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Compression Trade | Derivatives | Japan Exchange Group Compression Trade Compression Trade Flow Outline of Compression Trade Rules [Important Notice] OSE is suspending Compression Trade after the June 2024 Compression run. Compression Trades are the J-NET trades which allows market participants to reduce their OSE listed Index Futures and Options positions by executing trades multilaterally between multiple market participants. Compression needs have been increasing among market participants, especially between Market Makers with multiple issues backed by leverage ratio regulations where the reduction of management costs for open interests is important. (Note) ･Compression is available for Nikkei 225 Options for the time being. Compression participants A, B, and C will submit positions that they wish to compress along with their risk tolerances to OSE. OSE will then create a trade proposal using an algorithm that will try to reduce the gross position as much as possible. Proposed trades will be executed when ...

Flexible Options Trading | Japan Exchange Group Flexible Options Trading Contract Specifications Reference Flexible Options Trading 　 Flexible Futures Trading Overview Flexible Options 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. This is different from On-demand strike prices. For more details, please refer to the following page. On-demand Strike Prices This is different from J-NET single issue trading. For more details, please refer to the following page. J-NET Single Issue Trading Features Flexible Options Trading has flexibility and convenience more than ever as a listed options trading. Contract Flexibility Contractual terms such as expiration date, strike price, 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 ...

Give-Up System | Japan Exchange Group Give-Up System On May 21, 2007, OSE introduced Give-Up System to improve the convenience of futures and options transactions by reducing margin requirements and office expenses for settlement-related operations. Leaflet (Introduction of Give-up System) What is a Give-Up System? A Give-Up System enables a customer to entrust order-execution to a Transaction Participant and to entrust its settlement-related operations (payment/receipt of the difference at the time of settlement for futures trading, payment/receipt of options premium and margins, etc.) to other Transaction Participants. Chart1 Advantages of a Give-Up System Cost Reduction/ Efficient Risk Management A customer can consolidate transactions that the customer conducted with Securities Company A, Securities Company B and Securities Company C, into Securities Company C. It enables not only a reduction in margin requirements and office expenses, but also more efficient risk ...

Holiday Trading | Derivatives | Japan Exchange Group Derivatives Holiday Trading Days Eligible Products Trading Rules 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 in 2025 and 2026 are as follows. 　 Eligible Holidays 1,2 Markets Finalized or Scheduled 2025 January 2 Thu. New Year Holidays Not Open 3 Finalized January 3 Fri. New Year Holidays Open Finalized January 13 Mon. Coming of Age Day Not Open 4 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 ...

J-NET Trading | Japan Exchange Group What is J-NET Derivatives Trading? Contract Specifications - Outline Price Quotation How to Use J-NET Trading 　 Off-auction / Off-screen Trading on TOCOM Order Acceptance in case of System Failure J-NET Portal 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. Flexible Futures Trading Flexible Options Trading Compression Trading Compression Trading is a trading ...

Last Trading Day/Delivery Day | Derivatives | Japan Exchange Group Last Trading Day/Initial Trading Day/Delivery Day Tables JPX markets holidays are as follows. Market Holidays 2025 Last Trading Day Initial Trading Day Index Futures and Options JGB Futures and Options Interest Rate Futures Securities Options Commodity Futures and Options 2026 Last Trading Day Index Futures and Options JGB Futures and Options Interest Rate Futures Securities Options Commodity Futures and Options A calendar with the last day of trading for the year is available for download.> Link to Japanese website Last Trading Day Calendar (Japanese Only) The interest rate reference period for interest rate futures is available on the following page. Contract Specification of 3-Month TONA Futures (Note) The Tables of the last trading day publish the last trading day etc. of the contracts whose last trading day is arrived in the year. The Tables of the initial trading ...

What's Margin? | Japan Exchange Group What's Margin? Who should make margin deposits? How much is required as margin? What's Margin? 　 Margin Deposited by Customers Margin Deposited by Participants Profits or losses from futures and options trading are determined by the future prices of the underlying assets. Adverse fluctuations of such prices may cause significant losses in the future. Margin is deposited to ensure that the payments are made even when such losses are incurred. Margin Deposited by Customers Margin Deposited by Participants In futures trading In futures trading, if the market moves against the forecasts of a buyer and seller, significant losses could be incurred. In this case, both the buyer and seller are required to make margin deposits. In options trading If the market moves against the forecasts of an options sellers, significant losses could be incurred. In this case, a margin deposit is required. However, ...

Market Maker Program | Derivatives | Japan Exchange Group Osaka Exchange Tokyo Commodity Exchange From the viewpoint of ensuring the smooth trading opportunity, Market Maker Program is applied to some products. List of Market Makers List of Market Makers Handling of Market Maker Program Handling of Market Maker Program Handling of Market Maker Program（Effective September 1, 2025） Form for Market Maker Application Form for Market Maker Application Form for Market Maker List of Market Makers (TOCOM) List of Market Makers Handling of Market Maker Program (TOCOM) Handling of Market Maker Program Handling of Market Maker Program（Effective September 1, 2025） Form for Market Maker (TOCOM) Application Form for Market Maker Application Form for Market Maker...

Order Types, etc. | Osaka Exchange | Japan Exchange Group Osaka Exchange Conditions for Validity Period and Executed Volume Period Allowed for Submitting Order by each Order Type and Condition for Execution Orders with closing conditions Strategy Trading Osaka Exchange 　 Tokyo Commodity Exchange Order Types Order Types Outline Example Limit Order An order submitted with a specified limit price and to be executed at the specified price or better price. Market Order An order submitted without the specified limit price and to be executed against the best bid or the best offer in order.* The unfilled part of a market order cannot be stored on the order book (the unfilled part is forced to be cancelled). It is required to specify any of the following conditions at the submission of an order. Conditions Outline Good for Day (GFD) Valid until the end of the Day Session of the day (or, until the ...

On-demand strike prices | Japan Exchange Group On-demand strike prices On-demand strike prices 　 Non‐Cancel Period (NCP) Order to Trade Ratio (OTR) Hard Block On-demand strike prices offer a mechanism to add strike prices based on application from participants alongside normal strike prices that are automatically set according to the rules. A list of on-demand strikes to be added on the next business day will be available on the page below. New/Additional Strike Prices Products Nikkei 225 Options TOPIX Options JPX-Nikkei Index 400 Options Options on JGB Futures (Note) ･Excluding Nikkei 225 mini Options, Securities Options and Commodity Options Contract Months All the contract months traded on the day trading participants wish to set new strike prices. Strike Prices Range Products Upper Limit Lower Limit Nikkei 225 Options Within JPY30,000 from the last price of Nikkei 225 on the previous day of the ...