Nikkei 225 mini Options

Contract Specifications

Item

Underlying Index

Nikkei Stock Average (Nikkei 225)

Opening Date

May 29, 2023
May 26, 2025 (Wednesday Expiry Contracts)

Trading Hours

8:45-15:45, 17:00-6:00
Note: An order acceptance period ("pre-closing") is established for 5 minutes before the Itayose on close.

Trading Hours

Contract Months

11 contract months

[Friday Expiry Contracts]
Contract months maturing on the 2nd Friday :
- Nearest 3 contract months
Contract month maturing on Friday other than the 2nd week of the month:
- Nearest 4 contract months

[Wednesday Expiry Contracts]
Contract month maturing on Wednesday :
- Nearest 4 contract months

Note:
- When Friday is a non-business day, it shall be the preceding business day. The same shall apply hereinafter.
- When Wednesday is a non-business day, it shall be the preceding business day. The same shall apply hereinafter.

Nikkei 225 mini Options Contract Months

Strike Prices

Initial and Additional Setting
+/- 24 strike prices with JPY 125 interval

Last Trading Day

[Friday Expiry Contracts]
The business day preceding each Friday.

[Wednesday Expiry Contracts]
The business day preceding each Wednesday.

SQ Day

The business day following the last trading day.

Contract Unit

Option price × JPY 100

Tick Size

Option price	Tick size
JPY 100 or less	JPY 1
more than JPY 100	JPY 5

Price Limits

The price limit range shall be calculated by multiplying the base price for calculating the price limit range by the following rates. In principle, the price limit range will be recalculated on a quarterly basis (March, June, September and December).

Reference price	Normal
Less than JPY 50	4%
JPY 50～JPY 200	6%
JPY 200～JPY 500	8%
JPY 500 or more	11%

1st Expansion	Add 3% to Normal Price Limits
2nd Expansion	Add 3% to 1st Expansion Price Limits

(Note) The price limits will be expanded to the 1st expansion of price limits, and then to the 2nd expansion of price limits (Price limits in both directions, up and down, will be expanded.)
Current Price Limits
Price Limits/ Circuit Breaker Rule
(Note) OSE may review price limit temporarily.

Immediately Executable Price Range (DCB)：LTP ± 10 ticks
※However, the DCB Price Range for Opening Auction and Closing Auction will be ±60 Ticks and　±30 Ticks respectively.
Immediately Executable Price Range Rule

Circuit Breaker Rule (SCB)

Price Limits/ Circuit Breaker Rule

Strategy Trades

Unavailable

J-NET Trading

Available (Tick size: JPY 0.0001, Minimum trading unit: 10 unit)
J-NET Trading

Flexible Options Trading

Unavailable

Holiday Trading

Available
Holiday Trading

Settlement

Last price from 3:30 p.m. to the end of the Day Session
If 1. is not available, then the theoretical price is used

On the last business day of each quarter, the theoretical price is used regardless of the above.
Notwithstanding the above, if necessary, the figures will be adjusted to those deemed appropriate by the Japan Securities Clearing Corporation (JSCC).

Margin

Calculated by VaR Method
Margin Calculation Method (VaR Method) for Futures and Options (JSCC)

Settlement method

resell or buy back
Final settlement

Give-Up

Available
Give-Up System

Position-Transfer

Available
Position Transfer System（JSCC）

Derivatives

Products
- Japanese Indices

PageTop