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) were integrated into the single market effective March 24, 2014.

According to the integration, the trading rules were revised and harmonized.

【Key Revisions in Trading Hours】

  • Closing times of night sessions are harmonized as 3:00 JST on the next day.
  • Options trading has the same trading hours as futures.
  • Schedules for index futures & options are the same schedule as the current OSE ones*.
    (* There is no night session for Nikkei 225 VI Futures, in the same way as under the current OSE rule.)
  • Individual Options have a noon recess (11:35 JST - 12:30 JST).

The trading system for derivatives was consolidated into the current OSE system, J-GATE.

Both legacy TSE derivative products and OSE derivative products are traded on J-GATE platform under OSE's rules and regulations.

CNX Nifty Futures was launched on March 24, 2014, and 20-year JGB Futures was re-launched on April 7, 2014.

Considering needs of investment in and hedging against the India's capital market, OSE 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. changed 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:

Capital Efficiency

Information related to integration of derivatives markets, corporate name change and new products:

Mar. 22, 2014
Integration of Derivatives Markets on March 24, 2014
Mar. 10, 2014
Approval of Trading Qualification in connection with the Integration of Derivatives Markets
Mar. 10, 2014
New Derivative Contracts to be set from the Derivatives Market Integration
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
Notice regarding Abbreviation of New Trade Name and Corporate Logo
Oct. 23, 2013
Request for Public Comments: Outline of Specifications for CNX Nifty Futures
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
Oct. 23, 2013
Determination of the Derivatives Markets Integration Date
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
Jun. 18, 2013
Request for Public Comments: Developing Rules in Connection with the Integration of Derivatives Markets