TSE TOPIX futures

From MarketsWiki

TSE TOPIX futures trade and futures options 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).

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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