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  6. Contract Specifications
Update : May 26, 2025

Nikkei 225 mini Options

Contract Specifications

Item Nikkei 225 mini Options
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
  1. 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.
  2. 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
  1. Last price from 3:30 p.m. to the end of the Day Session
  2. 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
  1. resell or buy back
  2. Final settlement
Give-Up Available
Give-Up System
Position-Transfer Available
Position Transfer System（JSCC）
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