TOPIX and TOPIX Sector Index Futures

ToSTNeT Trading

Update : Nov. 21, 2011

Trading Participants can simultaneously execute large sell/buy orders of the same contract month of Index futures by ToSTNeT trading instead of on the auction market.
Open interest generated by ToSTNeT transactions will be consolidated with that of the auction market.

Index Futures

products	TOPIX Futures	mini-TOPIX Futures	TOPIX Core30 Futures	TSE REIT Index Futures
Trading hours	8:20-16:00 (Morning/Afternoon Session)  16:20-23:30 (Evening Session)
Price	(1)Prices that are 95% or more, but 105% or less of the last trade index price (2)VWAP (Volume Weighted Average Price) * The base price of ToSTNeT trading shall be the last base reference price of index futures decided in the auction trading of the day; provided, however, it shall be the base price of the index futures decided in the auction trading of the day until the contract price is decided at the opening of auction trading of index futures in the morning session.
Minimum fluctuation	0.1 points	0.05 points	0.1 points	0.1 points
Minimum threshold	1 contracts
Circuit brake	When temporally brake is executed to the auction market, also served to the ToSTNeT Trading.
Open Interest	Open interest generated by ToSTNeT transactions will be consolidated with that of the auction market. Thus, margin and mark-to-market requirements and notification of resale/repurchase for open interest for ToSTNeT transactions are also consolidated with those of the auction market.

Dividend Index Futures

products	Nikkei 225 Dividend Index Futures	TOPIX Dividend Index Futures	TOPIX Core30 Dividend Index Futures
Trading hours	8:20-16:00 (Morning/Afternoon Session) 16:20-23:30(Evening Session)
Price	Prices that are 90% or more, but 110% or less of the last trade index price * The base price of ToSTNeT trading shall be the last base reference price of index futures decided in the auction trading of the day; provided, however, it shall be the base price of the index futures decided in the auction trading of the day until the contract price is decided at the opening of auction trading of index futures in the morning session.
Minimum fluctuation	0.1 yen	0.01 points	0.01 points
Minimum threshold	1 contracts
Circuit brake	None
Open interest	Open interest generated by ToSTNeT transactions will be consolidated with that of the auction market. Thus, margin and mark-to-market requirements and notification of resale/repurchase for open interest for ToSTNeT transactions are also consolidated with those of the auction market.