Nikkei 225 Futures (Large Contracts)

Contract Specifications

Underlying Index Nikkei Stock Average (Nikkei 225)
Opening Date September 3, 1988
Trading Hours 8:45-15:15, 16:30-6:00
(Note) An order acceptance period ("pre-closing") is established for 5 minutes before the Itayose on close.
Trading Hours
Contract Months Quarterly Contract Months (Available for a period up to 8 years)
  • June and December: Nearest 16 contract months
  • March and September: Nearest 3 contract 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.
SQ Day The business day following the last trading day.
Contract Unit Nikkei 225 × ¥1,000
Tick Size ¥10 (Value per tick: ¥10,000 per contract)
Price Limits
  1. The price limit range shall be calculated by multiplying the reference price of price limits by the following rates.
    Normal 8%
    1st Expansion 12%
    2nd Expansion 16%
    (Note) The price limits will be expanded to the 1st expansion of price limits, and then to the 2nd expansion of price limits (Only price limits in one direction, up or down, will be expanded.)
    Price Limits/ Circuit Breaker Rule
    (Note) OSE may review price limit temporarily.
  2. Immediately Executable Price Range Rule(DCB):LTP ±0.8%
    ※However, the DCB Price Range for Opening Auction and Closing Auction will be ±3.0% and ±1.5% respectively.
    Immediately Executable Price Range Rule
Circuit Breaker Rule (SCB) In the case where there was a trade, etc. in the central contract month at the upper or lower price limit range, trading in all contract months will be suspended for at least 10 minutes. Price Limits/ Circuit Breaker Rule
Strategy Trades The calendar spread trading is available.
J-NET Trading Available (Tick size: \0.0001, Minimum trading unit: 1 unit)
J-NET Trading
Flexible Futures Trading Available
Flexible Futures Trading
Holiday Trading Available
Holiday Trading
Settlement Cash Settlement
Final Settlement Price Special Quotation
(SQ calculation is based on the total opening prices of each component stock of Nikkei 225 on the business day following the last trading day.)
Margin Calculated by VaR Method
Margin Calculation Method (VaR Method) for Futures and Options (JSCC)
Give-Up Available
Give-Up System
Position-Transfer Available
Position Transfer System(JSCC)