| Underlying Index |
TOPIX |
| Opening Date |
October 20, 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 |
- 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
- Monthly Contract Months(Available for a period up to 9 months)
- Nearest 6 contract months
|
| Strike Prices |
- For nearest 3 contract months
- +/- 9 strike prices with 25 points interval
- For other contract months
- +/- 6 strike prices with 50 points interval
*For new contract months, additional strike prices will be set depending on the price level of TOPIX. (To be applied from August, 2023)
Operational Rule
- 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 |
Option Price × ¥10,000 |
| Tick Size |
| Option Price |
Tick Size |
| 20 points or less |
0.1 points |
| Over 20 points |
0.5 points |
|
| 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 5 points |
4% |
| 5～20 points |
6% |
| 20～50 points |
8% |
| 50 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.)
Price Limits
Price Limits/ Circuit Breaker Rule
(Note) OSE may review price limit temporarily.
- Immediately Executable Price Range (DCB)：
As follows depending on the DCB reference price level
| DCB Reference Price Level |
DCB Price Range |
| Less than 20 pts |
± 2.5 pts |
| 20 pts or more, but less than 200 pts |
± 5 pts |
| 200 pts or more, but less than 500 pts |
± 10 pts |
| 500 pts or more, but less than 800 pts |
± 12.5 pts |
| 800 pts or more, but less than 1,000 pts |
± 15 pts |
| 1,000 pts or more, but less than 2,000 pts |
± 20 pts |
| 2,000 pts or more |
± 25 pts |
Immediately Executable Price Range Rule
|
| Circuit Breaker Rule (SCB) |
When the Circuit Breaker is triggered in TOPIX Futures, trading will be suspended accordingly.
Price Limits/ Circuit Breaker Rule |
| Strategy Trades |
Unavailable |
| J-NET Trading |
Available (Tick size:0.0001 points Minimum trading unit: 1 unit)
J-NET Trading |
| Flexible Options Trading |
Available
Flexible Options Trading |
| Holiday Trading |
Available
Holiday Trading |
| Settlement Price |
Theoretical price
*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 TOPIX 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 |
-
resell or buy back
-
final settlement
|
| Give-Up |
Available
Give-Up System |
| Position-Transfer |
Available
Position Transfer System（JSCC） |
