JPX Derivatives Market Highlights
January 1, 2017 ― December 31, 2017Market Overview■ TOPIX and Trading Value of TSE 1st Section (Daily Average)
TOPIX(points)

2,500

Trading Value
Trading Value (1st sec.)(¥ trillion)
5.0
Landslide Victory of the LDP (Oct 22, 2017)
Consumption Tax Increased from 5% to 8% U.S. Presidential Election(Nov 8, 2016)(Apr 1, 2014)
4.0
Brexit Referendum
Landslide Victory of the LDP(Jun 23, 2016)(Dec 16, 2012)
TOPIX

Bankruptcy of Lehman Brothers(Sep 15, 2008)

2,000
1,500

3.0

1,000

2.0

500

1.0

0
07

08

09

10

11

12

13

14

15

16

0.0

17

Year

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

JGB Futures (¥)

170

10-year Interest Rate
20-year Interest Rate

Interest Rate (%)
3.0
Introduction of yield curve control
by BOJ (Sep 21, 2016)
2.5
Introduction of additional QQE
by BOJ (Oct 31, 2014)

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

165
160

2.0

155

1.5

150

1.0

145

0.5

140
135
130
07

Bankruptcy of Lehman Brothers(Sep 15, 2008)

08

09

10

11

Introduction of negative interest
rate by BOJ (Jan 29, 2016)

12

13

14

15

Year

0.0
-0.5
16
17
*Source：Ministry of FinanceIndex Futures■ Nikkei 225 Futures ADV・Open Interest
Trading Vol.
(contracts)

160,000

Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

700,000

120,000

600,000

100,000

500,000

80,000400,000

60,000300,000

40,000200,000

20,000100,000
07 08 09 10 11 12 13 14 15 16 1

Year

2

Others0.2%

800,000

140,0000■ Trading Volume by Type of Investors (Nikkei 225 Futures)

3

4

5

6

7

8

9 10 11 12Securities Firms
14.1%
City/Regional
Banks,etc.
0.8%
Trust Banks
2.0%

Foreign Investors
70.7%

2017

Insurance Firms
0.1%
Investment Trusts
3.7%
Business Firms
0.4%

0Individual
Investors
8.0%

Month

1

January, 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)

1,600,000
1,400,000

1,000,000

1,200,000

800,000

1,000,000
800,000

600,000

600,0002017

Foreign Investors
75.3%

400,000

400,000

07 08 09 10 11 12 13 14 15 16 1

2

3

4

5

Year

6

7

8

9 10 11 12

0

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)

180,000

Securities Firms
4.6%
City/Regional
Banks,etc.
0.1%
Trust Banks
0.1%
Investment
Trusts0.1%
Business Firms
0.4%
Individual
Investors
19.5%

200,000

200,000
0

Others0.1%

1,200,000

Others0.1%

800,000

Securities Firms
18.4%

160,000

700,000

140,000

600,000

City/Regional
Banks,etc.
0.7%500,000

Trust Banks
2.8%

120,000
100,000

400,000

80,00060,00040,000200,000

20,000100,000

0

07 08 09 10 11 12 13 14 15 16 1

2

3

4

5

Year

6

7

8

9 10 11 12

Business Firms
0.1%

0Individual
Investors
0.7%

Month

100,000

20,00080,00015,00060,00010,00040,0005,000

20,00008 09 10 11 12 13 14 15 16 1

2

Others0.1%

120,000

25,0000■ Trading Volume by Type of Investors (mini-TOPIX Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

30,000

3

4

5

Year

6

7

8

9 10 11 12

Investment
Trusts0.4%

2017Foreign Investors
83.1%

Business Firms
0.3%
Individual
Investors
8.4%

0

Month

■ Trading Volume by Type of Investors (JPX-Nikkei 400 Futures)Open Interest(contracts)

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

70,000

Securities Firms
7.0%
Trust Banks
0.8%■ JPX-Nikkei 400 Futures ADV・Open Interest
Trading Vol.
(contracts)

Insurance Firms
0.3%
Investment
Trusts2.0%■ mini-TOPIX Futures ADV・Open Interest
Trading Vol.
(contracts)

2017

Foreign Investors
75.1%

300,000

Others0.1%

350,000

60,000300,000

50,000250,000

40,000200,000

Securities Firms
22.5%

Foreign Investors
70.0%

2017

Trust Banks
2.5%

30,000150,000

20,000100,000

10,00050,000Business Firms
0.1%

0Individual
Investors
1.7%

0

14

15

Year

16

01

02

03

04

05

06

07

08

09

10

11

12

Month

2

Investment
Trusts3.3%

January, 2018

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

Trading Volume
Open Interest (End of Year/Month)

3,000■ Trading Volume by Trade Type of Investors (TSE Mothers Index Futures)Open Interest(contracts)

Others
0.1%

9,000

8,000
2,500

6,000

1,500

5,000

2017

4,000

1,000

2,000

0

16

1

2

3

4

5

6

Year

7

8

9

10

11

12

Investment
Trusts0.5%

Individual
Investors
36.8%

1,000
0

Business
Firms
1.1%

Month

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

Trading Volume
Open Interest (End of Year/Month)

1,000

Others
0.1%

8,000

900

7,000

800

6,000

700
600

5,000

500

4,000

400

3,000

300

Securities Firms
47.5%

Individual
Investors
19.3%

1,000

100
0

12

13

14

15

16

1

2

3

4

5

Year

6

7

8

9

10

11

12

0

Month

■ Trading Volume by Trade Type of Investors (DJIA Futures)Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

600

Trust Banks
4.3%

Business Firms
0.3%■ DJIA Futures ADV・Open Interest
Trading Vol.
(contracts)

2017

Foreign Investors
28.3%

2,000

200

Others
0.1%

2,500

500

Securities Firms
1.2%
Business Firms
2.6%

2,000

400

1,500

300

2017

Foreign Investors
49.8%

1,000

200

Individual
Investors
46.0%

500

100
0

12

13

14

15

16

1

2

3

4

5

Year

6

7

8

9

10

11

12

0

Month

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

Trading Volume
Open Interest (End of Year/Month)■ TSE REIT Index Futures ADV・Open Interest

Open Interest(contracts)

Trading Vol.
(contracts)

140,000

3,000

160,000

500

3,500

120,000

400

Year

2

3

4

5

6

7

8

9

10 11 1215,00010,0005,000

500

20,0001

20,0001,000

40,00010 11 12 13 14 15 16

25,0001,500

60,000100

30,0002,000

80,000200

Open Interest(contracts)

Trading Volume
Open Interest (End of Year/Month)

2,500

100,000

300

0

Trust Banks
0.6%

3,000

500

600

Securities Firms
32.2%

Foreign Investors
28.7%

7,000

0

0

Month

08 09 10 11 12 13 14 15 16 1

Year

3

2

3

4

5

6

7

8

9 10 11 12

0

Month

January, 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
11.7%
City/Regional
Banks,etc.
1.4%

Others0.2%

4,000,000
3,500,000

250,000

Trust Banks
0.8%

3,000,000

200,000

Insurance Firms
0.1%

2,500,000
2,000,000

150,000

1,500,000

100,000

Investment
Trusts0.1%

2017Foreign Investors
73.7%

Business Firms
0.8%

1,000,000

50,000500,000

0

07 08 09 10 11 12 13 14 15 16 1

2

3

4

5

Year

6

7

8

Individual
Investors
11.1%

0

9 10 11 12Month■ Nikkei 225 Weekly Options ADV・Open Interest
Trading Vol.
(contracts)

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

3,000■ TOPIX Options ADV・Open Interest

Open Interest(contracts)

Trading Vol.
(contracts)

7,000

2,500

6,000

2,500

Open Interest(contracts)

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

90,00080,0002,000

70,000

5,000

2,000
1,500
1,000

4,000

1,500

3,000

1,000

60,00050,00040,00030,000

2,000

500
0

15

16

1

2

3

4

5

Year

6

7

8

9

10

11

10,00000

12

20,000500

1,000

07 08 09 10 11 12 13 14 15 16 1

Month

2

3

4

Year

5

6

7

8

9 10 11 12

0

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

Foreign Investors
9.5%

500,000

7,000
6,000

400,000

5,000

300,000

4,000

2017

2,000

Securities Firms
45.4%

Individual
Investors
28.0%

200,000

3,000

100,000

1,000
0

Other Institutions
4.3%

600,000

07 08 09 10 11 12 13 14 15 16 1

2

3

4

5

Year

6

7

8

9 10 11 12

Business
Firms
12.7%

0

Month

■ Trading Volume by Underlying Securities（2017）
Rank Code

Underlying Security

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

Share

HV
(20d,%)

1

1321

Nikkei 225 Exchange Traded Fund 103,816 11.3%

2

9984

SoftBank Group Corp.

85,177

9.3%

3

7733

OLYMPUS CORPORATION

74,823

8.2%

4

6758

SONY CORPORATION

65,724

7.2%

5

1591

NEXT FUNDS JPX-Nikkei Index 400 Exchange Traded Fund

53,534

5.8%

60

6

5713

Sumitomo Metal Mining Co.,Ltd.

52,805

5.8%

40

7

5108

BRIDGESTONE CORPORATION

39,840

4.4%

8

8316

Sumitomo Mitsui Financial Group,Inc.

34,060

3.7%

9

7261

Mazda Motor Corporation

33,485

3.7%

10

2502

Asahi Group Holdings, Ltd.

33,1283.6%

120

Nikkei 225 Exchange Traded Fund
（1321）OLYMPUS CORPORATION（7733）SoftBank Group Corp．
（9984）

100
80

20
0

4

15

16

Year

17

January, 2018

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

Trading Volume
Open Interest (End of Year/Month)

60,000

Others1.3%

140,000

Securities Firms
32.0%

120,000

50,000100,000

40,00080,00030,0002017

Foreign Investors
54.5%

60,00020,00040,00010,0000■ Trading Volume by Type of Investors(10-year JGB Futures)Open Interest(contracts)

20,00007 08 09 10 11 12 13 14 15 16 1

2

3

4

5

Year

6

7

8

9 10 11 12

0

Bankｓ
12.2%

Month

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

Trading Volume
Open Interest (End of Year/Month)180■ 20-year JGB Futures ADV・Open Interest

Open Interest(contracts)

Trading Vol.
(contracts)

700

160

Open Interest(contracts)

Trading Volume
Open Interest (End of Month)

14

140

600

12

120

500

10

100

100

400

8

80

80

300

6

60

200

4

40

100

2

20

0

0

140
120

60
40
20
0

11

12

13

14

15

16

1

2

3

4

5

Year

6

7

8

9

10

11

12

15

Month

16

1

2

3

4

Year

5

6

7

8

9

10

11

12

0

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)

14,00012,000Open Interest(contracts)

Trading Volume (Put)Others0.4%

25,000

Trading Volume (Call)

Securities Firms
23.8%

Open Interest (End of Year/Month)

20,00010,0008,000

15,000

6,000

10,0002017

Foreign Investors
47.7%

4,000
5,000

2,000
07 08 09 10 11 12 13 14 15 16 1

2

3

Year

4

5

6

7

8

9 10 11 12

Bankｓ
28.0%

0

Month

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

6

Trading Vol.
(contracts)

Price
（¥）

S＆P/JPX JGB VIX
10-year JGB Futures

155

120,000

5

153

80,000

4

151

40,000

3

149

0

2

147

40,0001

145

80,0000

143

120,000

15

16

Year

17

5

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

Exercise Vol.
(contracts)

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

8,000

ＣＡＬＬ

6,000
4,000
2,000

2,000
4,000

ＰＵＴ
15

16

Year

17

6,000
8,000

January, 2018

Contract Specifications
Product

Trading Hours
AuctionBlock

Nikkei 225 Futures

Tick Size (point/¥)
Auction
Block
10

Unit

No. ofMargin per Unit (¥)
Contract
Months (As of the end of Dec. 2017)＊ 1,000

13

Vendor CodeBloomberg
Reuters

QUICK¥630,000

NKA<INDEX>

0#JNI:

101.555

Nikkei 225 mini

5

＊ 100

16

¥63,000

NOA<INDEX>

0#JNM:

111.555

TOPIX Futures

0.5＊ 10,000

5¥465,000

TPA<INDEX>

0#JTI:

151.555

mini-TOPIX Futures

0.25＊ 1,000

3¥46,500

TMIA<INDEX>

0#JTM:

159.555

JPX-Nikkei 400 Futures

5

＊ 100

5

¥41,000 JPWA<INDEX>

0#JN4F:105.555

TSE Mothers Index Futures1＊ 1,000

5¥42,000 MROA<INDEX>

0#JMI:

154.555

0.5＊ 1,000

3¥22,000 TPCA<INDEX>

0#JTC:

171.555

0.5＊ 1,000

3¥25,500 TREA<INDEX>

0#JRT:

155.555

(GMT)
(GMT)
23:45～ 6:15 23:20～ 7:00
7:30～20:30 7:15～20:30

0.1＊ 10,000

3¥67,000

TZA<INDEX>0#JBK:

348.555

0.5＊ 10,000

5¥345,000AZA<INDEX>

0#JRN:

140.555(ET)(ET)
18:45～ 1:15 18:20～ 2:00
2:30～15:30 2:15～15:30

0.1＊ 1,000

8 (*1)¥12,700

INTA<INDEX>

0#JND:

112.555

TOPIX Core30 Futures
TSE REIT Index Futures
TOPIX Banks Index Futures
RN Prime Index Futures
Nikkei 225 Dividend Index
Futures
TOPIX Dividend Index
Futures

(JST)
(JST)
8:45～15:15 8:20～16:00
16:30～ 5:30 16:15～ 5:30

0.00010.01＊ 10,000

8 (*1)¥9,000

TDIA<INDEX>

0#JTD:

178.555

TOPIX Core30 Dividend
Index Futures

0.01＊ 10,000

8 (*1)¥7,900 TCDA<INDEX>

0#JRD:

179.555

DJIA Futures

1

＊ 100

4

¥45,600 ODAA<INDEX>

0#JDI:

144.555

India Nifty50 Futures

1

＊ 100

3

¥21,700 ONYA<INDEX>

0#JNF:

146.555

5

＊ 100

4

¥60,000 OFCA<INDEX>

0#JFC:

148.555

1

＊ 100

5

¥17,300 OFTA<INDEX>

0#TJW:

147.555

0.05＊ 10,0008¥27,500

JVIA<INDEX>

0#JNV:

145.555

0.01＊ 1,000,000

3¥120,000JJA<CMDTY>

0#JMB:

604.555＊ 1,000,000

3¥450,000JBA<CMDTY>

0#JGB:

601.555

0.005＊ 100,000

3¥45,000 MJBA<CMDTY>

0#JGM:

611.555

0.01＊ 1,000,000

3¥1,240,000 JJAA<CMDTY>

0#JTB:

602.555

Unit

No. ofContract
MonthsMinimum No. of
Exercise Prices

Vendor CodeBloomberg
Reuters

QUICK

19

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

FTSE China 50 Index
FuturesTAIEX Futures(JST)
8:45～15:15

Nikkei 225 VI Futures

(JST)
(JST)
9:00～15:15 8:20～16:00
16:30～19:00 16:15～19:00

5-year JGB Futures

10-year JGB Futuresmini-10-year JGB Futures

20-year JGB Futures

N/A

(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

0.01
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<depending on theoption price>¥50 or less : 1
above ¥50 to ¥1,000 : 5
(JST)
(JST)
9:00～15:15 8:20～16:00
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＊ 1,000

0.0001

Nearest4 weekly
contracts(except
for the2nd
Friday)17 (ATM±8)

TOPIX Options<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)

JPX-Nikkei 400 Options<depending on theoption price>
50pts or less : 1
above 50pts : 5＊ 1,000

19

Single Stock Options

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

8:20～16:00

depending on theoption price0.01<dependingon thetrading unit
＊ minimumof thetrading unit
underlying>of theeven
underlying
number: 0.1
odd number:
10.00016＊ 1,000,000

NKY<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

3～4

21 (ATM±10)

JBA<CMDTY>OMON

0#JGB+

GB@

January, 2018

Trading Fees (as of December, 2017)
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) (Fee)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 400 Futures

Regular Trade¥7 per contract

TOPIX Banks Index
Futures

Regular Trade

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

Regular Trade

Nikkei 225 VI Futures

Regular Trade¥55 per contract¥7 per contract (currently discounted from the feeson the volume discount (*1))(Trading Volume) (Fee)up to 5,000 : ¥40
more than 5,000 : ¥20¥80 per contract

DJIA Futures
India Nifty50 Futures
FTSE China 50 Index
FuturesTAIEX Futures

Regular Trade¥40 per contract

RN Prime Index Futures

Regular Trade¥29 per contract

Regular Trade¥95 per contract

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

Nikkei 225
Options

Regular
Options

WeeklyOptions
TOPIX Options
JPX-Nikkei 400 Options

Single Stock Options

Options on JGB Futures（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¥2 per contract

SQ Settlement¥13 per contract

Regular Trade¥20 per contract

SQ Settlement¥57 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 Exerciseof Options on JGB ¥82 per contract
Futures

Trade by Exercise ¥49 per contractof Options on JGB
Futures

Physical delivery

Physical delivery¥132 per contract

Regular Trade¥5 per contract

Final settlement¥15 per contract

Regular Trade

0.5 bps per Trading Value (*3)

¥10 per contract

Regular Trade¥20 per contract

Regular Trade

Volume Discount Table (*1) (*2)(Trading Value)(Fee)
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 Trade
Regular Trade

Regular Trade

Regular Trade¥40 per contract¥40 per contract

Exercise
Regular Trade¥10 per contract

Exercise¥130 per contract

Regular Trade¥10 per contract

Exercise(Trading unit of the underlying security)(Fee)less than 10 : ¥1
more than or equal to 10 but less than 100 : ¥5
more than or equal to 100 : ¥10¥40 per contract

5.5 bps per amount of money transferredby exercise of options contract (*3)

¥10 per contract

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

Exercise(Trading unit of the underlying security) (Fee) (*4)
less than 10 : ¥1
more than or equal to 10 but less than 100 : ¥5
more than or equal to 100 : ¥10

Regular Trade¥10 per contract

Exercise¥10 per contract(*1) Volume discount is applied based on the monthly average trading volume or value over the three months from the month four months prior to the object month offee 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, give-up fees are ¥1 per contract.

7

January, 2018

Trading Data (2017)
Products

Trading Volume

ChangeNikkei 225 Futures

23,054,495
219,518,050
24,392,610
3,624,850
7,669,469
254,100
2,830
306,302
172,701
6,682
17,006
71,194706
133,088,569
493,801
259,384915,787
8,190,265
1,602
303
861,714
322,408,620-13.9%
467,109,467-6.2%
445,077,416+8.1%
397,628,038+22.7%
5,978,867+4.1%
11,167,497+369.1%
276,566-48.0%
2,115+20.8%
523,675+423.3%323,298-65.4%
2,570-78.2%
2,986+11.6%
156,066+31.7%
711-99.5%
1-2.7%
5,869,140+92.6%
21,097+78.0%
79,942-0.7%
13,220+10.9% 1,233,261,553-72.1%
24,107-64.1%
46,695-10.1%
76,858

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

TOPIX Core30 Futures
TSE REIT Index Futures
TOPIX Banks Index Futures

EquityNikkei 225 Dividend Index Futures
Nikkei 225 VI Futures
DJIA Futures
India Nifty50 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

-4.5%

Trading Value Exercise Volume Open Interest

2,567,620,788

−
−
−
−
−
−
−
−
−
−
−
−
−
−
1,170,497
29,52648,28994,637−−−37,431

413,373683,633
665,746
31,128140,190
8,168
233
23,091
21,484
7,722
431
1,104
12
0
2,086,075
2,229
76,95878,082
96,25162
120,9951,350,854
4,354,739(Contracts, ¥ million)

Trading Records
Nikkei 225 Futures
2017(Contracts, ¥)TOPIX Futures

Historical(Date)(Contracts, ¥)(Date)

2017(Date)(Contracts, points)

10-year JGB Futures

Historical(Contracts, points)(Date)

2017(Contracts, ¥)(Date)

Historical(Contracts, ¥)(Date)

473,769 (Mar 7, 2017) 739,909 (Dec 7, 1999) 942,810 (Dec 5,  2017) 942,810 (Dec 5,  2017) 162,107 (Jun 8,  2017) 211,110 (Jun 7,  2007)
Lowest Daily Trading Volume
15,763 (Dec 26,2017)
0 (Jan 31, 1994) 26,573 (Dec 27, 2017)
0 (Jan 31, 1994) 11,930 (Aug 7,  2017)
0 (Oct 25, 1985)
Highest Open Interest 595,169 (Dec 4, 2017) 684,617 (Mar 14, 2008) 798,553 (Dec 6,  2017) 816,960 (Jun 10, 2015) 120,998 (Dec 5,  2017) 310,415 (Feb 8,  2000)
Lowest Open Interest 354,229 (Sep 8, 2017)
10,450 (Sep 9,  1988) 560,142 (Feb 6,  2017) 11,183 (Dec 8,  1988) 77,290 (Mar 21, 2017) 14,585 (Dec 12, 1985)
Highest Price
23,430 (Nov 9, 2017) 39,820 (Dec 27, 1989) 1,848.0 (Nov 9,  2017) 2,956.0 (Dec 18, 1989) 151.51 (Sep 8,  2017) 154.01 (Jul 28,  2016)
Lowest Price
18,190 (Apr 17, 2017)
6,830 (Oct 28, 2008) 1,450.0 (Apr 17, 2017)
687.0 (Mar 13, 2009) 149.28 (Feb 3,  2017)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

London Representative Office

Beijing Representative Office

New York Representative OfficeHong Kong Representative Office

Tel:+81-(0)-50-3377-8645
Tel:+44-(0)-20-7329-2155
Tel:+1-212-363-2350

mkt-dept@jpx.co.jp

admin@jpxldn.co.uk

Tel:+65-6438-5100

Tel:+86-10-8517-1128

contact@jpxnyrep.com

Tel:+852-3796-7010

mkt-dept@jpx.co.jp
tsebjrep@tsebjrep.com.cn
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 andsublicensed 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 suchproduct(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 fromdelayed transmission or inability to transmit 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

January, 2018