OSE Nikkei 300 Futures

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OSE Nikkei 300 futures and futures options trade on the Osaka Securities Exchange (OSE). They were launched in February 1994[1]. The Nikkei 300 is the stock index that Nikkei Inc. composed with shares of 300 companies listed on Japanese stock exchanges[2].

In 2007, OSE Nikkei 300 futures traded 81,904 contracts and OSE Nikkei 300 futures options traded only 160 contracts[3].


OSE Nikkei 300 futures
Exchange Osaka Securities Exchange
Settlement Cash settled
Contract Size Nikkei 300 x ¥10,000
Pricing Unit 10,000 yen
Tick Value ¥1,000 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 buisiness 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 - 15:15, 16:30 - 19:00 JST; (9:00 - 11:15 on a half-trading day)
Ticker Symbol N/A N/A
Price Limits N/A
  • Contracts of less than 200 (points) = 30 (points) up/down limit
  • Contracts from 200 (points) - less than 250 = 40 (points) up/down limit
  • Contracts from 250 (points) - less than 300 = 50 (points) up/down limit
  • Contracts from 300 (points) - less than 350 = 60 (points) up/down limit
  • Contracts from 350 (points) - less than 400 = 70 (points) up/down limit
  • Contracts from 400 (points) - less than 450 = 80 (points) up/down limit
  • Contracts from 450 (points) - less than 500 = 90 (points) up/down limit
  • Contracts from 500 (points) or more = 100 (points) up/down limit
 
OSE Nikkei 300 options
Trade Unit One futures contract
Point Value 10,000 yen (1 yen)
Tick Value 1,000 yen (0.1 yen)
Option Months 6 months from the March quarterly cycle plus 2 near-term months which do not overlap the March cycle
Strike Prices 25-point intervals in integer multiples of 25 points based on Nikkei 300 for expiration months in the March quarterly cycle (5-point intervals when the remaining trading period becomes four months)

5-point intervals in integer multiples of 5 points for other expiration months

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

(9:00 - 11:15 on a half-trading day)

Ticker Symbol N/A N/A
Price Limits N/A
  • Contracts of less than 200 (points) = 30 (points) up/down limit
  • Contracts from 200 (points) - less than 250 = 40 (points) up/down limit
  • Contracts from 250 (points) - less than 300 = 50 (points) up/down limit
  • Contracts from 300 (points) - less than 350 = 60 (points) up/down limit
  • Contracts from 350 (points) - less than 400 = 70 (points) up/down limit
  • Contracts from 400 (points) - less than 450 = 80 (points) up/down limit
  • Contracts from 450 (points) - less than 500 = 90 (points) up/down limit
  • Contracts from 500 (points) or more = 100 (points) up/down limit

References

  1. History. Osaka Securities Exchange.
  2. Nikkei 300. Nikkei Inc..
  3. Trading Volume (During 2007). Osaka Securities Exchange.