TOPIX futures
TOPIX futures and futures options are traded on the Osaka Exchange. They were previously traded on the Tokyo Stock Exchange (TSE), but the two exchanges merged into one in 2014.
TOPIX futures began trading on TSE on September 3, 1988 and the options began trading October 20, 1989.
Each TOPIX futures contract is subject to a trading fee equivalent to trading value times 0.0000046 per contract as well as a JSCC clearing fee equivalent to trading value times 0. 0000014 (final settlement × 0.000004 for SQ Settlement), whereas each TSE TOPIX futures options contract is subject to a trading fee equivalent to trading value times 0.00015 per contract as well as a JSCC clearing fee of equivalent to trading value times 0.00005 (trading value by exercise times 0.0002 for exercise) [1].
In 2007, TSE TOPIX futures traded 16,578,731 contracts (+11.2 percent YOY) and TSE TOPIX futures options traded 19,555 (6.5 percent YOY).
| TOPIX futures | ||
|---|---|---|
| Exchange | Osaka Exchange | |
| Settlement | Cash settled | |
| Contract Size | 10,000 yen × TOPIX | |
| Pricing Unit | 1,000 yen | |
| Tick Value | 5,000 yen | |
| Contract Months | 5 months in the March quarterly cycle (March, June, September and December) | |
| 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 | 8:45-15:15 |
| Ticker Symbol | N/A | N/A |
| Price Limits | N/A | See Daily price limit (*2) and Circuit brake (*3)[2] |
| TOPIX options | ||
| Trade Unit | One futures contract | |
| Point Value | 1,000 yen (0.1 points) | |
| Tick Value | 5,000 yen (for prices over 5 points) or 1,000 yen (for prices less than 5 points) (0.5 points (for prices over 5 points) or 0.1 points (for prices less than 5 points)) | |
| Option Months | Quarterly Contract Months(Available for a period up to 5 years)
June and December: Nearest 10 contract months March and September: Nearest 3 contract months Monthly Contract Months(Available for a period up to 9 months) Nearest 6 contract months | |
| Strike Prices | Trading period for a contract month remains over 4 months Nine exercise prices at 50-point intervals are set initially.
When the remaining trading period for a contract month drops below 4 months Nine exercise prices at 25-point intervals are added. | |
| No Open Outcry | Electronic | |
| Trading Hours | N/A | 9:00-15:15, 16:30-5:30 |
| Ticker Symbol | N/A | N/A |
| Price Limits | N/A | Approximately 20% of previous day's closing price of TOPIX |
Notes[edit]
Resources[edit]
References[edit]
- ↑ Trading fees for Futures and Options. Tokyo Stock Exchange Group, Inc..
- ↑ TOPIX and TOPIX Sector Index Futures futures contract specification. Tokyo Stock Exchange Group, Inc..