TOPIX and TOPIX Sector Index Futures
Futures contract specification
Update : Jul. 01, 2012
| Products | TOPIX Futures | mini-TOPIX Futures | TOPIX Core30 Futures | TSE REIT Index Futures |
|---|---|---|---|---|
| Target Index | TOPIX | TOPIX | TOPIX Core30 | TSE REIT Index |
| The date of listing | 3-Sep-88 | 16-Jun-08 | ||
| 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) Expansion of Trading Hours |
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| Contract months | March, June, September, December cycle (five contract months traded at all times) Trading Calender |
March, June, September, December cycle (three contract months traded at all times) |
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| First Trading Day | The business day following the last trading day of the option contract month. | |||
| Last Trading Day | The business day prior to the second Friday of each contract month (The day shall be moved up if the second Friday is a holiday.) |
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| Trading unit | 10,000 yen × TOPIX | 1,000 yen × TOPIX | 1,000 yen × TOPIX Core30 | 1,000 yen × TSE REIT Index |
| Minimum fluctuation | 0.5 points | 0.25 points | 0.5 points | 0.5 points |
| Dynamic Price Range | (*1) Function to Prevent Erroneous Order Placement |
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| Daily price limit | (*2) Circuit Breaker Rule |
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| Circuit breaker | In case when a buy (sell) order is placed to the central contract month (excluding mini-TOPIX futures) at the upper (lower) price limit (may be followed by the execution at this price), and there is no trade at other prices for next 5 minutes, trading will be suspended for 10 minutes.(*Exceptions) | |||
| (*2) | when the brake on TOPIX Futures is executed, also did. | (*2) | (*2) | |
| 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 2nd business day following the last day of trading |
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| Final Settlement | ▪ For contract month, etc. a. Closing price determined by the Itayose method upon completion of the afternoon closing auction. b. In cases where a contract is not executed in a transaction by the Itayose method upon completion of the afternoon closing auction, the final contract price in auction trading of such trading day (excluding the evening session). c. Where none of a and b is present, the theoretical value *However, in cases where such price is deemed inappropriate, the settlement price specified by Japan Securities Clearing Corporation on an as needed basis. ▪ For contract months other than the central contract month The price obtained by adding or subtracting the final contract spread price decided during the auction trading of such trading day (excluding the evening session) to or from the settlement price of the central contract month (in cases where such final contract spread price is not present, the price obtained by adding or subtracting the theoretical spread price to or from the settlement price of the central contract month). *The S.Q. for mini-TOPIX futures shall be the same quote as the S.Q. of TOPIX futures with the same final trading day. *However, in cases where such price is deemed inappropriate, the settlement price specified by Japan Securities Clearing Corporation on an as needed basis. |
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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) | Available ToSTNeT Trading |
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| Strategy Trading | Available (Inter-month spread trading) Strategy Trading |
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| Give-up | Available | |||
| Regulation of the Market |
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| 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. | |||
(*)Exceptions
1. Once Daily Price Limits is expanded to level 3, and meets the circuit breaker criteria again:
Trading halt and expanding daily price limits shall not be executed until the end of evening session.
2. In case where the above criteria is met within 20 minutes before the end of afternoon or evening session:
Trading halt and expanding daily price limits shall not be executed until the end of session.
3. In case where the above criteria is met within 10 minutes before the end of morning session:
Trading halt will continue until the end of morning session.
4. In addition to the above cases, in cases where TSE deems that, in consideration of the market conditions, the state of trading is to be abnormal:
Trading halt and expanding the daily price limits can be executed regardless of the above circuit breaker criteria.
(*1)Dynamic Price Range
| Last contract price, etc. | Dynamic Price Range | |
|---|---|---|
| Pre-Open | Open and Closing Auction | |
| Less than 750 pts. | ± 50 pts. | ± 10.0 pts. |
| 750 pts. or more but less than 1,000 pts. | ± 75 pts. | |
| 1,000 pts. or more but less than 1,250 pts. | ± 100 pts. | |
| 1,250 pts. or more but less than 1,750 pts. | ± 150 pts. | ± 15.0 pts. |
| 1,750 pts. or more but less than 2,250 pts. | ± 200 pts. | ± 20.0 pts. |
| 2,250 pts. or more but less than 2,750 pts. | ± 250 pts. | ± 25.0 pts. |
| 2,750 pts. or more but less than 3,250 pts. | ± 300 pts. | ± 30.0 pts. |
| 3,250 pts. or more but less than 3,750 pts. | ± 350 pts. | ± 35.0 pts. |
| More than 3,750 pts. | ± 400 pts. | ± 40.0 pts. |
| Previous day's closing price | Daily price limit |
Circuit brake Level 1 |
Circuit brake Level 2 |
| under 750 | ± 100 points | 50 points. | 75 points |
| 750 or more under 1,000 | ± 150 points | 75 points | 110 points |
| 1,000 or more under 1,250 | ± 200 points | 100 points | 150 points |
| 1,250 or more under 1,750 | ± 300 points | 150 points | 225 points |
| 1,750 or more under 2,250 | ± 400 points | 200 points | 300 points |
| 2,250 or more under 2,750 | ± 500 points | 250 points | 375 points |
| 2,750 or more under 3,250 | ± 600 points | 300 points | 450 points |
| 3,250 or more under 3,750 | ± 700 points | 350 points | 525 points |
| 3,750 or more | ± 800 points | 400 points | 600 points |