OSE Nikkei 225 Futures

OSE Nikkei 225 futures and futures options trade on the Osaka Exchange (OSE). They were launched in September 1988 and June 1989, respectively. The Nikkei 225 is the stock index that Nikkei Inc. composed with shares of 225 companies listed on Japanese stock exchanges.

In 2007, OSE Nikkei 225 futures traded 30.084 million contracts and OSE Nikkei 225 futures options traded 29.181 million contracts.

OSE Nikkei 225 futures
Exchange	Osaka Exchange
Settlement	Cash settled
Contract Size	Nikkei 225 x ¥1,000
Pricing Unit	¥1,000 per contract
Tick Value	¥10,000 per contract
Contract Months	5 months in the March quarterly cycle: Mar, Jun, Sep, Dec (Maximum trading period: 1 year & 3 months)
Last Trading Day	The business day preceding the second Friday of each contract month (When the second Friday is a non-business day, it shall be the preceding business day.) Trading in a new contract month begins on the business day following the last trading day.
Note: This contract is electronic ONLY -- no open outcry
	No Open Outcry	Electronic
Trading Hours	N/A	9:00 - 11:00, 12:30 - 15:10, 16:30 - 19:00 JST (9:00 - 11:10 on a half-trading day)
Ticker Symbol	N/A	N/A
Price Limits	N/A	Contracts of less than ¥12,500 = ¥2,000 up/down limit Contracts from ¥12,500 - less than ¥17,500 = ¥3,000 up/down limit Contracts from ¥17,500 - less than ¥22,500 = ¥4,000 up/down limit Contracts from ¥22,500 - less than ¥27,500 = ¥5,000 up/down limit Contracts from ¥27,500 - less than ¥32,500 = ¥6,000 up/down limit Contracts from ¥32,500 - less than ¥37,500 = ¥7,000 up/down limit Contracts from ¥37,500 - less than ¥42,500 = ¥8,000 up/down limit Contracts from ¥42,500 or more = ¥9,000 up/down limit
OSE Nikkei 225 options
Trade Unit	Nikkei 225 x ¥1,000
Point Value	¥1,000 (¥1)
Tick Value	¥10 or less: ¥1,000 Over ¥10 up to ¥1,000: ¥5,000 Over ¥1,000: ¥10,000 (¥10 or less: ¥1 Over ¥10 up to ¥1,000: ¥5 Over ¥1,000: ¥10)
Option Months	5 consecutive months from the March quarterly cycle plus 3 near-term months which do not overlap the March cycle
Strike Prices	¥500 intervals in integer multiples of ¥500 based on Nikkei 225 (For the nearest 3 months, ¥250 intervals in integer multiples of ¥250 in case Nikkei 225 is less than 10,000 yen)
Exercise Style	European
	No Open Outcry	Electronic
Trading Hours	N/A	9:00 - 11:00, 12:30 - 15:10, 16:30 - 19:00 JST (9:00 - 11:10 on a half-trading day)
Ticker Symbol	N/A	N/A
Price Limits	N/A	Contracts of less than ¥12,500 = ¥2,000 up/down limit Contracts from ¥12,500 - less than ¥17,500 = ¥3,000 up/down limit Contracts from ¥17,500 - less than ¥22,500 = ¥4,000 up/down limit Contracts from ¥22,500 - less than ¥27,500 = ¥5,000 up/down limit Contracts from ¥27,500 - less than ¥32,500 = ¥6,000 up/down limit Contracts from ¥32,500 - less than ¥37,500 = ¥7,000 up/down limit Contracts from ¥37,500 - less than ¥42,500 = ¥8,000 up/down limit Contracts from ¥42,500 or more = ¥9,000 up/down limit