Flexible Trading

Flexible Futures Trading


Flexible Futures Trading is conducted in the J-NET Market, which is a separate market from the auction market, and contracts can be set based on an application from a Trading Participant.



Flexible Futures Trading was launched was September, 2021. It has flexibility and convenience more than ever as a listed options trading as with flexible options trading which was launched in June, 2018.

  • Contract Flexibility
    Expiration date and settlement type can be specified to suit your strategic needs. For example, you can trade contracts like expiration date is the end of month and the final settlement is cash settlement based on closing price.
  • Trade Flexibility
    Instrument can be set within few minutes and you can trade instrument which you set immediately.
  • Underlying abundance
    You can select main index such as Nikkei 225, TOPIX, JPX-Nikkei Index 400, TSE REIT Index and TOPIX Banks Index as underlying. Moreover, you can select Nikkei 225 Total Return Index, too.
  • Margin Offsetting
    Margin offsetting with other futures and options contracts including flexible options is allowed.
  • An Alternative to OTC Futures
    OSE listed/traded flexible futures offer a solution to problems associated with OTC futures, such as counterparty risk and various regulations that OTC transactions are subject to.

Contract Specifications

Underlying Index -Nikkei Stock Average (Nikkei 225) *1
-JPX-Nikkei Index 400
-TOPIX Banks Index
-Nikkei 225 Total Return Index *2
Opening Date September 21, 2021
Trading Method Off-auction (J-NET) Only
Trading Hours From 8:20 a.m. to 6:00 a.m. (JST)
Contract Month Per day basis for a maximum 5-year period *3
Last Trading Day Per day basis (to be advanced chronologically if the day falls on a nonbusiness day)
SQ Date Business day after last trading day (In the case of SQ settlement)
Contract Unit Same as regular index futures
-Nikkei 225 Total Return Index × ¥1,000
Tick Size Four decimal places (JPY)
Final Settlement *4 Cash settlement by SQ or closing price *5
Final Settlement Price
  • SQ settlement
  • Price which is calculated using the same Special Quotation (SQ) calculation method as regular index futures
    -Closing price of the last trading day for Nikkei 225 Total Return Index

  • Closing price settlement
  • Closing price of underlying index of the last trading day
Margin Calculated by using SPAN®
(Margin offsetting with other index futures and options contracts correlated with price fluctuations is allowed.)
  • Only Large trading is available.
  • Only flexible futures trading is available for Nikkei 225 Total Return Index Futures.
  • The minimum period from the creation day to the last trading day shall be five business days.
  • The settlement method must be specified at the time of applying to create the series and cannot be changed afterward.
  • Only SQ settlement can be selected for Nikkei 225 Total Return Index Futures.

For more details of contract specifications, please refer to Appendix3 in the following page.

Public Comments


Reference data for Flexible Futures is as follows.

Reference Data for Futures and Options (Instruments and Settlement Price, etc.)
Reference Data for Flexible Options (All executions for the trading day and SQ)