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  6. Contract Specifications
Update : Nov. 04, 2024

TOPIX Options

Contract Specifications

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
  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
      *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
  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
Option Price Tick Size
20 points or less 0.1 points
Over 20 points 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 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) 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 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 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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