Off-auction / Off-screen
What is J-NET Derivatives Trading?
J-NET Derivatives Trading refers to off-auction futures and options trading in the J-NET market which is in independent of the auction market on Osaka Exchange.
J-NET Single Issue Trading
Investors can trade with a designated couterparty. The order will be executed when the price quotations (counterparty, issue, price, and volume, etc.) match. For details, please refer to this page.
Flexible Single Issue Trading (Flexible Futures and Flexible Options)
Investors can trade with a designated counterparty under more flexible conditions (SQ date, final settlement method, etc.). For details, please refer to the following page.
Compression Trading
Compression Trading is a trading aimed at reducing positions in Index Futures and Options. For details, please refer to the following page.
Contract Specifications - Outline
Eligible Trading
All futures and options contracts that can be traded on the Osaka Exchange are eligible. For details , please refer to the following page.
- ･Nikkei 225 micro Futures and TAIEX Futures are not available in J-NET Trading.
- ･J-NET Derivatives Trading is available on holiday trading days. For more detail, please refer to "Holiday Trading"
Trading Hours
Index Futures (except for Nikkei 225 VI Futures) / Index Options
8:20～16:30
16:45～6:00 (following day)
Nikkei 225 VI Futures
8:20～16:30
16:45～19:00
JGB Futures / Options on JGB Futures / Interest Rate Futures
8:20～15:15
15:25～6:00 (following day)
Securities Options
8:20～16:30
Commodity Futures (except for Rubber Futures) / Options on Commodity Futures
8:20～16:30
16:45～6:00 (following day)
Rubber Futures
8:20～16:30
16:45～19:00
Price Quotation
Tick Size
The units of the tick size are as follows.
| Product | Price Unit | |
|---|---|---|
| Index Futures / Index Options | JPY 0.0001 (pt.) | |
| JGB Futures / Options on JGB Futures / Interest Rate Futures | ||
| Securities Options | JPY 0.1 (JPY 1.0 for certain issues) | |
| Commodity Futures | Gold Standard Futures, RSS3 Rubber Futures, TSR20 Rubber Futures |
JPY 0.001 |
| Gold Mini Futures, Gold Rolling-Spot Futures, Platinum Standard Futures, Platinum Mini Futures, Platinum Rolling-Spot Futures, Palladium Futures, |
JPY 0.01 | |
| Azuki (Red Bean) Futures, Corn Futures |
JPY 0.1 | |
| Silver Futures, CME Petroleum Index Futures |
JPY 0.0001 (pt.) | |
| Soybean Futures | JPY 1 | |
| Options on Commodity Futures | Options on Gold Futures | JPY 0.01 |
Price Range
The price range is shown in the table below.
It is also possible to trade at a price that exceeds the price limit for the auction on that day.
| Product | Reference Price | Price Range |
|---|---|---|
| Nikkei 225 VI Futures | Last Price or Last BBO mid-price1 | +/-20% of the base price for the daily price limits of the issue |
| Nikkei Stock Average Dividend Point Index Futures | +/- 10% of the base price for the daily price limits of the issue |
|
| Nikkei 225 Futures | +/- 8% of the base price for the daily price limits of the issue |
|
| Nikkei 225 mini | ||
| TOPIX Futures | ||
| mini-TOPIX Futures | ||
| JPX-Nikkei 400 Futures | ||
| JPX Prime 150 Index Futures | ||
| TSE Growth Market 250 Index Futures | ||
| TOPIX Core30 Futures | ||
| TOPIX Banks Index Futures | ||
| S&P/JPX 500 ESG Score Tilted Index Futures | ||
| FTSE JPX Net Zero Japan 500 Index Futures | ||
| Nikkei 225 Climate Change 1.5℃ Target Index Futures | ||
| TSE REIT Index Futures | ||
| RN Prime Index Futures | ||
| DJIA Futures | ||
| FTSE China 50 Index Futures | ||
| 5-year JGB Futures | +/- 0.5% of the base price for the daily price limits of the issue |
|
| 10-year JGB Futures | ||
| mini 10-year JGB Futures (cash-settled) | ||
| mini 20-year JGB Futures | ||
| 3-Month TONA Futures | ||
| Options on JGB Futures | +/- 0.5% of the base price for the daily price limits of the underlying futures contract month |
|
| Nikkei 225 Options | Reference Price of price range in auction market |
+/- (Closing price of the underlying index on the previous trading day × 11%2 + | Last contract price of the underlying index3 - Closing price of the underlying index on previous trading day | ) |
| Nikkei 225 mini Options | ||
| TOPIX Options | ||
| JPX-Nikkei 400 Options | ||
| Securities Options | +/- (Reference price of price range for underlying security on the day × 8% + | Last contract price of the underlying security - Base price of the underlying security on the same day | ) | |
| Gold Standard Futures | Last Price | +/- 32% of the base price for the daily price limits of the issue |
| Gold Mini Futures | ||
| Gold Rolling-Spot Futures | ||
| Silver Futures | ||
| Platinum Standard Futures | ||
| Platinum Mini Futures | ||
| Platinum Rolling-Spot Futures | ||
| Palladium Futures | ||
| CME Group Petroleum Index Futures | Last Price or Last BBO mid-price1 |
+/- 10% of the base price for the daily price limits of the issue |
| RSS3 Rubber Futures | Last Price | +/- 32% of the base price for the daily price limits of the issue |
| TSR20 Rubber Futures | ||
| Soybean Futures | ||
| Azuki (Red Bean) Futures | ||
| Corn Futures | ||
| Options on Gold Futures | +/- 10% of the base price for the daily price limits of the issue |
- The calculated BBO mid-price shall be aligned up or down to the closest price tick in auction market. If the calculated BBO mid-price is equally far from two price ticks, the mid-price shall be aligned up to the nearest higher price tick. For example, if the best bid and the best offer for Nikkei 225 Futures are JPY 19,990 and JPY 20,000, the BBO mid-price is JPY 20,000.
- 8% for nearest 3 contract months and Weekly Options.
- Calculated back from the futures price of the same underlying.
Minimum Trading Unit
1 unit.
(Note) Minimum trading unit for Nikkei 225 mini Options is 10 units.
Mark-to-the-market / Open Interest / Settlement / Margin / Trading Fees
OSE treats each issue as a sale and purchase. (i.e. each of the above items is treated the same as that of the auction market.)
Circulation and Announcement of Trading Volume and Contract Price to Transaction Participants and the Public
After the end of trading session, related data shall be distributed to the media. For J-NET Trading, 4 price information (open, high, low & close) and trading volume will be published.
On the next day, the same data will be published on the JPX web site [Daily Report].
How to Use
Since non-auction trading for cash and futures / options contracts can be made simultaneously, the following types of strategies and transactions are available.
- EFP (Exchange for Physical) Trading ("Exchange" of baskets of cash and futures contracts.)
- Strategies for large block trades of options (strangle, calendar spread, etc.)
- Strategies by combining large block trades of futures and options (a strategy for hedging futures by options, arbitrage trades using futures and options, etc.)
In addition to the above strategies and usage, investors are able to form various strategies because cash and derivative positions can be established or adjusted simultaneously, while avoiding market impact. Regarding Commodity Futures, EFP Trading and EFS Trading are treated as J-NET Trading.