Information Related to Integration of Derivatives Markets, Corporate Name Change and New Products
The derivatives markets of Osaka Securities Exchange (OSE) and Tokyo Stock Exchange (TSE) are scheduled to be integrated into the single market effective March 24, 2014.
According to the integration, the trading rules will be revised and harmonized.
【Key Revisions in Trading Hours】
- Closing times of night sessions will be harmonized as 3:00 JST on the next day.
- Options trading will have the same trading hours as futures.
- Schedules for index futures & options will be the same schedule as the current OSE ones*.
(* There will be no night session for Nikkei 225 VI Futures, in the same way as under the current OSE rule.)
- Individual Options will have a noon recess (11:35 JST - 12:30 JST).
For more details on the trading rules after the derivatives market integration, please see the information sheet below.
The trading system for derivatives will be consolidated into the current OSE system, J-GATE.
Both legacy TSE derivative products and OSE derivative products will be traded on J-GATE platform under OSE's rules and regulations.
CNX Nifty Futures will be launched on March 24, 2014 (scheduled), and 20-year JGB Futures will be re-launched on April 7, 2014 (scheduled).
Considering needs of investment in and hedging against the India's capital market, OSE will introduce yen-dominated futures based on CNX Nifty, which is a major Indian stock index used as a benchmark in various financial instruments, on March 24.
Osaka Securities Exchange Co., Ltd. will change its corporate name to "Osaka Exchange, Inc.".
[Reference] Clearing functions of derivatives have been consolidated under Japan Securities Clearing Corporation (JSCC).
The clearings of Nikkei 225 Futures & Options on OSE and TOPIX Futures & Options on TSE including the minis of those have been consolidated under Japan Securities Clearing Corporation (JSCC) since July 2013.
This single clearing has enabled the cross margining with a great saving in the margin requirement.
For more details on cross margning, please refer to the following page:
Information related to integration of derivatives markets, corporate name change and new products:
- Mar. 10, 2014
- Approval of Trading Qualification in connection with the Integration of Derivatives Markets
- Mar. 04, 2014
- Handling of Rules Developing Rules in Connection with Derivatives Market Integration, etc.
- Feb. 24, 2014
- Futures & Options Trading Rules upon Derivatives Markets Integration (Information Sheet)
- Feb. 20, 2014
- Handling of Reports on Investment Trends by Investor Category after Derivatives Market Integration
- Dec. 18, 2013
- Partial Revisions to Articles of Incorporations, etc. in Connection with the Integration of Derivatives Markets with Tokyo Stock Exchange, etc.
- Oct. 23, 2013
- Introduction of CNX Nifty Futures
- Oct. 23, 2013
- Request for Public Comments: Developing Fee Schedule in Connection with the Integration of Derivatives Markets
- Oct. 23, 2013
- Decision of Starting Date of 20-year JGB Futures Trading
- Sep. 24, 2013
- Change in Trade Name
- Sep. 17, 2013
- OSE entered a license agreement for CNX Nifty with IISL
- Jun. 24, 2013
- Request for Public Comments: Partial Revision to the Daily Price Limit for JGB Futures and Options in conjunction with the Derivatives Markets Integration