TOPIX Options
Contract specifications
Update : Feb. 28, 2012
TOPIX options - example
| Contract | Call and put options on TOPIX (Tokyo Stock Price Index) |
| Trading Hours |
Pre-Open (Order Submit) : 8:40 Morning Open : 9:00-11:30 Pre-Open (Order Submit) : 11:40 Afternoon Open : 11:45-15:10 Evening Pre-Open (Order Submit) : 16:20 Evening Open : 16:30-23:25 |
| Contract Month |
5 closest of March, June, September and December (quarterly months) and 3 closest serial months (non-quarterly months) Trading Period: 1 year and 3 months for quarterly month contracts. 5 months for Jan., Apr., Jul., Oct. contracts 4 months for Feb., May, Aug., Nov. contracts |
| Strike Price |
For contracts with more than 4 months trading period: 13 strikes with 50 pt. intervals. Additional strikes will be set in conjunction with the underlying fluctuation. For contracts with 4 months trading period: 19 strikes with 25 pt. intervals. Additional strikes will be set in conjunction with the underlying fluctuation. When a quarterly month contract becomes less than 4 months to expiry: 19 or more series of strikes with 25 pt. intervals will be set. |
| Trading Unit | 10,000 yen x TOPIX |
| Minimum Tick Size |
0.1 points (for options premium at or less than 20 pt.) or 0.5 points (for options premium more than 20 pt.) |
| Dynamic Price Limit Range(DPR) |
Nearest 4 contract months: 20% of the Base Theoretical Price Other contract months: 30% of the Base Theoretical Price Maximum and minimum : Max: When calculated value exceeds 30pt, DPR= 30 pt. Min: When calculated value is below 10pt, DPR= 10 pt Buy orders exceeding above maximum or Sell orders below above minimum are unaccepted. * Base Theoretical Price is calculated from the most liquid month futures' latest execution price. |
| Daily price limit |
Base price ± (TOPIX Futures' Daily price limit +DPR) *Base price is the Theoretical Price calculated from the most liquid month futures' base price. |
| 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 the respective contract months |
| Exercise Day | The following business day of last trading day. (European type option) |
| Circuit Brake | When Circuit Brake is executed for the underlying. |
| Payment or Receipt of Option Premium | The business day following the transaction day (T+1) |
| Settlement Regarding Exercise | Cash settlement on the following business day of exercise. |
| ToSTNeT Trading | Available |
| Give-up | Available |
| Position Transfer | Available |
| Trading Regulations |
TSE will take following measures when there is an unusual trade or apprehension of such: 1) Alteration of Daily Price Limit 2) Advance of margin deposit date 3) Raise of margin deposit or limitation of securities deposit 4) Decrease of securities' credit for margin deposit 5) Limitation or prohibition of Equity Options trading 6) Limitation of open interest |
| 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. |
| Date of Market Establishment | Oct. 20, 1989 |
Contract month on TOPIX options
