JPX-Nikkei Index 400 Options

Contract Specifications

Underlying Index JPX-Nikkei Index 400
Opening Date July 19, 2016
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.
Contract Months
  1. Quarterly Contract Months(Available for a period up to 5 years)
    • June and December: Nearest 10 contract months
    • March and September: Nearest 3 contract months
  2. Monthly Contract Months(Available for a period up to 9 months)
    • Nearest 6 contract months
Strike Prices
  1. For nearest 3 contract months
    • +/- 8 strike prices with 250 points interval
  2. For other contract months
    • +/- 8 strike prices with 500 points 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 JPX-Nikkei Index 400 × \1,000
Tick Size 50points or less: 1 points
Over 50points : 5 points
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 points 4%
    50~200 points 6%
    200~500 points 8%
    500 points 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 or BBO mid price ±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) 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 Unavailable
J-NET Trading Available (Tick size:0.0001 point, Minimum trading unit: 1 unit)
J-NET Trading
Flexible Options Trading Available
Flexible Options Trading
Settlement Cash settlement of the difference between the strike price and the Special Quotation on the expiration date
Final Settlement Price Special Quotation
(SQ calculation is based on the total opening prices of each component stock of JPX-Nikkei Index 400 on the business day following the last trading day.)
Margin Calculated by using SPAN®
(Margin offsetting with other index futures and options contracts is allowed.)
Give-Up Available
Give-Up System
Position-Transfer Available
Position Transfer System(JSCC)icon-block