Securities Options

Contract Specifications

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

Price intervals may be different from those shown above depending on trading conditions.
Please refer to the following page.
Outline of Specifications for Securities Options
For some securities options, strike prices are set differently from the table above. For details, please refer to the following page.
Special Rules for Setting Method of Strike Prices for Securities Options (From Jan. 5, 2026)

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.

For more details, please refer to the following page.
Outline of Specifications for Securities Options

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