Off-floor Trade

Contract Specifications - Outline

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

Applicable issues

Available for all issues listed below:

  • Nikkei 225 Futures
  • Nikkei 225 mini
  • TOPIX Futures
  • mini-TOPIX Futures
  • JPX-Nikkei 400 Futures
  • TSE Mothers Index Futures
  • TOPIX Core30 Futures
  • RN Prime Index Futures
  • TOPIX Banks Index Futures
  • DJIA Futures
  • FTSE China 50 Index Futures
  • Nikkei Stock Average Dividend Point Index (Nikkei 225 Dividend Index)
  • Nikkei 225 VI Futures
  • TSE REIT Index Futures
  • 5-year JGB Futures
  • 10-year JGB Futures
  • mini 10-year JGB Futures
  • 20-year JGB Futures
  • Nikkei 225 Options
  • TOPIX Options
  • JPX-Nikkei 400 Options
  • Options on JGB Futures
  • Securities Options
  • Gold Standard Futures
  • Gold Mini Futures
  • Gold Rolling-Spot Futures
  • Options on Gold Futures
  • Silver Futures
  • Platinum Standard Futures
  • Platinum Mini Futures
  • Platinum Rolling-Spot Futures
  • Palladium Futures
  • CME Group Petroleum Index Futures
  • RSS3 Rubber Futures
  • TSR20 Rubber Futures
  • Soybean Futures
  • Azuki (Red Bean) Futures
  • Corn Futures
(note)
  • ・TAIEX Futures is not available in J-NET Trading.

Trading Hours

Index Futures (except for Nikkei 225 VI Futures) and Index Options

8:20~16:00
16:15~6:00 (following day)

Nikkei 225 VI Futures

8:20~16:00
16:15~19:00

JGB Futures and JGB Futures Options

8:20~15:15
15:25~6:00 (following day)

Securities Options

8:20~16:00

Commodity Futures and Commodity Futures Options (except for rubber)

8:20~16:00
16:15~6:00 (following day)

Rubber Futures

8:20~16:00
16:15~19:00

Quotation J-NET Trading is conducted at integral multiples of the following price unit:

     
Product Price Unit
Index Futures and Index Options JPY 0.0001 or 0.0001 point
JGB Futures and JGB Futures Options
Securities Options JPY 0.1 (JPY 1.0 for certain issues)
Commodity Futures Gold Standard Futures,
Platinum Standard Futures,
RSS3 Rubber Futures,
TSR20 Rubber Futures
\0.001
Gold Mini Futures,
Gold Rolling-Spot Futures,
Platinum Mini Futures,
Platinum Rolling-Spot Futures,
Palladium Futures,
Azuki (Red Bean) Futures,
Corn Futures
JPY 0.1
Silver Futures,
CME Petroleum Index Futures
JPY 0.0001 or 0.0001point
Soybean Futures JPY 1
Commodity Futures Options Options on Gold Futures JPY 0.01

Price Limits

Within the range of the upper limit and lower limit calculated by the following formula. (In case an order exceeds the daily price limit of the day, the order shall be executed at a price which is within the "Price Limit" calculated by the following formula.)

Product Reference Price Price Limit Range
Nikkei 225 VI Futures Last Price or
Last BBO mid-price (*1)
+/-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
TSE Mothers Index Futures
TOPIX Core30 Futures
TOPIX Banks 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
20-year JGB 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 index (*3) - Closing price of the underlying index on previous trading day | )
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-price (*1)
+/- 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.

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, EFS Trading, and EFF Trading are treated as J-NET Trading.