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258KB
1 Outline of J-NET Trading Rules As of May 26, 2025 Osaka Exchange, Inc. Item Details Remarks I. Outline of Trading 1. J-NET Trading - J-NET trading refers to off-auction futures and options trading conducted in the J-NET Market, which is independent of the auction market, and includes the following types of trading. a. J-NET single-issue trading The trading of a futures or options contract of one contract unit or more (excluding flexible contracts) in accordance with OSE’s specifications. b. Flexible single-issue trading The trading of a futures or options contract of one contract unit or more (limited to flexible contracts) in accordance with OSE’s specifications. c. Compression trading The trading of an OSE-determined combination of futures and/or options contracts and their volumes in accordance with OSE's specifications. - However, for Nikkei 225 mini Options, it is ten contract ...
253KB
1 Outline of Strategy Trading Rules As of May 26, 2025 Osaka Exchange, Inc. Item Details Remarks I. Outline of Trading 1. Strategy Trading (1) Outline (2) Types of Trading - A trading participant may perform trades that simultaneously execute sales or purchases of multiple contracts (limited to sales and purchases for the same customer account or the trading participant's own account) in the trading sessions (excluding closing auctions) (hereinafter, such trading is referred to as the "strategy trading"). - Strategy trading shall consist of calendar spreads and inter- commodity spreads (limited to commodity futures). - The combinations of executed futures trades resulting from strategy sales and strategy purchases and the method of calculating strategy prices shall be as follows. Type of Strategy Trading Executed Futures Trades Resulting from Strategy Purchases Executed Futures Trades Resulting from Strategy Sales Method of Calculating Strategy Prices Calendar Spreads (JGB Futures, Interest Rate Futures, and Commodity...
220KB
1 Static Circuit Breaker Rules As of May 26, 2025 Osaka Exchange, Inc. Item Details Remarks 1. Temporary Trading Halts (1) Index Futures - When bids (or offers) for the lead contract (defined by OSE as the most liquid contract; the same shall apply hereinafter) of an index future (excluding mini and micro futures) are placed at the upper (or lower) price limit on orders, OSE shall promptly perform a temporary trading halt of all index futures (including mini and micro futures) with the same underlier as the lead contract for at least ten minutes. - However, OSE shall not perform a temporary trading halt in any of the following cases a. to d. a. When the above-mentioned triggering event occurs at the same end of the price limit on orders after it has been expanded at said end twice on the same trading day b. When the triggering event occurs ...
333KB
1 Outline of Specifications for Index Options As of May 26, 2025 Osaka Exchange, Inc. Item Details Remarks I. Outline of Trading 1. Products Available for Trading - Nikkei 225 Options (Put/Call) - TOPIX Options (Put/Call) - JPX-Nikkei Index 400 Options (Put/Call) - TOPIX Banks Index Options (Put/Call) - TSE REIT Index Options (Put/Call) - TOPIX Banks Index Options and TSE REIT Index Options shall only be available as flexible contracts. 2. Trading Sessions (1) Contracts Eligible for Trading Sessions - Regular contracts (i.e., contracts whose last trading day is the trading day that ends one business day before the second Friday of the month (One business day earlier if the saying day is a non-business day the same shall apply hereinafter); the same shall apply hereinafter) for index options and weekly contracts (i.e., contracts whose last trading day is the trading day that ends one business day...
401KB
1 Outline of Specifications for Index Futures As of May 26, 2025 Osaka Exchange, Inc. Item Details Remarks I. Outline of Trading 1. Underlying Indices and Contract Sizes (1) Underlying Indices - Index futures shall be based on the following indices. Category Index Japanese Stock Index Nikkei Stock Average (Nikkei 225) Tokyo Stock Price Index (TOPIX) JPX-Nikkei Index 400 TSE Growth Market 250 Index Futures Russell/Nomura Prime Index (RN Prime Index) TOPIX Core30 TOPIX Banks Index Nikkei 225 Total Return Index S&P/JPX 500 ESG Score Tilted Index (0.5) FTSE JPX Net Zero Japan 500 Index Nikkei 225 Climate Change 1.5℃Target Index REIT Index TSE REIT Index Foreign Stock Index Dow Jones Industrial Average (DJIA) TWSE Capitalization Weighted Stock Index (TAIEX) FTSE China 50 Index Volatility Index Nikkei Stock Average Volatility Index (Nikkei 225 VI) Dividend Index Nikkei 225 Dividend Index Commodity Index CME Group ...
163KB
1 Outline of Holiday Trading Rules As of May 29, 2023 Osaka Exchange, Inc. Item Details Remarks I. Basic Framework 1. Holiday Trading - Holiday trading means trading sessions conducted on days specified by Osaka Exchange, Inc. (OSE) out of non-business days (hereinafter referred to as "eligible holidays") other than Saturdays, Sundays, January 1, days which OSE deems necessary to exclude for system operations or other reasons at Japan Exchange Group, Inc. or its subsidiaries (including OSE), and days on which OSE deems it appropriate not to conduct trading from the perspective of risk management. Such days specified by OSE are hereinafter referred to as "holiday trading days." - Planned holiday trading days for the next year are announced in February every year, and finalized holiday trading days for the first half and the second half of the next year are announced in June and December respectively. 2. Availability of Holiday ...
375KB
1 Outline of Give-Up Rules As of November 5, 2024 Osaka Exchange, Inc. Item Details Remarks I. Purpose - In cases where an investor entrusts trading in futures and options (meaning Japanese Government Bond (JGB) futures, interest rate futures, index futures, commodity futures, securities options, options on JGB futures, index options, and options on commodity futures; the same shall apply hereinafter) to multiple trading participants, it will need to conduct settlement-related operations (meaning transfer of payment and deposit or refund of margin pertaining to futures and options; the same shall apply hereinafter) with each of these trading participants, which imposes an extremely large administrative burden on institutional investors and other market users. - In light of this, Osaka Exchange Inc. (OSE) has introduced give-up rules for futures and options in order to reduce administrative costs pertaining to settlement related operations and the required amount of margin for investors, thereby ...
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1 DISCLAIMER: This is the reference translation of the original Japanese document. Japan Exchange Group shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. This document may not be reproduced or redistributed in whole or in part without the permission of Japan Exchange Group. Futures/Option Contracts - Margin and Settlement Framework Overview As of November 6, 2023 Osaka Exchange, Inc. Japan Securities Clearing Corporation Osaka Exchange, Inc. (OSE) has designated Japan Securities Clearing Corporation (JSCC) as the Financial Instruments Clearing Organization related to the Futures/Option Contracts. The clearing/settlement operations, such as settlements and acceptance of the Margin, related to the Futures/Option Contracts executed on OSE are to be performed between JSCC and its Clearing Participants. This document outlines the margin and settlement frameworks. Item Description Remarks I. Margin Framework 1. Margin Provided or Deposited ...
537KB
1 DISCLAIMER: This is the reference translation of the original Japanese document. Japan Exchange Group shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. This document may not be reproduced or redistributed in whole or in part without the permission of Japan Exchange Group. Futures Contracts - Margin and Settlement Framework Overview As of November 6, 2023 Tokyo Commodity Exchange, Inc. Japan Securities Clearing Corporation Tokyo Commodity Exchange, Inc. (TOCOM) has designated Japan Securities Clearing Corporation (JSCC) as the Commodity Clearing Organization related to the Futures Contracts. The clearing/settlement operations, such as settlements and acceptance of the Margin, related to the Futures Contracts executed on TOCOM are to be performed between JSCC and its Clearing Participants. This document outlines the margin and settlement frameworks. Item Description Remarks I. Margin Framework 1. Margin Provided or Deposited by Customers ・...
181KB
Description of Expanding Price Limits in Stages 【Nikkei 225 Futures】【Nikkei 225 Futures】 normal situations 1st expansion 2nd expansion normal situations1st expansion2nd expansion 【Nikkei 225 Options】【Nikkei 225 Options】 normal situaitions1st expansion 2nd expansion normal situaitons1st expansion2nd expansion normal situaitons T trading day T+1 trading day T trading day T+1 trading day Example of expanding a price limit in the case where Circuit Breaker (CB) is triggered twice at the upper price limit Example of expanding a price limit in the case where CB is triggered twice at the lower price limit normal situations normal situations Reference Price Reference Price Reference Price Reference Price Reference Price Reference Price Reference Price Reference Price normal situaitons CB is triggered at upper limit (1st time) CB is triggered at upper limit (2nd time) CB is triggered at lower limit (1st time) CB is triggered at lower limit (2nd time) Renewal of...
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