TSE Derivatives Market Highlights
January 1, 2009〜June 30, 2009
Price Movements

Trading Value（¥100 bil.）

Index（points）■ Indices and Trading Value of TSE 1st Section（Daily Average）
40
2500

Trading Value（1st sec）
TOPIX
TOPIX Core30
TSE REIT Index

2000

35
30
25

1500

20
15

1000

10500
096

5097

98

9900

010203

0405

06

0708

09

150145
140
135
130
125
120
115
110
105
100
93

10-year JGB Futures
10-year JGB Yield

9495

96

9798

9900

010203

0405

06

0708

09

10-year JGB Yield（％）

10-year JGB Futures（¥）■ 10-year JGB Futures and 10-year JGB Yield
54.543.5
32.5
2
1.5
10.50

※Source：QUICK,Japan Bond Trading Co.,Ltd

Largest Day-to-Day Fluctuations (Jan.~Jun. 2009)
TOPIX Futures

10-year JGB Futures

Change(%)

Price

Date

12Up 345+48.0（+6.3%）

808.5
841.0
879.0
827.0
843.0

（01.27.09）（04.30.09）（05.07.09）（04.02.09）（04.09.09）

12
Down 345-44.5 （-5.2%）

809.5
787.5
730.5
917.0
859.5

（01.13.09）（03.30.09）（03.02.09）（06.16.09）（01.08.09）+31.0（+3.8%）+30.5（+3.6%）+30.0（+3.8%）+27.5（+3.4%）-38.5 （-4.7%）-31.0 （-4.1%）-29.5 （-3.1%）-26.5 （-3.0%）

1ChangePriceDate

12
Up 3
45

+0.88

139.30139.70139.57137.30136.94（02.12.09）（01.13.09）（03.19.09）（04.28.09）（06.04.09）

12
Down 33
5-0.82

139.01139.01138.48136.76
138.69（01.06.09）（01.27.09）（03.26.09）（05.08.09）（01.08.09）

+0.78
+0.72
+0.63
+0.58

-0.69
-0.55
-0.55
-0.50

July 2009

Index Futures■ Trading Volume of TOPIX Futures（Daily Average）（Trading Volume: thous. units）

160
Nikkei225※
TOPIX

140

■ Trading Volume of TOPIX Futures（Daily Average）（Market Share）（Trading Volume: thous. units）

140

70%

Daily Average Trading
Volume(TOPIX)(units)2008：75,003
2009（Jan.〜Jun.）：64,488

TOPIX（ToSTNeT）
TOPIX（Auction）

60%

120

50%

10040%

80

30%

60

20%

40

10%

200%
88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
Year(Jan.〜Jun.)

0

TOPIX market share

120

10080

6040200■ Open Interest of TOPIX Futures（Open Interest: thous. units）

450
Nikkei225※

400

TOPIX
TOPIX market share

3456789 10Month1112212009

3456■ Trading Volume of Index Futures in the World（Jan.〜Jun.2009）（Market Share）

Open Interests（ＴＯＰＩＸ）(units)2008：367,194
2009（Jan,〜Jun,）：339,689

Products

70%

60%

50%
300
40%

250
200

30%

CME
CME

6,172,505

CME

40,648,392

100
10%Futures

308,764,146

Russell 2000 Mini Index Futures

ICE

20,041,848

DJ Euro Stoxx 50 Futures

Eurex

178,923,108

DAX Futures

Eurex

20,979,250

FTSE 100Euronext Liffe

20,357,586

Euronext Liffe

21,425,822

Futures

KRX

43,297,979

NIKKEI 225 Futures

OSE

13,406,927ＴＯＰ
ＩＸFutures

TSE

7,738,516

Futures

Futures

Kospi 200
20%

Trading Volume(Contracts)

S&P500 Futures

CAC40150

Exchange

E-mini S&P 500 Futures
E-mini Nasdaq 100350※※Source:Websiteof each exchange

5002120080%
88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
Year(Jan.〜Jun.)※Source:Osaka Securities Exchange Website etc.

■ Trading Volume by Type of Investor（Jan.〜Jun. 2009）
Others 0.2%

Others 1.5%

TOPIX
Futures

Nikkei 225
Futures

Securities Cos.
32.3%
Non-Japanese
50.0%

Jan.-Jun.
2009

Securities Cos.
40.2%

Non-Japanese
53.5%

Jan.-Jun.
2009
Trust BK 1.7%

Individuals
0.2%
Business Cos.
0.1%

Individuals
7.8%

Trust BK 6.7%
Insurance 1.3%
Investment Trusts 1.3%

Business Cos.
1.0%

2

Insurance
0.8%
Investment
Trusts
1.4%

July 2009

Index Options & Individual Options■ Individual Options Trading Volume（Daily Average）■ TOPIX Options Trading Volume（Daily Average）&Open Interest（Trading Volume: units）（Trading Volume: units）（Open Interest: thous. units）

2000（Open Interest: thous. units）

2500

12120
Trading Volume（Put）

Trading Volume(Put)Trading Volume（Call）

Trading Volume(Call)

10Open Interest

1600

Daily Average Trading Volume
2008：253units
2009(Jan.〜Jun.)：160units
Open Interests
2008：2,663units
2009(Jan.〜Jun.)：9,583units

1200

100

Open Interest

2000

Daily Average Trading Volume
2008：360units
2009(Jan.〜Jun.)：2,163units
Open Interests
2008：44,628units
2009(Jan.〜Jun.):90,746units

81500
680

60

1000

800
4400

0405002089 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
Year(Jan.〜Jun.)※Trading Volume in 1989 : PUT 58,842units , CALL 39,231units0■ Trading Volume by Underlying Securities（Jan.〜Jun. 2009）Ranking

12345678910Code/Issues

Trading Volume

Share8411 Mizuho Financial Group,Inc.
132,61236,0748604 Nomura Holdings,Inc.
20,9147201 NISSAN MOTOR CO.,LTD.
9,1948031 MITSUI & CO.,LTD.
8,530
8267 AEON CO.,LTD.
6,083
7267 HONDA MOTOR CO.,LTD.
5,000
6502 TOSHIBA CORPORATION
4,517
7751 CANON INC.
3,915
6753 Sharp Corporation
3,845
8306 Mitsubishi ＵＦＪ Financial Group,Inc.

51%
14%8%
4%
3%
2%
2%2%2%
1%

2098

9900

01020304Year

0506

07

00908
(Jan.〜Jun.)■ Trading Volume by Type of Investor（Jan.〜Jun. 2009）
Non-Japanese
5.6%

Others 0.0%

IndividualOptions
Jan.-Jun.
2009

Individuals
42.0%

Securities Cos.
49.1%

Business Cos.
0.0%
Trust BK
3.3%

JGB Futures■ Trading Volume（Daily Average）& Open Interest（Trading Volume: thous. units）■ Trading Volume (Daily Average) & Open Interest（Open Interest: thous. units）

100

Daily Average Trading
Volume(units)
2008：43,4282009(Jan.〜Jun.):26,808
Open Interests(units)
2008：45,508
2009(Jan.〜Jun.):67,475

Trading Volume
Open Interest80（Trading Volume: thous. units）（Open Interest: thous. units）

100250250
Trading Volume
Open Interest

200802006015060

15040100401002050205000085 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
Year（Jan.-Jun.）■ Trading Volume of Interest Rate Futures in the World (Jan.〜Jun. 2009)
Products

Exchange
CBOT85,640,301

5 Year T-Note Futures

CBOT

44,370,379

30 Year T-Bond Futures

CBOT

29,275,831

3 Month Eurodoller Futures

CME

211,467,079

Euro-Bund Futueres

Eurex

87,322,868

Euro-Bobl Futures

Eurex

51,540,164

Euro-Schatz Futures

Eurex

60,337,214

3 Month Euribor Futures

Euronext Liffe

95,291,277

3 Month Sterling Futures

Euronext Liffe

46,763,553

3 Month Euroyen Futures

TFX

6,842,611

10 Year JGB Futures

ＴＳＥ

3,216,905

3456789 10Month1112212009

34560■ Trading Volume by Type of Investor（Jan.〜Jun. 2009）
Others 0.7%

Trading Volume

10 Year T-Note Futures

212008Non-Japanese
40.5%

Jan.-Jun.
2009

Securities Cos.
39.6%

Banks19.2%※※Source：Website of each exchange

3July 2009

Options on JGB Futures■ Trading Volume（Daily Average）& Open Interest（Trading Volume: thous. units）■ Trading Volume (Daily Average) & Open Interest（Open Interest: thous. units）

20（Trading Volume: thous. units）

80（Open Interest: thous. units）

2025

Trading Volume(Put)Trading Volume(Put)Trading Volume(Call)

Trading Volume(Call)

70

Open Interest

15

Open Interest

60

Daily Average Trading Volume
2008：9,970units
2009：9,655units
Open Interests
2008：4,125units
2009：8,010units

10

20

1550

1540

10103020555100090 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
Year（Jan.-Jun.）0■ HV・IV

21
2008

3456789 10Month1112212009

34560■ Trading Volume by Type of Investor（Jan.〜Jun. 2009）
Others 0.5%

15%
IVHV

Securities Cos.
16.0%

10%Jan.-Jun.
2009

5%Banks
15.8%

Non-Japanese
67.7%
0%
9697

98

99

00

01

02

03
Year

04

05

06

07

08

09

Trading Data (Jan.~Jun. 2009)（Units, ¥100 mil.）ProductChange

Trading Value

7,738,516-14.8%

637,160−

339,689mini-TOPIX Futures

143,544

−

1,243

−

5,265

TOPIX Core30 Futures

185,689−806−

20,511

TSE REIT Index Futures

24,713−

205−

4,540

TOPIX Electric Appliances
Index Futures

00%0−0TOPIX Banks
Index Futures

00%0−

0TOPIX Options

19,180-39.4%

93

1,352

9,583

259,576806.2%

1334,980

90,7465-year JGB Futures

00%0−

0Futures 10-year JGB Futures

3,216,905-50.7%

4,433,551−

67,475mini-10-year JGB Futures

46−6−

10Options on 10-year
JGB Futures

1,158,613-20.7%

2,829

97,2708,010

TOPIX Futures

Futures
EquityOptions

Individual Options

Trading Volume

Exercise Volume

Open Interest

BondOptions

4July 2009

Contract Specifications
Product

Trading Hours（Auction）

Trading Hours（ToSTNeT）

Auction：0.25
ToSTNeT：0.05

mini-TOPIX Futures
TOPIX Futures
9:00〜11:00
8:20〜16:00
12:30〜15:10
16:30〜19:10
TSE REIT Index Futures 16:30〜19:00

TOPIX Core30 Futures

Auction：0.5
ToSTNeT：0.1

TOPIX Electric Appliances
Index Futures

Vendor Codes
Bloomberg
Reuters

Margin per Unit (¥)(As of the end of June)

Contract
Trading Unit No. ofMonths

Minimum
Fluctuation

× 1,000

3¥40,500

TMIA<index>CT0#JTM:

× 10,000

5¥405,000

TPX<index>CT0#JTI:

× 1,000

3¥26,500

TPCA<index>CT0#JTC:

× 1,000

3¥53,500

TREA<index>CT0#JRT:

× 10,000

3¥725,000

TKA<index>CT

0#JEL:TOPIX Banks Index Futures

0.1

× 10,000

3¥112,000

TZA<index>CT

0#JBK:

5-year JGB Futures

0.01

× 1,000,000

3¥200,000JJA<CMDTY>CT

0#JMB:

9:00〜11:00
8:20〜15:10
10-year JGB Futures 12:30〜15:00
15:30〜18:20
15:30〜18:00

0.01

× 1,000,000

3¥840,000JBA<CMDTY>CT

0#JGB:

mini-10-year JGB Futures

0.005

× 100,000

3¥84,000

MJBA<CMDT>CT0#JGM:※Index Futures Supporter・・・kabu.com Securities Co., Ltd. , Deutsche Securities Inc.

ProductTrading Hours（Auction）

Trading Hours（ToSTNeT）

Minimum
Fluctuation

Contract
Trading Unit No. ofMonths

TOPIX Options

9:00〜11:00
Auction:0.5 (more than 5 point)
8:20〜16:00
12:30〜15:10
0.1（5 points or less）
16:30〜19:10
16:30〜19:00
ToSTNeT:0.1

Individual Options

9:00〜11:00
12:30〜15:10

determined by that

× 10,000

Minimum No. of
Exercise Prices

89（ATM±4）45（ATM±2）

TPX<index>GMONminimum

8:20〜16:00 day's minimum

trading unit ofunderlying security price underlying security

9:00〜11:00

8:20〜15:10
Options on 10-year
12:30〜15:00
15:30〜18:20
JGB Futures
15:30〜18:00

Vendor Codes
Bloomberg
Reuters

0.01

3〜4× 1,000,000(company code)

0#JTI*.T

0#OPT*.T<EQUITY>GMON

Serial Months：19（ATM±9） JBA<CMDTY>GMON 0#JGB++
Quartery Months：11（ATM±5）※TOPIX Options Liquidity Provider・・・Deutsche Securities Inc. , Merrill Lynch Japan Securities Co., Ltd. , Newedge Japan Inc.
※Individual Options Supporter・・・Nikko Citigroup Limited, Tokai Tokyo Securities Co.,Ltd., Goldman Sachs Japan Ltd.

Trading Fees (as of June 30, 2009)
Products

Exchange trading fees

（reference）Clearing fees of JSCC

Regular Trade

100yen (per contract)

Regular Trade

Trade by Exercise of
Options on JGB Futures

87.5yen (per contract)

Trade by Exercise of
Options on JGB Futures

50yen (per contract)

Physical delivery

15yen (per contract)

Physical delivery

135yen (per contract)mini-10-year JGB
Futures

Regular Trade

5yen (per contract)

Regular Trade

20yen (per contract)
Final Settlement

15yen (per contract)

Regular Trade

Trading value × 0.00005

Options on JGB
Futures

Regular Trade

Trading value × 0.000075

Exercise

12.5yen × Trading volume of JGB
Futures by exercise

Regular Trade

Trading value × 0.0000014

Index Futures *Regular Trade

Trading value × 0.0000046

SQ Settlement

Trading value for final settlement ×0.000004

Index Options **Regular Trade

Trading value × 0.00015

Regular Trade

Trading value × 0.00005

Exercise

Trading value by exercise × 0.0002

Regular Trade

Trading value × 0.00005

Exercise ***Trading value of cash trading by exercise
× 0.0000015

5-& 10-year JGB
Futures

Individual Options

Regular Trade

Trading value × 0.0001*TOPIX Futures, mini-TOPIX Futures, TOPIX Core30 Futures, TSE REIT Index Futures and TOPIX Sector Index Futures.
No exchange trading fee for S&P/TOPIX150 Futures is required.
** No trading fee for S&P/TOPIX150 options is required.
*** Clearing fees for cash trading will be required additionally.

(Note) Trading value of Index Futures: execution price × trading volume × multiplier (10,000yen)
Trading value of Index Options: execution price (i.e. Premium) × trading volume × multiplier (10,000yen)
Trading value of Individual Options:execution price (i.e. Premium) × trading volume × the minimum trading unit of the underlying security(Caution.1)TSE rounds up clearing fees schedule based on Clearing fees rule of JSCC. (As of Jun. 30, 2009)(Caution.2) Give-up fees(5yen per contract)will be required for Clearing Broker.

5July 2009

NewsdateEquity Derivatives

Bond Derivatives

Tokyo Stock Exchange and The Options Industry Council, a world leader in options education based in Chicago, Sign
Jan-2009 ・The
Content Licensing Agreement

Jan-2009

・Survey regarding 10-Year JGB Futures Trading wasconducted.
The results is shown in the following page.
http://www.tse.or.jp/english/news/200904/090409̲a.html

Mar-2009

・Introduction of "mini-10-year JGB Futures"
・Trading Fee Discount Campaign for mini-10-year JGBFutures（by Jun. 2009）

Release of the Report from the Study Group on Post-Trade Processing of OTC Derivatives Trades in Japan
Mar-2009 ・The report is shown at http://www.tse.or.jp/english/news/200903/090330̲a.html.

Apr-2009 ・Join the International Swaps and Derivatives Association, Inc.（ISDA）
TSE to provide CDS pricing information on website.
Apr-2009 ・http://www.tse.or.jp/english/market/data/credit/index.html

May-2009 ・Launch of a Working Group on Clearing Operations for OTC Derivatives Trades
Rule amendments in the future
Activation of new trading system based on LIFFE CONNECT
Oct-2009 ・・Introduction of Market Maker System for TSE Options markets
RNov-2009 ・Change of a part of fee scheduleDec-2009 ・abolish Half-Holidays on the Last/First Business Day of the year

Trading Records
TOPIX Futures
2009 (Jan.-Jun.)（Units, point）

Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Index
Lowest Index

Date

10-year JGB Futures

Historical（Units, point）

2009 (Jan.-Jun.)Date（Units, ¥）556,116 （Mar.10/09） 559,027 （Dec.6/05）
28,592 （Jan.19/09）
0 （Jan.31/94）
518,222 （Jun.11/09） 615,314 （Mar.13/08）
339,689 （Jun.30/09） 11,183 （Dec.8/88）
954.5 （Jun.12/09） 2,956.0 （Dec.18/89）
687.0 （Mar.13/09）
687.0 （Mar.13/09）

Highest Daily Trading Volume
Lowest Daily Trading Volume
Highest Open Interest
Lowest Open Interest
Highest Index
Lowest Index

Limit Up

Limit Up

Limit Down

Limit Down

Emergency Margin Deposit

Emergency Margin Deposit

Temporary Trading Halt

Temporary Trading Halt

Date

Historical（Units, ¥）Date

94,402 （Jun.9/09） 211,110 （Jun.7/07）
10,058 （Apr.20/09）
510 （Oct.28/85）
79,448 （May 29/09） 310,415 （Feb.8/00）
35,676 （Mar.13/09） 14,585 （Dec.12/85）
140.19 （Jan.15/09） 145.28 （Jun.11/03）
135.47 （Jun.11/09）
87.08 （Sep.27/90）＊Figures refer only to days when trading volume is not 0.

No. of Trading Participants: General Trading Participant: 104/ Index Futures Trading Participant: 2/ JGB Futures Trading Participant: 53/
Individual Options Trading Participant: 0（as of Jun.30,2009）
Individual Options Supporter : 3（Nikko Citigroup Limited, Tokai Tokyo Securities Co.,Ltd., Goldman Sachs Japan Ltd.）TOPIX Options Liquidity Provider : 3（Deutsche Securities Inc. , Merrill Lynch Japan Securities Co., Ltd., Newedge Japan Inc. ）Index Futures Supproter : 2（kabu.com Securities Co., Ltd. , Deutsche Securities Inc.）

TSE Web Site

TSE 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 areemailed directly to registered members for free.

http://www.tse.or.jp/english/index.html* TSE Futures & Options Club Mailing Service
http://www.tse.or.jp/english/rules/derivatives/mlservice/index.html

TOKYO STOCK EXCHANGE, INC.
Derivatives Department

New York Representative OfficeLondon Representative Office

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2-1 Nihombashi-Kabuto-cho, Chuo-ku,
Tokyo 103-8220 Japan
Tel:03-3665-1385 Fax:03-3661-9113
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Tel:+44-（0）-20-7329-2155 Fax:+44-（0）-20-7236-0252
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Tel : +86-10-8517-1128 Fax : +86-10-8517-1138
tsebjrep@tsebjrep.com.cnCopyright (c) 2009 Tokyo Stock Exchange, Inc. All rights reserved.
・The description 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, etc. offutures/options, and the entire deposited margin or a portion of such may be lost. Losses may also exceed deposited margin. When trading futures and options, investors must
carefully review the documents provided by their financial services provider before contract signing, 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. 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.
・TSE reserves the right to change the contents of this publications without notice.

6July 2009