks
0.9%

70,00025,000Investment
Trusts0.4%

60,00020,00050,00040,00015,000Foreign Investors
83.6%

30,00010,000Jan - Jun
2018

Business Firms
0.3%
Individual
Investors
7.8%

20,0005,000

Insurance Firms
0.2%

10,000

0

0
08

09

10

11

12

13

14

15

16

17

1

Year

2

3

4

5

6

Month

■ JPX-Nikkei 400 Futures Monthly ADV・Open Interest
Trading Vol.
(contracts)

Open Interest(contracts)

Trading Volume (Monthly)Open Interest (End of Year/Monthly)

70,000■ Trading Volume by Type of Investors (JPX-Nikkei 400 Futures)

300,000

60,000

Securities Firms
17.4%

250,000

50,000City/Regional
Banks,etc.
0.1%

200,000

40,000150,000
Foreign Investors
75.0%

30,000100,000

20,00010,000
0
14

15

16

Year

17

1

2

3

4

5

Jan - Jun
2018

Trust Banks
2.4%
Investment
Trusts2.3%

50,000Business Firms
0.1%

0Individual
Investors
2.8%

6

Month

2

July, 2018

Index Futures■ TSE Mothers Index Futures ADV・Open Interest
Trading Vol.
(contracts)

Trading Volume
Open Interest (End of Year/Month)

3,500■ Trading Volume by Trade Type of Investors (TSE Mothers Index Futures)Open Interest(contracts)

Others0.5%

14,0003,000

12,0002,500

10,000

2,000

8,000

1,500

6,000

1,000

4,000

500

2,000

0

Jan - Jun
2018

17

1

2

3

Year

4

5

6

Business
Firms
1.1%

Month

■ Trading Volume by Type of Investors (Nikkei VI Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

1,000

Investment
Trusts0.4%

Individual
Investors
34.7%■ Nikkei 225 VI Futures ADV・Open Interest
Trading Vol.
(contracts)

Trust Banks
2.7%
Insurance Firms
0.1%

0
16

Securities Firms
26.6%

Foreign Investors
34.0%

Others
0.1%

8,000

900

7,000

800

6,000

700
600

5,000

500

4,000

400

3,000

300

Foreign Investors
26.1%
Securities Firms
54.8%

Jan - Jun
2018

2,000

200

Individual
Investors
18.6%

1,000

100

0

0
12

13

14

15

16

17

1

2

3

Year

4

5

Business Firms
0.4%

6

Month

■ DJIA Futures ADV・Open Interest
Trading Vol.
(contracts)■ Trading Volume by Trade Type of Investors (DJIA Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

2,000

Others
0.1%

4,000

1,800

Securities Firms
4.1%
Business Firms
0.9%

3,500

1,600

3,000

1,400
1,200

2,500

1,000

2,000

800

1,500

600

Jan - Jun
2018

Foreign Investors
53.7%

Individual
Investors
41.3%

1,000

400

500

200
0

0
12

13

14

15

16

17

1

2

3

Year

4

5

6

Month

■ Nikkei 225 Dividend Index Futures ADV・Open Interest
Trading Vol.
(contracts)

Trading Volume
Open Interest (End of Year/Month)

600
500

■ TSE REIT Index Futures ADV・Open Interest

Open Interest(contracts)

Trading Vol.
(contracts)

160,000

3,500

140,000

3,000

120,000
400

Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

30,00025,0002,500

100,000

20,0002,000

80,000300

15,0001,500

60,000

200
100

0
10

11

12

13

14

Year

15

16

17

1

2

3

4

5

5,000

500

20,0000

10,0001,000

40,000

0

0
08

6

09

10

11

12

13

Year

Month

3

14

15

16

17

1

2

3

4

5

6

Month

July, 2018

Index Options■ Nikkei 225 Options ADV・Open Interest
Trading Vol.
(contracts)

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

300,000■ Trading Volume by Type of Investors (Nikkei 225 Options)

Open Interest(contracts)

Securities Firms
10.7%
City/Regional
Banks,etc.
1.7%

Others0.2%

4,000,000
3,500,000

250,000
200,000

3,000,000

Trust Banks
1.0%

2,500,000

Insurance Firms
0.4%

2,000,000

150,000

1,500,000

100,000

Jan - Jun
2018

Foreign Investors
73.5%

Investment
Trusts0.1%
Business Firms
0.7%

1,000,000
50,000500,000
Individual
Investors
11.7%

0

0
08

09

10

11

12

13

14

15

16

17

1

2

Year

3

4

5

6

Month

■ Nikkei 225 Weekly Options ADV・Open Interest
Trading Vol.
(contracts)

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

3,500■ TOPIX Options ADV・Open Interest

Open Interest(contracts)

Trading Vol.
(contracts)

8,000

1,800

7,000

3,000

Open Interest(contracts)

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

90,00080,0001,500

70,000

6,000

2,500

1,200

5,000

2,000

3,000

1,000

50,000

900

4,000
1,500

60,00040,000600

30,000

2,000

500
0
16

17

1

2

3

Year

4

5

10,0000

0
15

20,000

300

1,000

0
08

6

09

10

11

12

13

14

15

16

17

Year

Month

1

2

3

4

5

6

Month

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

9,000
8,000

600,000
500,000

7,000
6,000

Securities Firms
25.7%

400,000

5,000

300,000

4,000

Foreign Investors
49.7%

Jan - Jun
2018

200,000

3,000
2,000

Business
Firms
16.6%

100,000

1,000

0

0
08

09

10

11

12

13

14

15

16

17

1

Year

2

3

4

5

Individual Investors
7.9%

6

Month

■ Trading Volume by Underlying Securities（2018）
Rank Code

Underlying Security

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

Share

1

1321

Nikkei 225 Exchange Traded Fund 122,090 23.0%

2

4689

Yahoo Japan Corporation

HV(20d,%)

100
90

105,180 19.8%

3

8306

Mitsubishi UFJ Financial Group,Inc.

92,604 17.4%

4

7261

Mazda Motor Corporation

73,140 13.8%

5

9984

SoftBank Group Corp.

17,422

Nikkei 225 Exchange Traded Fund
（1321）
Yahoo Japan Corporation（4689）
Mitsubishi UFJ Financial Group,Inc.
（8306）

80
70
60
50

3.3%

40

6

1605

INPEX CORPORATION

14,000

2.6%

7

5713

Sumitomo Metal Mining Co.,Ltd.

13,890

2.6%

20

8

6502

TOSHIBA CORPORATION

13,001

2.4%

10

9

7733

OLYMPUS CORPORATION

6,150

1.2%

10

9107

Kawasaki Kisen Kaisha, Ltd.

5,000

0.9%

30

0
16

17

18
Year

4

July, 2018

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 Type of Investors(10-year JGB Futures)Open Interest(contracts)

Others1.4%

160,000

Securities Firms
26.9%

140,000

50,000120,000
40,000100,000

30,00080,00060,00020,000Jan - Jun
2018

Foreign Investors
60.8%

40,00010,000

Bankｓ
10.8%

20,000

0

0
08

09

10

11

12

13

14

15

16

17

1

2

Year

3

4

5

6

Month

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

Trading Volume
Open Interest (End of Year/Month)200■ 20-year JGB Futures ADV・Open Interest

Open Interest(contracts)

Trading Vol.
(contracts)

700

Open Interest(contracts)

Trading Volume
Open Interest (End of Month)

15

150

600
150

500

10

100

5

50

400
100
300
200

50

100
0

0

0
11

12

13

14

15

16

17

1

2

Year

3

4

5

0
15

6

Month

16

17

1

2

3

Year

4

5

6

Month

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

Open Interest(contracts)

Trading Volume (Put)12,000

Others0.6%

25,000

Trading Volume (Call)

Securities Firms
24.6%

Open Interest (End of Year/Month)

10,00020,0008,000
15,0006,000

Jan - Jun
2018

Foreign Investors
47.5%

10,000
4,000
5,000

2,000

Bankｓ
27.2%

0

0
08

09

10

11

12

13

14

15

16

Year

17

1

2

3

4

5

6

Month

■ Monthly Trading Volume and Exercise Volume■ S&P/JPX JGB VIX・10-year JGB Futures
S＆P/JPX
JGB VIX(%)

7

S＆P/JPX JGB VIX
10-year JGB Futures

Price
（¥）

Trading Vol.
(contracts)

155

120,000

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

154

6
5

40,000

2,000

151
0

150

3

149

2

2,000

40,000

4,000

148
1

80,000

147

0

146
16

17

6,000
4,000

152

4

8,000

ＣＡＬＬ

80,000153

Exercise Vol.
(contracts)

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

120,000

18
Year

ＰＵＴ
16

17

18

6,000
8,000

Year

5

July, 2018

Contract Specifications
Product

Trading Hours
AuctionBlock

Nikkei 225 Futures
Nikkei 225 mini
TOPIX Futuresmini-TOPIX Futures
JPX-Nikkei Index 400
Futures(JST)(JST)
TSE Mothers Index Futures 8:45～15:15 8:20～16:00
16:30～ 5:30 16:15～ 5:30
TOPIX Core30 Futures
TSE REIT Index Futures
(GMT)
(GMT)
TOPIX Banks Index Futures 23:45～ 6:15 23:20～ 7:00
RN Prime Index Futures
7:30～20:30 7:15～20:30
Nikkei 225 Dividend Index
(ET)
(ET)
Futures
18:45～ 1:15 18:20～ 2:00
TOPIX Dividend Index
2:30～15:30 2:15～15:30
Futures
TOPIX Core30 Dividend
Index Futures
DJIA Futures
FTSE China 50 Index
FuturesTAIEX Futures
Nikkei 225 VI Futures

5-year JGB Futures
10-year JGB Futuresmini-10-year JGB Futures

20-year JGB Futures

(JST)
N/A
8:45～15:15
(JST)
(JST)
9:00～15:15 8:20～16:00
16:30～19:00 16:15～19:00
(JST)
(JST)
8:45～11:02
8:20～15:15
12:30～15:02
15:25～ 5:30
15:30～ 5:30
(GMT)
(GMT)
23:45～ 2:02
23:20～ 6:15
3:30～ 6:02
6:25～20:30
6:30～20:30
(ET)
(ET)
18:45～21:02
18:20～ 1:15
22:30～ 1:02
1:25～15:30
1:30～15:30

Tick Size (point/¥)
Auction
Block
10
5
0.5
0.25

Unit

No. ofMargin per Unit (¥)
Contract
Months (As of the end of Jun. 2018)

Vendor CodeBloomberg
Reuters

QUICK* 1,000* 100* 10,000* 1,000

19
16
5
3¥660,000¥66,000¥450,000¥45,000

NKA<INDEX>NOA<INDEX>TPA<INDEX>TMIA<INDEX>

0#JNI:
0#JNM:
0#JTI:
0#JTM:

101.555
111.555
151.555
159.555

5

* 100

5

¥40,000 JPWA<INDEX>

0#JN4F:105.555

1
0.5
0.5
0.1
0.5

* 1,000* 1,000* 1,000* 10,000* 10,000

5
3
3
3
5

¥52,000 MROA<INDEX>¥20,500 TPCA<INDEX>¥38,000 TREA<INDEX>¥52,000 TZA<INDEX>¥335,000 AZA<INDEX>

0#JMI:
0#JTC:
0#JRT:
0#JBK:
0#JRN:

154.555
171.555
155.555
348.555
140.555* 1,000

8 (*1)¥13,800

INTA<INDEX>

0#JND:

112.555

0.01* 10,000

8 (*1)¥8,900

TDIA<INDEX>

0#JTD:

178.555

0.01* 10,000

8 (*1)¥7,500 TCDA<INDEX>

0#JRD:

179.555

1

* 100

4

¥56,600 ODAA<INDEX>

0#JDI:

144.555

5

* 100

4

¥70,500 OFCA<INDEX>

0#JFC:

148.555

1

* 100

5

¥19,100 OFTA<INDEX>

0#TJW:

147.555

0.05* 10,000

8¥50,000

JVIA<INDEX>

0#JNV:

145.555

0.01* 1,000,000

3¥110,000JJA<CMDTY>

0#JMB:

604.555* 1,000,000

3¥390,000JBA<CMDTY>

0#JGB:

601.555

0.005* 100,000

3¥39,000 MJBA<CMDTY>

0#JGM:

611.555

0.01* 1,000,000

3¥720,000 JJAA<CMDTY>

0#JTB:

602.555

Unit

No. ofContract
MonthsMinimum No. of
Exercise Prices

Vendor CodeBloomberg
Reuters

QUICK

25

nearest 3 contract
months : 49
(ATM±24)the other contract
months : 33
(ATM±16)0.1

0.00010.01
0.0001(*1) 9 contract months between Jan. to Mar.

Product

Trading Hours
AuctionBlock

Tick Size (point/¥)
Auction
Block

Regular
Options
Nikkei 225
Options
WeeklyOptions

TOPIX Options<depending on theoption price>¥100 or less : 1
(JST)
(JST)
9:00～15:15 8:20～16:00 above ¥100 to ¥1,000 : 5
above ¥1,000 : 10
16:30～ 5:30 16:15～ 5:30
(GMT)
(GMT)
0:00～ 6:15 23:20～ 7:00
7:30～20:30 7:15～20:30
(ET)
(ET)
19:00～ 1:15 18:20～ 2:00
2:30～15:30 2:15～15:30

JPX-Nikkei Index 400
Options

Single Stock Options-Single Stocks-ETFs-REITs

9:00～11:35
12:30～15:15

Options on JGB Futures

8:45～11:02
8:20～15:15
12:30～15:02
15:25～ 5:30
15:30～ 5:30

Flexible Options
Nikkei 225 Options
JPX-Nikkei Index 400 Options
TSE REIT Index Options (*1)
TOPIX Options
TOPIX Banks Index Options (*1)
Single Stock Options-Single Stocks-REITs-ETFs

8:20～16:00

Trading Hours
AuctionBlock* 1,000

0.000117 (ATM±8)<depending on theoption price>
20pts or less : 0.1
above 20pts : 0.5* 10,000

19

nearest 3 contract
months : 19
(ATM±9)the other contract
months : 13
(ATM±6)<depending on theoption price>
50pts or less : 1
above 50pts : 5* 1,000

19

depending on theoption price<dependingon thetrading unit
* minimumof thetrading unit
underlying>of theeven
underlying
number: 0.1
odd number:
1

0.01

0.0001

Tick Size (point/¥)
AuctionBlock

8:20～20:00
N/A

Nearest4 weekly
contracts(except
for the2nd
Friday)N/A

0.0001NKY<INDEX>OMON

0#JNI*.OS

OP2@

Week1
Week1
WNKYA <Index> 0# JNI1W*.OS
Week3
Week3
WNKYC <Index> 0# JNI3W*.OS
OPW@
Week4
Week4
WNKYD <Index> 0# JNI4W*.OS
Week5
Week5
WNKYE <Index> 0# JNI5W*.OS

TPX<INDEX>OMON

0#JTI*.OS

OPT@

17 (ATM±8)

JPNK400<INDEX>
0#JN4O*.OS
OMON

OP4@

4

5 (ATM±2)(security code) 0#(security
KO@15<EQUITY>OMON code)*.OS* 1,000,000

3～4

21 (ATM±10)

JBA<CMDTY>
OMON

Unit

Contract
Month

Strike Price

Vendor CodeBloomberg

0.01 (*3)

ERH OSA

* 1,000 a maximum
5-yearperiod (*2)
* 10,000

0#JGB+GB@* minimuma maximum
trading unit
3-yearof theperiod (*2)
underlying

8:20～17:30(*1) TOPIX Banks Index Options and TSE REIT Index Options will be available only in Flexible Options Trading.
(*2) The minimum period from the creation day to the last trading day shall be five business days.
(*3) For certain underlying securities specified by OSE, one decimal place or an integer.

6

July, 2018

Trading Fees (as of June, 2018)
Products

Nikkei 225 Futures

Nikkei 225 mini

TOPIX Futures

Exchange Trading Fees

Regular Trade

Regular Trade

Regular Trade

Volume Discount Table (*1)
(Trading Volume) (Prop) ｜(Customer)
0 - 10,000 : ¥70 ｜¥110
10,000 - 50,000 : ¥35 ｜¥70
more than
50,000 - 100,000 : ¥20 ｜¥40
more than
100,000 : ¥15 ｜¥30
more thanVolume Discount Table (*1)
(Trading Volume)(Prop) ｜(Customer)
0 - 100,000 : ¥7 ｜¥11
more than 100,000 - 500,000 : ¥6 ｜¥8more than 500,000 - 1,000,000 : ¥4 ｜¥6
more than 1,000,000 : ¥3.5 ｜¥4.5
Volume Discount Table (*1)
(Trading Volume) (Rate)
0 - 100,000 : ¥55
more than 100,000 - 300,000 : ¥35: ¥30
more than 300,000 -mini-TOPIX Futures
TSE Mothers Index Futures
TOPIX Core30 Futures
TSE REIT Index Futures

Regular Trade¥7 per contract

JPX-Nikkei Index 400
Futures

Regular Trade¥7 per contract

TOPIX Banks Index
Futures

Regular Trade¥55 per contract

Nikkei 225 Dividend Index
Futures
TOPIX Dividend Index
Futures
TOPIX Core30 Dividend
Index Futures

Regular Trade

Nikkei 225 VI Futures

Regular Trade¥80 per contract

DJIA Futures
FTSE China 50 Index
FuturesTAIEX Futures

Regular Trade¥40 per contract

RN Prime Index Futures

Regular Trade¥29 per contract

10-year JGB Futures
5-year JGB Futures
20-year JGB Futuresmini-10-year JGB Futures¥7 per contract (currently discounted from the feeson the volume discount (*1))(Trading Volume) (Rate)up to 5,000 : ¥40
more than 5,000 : ¥20

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

Regular Trade

Volume Discount Table (*1) (*2)(Trading Value)(Rate)
0 - ¥10 bil. : 5.0 bps
more than ¥10 bil. - ¥25 bil. : 3.5 bps
more than ¥25 bil. - ¥35 bil. : 2.5 bps: 1.5 bps
more than ¥35 bil. -Regular
Options
Nikkei 225
Options（Reference）Clearing Fees of JSCC

Flexible
Options
WeeklyOptions

Regular Trade¥40 per contract

TOPIX Options
JPX-Nikkei Index 400
Options
TOPIX Banks Index
Options

Regular Trade¥40 per contract

TSE REIT Index Options

Regular Trade¥7 per contract

Single Stock Options-Single Stocks-REITs-ETFs

Regular Trade(Trading unit of the underlying security)(Rate)
less than 10 : ¥1
more than or equal to 10 but less than 100 : ¥5
more than or equal to 100 : ¥10

Options on JGB Futures

Regular Trade

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
SQ Settlement
Regular Trade
SQ Settlement¥2 per contract¥13 per contract¥20 per contract¥57 per contract

Regular Trade¥10 per contract

SQ Settlement¥30 per contract

Regular Trade
SQ Settlement
Regular Trade¥20 per contract¥100 per contract¥5 per contract

SQ Settlement¥45 per contract

Regular Trade
SQ Settlement
Regular Trade
Trade by Exerciseof Options on JGB
Futures
Physical delivery
Regular Trade
Final settlement¥16 per contract¥45 per contract

Regular Trade

Exercise¥132 per contract¥5 per contract¥15 per contract
0.5 bps per Trading Value (*3)
5.5 bps per amount of money transferredby exercise of options contract (*3)

Regular Trade
Exercise
Regular Trade¥10 per contract¥130 per contract¥10 per contract

Exercise¥10 per contract

Regular Trade
Exercise
Regular Trade

Exercise
Regular Trade
Exercise¥40 per contract¥49 per contract¥2 per contract¥2 per contract(Trading unit of the underlying security) (Rate)less than 10 : ¥1
more than or equal to 10 but less than 100 : ¥5
more than or equal to 100 : ¥10(Trading unit of the underlying security) (Rate) (*4)
less than 10 : ¥1
more than or equal to 10 but less than 100 : ¥5
more than or equal to 100 : ¥10¥10 per contract¥10 per contract(*1) Volume discount is applied based on the monthly average trading volume or value (excluding Flexible Options and Weekly Options) over the three months fromthe month four months prior to the object month of fee calculation to the month two months prior to the object month of fee calculation.
(*2) The maximum fee is ¥350 per trading unit. The minimum fee is ¥5 per trading unit.
(*3) The maximum clearing fee is ¥35 per trading unit for regular trades and ¥385 per trading unit for exercises.
(*4) Clearing fees for cash trading (trading value of cash trading by exercise × 0.04 bp) will be required additionally.
Note: Give-up fees (¥5 per contract) will be charged on the clearing broker. For Nikkei 225 mini, mini-TOPIX Futures, JPX-Nikkei Index 400 Futures, TSE Mothers
Index Futures, TOPIX Core30 Futures, TSE REIT Index Futures, Dividend Index Futures, and mini-10-year JGB Futures, TSE REIT Index Options,give-up feesare ¥1 per contract.

7

July, 2018

Trading Data (Jan.-Jun. 2018)
Products

Trading Volume

Nikkei 225 Futures

12,967,797+14.1%
286,709,165
129,540,189+18.9%
287,190,841
12,907,909+10.8%
226,979,322
2,173,705+66.8%
3,832,855
4,203,246+23.0%
6,556,450
262,465 +313.6%
307,802
1,692
-0.7%
1,311
159,474+14.1%
270,345
260,960 +241.6%
489,409310-93.5%
132
5,369-44.9%
1,002
131,188 +405.5%
327,455
24 +2300.0%
25
18,283,377+24.0%
3,393,901
308,781+41.3%
14,591
93,769-37.6%
29,437
531,401+16.7%
4,499
4,751,644+30.0%
716,182,873
449-30.4%
6,764
91-52.1%
14,194
367,687-7.4%
28,006
186,642,746+19.3% 1,532,325,788

Nikkei 225 mini
TOPIX Futuresmini-TOPIX Futures
JPX-Nikkei 400 Futures
TSE Mothers Index Futures
Futures

TOPIX Core30 Futures
TSE REIT Index Futures

EquityTOPIX Banks Index Futures
Nikkei 225 Dividend Index Futures
Nikkei 225 VI Futures
DJIA Futures
TAIEX Futures
Nikkei 225 Options
Options

Weekly Options
TOPIX Options
Single Stock Options
10-year JGB Futures

Bond

Futuresmini-10-year JGB Futures

Options

Options on JGB Futures

20-year JGB Futures
Total

ChangeTrading Value Exercise Volume Open Interest

−
−
−
−
−
−
−
−
−
−
−
−
−
583,852
13,16823,80456,300−−−19,220683,176

382,585
332,000
575,329
23,060124,433
11,464358
22,285
20,646
6,412
688
690
0
2,047,539
2,776
61,021
126,419
116,14239
69,450
3,860,566(Contracts, ¥ million)

Trading Records
Nikkei 225 Futures
2018(Contracts, ¥)TOPIX Futures

Historical(Date)(Contracts, ¥)(Date)

2018(Date)(Contracts, points)

10-year JGB Futures

Historical(Contracts, points)(Date)

2018(Contracts, ¥)(Date)

Historical(Contracts, ¥)(Date)

520,171 (Mar 6, 2018) 739,909 (Dec 7, 1999) 941,853 (Mar 6, 2018) 942,810 (Dec 5, 2017) 150,424 (Mar 9, 2018) 211,110 (Jun 7, 2007)
Lowest Daily Trading Volume45,133 (Jun 13, 2018)
0 (Jan 31, 1994) 41,989 (Apr 23, 2018)
0 (Jan 31, 1994) 13,915 (Jun 18, 2018)
0 (Oct 25, 1985)
Highest Open Interest 608,734 (Mar 8, 2018) 684,617 (Mar 14, 2008) 732,242 (Jun 6, 2018) 816,960 (Jun 10, 2015) 170,869 (Mar 8, 2018) 310,415 (Feb 8, 2000)
Lowest Open Interest 368,371 (Jun 11, 2018)
10,450 (Sep 9, 1988) 508,747 (Mar 15, 2018) 11,183 (Dec 8, 1988) 98,123 (Jan 4, 2018) 14,585 (Dec 12, 1985)
Highest Price
24,170 (Jan 24, 2018) 39,820 (Dec 27, 1989) 1,915.5 (Jan 24, 2018) 2,956.0 (Dec 18, 1989) 151.15 (Mar 6, 2018) 154.01 (Jul 28, 2016)
Lowest Price
20,140 (Mar 26, 2018)
6,830 (Oct 28, 2008) 1,624.0 (Mar 26, 2018)
687.0 (Mar 13, 2009) 150.09 (Feb 2, 2018)87.08 (Sep 27, 1990)
Highest Daily Trading Volume

Contact: JPX (Japan Exchange Group)
Osaka Exchange ,Inc. - JPX Group Derivatives Business Development Dept.

Singapore Branch

Tel:+81-(0)-50-3377-8645

Tel:+65-6438-5100

mkt-dept@jpx.co.jp

mkt-dept@jpx.co.jp

London Representative Office

Beijing Representative Office

Tel:+44-(0)-20-7329-2155

Tel:+86-10-8517-1128

admin@jpxldn.co.uk

tsebjrep@tsebjrep.com.cn

New York Representative OfficeHong Kong Representative Office

Tel:+1-212-363-2350

Tel:+852-3796-7010

contact@jpxnyrep.com

mkt-dept@jpx.co.jp

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 theirfinancial 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 tradingmechanism, relevant fees, the risk involved, etc. While very effort is taken to ensure the accuracy of the information contained in this publication, Osaka Exchange, Inc. ("OSE"). shall not guarantee
and be liable for any damages caused by any errors or omissions in this publication. OSE subsidiaries reserve the right to change the contents of this publication without prior notice. ■"JPX-Nikkei
Index 400" ("JPX-Nikkei 400") is a copyrighted work calculated by methods independently developed by Japan Exchange Group, Inc. ("JPX"), Tokyo Stock Exchange, Inc. ("TSE") and Nikkei Inc.
("Nikkei"). JPX, TSE and Nikkei own copyrights and any other intellectual property rights to the JPX-Nikkei 400 and the methods used to calculate the JPX-Nikkei 400. All the business and trading
regulations on futures contracts based on JPX-Nikkei 400 shall be managed under the responsibilities of OSE and its participants. Accordingly, JPX, TSE and Nikkei, which manage the JPX-Nikkei
400 shall not assume any obligations or responsibilities for related business and trading regulations. JPX, TSE and Nikkei shall not be obligated to continuously publish the JPX-Nikkei 400. JPX, TSE
and Nikkei shall not be liable for any error, delay or discontinuation of publication of JPX-Nikkei 400. JPX, TSE and Nikkei shall have the right to make any changes in component stocks, calculation
methods and any other elements or contents of the JPX-Nikkei 400. JPX, TSE and Nikkei shall also have the right to discontinue publishing the JPX-Nikkei 400. ■The "Dow Jones Industrial AverageSM"
is a product of Dow Jones Indexes, the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes") and has been licensed for use. "Dow Jones®", "Dow Jones
Industrial AverageSM" and "Dow Jones Indexes" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones"), and have been licensed to CME Indexes and sublicensed to and for use
for certain purposes by OSE. Dow Jones Industrial Average ("DJIA") Futures based on the Dow Jones Industrial AverageSM are not sponsored, endorsed, sold or promoted by CME Indexes, Dow
Jones or their respective affiliates, and CME Indexes, Dow Jones and their respective affiliates make no representation regarding the advisability of trading in such product (s). ■TWSE Capitalization
Weighted Stock Index is calculated by Taiwan Stock Exchange Corporation ("TWSE"). TWSE does not sponsor, endorse or promote this product. All copyright in the index values and constituent list
vests in TWSE. OSE has obtained a licence from TWSE to use such copyright in the creation of this product. ■All rights in the FTSE China 50 Index ("Index") vest in FTSE International Limited("FTSE"). "FTSE®" is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. The FTSE China 50 Index Futures ("Product") has been developed solely by
OSE, Inc. The Index is calculated by FTSE or its agent. FTSE and its licensors are not connected to and do not sponsor, advise, recommend, endorse or promote the Product and do not accept any
liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Product. FTSE makes no claim, prediction, warranty or
representation either as to the results to be obtained from the Product or the suitability of the Index for the purpose to which it is being put by OSE. ■OSE, JPX and S&P Dow Jones Indices LLC("S&P DJI") calculate and publish the S&P/JPX JGB VIX Index based on the volatility of 10-year JGB Futures contract in accordance with, as a general rule, the methods described in the white
paper. When an event that is not specified in the document occurs, or if OSE, JPX and S&P DJI decide that it is difficult to use the methods described in the document, OSE, JPX and S&P DJI may
use an alternative method of index calculation as they deem appropriate. Information expressed in the document is subject to change without notice and in those cases OSE, JPX and S&P DJI
undertake no obligation to notify users of the document of such changes. OSE, JPX and S&P DJI may delay or terminate calculation of the S&P/JPX JGB VIX Index as a result of system failure,
power failure, natural disaster, maintenance work, or any other reason. OSE, JPX and S&P DJI will not accept any responsibility for any damage or loss arising from delayed transmission or inability totransmit information. OSE, JPX and S&P DJI provide no assurance regarding the accuracy or completeness of the S&P/JPX JGB VIX Index. OSE, JPX and S&P DJI shall not be liable for the
miscalculation or incorrect publication of the S&P/JPX JGB VIX Index and will not accept any responsibility for any decisions made based on the use of this information.

Copyright © Osaka Exchange, Inc. All rights reserved.

8

July, 2018