| Contract |
OSE selects underlying security from securities exchanges throughout Japan. |
| Opening Date |
July 18, 1997 |
| Trading Hours |
9:00-11:35, 12:30-15:45
- An order acceptance period ("pre-closing") is established for 5 minutes before the Itayose on close.
Trading Hours
|
| Contract Months |
2 consecutive near-term months, plus 2 months from the March cycle. |
| Strike Prices |
-
Initial Setting of Exercise Prices
Two strike prices, one above and one below, are set around the strike price that is closest to the last price of the underlying security on the business day prior to the initial trading day.
-
Additional Setting of Exercise Prices
Set two consecutive strike prices, one above and one below, centered on the strike price that is closest to the last price of the security subject to the option on each business day.
| Strike Price |
Price Interval |
| less than JPY 500 |
JPY 25 |
| JPY 500 - less than JPY 1,000 |
JPY 50 |
| JPY 1,000 - less than JPY 2,000 |
JPY 100 |
| JPY 2,000 - less than JPY 5,000 |
JPY 200 |
| JPY 5,000 - less than JPY 30,000 |
JPY 500 |
| JPY 30,000 - less than JPY 50,000 |
JPY 1,000 |
| JPY 50,000 - less than JPY 100,000 |
JPY 2,500 |
| JPY 100,000 - less than JPY 200,000 |
JPY 10,000 |
| JPY 200,000 - less than JPY 500,000 |
JPY 20,000 |
| JPY 500,000 - less than JPY 1,000,000 |
JPY 50,000 |
| JPY 1,000,000 - less than JPY 2,000,000 |
JPY 100,000 |
| JPY 2,000,000 - less than JPY 5,000,000 |
JPY 200,000 |
| JPY 5,000,000 - less than JPY 10,000,000 |
JPY 500,000 |
| JPY 10,000,000 - less than JPY 20,000,000 |
JPY 1,000,000 |
| JPY 20,000,000 - less than JPY 50,000,000 |
JPY 2,000,000 |
| JPY 50,000,000 or more |
JPY 5,000,000 |
|
| Last Trading Day |
The business day preceding the second Friday of each expiration month. (When the said Friday is a non-business day, it shall be the previous business day.) Trading in a new expiration month begins on the business day following the last trading day. |
| Exercise date |
Last Trading Day |
| Exercise Type |
European. The option may be exercised only on its expiration day (same as last trading day). |
| Contract Unit |
The minimum trading unit of each underlying security. |
| Tick Size |
Tick size ranges from JPY 0.1 to JPY 5,000, depending on the level of the quotation and the trading unit of each underlying security.
|
| Price Limits |
-
The price limit range will be calculated by multiplying the reference price for price limits of an underlying security on the designated market by 25%
Price Limits/ Circuit Breaker Rule
-
Immediately Executable Price Range Rule (Dynamic Circuit Breaker (DCB))：
As follows depending on the DCB reference price level
| DCB Reference Price Level |
DCB Price Range |
| less than JPY 100 |
±JPY 30 |
| JPY 100 - less than JPY 200 |
±JPY 60 |
| JPY 200 - less than JPY 500 |
±JPY 120 |
| JPY 500 - less than JPY 800 |
±JPY 150 |
| JPY 800 - less than JPY 1,000 |
±JPY 180 |
| JPY 1,000 - less than JPY 2,000 |
±JPY 300 |
| JPY 2,000 - less than JPY 5,000 |
±JPY 500 |
| JPY 5,000 - less than JPY 10,000 |
±JPY 1,000 |
| JPY 10,000 - less than JPY 20,000 |
±JPY 2,000 |
| JPY 20,000 - less than JPY 50,000 |
±JPY 4,000 |
| JPY 50,000 or more |
±JPY 7,500 |
Immediately Executable Price Range Rule |
| Circuit Breaker Rule (SCB) |
Price Limits/ Circuit Breaker Rule |
| Strategy Trades |
Unavailable |
| J-NET Trading |
Available (Tick size: JPY 0.1, Minimum trading unit: 1 unit)
- In case that minimum trading unit of underlying stock is odd, tick size is JPY 1.0
J-NET Trading |
| Flexible Options Trading |
Available
Flexible Options Trading |
| Settlement Price |
Theoretical price
- If necessary, notwithstanding the above, the settlement price will be adjusted as deemed appropriate by JSCC.
|
| 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） |
| Position Limits and Reporting of Large Positions |
Please refer to the following page.
|
