TOPIX Options

Contract Specifications

Underlying Index TOPIX
Opening Date October 20, 1989
Trading Hours 9:00-15:15, 16:30-5:30
(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 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
    • +/- 9 strike prices with 25 points interval
  2. For other contract months
    • +/- 6 strike prices with 50 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 TOPIX × ¥10,000
Tick Size 20points or less: 0.1 points
Over 20points : 0.5 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 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 direction, 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
    Immediately Executable Price Range Rule
Circuit Breaker Rule (SCB) Price Limits/ Circuit Breaker Rule
Strategy Trades TMC (Tailor Made Combination) which is ordered by the participants after the participants make the structure of the strategy trading is available.
TMC (Tailor Made Combination)
J-NET Trading Available (Tick size:0.0001 points 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 TOPIX 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)