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  6. Contract Specifications
Update : Nov. 04, 2024

Nikkei 225 Options

Contract Specifications

Underlying Index Nikkei Stock Average (Nikkei 225)
Opening Date June 12, 1989
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
  1. 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
  2. Monthly Contract Months (Available for a period up to 12 months)
Strike Prices
  1. For contract months other than nearest 3 contract months
    • +/- 16 strike prices with JPY 250 interval
      • *For new contract months, additional strike prices will be set depending on the price level of Nikkei 225. (To be applied from August, 2023)
      Operational Rule
  2. For nearest 3 contract months
    • +/- 16 strike prices with JPY 125 interval
  3. Others
Last Trading Day The business day preceding the second Friday of each expiration month (When the second Friday is a non-business day, it shall be the preceding business day.).
Trading in a new expiration month begins on the business day following the last trading day.
Exercise Type European. The option may be exercised only at its expiration.
Contract Unit Nikkei 225 × JPY 1,000
Tick Size JPY 100 or less: JPY 1
Over 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: 1 unit)
J-NET Trading
Flexible Options Trading Available
Flexible Options Trading
Holiday Trading Available
Holiday Trading
Settlement 1.Last traded price, etc. from 3:30 p.m. until the end of the Day Session.
2.Theoretical price if there is no 1.
*On the last business day of each quarter, the theoretical price is used regardless of the above.
*If necessary, notwithstanding the above, the settlement price will be adjusted as deemed appropriate by JSCC.
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)
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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