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Nikkei 225 mini Options

Contract Specifications

Item Nikkei 225 mini Options
Underlying Index Nikkei Stock Average (Nikkei 225)
Opening Date May 29, 2023
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 7 contract months
Contract months maturing in the 2nd week: Nearest 3 contract months
Contract month maturing in a week other than the 2nd week: Nearest 4 contract months
Nikkei 225 mini Options Contract Months
Strike Prices Initial and Additional Setting
+/- 24 strike prices with ¥125 interval
Last Trading Day The business day preceding each Friday. (When each Friday is a non-business day, it shall be the preceding business day.)
SQ Day The business day following the last trading day.
Contract Unit Option price × ¥100
Tick Size
Option price Tick size
¥100 or less ¥1
more than ¥100 ¥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 \50 4%
    \50～\200 6%
    \200～\500 8%
    \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: \0.0001, Minimum trading unit: 10 unit)
J-NET Trading
Flexible Options Trading Unavailable
Holiday Trading Available
Holiday Trading
Settlement
  1. Last price from 3:00 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）