TSE Derivatives Market Highlights
January 1, 2004〜June 30, 2004

Price Movements

1501600
1400

1401200
1000

1308001206004001105.04.03.02.01.0

10-year JGB Yield(%)※

1800
TOPIX Futures(points)

160

JGB Futures
10-year JGB Yield
TOPIX Futures

10-year JGB Futures(￥)

2000

2000100
9394

95

96

9798

9900

0102030.004Year※Source：QUICK

Largest Day-to-Day Fluctuations（1.1.04〜6.30.04）
TOPIX Futures

UpDown10-year JGB Futures

Change (%)

Price12345+34.5（+3.2%）

1122.0 （05.12.04）
1103.5 （05.19.04）
1204.5 （04.20.04）
1150.5 （06.07.04）
1108.0 （03.01.04）

1234
5-79.5（-6.9%）+29.5（+2.7%）+25.0（+2.1%）+24.5（+2.2%）+23.5（+2.2%）-38.5（-3.5%）-31.0（-2.8%）-25.0（-2.0%）-24.5（-2.3%）

Date1072.5 （05.10.04）
1054.0 （05.17.04）
1091.0 （05.13.04）
1195.0 （04.15.04）
1020.0 （02.04.04）

Change

UpDown

12
3
45

+0.75

12
34
5

-1.04

+0.69
+0.68
+0.60
+0.58

-1.00
-0.80
-0.71
-0.70

PriceDate

134.45 （06.25.04）
138.76 （01.13.04）
138.74 （05.17.04）
137.95 （05.06.04）
137.48 （04.15.04）
138.00 （03.26.04）
137.00 （03.29.04）
136.75 （06.07.04）
137.10 （04.05.04）
138.94 （03.02.04）

Trading Data（1.1.04〜6.30.04）（units, ￥100mil.）Futures
EquityProduct

Trading Volume

ChangeTrading Value

TOPIX Futures

5,569,630
440
601
10,09398,984
4,111,024
636,988

24%
67%
-100%
-87%
-37%
45%
28%

629,636

―

75―

15―

35

0

16

12,5395,657,036

―

1,884

40,795TOPIX 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

Exercise Volume

Open Interest

353,893
160
12,77815,557126,068
28,947
July 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

60％

TOPIX
Nikkei 225※

8050％

（Open Interest : thous. units）

400
350
300

TOPIX market share

40％

60
30％
4020％

（Market Share）

70％

TOPIX
Nikkei 225※

60％

TOPIX market share

50％

250

40％

20030％

15020％

10020010％0％88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04
Year10％50088 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04
Year0％※Source: Osaka Securities Exchange Web Site etc.

■Trading Volume by Type of Investor（Stock Index Futures）（Jan. 04〜Jun. 04）●TOPIX Options

Others0％■Trading Volume（Daily Average）& Open Interest（Trading Volume：units）

Foreigners
30％（Open Interest：thous. units）

101000

Trading Volume（Put）

Individuals 0％

8

Trading Volume（Call）

800

Open Interest

640

Life & Non-Life Ins. Cos.
1％
Trust BK7％

22008990919293949596 97Year9899000102

03

59％

Investment Trusts
1％

600
400

2004
(Jan.〜Jun.) Securities Cos.

Business Cos.
0％004

●Equity Options■Trading Volume by Type of Investor（Jan. 04〜Jun. 04）■Trading Volume（Daily Average）& Open Interest（Trading Volume：units）

2000（Open Interest：thous. units）

Trading Volume（Call）

1500

Others 8％

120

Trading Volume（Put）

100
Securities Cos.
31％

Open Interest

80
1000

2004

Foreigners (Jan.〜Jun.)
41％

60
40

Trust BK
6％

500
200

Life & Non-Life Ins. Cos.
3％

097

98

9900

01

02

0304

Individuals 7％

Year

Investment Trusts
1％

Business Cos.
3％

■Trading Volume by Underlying Stock（1.1.04〜6.30.04）
Ranking12345678910

Code/Issues

Trading Volume9437 NTT DoCoMo
35,8338411 Mizuho FG
6,2185411 JFE Holdings
4,190
8306 Mitsubishi Tokyo FG
3,808
4063 Shin-Etsu Chemical
3,161
9101 Nippon Yusen
3,057
3407 ASAHI KASEI
2,669
3861 OJI PAPER
2,435
6773 PIONEER
2,170
8403 Sumitomo Trust and Banking 2,135

Share

36%
6%
4%4%3%3%3%2%2%2%■Trading Volume by Individuals (Daily Average)（Trading Volume：units）

250
Trading Volume（Put）

200

Trading Volume（Call）

150
1005009798

990001020304

YearJuly 2004

2JGB Futures & Options on JGB Futures●JGB Futures（10 year）■Trading Volume by Type of Investor（JGB Futures）（Jan. 04〜Jun. 04）■Trading Volume（Daily Average）& Open Interest（Trading Volume：¥100bil.）

100（Open Interest：¥100bil.）

250

Trading Volume
Open Interest

80

20060

15040100

20500

Others 1％85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04
YearForeigners
30％

2004
(Jan.〜Jun.)

Securities Cos.
41％

Long-term Credit BK,City BK & Regional BK
28％

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）

HVIV

70

Trading Volume（Call） 60

15Open Interest

10％

50
40

1030

5％
20

5

1009091929394

9596

97 98
Year

9900010203

040％09394

95

96

97

98

9900

01020304

Year

Contract Specifications（as of June 30, 2004）
Product

Trading Hours（Auction）

Trading Hours（Off-Auction）

Minimum
Fluctuation

5¥ 350,000

× 1,000

3¥ 26,000

TOPIX Electric Appliances
Index Futures

× 10,000

3¥ 660,000

0.1

× 10,0003¥ 176,000

0.01

× 1,000,000

3¥ 330,000

0.01

× 1,000,000

3¥ 1,040,000

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

ProductTrading 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 Prices

0.5（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）
Quarterly 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 (¥)（4.14,04 ― 7.13,04）

× 10,000

TOPIX Futures
S&P/TOPIX150 Futures

Contract
Trading Unit No. ofMonths

July 2004

3Newsdate

Equity Derivatives

Feb. 2004

Bond Derivatives

Transfer of derivatives clearing functions to the JSCC (Japan Securities Clearing Corporation)

TSE seeks public comment on Concept Release concerning
Free-Float Adjusted Indices (through the end of April)
Changed of Frequency of TOPIX New Index Series
Constituent Review

Mar. 2004 Reached a record high for daily trading volume of TOPIX
futures (403,872 contracts)

Apr. 2004 Delisting of equity option contracts (4 underlying stocks)
due to trading inactivity during fiscal 2003

May. 2004 Annual renewal of position limits for equity option contracts
Jun. 2004

Reached a record high for daily trading volume of JGB
futures inter-month spread trading (total 46,262 ¥100 mil.)Trading Records
TOPIX Futures

JGB Futures
株 式 派 生(10商 品 year)

2004(Jan.〜Jun.)units, point(date）

Historicalunits, point2004(Jan.〜Jun.)(date)

Lowest Price

403,872 （03/10/04）
14,975 （01/05/04）
497,075 （06/09/04）
289,333 （02/12/04）
1,220.0 （04/14/04）
1,020.0 （02/04/04）

Limit Up

none

Limit Up

none

Limit Down

none

Limit Down

none

Emergency Margin Depositnone

Emergency Margin Deposit

none

Temporary Trading Halt

none

Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Price

403,872 （03/10/04）
0 （01/31/94）
497,075 （06/09/04）
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(date)

125,939 （06/09/04）
11,414 （01/05/04）
130,395 （06/25/04）
50,908 （01/05/04）
140.45 （02/26/04）
133.09 （06/18/04）

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: 109/ Stock Index Futures Trading Participant: 1/ JGB Futures Trading Participant: 72/
Equity Options Trading Participant: 0 (as of 30 Jun. 2004)

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:03-3665-1385 Fax:03-3661-9113
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, 21st 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 as
investment advice. TSE reserves the right to change the contents of this publications without notice.

July 20044