Dividend Index Futures
Contract specifications
Update : Nov. 21, 2011
| Products | Nikkei 225 Dividend Index Futures | TOPIX Dividend Index Futures |
TOPIX Core30 Dividend Index Futures | |||||||||||||||||||||||||
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| Target Index | Nikkei 225 Dividend Index | TOPIX Dividend Index | TOPIX Core30 Dividend Index | |||||||||||||||||||||||||
| The date of listing | 26-Jul-10 | |||||||||||||||||||||||||||
| Trading hours | Pre-Open (Order Acceptance): 8:00 Morning Session: 9:00-11:35 (Open: 9:00-11:30, Closing Auction: 11:30-11:35) Pre-Open (Order Acceptance): 11:40 Afternoon Session: 11:45-15:15 (Open: 11:45-15:10, Closing Auction: 15:10-15:15) Evening Pre-Open (Order Acceptance): 16:15 Evening Session: 16:30-23:30 (Open: 16:30-23:25, Closing Auction: 23:25-23:30) |
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| Contract months | December, 8 contract months. (9 contract months during Jan.-Mar.) Trading Calender |
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| First Trading Day | The first business day of January. | |||||||||||||||||||||||||||
| Last day of trading | The last business day of March. | |||||||||||||||||||||||||||
| Trading unit | 1,000 yen ×Nikkei 225 Dividend Index | 10,000 yen ×TOPIX Dividend Index | 10,000 yen × TOPIX Core30 Dividend Index | |||||||||||||||||||||||||
| Minimum fluctuation | 0.1 yen | 0.01 points | 0.01 points | |||||||||||||||||||||||||
| Dynamic Price Range | (*1) Function to Prevent Erroneous Order Placement |
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| Daily price limit | None | |||||||||||||||||||||||||||
| Circuit brake | None | |||||||||||||||||||||||||||
| Payment and Receipt | Settlement of open position by offset transaction On the next business day following the day of offset transaction Settlement of open position by final cash delivery On the business day following the day when the final settlement price is determined. |
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| Final Settlement | For dividend index futures, the settlement price is determined according to the following order; provided, however, if such price is deemed inappropriate, the settlement price decided by Japan Securities Clearing Corporation on an as-needed basis. (a) Final settlement price executed during auction trading on or after the hour specified by TSE before the end of the afternoon session (b) Average price of the top-priority bids/offers placed during the hours specified by TSE before the end of an afternoon session (c) Final settlement price executed during auction trading on such trading day before the time specified by TSE before the end of the afternoon session （d）For the central contract month and the nearest contract month, the settlement price on the previous day; for other contract months, the price obtained by adding the difference between the settlement price of the central contract month on the previous day and that of the central contract month on the day to the settlement price on the previous day of such contract month. |
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| S.Q. Calculation | Calculated based on the opening price for each TOPIX index component stock on the business day following the last trading day Special Quotation |
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| ToSTNeT Trading (Off-Auction Trading) |
The last dividend index price. ToSTNeT Trading |
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| Inter-month spread trading | Not available | |||||||||||||||||||||||||||
| Give-up | Available | |||||||||||||||||||||||||||
| Cancellation Policy | The TSE may apply the rules for cancelling executed transactions in futures/options only when it deems that the market will be significantly disrupted due to smooth performance of settlement of executed transactions pertaining to the erroneous order being extremely difficult and/or other reasons. |
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| Products | Nikkei 225 Dividend Index Futures | TOPIX Dividend Index Futures and TOPIX Core30 Dividend Index Futures |
|---|---|---|
| Pre-Open | ± 50 yen | ± 5 pts. |
| Open and Closing Auction | ± 10 yen | ± 1 pts. |