Difference between revisions of "TOPIX futures"

From MarketsWiki
Jump to: navigation, search
m (Text replace - "{{CQG_adbox}}" to "{{Random_adbox}}")
Line 14: Line 14:
 
|ctype    =  Financial
 
|ctype    =  Financial
 
|settle  =  C
 
|settle  =  C
|months  =  March, June, September, December cycle (five contract months traded at all times)  
+
|months  =  5 months in the March quarterly cycle (March, June, September and December)  
 
|fnd      =  <!-- Rules for determining First Notice Date, or blank if none -->
 
|fnd      =  <!-- Rules for determining First Notice Date, or blank if none -->
|ltd      =  The business day prior to the second Friday (or the preceding Thursday if the second Friday is a holiday)
+
|ltd      =  The business day preceding the second Friday of each contract month (When the second Friday is a non-business day, it shall be the preceding business day.)
 +
Trading in a new contract month begins on the business day following the last trading day.
 
|unit    =  10,000 yen × TOPIX
 
|unit    =  10,000 yen × TOPIX
 
|ptdesc  =  0.1 points
 
|ptdesc  =  0.1 points
Line 23: Line 24:
 
|tickVal  =  5,000 yen
 
|tickVal  =  5,000 yen
 
|elect    =  <!-- Y if an electronic trading session exists; leave blank if none -->
 
|elect    =  <!-- Y if an electronic trading session exists; leave blank if none -->
|elHours  =  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)
+
|elHours  =  8:45-15:15
 
|elLimit  =  See Daily price limit (*2) and Circuit brake (*3)<ref>{{cite web|url=http://www.tse.or.jp/english/rules/derivatives/topixf/spec.html|org=Tokyo Stock Exchange Group, Inc.|name=TOPIX and TOPIX Sector Index Futures futures contract specification|date=July 8, 2008}}</ref>
 
|elLimit  =  See Daily price limit (*2) and Circuit brake (*3)<ref>{{cite web|url=http://www.tse.or.jp/english/rules/derivatives/topixf/spec.html|org=Tokyo Stock Exchange Group, Inc.|name=TOPIX and TOPIX Sector Index Futures futures contract specification|date=July 8, 2008}}</ref>
 
|elSym    =  <!-- Ticker symbol for electronic platform; leave blank if none -->
 
|elSym    =  <!-- Ticker symbol for electronic platform; leave blank if none -->
Line 35: Line 36:
 
|options  =  Y
 
|options  =  Y
 
|opUnit    =  <!-- Trade unit -- leave blank unless it's something other than "One futures contract" -->
 
|opUnit    =  <!-- Trade unit -- leave blank unless it's something other than "One futures contract" -->
|opMonths  =  5 nearest quarterly months (March, June, September and December cycle) and 3 serial months (non-quarterly months)
+
|opMonths  =  Quarterly Contract Months(Available for a period up to 5 years)
 +
June and December: Nearest 10 contract months
 +
March and September: Nearest 3 contract months
 +
Monthly Contract Months(Available for a period up to 9 months)
 +
Nearest 6 contract months
 
|opPtdesc  =  0.1 points  
 
|opPtdesc  =  0.1 points  
 
|opPtval  =  1,000 yen
 
|opPtval  =  1,000 yen
Line 42: Line 47:
 
|opExercise=  <!-- Exercise style, American, European or leave blank if not relevant -->
 
|opExercise=  <!-- Exercise style, American, European or leave blank if not relevant -->
 
|opElect  =  Y
 
|opElect  =  Y
|opEHours  =  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)
+
|opEHours  =  9:00-15:15, 16:30-5:30
 
|opELimit  =  Approximately 20% of previous day's closing price of TOPIX
 
|opELimit  =  Approximately 20% of previous day's closing price of TOPIX
 
|opESym    =  <!-- Ticker symbol for electronic session -->
 
|opESym    =  <!-- Ticker symbol for electronic session -->

Revision as of 14:30, 13 July 2018

TT 300x60 - 2016.jpg

TOPIX futures and futures options are traded on the Osaka Exchange. They were previously traded on the Tokyo Stock Exchange (TSE), but the two exchanges merged into one in 2014.

TOPIX futures began trading on TSE on September 3, 1988 and the options began trading October 20, 1989.

Each 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 Osaka Exchange
Settlement Cash settled
Contract Size 10,000 yen × TOPIX
Pricing Unit 1,000 yen
Tick Value 5,000 yen
Contract Months 5 months in the March quarterly cycle (March, June, September and December)
Last Trading Day The business day preceding the second Friday of each contract month (When the second Friday is a non-business day, it shall be the preceding business day.)

Trading in a new contract month begins on the business day following the last trading day.

Note: This contract is electronic ONLY -- no open outcry
  No Open Outcry Electronic
Trading Hours N/A 8:45-15:15
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 Quarterly Contract Months(Available for a period up to 5 years)

June and December: Nearest 10 contract months March and September: Nearest 3 contract months Monthly Contract Months(Available for a period up to 9 months) Nearest 6 contract 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.

  No Open Outcry Electronic
Trading Hours N/A 9:00-15:15, 16:30-5:30
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

  1. Trading fees for Futures and Options. Tokyo Stock Exchange Group, Inc..
  2. TOPIX and TOPIX Sector Index Futures futures contract specification. Tokyo Stock Exchange Group, Inc..