OSE Nikkei 225 Futures

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OSE Nikkei 225 futures and futures options trade on the Osaka Exchange (OSE). They were launched in September 1988 and June 1989, respectively[1]. The Nikkei 225 is the stock index that Nikkei Inc. composed with shares of 225 companies listed on Japanese stock exchanges[2].


In 2007, OSE Nikkei 225 futures traded 30.084 million contracts and OSE Nikkei 225 futures options traded 29.181 million contracts[3].



OSE Nikkei 225 futures
Exchange Osaka Exchange
Settlement Cash settled
Contract Size Nikkei 225 x ¥1,000
Pricing Unit ¥1,000 per contract
Tick Value ¥10,000 per contract
Contract Months 5 months in the March quarterly cycle: Mar, Jun, Sep, Dec (Maximum trading period: 1 year & 3 months)
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 9:00 - 11:00, 12:30 - 15:10, 16:30 - 19:00 JST (9:00 - 11:10 on a half-trading day)
Ticker Symbol N/A N/A
Price Limits N/A
  • Contracts of less than ¥12,500 = ¥2,000 up/down limit
  • Contracts from ¥12,500 - less than ¥17,500 = ¥3,000 up/down limit
  • Contracts from ¥17,500 - less than ¥22,500 = ¥4,000 up/down limit
  • Contracts from ¥22,500 - less than ¥27,500 = ¥5,000 up/down limit
  • Contracts from ¥27,500 - less than ¥32,500 = ¥6,000 up/down limit
  • Contracts from ¥32,500 - less than ¥37,500 = ¥7,000 up/down limit
  • Contracts from ¥37,500 - less than ¥42,500 = ¥8,000 up/down limit
  • Contracts from ¥42,500 or more = ¥9,000 up/down limit
 
OSE Nikkei 225 options
Trade Unit Nikkei 225 x ¥1,000
Point Value ¥1,000 (¥1)
Tick Value ¥10 or less: ¥1,000

Over ¥10 up to ¥1,000: ¥5,000 Over ¥1,000: ¥10,000 (¥10 or less: ¥1 Over ¥10 up to ¥1,000: ¥5 Over ¥1,000: ¥10)

Option Months 5 consecutive months from the March quarterly cycle plus 3 near-term months which do not overlap the March cycle
Strike Prices ¥500 intervals in integer multiples of ¥500 based on Nikkei 225

(For the nearest 3 months, ¥250 intervals in integer multiples of ¥250 in case Nikkei 225 is less than 10,000 yen)

Exercise Style European
  No Open Outcry Electronic
Trading Hours N/A 9:00 - 11:00, 12:30 - 15:10, 16:30 - 19:00 JST

(9:00 - 11:10 on a half-trading day)

Ticker Symbol N/A N/A
Price Limits N/A
  • Contracts of less than ¥12,500 = ¥2,000 up/down limit
  • Contracts from ¥12,500 - less than ¥17,500 = ¥3,000 up/down limit
  • Contracts from ¥17,500 - less than ¥22,500 = ¥4,000 up/down limit
  • Contracts from ¥22,500 - less than ¥27,500 = ¥5,000 up/down limit
  • Contracts from ¥27,500 - less than ¥32,500 = ¥6,000 up/down limit
  • Contracts from ¥32,500 - less than ¥37,500 = ¥7,000 up/down limit
  • Contracts from ¥37,500 - less than ¥42,500 = ¥8,000 up/down limit
  • Contracts from ¥42,500 or more = ¥9,000 up/down limit

Notes

References

  1. History. Osaka Securities Exchange.
  2. Nikkei 225. Nikkei Inc..
  3. Trading Volume (During 2007). Osaka Securities Exchange.