Holiday Trading

Osaka Exchange, Inc. (OSE) and Tokyo Commodity Exchange, Inc. (TOCOM) launched holiday trading in our derivatives market on September 23, 2022 (Autumnal Equinox Day), from the perspective of further convenience for investors through provision of hedging opportunities during national holidays. Derivatives products such as Nikkei 225 Futures and Platts Dubai crude oil Futures can be traded on holidays.

Derivatives Holiday Trading Days

Derivatives holiday trading days in 2025 and 2026 are as follows.

Eligible Holidays^1,2				Markets	Finalized or Scheduled
2025	January 2	Thu.	New Year Holidays	Not Open³	Finalized
	January 3	Fri.	New Year Holidays	Open	Finalized
	January 13	Mon.	Coming of Age Day	Not Open⁴	Finalized
	February 11	Tue.	National Foundation Day	Open	Finalized
	February 24	Mon.	Substitute Holiday of Emperor's Birthday	Open	Finalized
	March 20	Thu.	Vernal Equinox Day	Open	Finalized
	April 29	Tue.	Showa Day	Open	Finalized
	May 5	Mon.	Children's Day	Open	Finalized
	May 6	Tue.	Substitute Holiday of Greenery Day	Open	Finalized
	July 21	Mon.	Marine Day	Open	Finalized
	August 11	Mon.	Mountain Day	Open	Finalized
	September 15	Mon.	Respect for the Aged Day	Not Open⁵	Finalized
	September 23	Tue.	Autumnal Equinox Day	Open	Finalized
	October 13	Mon.	Health and Sports Day	Open	Finalized
	November 3	Mon.	Culture Day	Open	Finalized
	November 24	Mon.	Substitute Holiday of Labor Thanksgiving Day	Open	Finalized
	December 31	Wed.	New Year's Eve	Not Open³	Finalized
2026	January 2	Fri.	New Year Holidays	Not Open³	Scheduled
	January 12	Mon.	Coming of Age Day	Open	Scheduled
	February 11	Wed.	National Foundation Day	Open	Scheduled
	February 23	Mon.	Emperor's Birthday	Open	Scheduled
	March 20	Fri.	Vernal Equinox Day	Open	Scheduled
	April 29	Wed.	Showa Day	Open	Scheduled
	May 4	Mon.	Greenery Day	Open	Scheduled
	May 5	Tue.	Children's Day	Open	Scheduled
	May 6	Wed.	Substitute Holiday of Constitution Memorial Day	Open	Scheduled
	July 20	Mon.	Marine Day	Open	Scheduled
	August 11	Tue.	Mountain Day	Open	Scheduled
	September 21	Mon.	Respect for the Aged Day	Open	Scheduled
	September 22	Tue.	Holiday⁶	Open	Scheduled
	September 23	Wed.	Autumnal Equinox Day	Open	Scheduled
	October 12	Mon.	Health and Sports Day	Open	Scheduled
	November 3	Tue.	Culture Day	Open	Scheduled
	November 23	Mon.	Labor Thanksgiving Day	Not Open⁷	Scheduled
	December 31	Thu.	New Year's Eve	Not Open³	Scheduled

In principle, all current non-business days (excluding Saturdays, Sundays, and January 1) will be eligible for holiday trading.
In principle, the eligible holiday trading days (scheduled) for the following year are scheduled to be announced in February of each year, and the eligible holiday (finalized) for the first and second half of the following year are in June and December, respectively.
December 31 and January 2 will not be eligible for holiday trading for the time being.
Markets will not be opened on January 13, 2025 (Coming of Age Day) due to a JPX Group-wide BCP testing (disaster recovery testing) of FY 2024 which is planned to be implemented for January 11 through 13.
Markets will not be opened on September 15, 2025 (Respect for the Aged Day) due to a JPX Group-wide BCP testing (disaster recovery testing) of FY 2025 which is planned to be implemented for September 13 through 15.
September 22, 2026, is a holiday in accordance with Rule 3, Paragraph 3 of Act on National Holidays.
Markets will not be opened on November 23, 2026 (Labor Thanksgiving Day) due to a JPX Group-wide BCP testing (disaster recovery testing) of FY 2026 which is planned to be implemented for November 21 through 23.

Please refer to the following file for a list of finalized holiday trading days including past days.

List of Finalized Holiday Trading Days

Eligible Products

The eligible products for holiday trading are Index Futures, Index Options, Commodity Futures and Options on Commodity Futures. JGB Futures, Options on JGB Futures, Interest Rate Futures and Securities Options are not eligible.

Products	Eligible/Ineligible
Index Futures	Eligible
Index Options
Commodity Futures
Options on Commodity Futures
JGB Futures	Ineligible
Options on JGB Futures
Interest Rate Futures
Securities Options

Trading Rules

In principle, the same trading rules as for weekdays (excluding eligible holidays; the same shall apply hereinafter) apply to the holiday trading, but please note that there are some differences as follows.

Eligible Trading

Auction trading and off-floor trading (J-NET trading) are available as on weekdays.

Trading Hours/Trading Days

Trading hours are as follows, except for some products as on weekdays.


	Day Session	Night Session
Trading Hours	8:45a.m.∼3:45p.m.	5:00p.m.∼6:00a.m.

Day session for Nikkei 225 VI Futures and Rubber Futures starts at 9:00a.m.
Night session for Nikkei 225 VI Futures, Rubber Futures and Electricity Futures ends at 7:00p.m.
TAIEX Futures are only available for day session.

The trading day of holiday trading shall be the same as that of the night session which begins on the weekday preceding the holiday trading day (hereinafter referred to as a “business day before the holiday”) and the day session which begins from the weekday following the holiday trading day (hereinafter referred to as a “business day after the holiday”).

(Note)

･Non-Cancel periods will be applied in the same manner as weekdays.
･Clearing and settlement will be conducted on a trading day basis, combining trades executed on weekdays and holidays.

Contract Months/Strike Prices

Holiday trading days will not fall on the trade-starting day, the last trading day or the SQ day of each contract month (including flexible trading). And new/additional strike prices (including on-demand strike prices) will not be set on holiday trading days.
For more details, please refer to the following page.

Last Trading Day/Delivery Day

Reference Prices

The reference price for the price limits on holiday trading days shall be the same as that for the night session of the business day before the holiday, and the reference price will not be updated during holiday trading. In addition, the reference price for the day session of the business day after the holiday shall be the same as that for the night session of the business day before the holiday.

Price Limits/ Static Circuit Breaker Rule

Static Circuit breakers (SCB) are triggered during holiday trading day as well as weekdays. If the SCB is triggered during the night session of the business day before holiday or during holiday trading day, and the price limits are expanded, the expanded price limits will be applied until the day session of the business day after the holiday.

Order Types, etc.

In principle, the same as on weekdays. However, in the event of holiday trading , Good till Date/Good till Cancel orders (GTC/GTD) will expire between the end of holiday trading and the start of the day session on the business day after the holiday, regardless of whether the products are eligible for holiday trading. If the holiday trading is not executed, the Good till Date/Good till Cancel orders (GTC/GTD) will not expire.

(Note)

･If the brokerage does not support holiday trading, your GTC/GTD orders will expire immediately before the opening of holiday trading.

Dynamic Circuit Breaker (DCB)

The time of trading halt due to DCB is longer than on weekdays. The suspension time for each product is as follows;

Products	Trading Suspension Time
Index Futures	60 seconds (30 seconds on weekdays)
Commodity Futures
Options on Commodity Futures
Index Options	30 seconds (15 seconds on weekdays)

Market Maker Program

From the viewpoint of ensuring the smooth trading opportunity, Market Maker Program is applied on holiday trading days as weekdays.

Handling of Publication

Trading volume and other statistics such as opening/high/low/close during holiday trading will be published after aggregated with those of the night session of the business day before the holiday. We will not publish those statistics separately just for the holiday trading day.

(Note)

･Methods of compilation and publication by information vendors may differ from ours.

Derivatives

Trading

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