TSE TOPIX futures
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TSE TOPIX futures and futures options trade on the Tokyo Stock Exchange (TSE). They have been trading since September 3, 1988 and October 20, 1989, respectively.
Each TSE TOPIX futures contract is subject to a trading fee equivalent to trading value times 0.0000046 per contract as well as a JSCC clearing fee equivalent to trading value times 0. 0000014 (final settlement × 0.000004 for SQ Settlement), whereas each TSE TOPIX futures options contract is subject to a trading fee equivalent to trading value times 0.00015 per contract as well as a JSCC clearing fee of equivalent to trading value times 0.00005 (trading value by exercise times 0.0002 for exercise) [1].
In 2007, TSE TOPIX futures traded 16,578,731 contracts (+11.2 percent YOY) and TSE TOPIX futures options traded 19,555 (6.5 percent YOY).
| TOPIX futures | ||
|---|---|---|
| Exchange | Tokyo Stock Exchange | |
| Settlement | Cash settled | |
| Trade Unit | 10,000 yen × TOPIX | |
| Point Value | 1,000 yen | |
| Tick Value | 5,000 yen | |
| Contract Months | March, June, September, December cycle (five contract months traded at all times) | |
| Last Trading Day | The business day prior to the second Friday (or the preceding Thursday if the second Friday is a holiday) | |
| Note: This contract is electronic ONLY -- no open outcry | ||
| No Open Outcry | No Electronic Market | |
| Trading Hours | N/A | 9:00 - 11:00 a.m. / 12:30 - 3:10 p.m. / 4:30 - 7:00 p.m. (9:00 -11:10 a.m. on half-day holidays) |
| Ticker Symbol | N/A | N/A |
| Price Limits | N/A | See Daily price limit (*2) and Circuit brake (*3)[2] |
| TOPIX options | ||
| Trade Unit | One futures contract | |
| Point Value | 1,000 yen (0.1 points) | |
| Tick Value | 5,000 yen (for prices over 5 points) or 1,000 yen (for prices less than 5 points) (0.5 points (for prices over 5 points) or 0.1 points (for prices less than 5 points)) | |
| Option Months | 5 nearest quarterly months (March, June, September and December cycle) and 3 serial months (non-quarterly months) | |
| Strike Prices | Trading period for a contract month remains over 4 months Nine exercise prices at 50-point intervals are set initially.
When the remaining trading period for a contract month drops below 4 months Nine exercise prices at 25-point intervals are added. | |
| Option Expiration Day | The business day prior to the second Friday | |
| No Open Outcry | Electronic | |
| Trading Hours | N/A | 9:00 - 11:00 a.m. / 12:30 - 3:10 p.m. / 4:30 - 7:00 p.m. (9:00 - 11:10 a.m. on half-day holidays) |
| Ticker Symbol | N/A | N/A |
| Price Limits | N/A | Approximately 20% of previous day's closing price of TOPIX |
Notes
Resources
Tokyo Stock Exchange TOPIX and TOPIX Sector Index Futures Contract Specifications
Tokyo Stock Exchange TOPIX Options Contract Specifications
References
- ↑ Trading fees for Futures and Options. Tokyo Stock Exchange Group, Inc..
- ↑ TOPIX and TOPIX Sector Index Futures futures contract specification. Tokyo Stock Exchange Group, Inc..
