January
30,
2013
IR
Presentation
Material
Contents
I. Outline
of
Japan
Exchange
Group
(JPX)
II. Basic
Policies
of
the
Medium
‐
term
Management
Plan
(FY
2013
– FY
2015)
III. FY
2012,
3
rd
Quarterly
Earnings
Report
IV.Reference
Material
*
Our
financial
year
starts
on
April
1
and
ends
on
March
31.
This English translation is solely for reference purpose and is not a legally definitive
translation of the original Japanese text. In the event any differences arise regarding
the meaning herein, the original Japanese version will prevail as the official
authoritative version.
Disclaimer
3
These materials are prepared solely for the purpose of providing information regarding
Japan Exchange Group Inc., and as such, they are not intended as any offer or sale of
securities or other similar action whether inside or outside Japan. Our securities have
not been and will not be registered under the United States Securities Act of 1933, as
amended (the “Securities Act”), and may not be offered or sold in the United States
absent registration or an applicable exemption from registration requirements.
These materials contain forward
‐
looking statements. These statements are based on our
assumptions and beliefs in light of the information currently available to us and are
subject to risks and uncertainties. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, our actual results may
vary materially from those we currently anticipate. Given these risks and uncertainties,
you are cautioned not to place undue reliance on forward
‐
looking statements, which
speak only as of the date of these materials. We disclaim any obligation to update any of
the forward
‐
looking statements contained in these materials to reflect future actual
events or developments.
Establishment
of
Japan
Exchange
Group
(JPX)
TSE
and
OSE,
with
their
respective
strengths
in
cash
equities
and
derivatives,
conducted
a
business
combination
in
January
2013.
The
business
combination
will
improve
market
user
convenience
and
strengthen
international
competitiveness
through
expanded
scale
and
greater
efficiency.
Japan
Exchange
Group
(Code: 8697)
Tokyo Stock Exchange Osaka Securities Exchange Tokyo Stock Exchange
Regulation
Japan Securities Clearing
Corporation
•A comprehensive exchange at the global forefront in terms of market scale, featuring the TSE 1stSection, TOPIX Futures, and
JGB Futures
•A vertical‐silo group structure spanning listing, trading, and clearing/settlement
•Dominance of cash equity market, supported by brand‐power
•An exchange with the leading domestic share of derivatives trading, featuring Nikkei 225 Futures/Options
•Operates JASDAQ, a growth market
•Only listed domestic exchange
Trading
available
in
diverse
listed
products,
from
cash
equity
to
derivatives
Develop
high
added
‐
value
business
via
vertical
integration
of
listing/trading,
clearing/settlement,
and
information
services.
Diversified
Horizontal/Vertical
Business
Model
Listing/
Trading
Sett
Settlement
Clearing
Clearing Functions (Cash Equities, Derivatives, OTC)
Settlement Functions (Cash Equities) Cash Equity
Market
Cash Equity Growth Market
Derivatives Market
Professional Market Self‐regulatory Functions
Stable
Revenue
Variable
Revenue
JPX
Revenue
Structure
Trading Participant
Fees
Listing‐related
Revenue Information‐related
Revenue
Other
3Q FY2012 (Cumulative)
(Total of Former TSEG and OSE 1st& 2nd
Future
Vision
“
Your
Exchange
of
Choice
”
‐
Support Economic Growth in Japan and Asia
as the Most Preferred Exchange in the Asian Region ‐
Revitalize
the
Japanese
economy
through
the
provision
of
risk
money
Support
pro
‐
active
investment
and
overseas
development
for
listed
companies
by
facilitating
fund
‐
raising
Contribute
to
efficient
domestic
asset
management
through
the
provision
of
efficient
investment
opportunities
in
diverse
listed
products
Japan
Asia
Global
With
global
top
‐
class
economic
scale
and
infrastructure,
utilize
confidence
in
the
Japanese
market
to
promote
the
flow
of
the
Japanese
&
international
investment
assets
into
Asia
Become
a
financial
hub
in
Asia,
connecting
Japanese
&
international
investment
needs
with
Asia’s
demands
for
funds
Leverage
geographical
advantage
within
Asia,
a
global
economic
growth
engine,
and
secure
standing
as
a
global
player
As
the
Most
Preferred
Exchange
in
the
Asian
Region
Leading
Driver
for
Asian
Growth
Expand global network through cooperation with overseas exchanges:
1.Create cooperative relationships for
mutual liquidity growth.
2.Support market developments in emerging
countries
1 2
Provide developed market system
1. Create fund‐raising opportunities to
enhance Asian infrastructure
2. Provide OTC derivatives clearing functions
within the region
1 2
Strengthen intermediary functions for global
investment flow:
1. Provide the world’s investors with investment
opportunities in Japanese corporations growing
alongside Asia
2. Enhance ETF/Derivatives lineup to reflect investment
needs in Asia
1
2
Connect Asia with the US, Europe, and Japan and lead Asian growth
• Competitive and well‐developed market
infrastructure
• Many Japanese companies supporting Asian
development with technology and services Abundant market liquidity
JPY 1500 trillion in individual assets Stable and highly transparent
regulation
1 2 3
4 5
9,325 3,615 11,583 5,271 11,082 1,121 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000
JPX SGX HKEX SSE SZSE KRX
46 22 60 25 129 32 0 20 40 60 80 100 120 140
JPX SGX HKEX SSE SZSE KRX
9
JPX
in
Asia
3,680 765 2,831 2,547 1,150 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000JPX SGX HKEX SSE SZSE
<Listed Company Market Capitalization>
(bil USD)
<No. of IPOs>
(companies) (mil USD) <IPO Funds Raised>
4,673 6,587
22,021 0 5,000 10,000 15,000 20,000 25,000
JPX SGX HKEX
<Exchange Market Capitalization>
(mil USD)
(Note) Data from homepages of WFE, FIA, JPX, SGX, HKEX.
JPX: Japan Exchange Group, SGX: Singapore Exchange, HKEX: Hong Kong Exchanges & Clearing, SSE: Shanghai Stock Exchange, SZSE: Shenzhen Stock Exchange, KRX: Korea Exchange (As of Dec. 2012)
(As of Jan. 22, 2013)
(mil contracts)
206 72 110 0 50 100 150 200 250 300
JPX SGX HKEX KRX
<Futures (Index/Bond)/ Option Trading Volume> 3,606 256 1,106 2,599 2,369 1,518 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
JPX SGX HKEX SSE SZSE KRX
(bil USD)
<Cash Equity Trading Value>
1,637
(2012, total year) (2012, total year)
(2012, total year) (2012, total year)
Creed
(The
4
C’s)
In order to understand the needs of various stakeholders and to maximize the sum of customer satisfaction, we always think through from the customer's viewpoint and continue to look for the optimum solution.
Customer
First
Prioritize customer needs
Credibility
Build public confidence
Creativity
Pursue innovative solutions
Competency
Harness employee potential
We build a working environment in which we can utilize the diversity in individual employees and they can display their ability to the maximum extent.
For the purpose of strengthening global competitiveness and improving customers' convenience, we work on offering creative products and services with the spirit and passion for a challenge, without fear of failure.
While we stably operate markets with a high degree of fairness and transparency on a daily basis, we also construct a highly reliable social infrastructure that meets all of the goals of strong competitiveness, stability, convenience, and cost efficiency.
II.
Basic
Policies
of
the
Medium
‐
Term
Management
Plan
(FY
2013
– FY
2015)
Primary
Strategies
Early
Realization
of
Business
Combination
Synergies
Early and smooth consolidation of markets, clearing functions and systems
Early realization of synergies for both JPX group and market users (Cost reduction, etc.)
Create
a
New
Japanese
Stock
Market
Improve
Japanese
Stock
Appeal
9 Develop new stock price indices focusing on attractive issues 9 Create rules/environment to improve corporate governance 9 Revise market rules to improve market convenience and price stability 9 Promote diversification of ETFs/REITs 9 Enhance policy recommendation /information dissemination for improving Japanese stock market’s appeal
Promote
IPOs
9 Enhance growth support through IPO promotion
Expand
Derivatives
Market
Comprehensive
Exchange
9 Expand into commodities field to
diversify products
New
Product
Development
9 Introduce/Promote products targeting Pan‐Asian region/emerging markets 9 Enrich/enhance JGB‐related products based on market changes 9 Review exchange derivatives market in light of OTC derivatives regulations
Expand
Exchange
Business
Field
Expand
Clearing
Business
9 Handle new OTC products
Create
New
Product
Platforms
9 Utilize/promote professional bond market for fund demands of infrastructure building in Asian countries 9 Support knowledge/technology sharing with emerging Asian exchanges Enhance IT Infrastructure
9 Develop next‐generation arrowhead, enrich Co‐Location Service, expand arrownet globally, etc.
Enhance operations toward expanding investor layers/promoting investment
9 Expand investor layers through +YOU Project, enhance marketing activities to overseas/domestic institutional investors using product/customer foundation of both exchanges
Consolidate
cash
equity
market
under
Tokyo
Stock
Exchange
9 Consolidate trading system on arrowhead (off‐auction: ToSTNeT)
9 Cash equity market will be composed of TSE 1stSection, 2nd
Section, Mothers, JASDAQ, and TOKYO PRO MARKET (OSE 1st
Section/2ndSection will migrate to TSE 1stSection/2ndSection)
Consolidate
self
‐
regulatory
functions
under
Tokyo
Stock
Exchange
Regulation
9 Shift self‐regulatory functions of derivatives market at the time of the cash equity market consolidation
Consolidate
clearing
functions
under
Japan
Securities
Clearing
Corporation
9 Further improve risk management functions
9 Improve liquidity and participant capital efficiency via unified margin system
Consolidate markets/clearing functions within JPX group within FY 2013
Consolidation
of
Markets/Clearing
Functions
FY
2013
FY
2012
Business
Combinatio
n
4Q 1Q 2Q 3Q 4Q
Consolidate
derivatives
market
under
Osaka
Securities
Exchange
9 Consolidate trading system on J‐ GATE (using NASDAQ OMX Click XT)
9 Facilitate trading of a wide‐range of derivatives products on a single platform, including Nikkei 225 products, TOPIX products, and JGB products
9 Facilitate further extension of evening trading hours for TOPIX Futures, JGB Futures, etc.
July
2013
March
2014
System
‐
related
Cost
Synergy
via
Consolidation
Dec. 2012 – Mar. 2014 Accelerated amortization of prior TSE derivatives system
Approx.
JPY
1.2
Billion
Approx.
JPY
2.3
Billion
Approx.
JPY
7
Billion
FY
2013
FY
2014
FY
2015
Sep. 2012 – Jul. 2013 Accelerated amortization
of prior OSE’s cash equity system
FY
2012
Achieve
system
‐
related
cost
synergy
Aim
to
realize
approx.
JPY
7
billion
in
annual
system
‐
related
cost
synergy
in
FY
2015 (compared
to
FY
2011).
July 2013
Cash equity system consolidation
March 2014
Derivatives system consolidation
Increased Depreciation Costs due to accelerated amortization
The following decreases are expected, coinciding with the consolidation of the cash equity market (July 2013) and the derivatives market (March 2014).
Decrease
in
Trading
Fee
Revenue
(decrease
in
overlapping
basic
fees,
etc.)
9 Following Cash Equity/Derivatives Market Consolidation Expected Decrease: approx. JPY ‐1.2 billion
Decrease
in
Listing
‐
related
Revenue
(decrease
in
overlapping
listing
fees)
9 Following Cash Equity Market Merger
Expected Decrease: approx. JPY ‐0.5 billion
Decrease
in
Information
‐
related
Revenue
(change
in
processing
fee
structure)
9 Following Cash Equity/Derivatives Market Consolidation Expected Decrease: approx. JPY ‐0.8 billion
(Note 1) The above estimations are based on figures up to December
2012, and calculated on an annual basis. Actual results may differ from
these estimations.
(Note 2) The decrease in trading fees was calculated based only on effects
on the cash equity market. Effects on the derivatives market are not
included.
(Note3) In FY 2013, revenue reduction is expected from July 2013.
15
Effect
on
Revenue
due
to
Consolidation
Increase
in
Trading/Trading
Fee
Revenue
9 Improved participant/investor convenience via increased products tradable on single platform
9 Increased new listings and new investors via improved liquidity
9 Increased trading from improved margin efficiency for derivatives via clearing function consolidation
9 Enhanced marketing activities via utilization of both exchange foundations
Increase
in
Listing
‐
related
Revenue
9 Increased IPOs/new listings of domestic/overseas corporations from improved market appeal
Increase
in
Information
‐
related
Revenue
9 Increased demand for information services from diversified information
New
Product
Development
9 Development of cross‐over products between exchanges
Causes
of
Increase
Causes
of
Decrease
Lower
Usage
Costs
for
Users
Business
Expansion
via
Improved
Convenience
3rdQuarter revenues and profits increased due to solid trades of derivatives from the beginning of the fiscal year and an increase in
listed‐related revenues due to increased fund‐raising by listed companies and increased IPOs.
In regard to annual performance forecast, reflecting positive market conditions, operating revenues and profits such as operating profit
have been revised upward. (JPY 1 mil.)
17
FY 2011
(Actual)
FY 2012
(Assumed)
Stock Trading Value 13,695 14,000 (JPY 100 mil)
TOPIX Futures 57,840 67,000 (contract)
Nikkei 225 Futures (mini: 1/10) 119,300 147,000 (contract)
10yr JGB Future 29,307 40,000 (contract)
Nikkei 225 Options 188 220 (JPY 100 mil)
<Average Daily Trading Value/Volume>
[Regarding JPX Earnings for this Fiscal Year]
As a result of a tender offer for shares of Osaka Securities Exchange Co., Ltd. (former OSE), in which Tokyo Stock Exchange Group, Inc. (former TSEG) made OSE its consolidated subsidiary, Japan Exchange Group, Inc. was established via a business combination on January 1, 2013. The consolidated financial statements of Japan Exchange Group, Inc. created based on this combination succeed the consolidated financial statements of former TSEG in accordance with accounting standards pertaining to corporate combination. Furthermore, because the deemed acquisition date of former OSE by former TSEG is September 30, 2012, the profits and losses of former OSE for the 3 months from October 1, 2012 to December 31, 2012 are included in the consolidated cumulative financial results of former TSEG for this 3rd Quarter.
3
rdQuarter (Apr.
– Dec.
)
Full
Year
3Q FY 2011 3Q FY 2012
Year‐on‐
Year (c‐a)/a
[%]
FY 2011 (Actual)
FY 2012
(Estimated) Year‐on‐
year (f‐d)/d
[%] (a) Former
TSEG & OSE
Total Figures
(b) Former TSEG (3Q is consolidated with OSE)
(c) Former OSE’s 1H added
to (b)
(d) Former
TSEG & OSE
Combined
Figures
(e) JPX (not including former OSE’s 1H)
(f) Former
OSE’s 1H
added to (e)
Operating
Revenue
55,728
45,935
56,731
+1.8
75,539
67,500
78,295
+3.6
Operating Costs
43,670
35,283
42,764
‐
2.1
58,008
52,000
59,480
+2.5
Operating Profit
12,058
10,652
13,967
+15.8
17,529
15,500
18,815
+7.3
Ordinary Profit
14,344
12,705
16,333
+13.9
20,060
17,500
21,127
+5.3
Net Income
8,346
7,313
9,325
+11.7
11,777
9,500
11,512
‐
2.3
*1 Including JPY 613 mil. amortized goodwill *2 Including JPY 1,474 mil. amortized goodwill *3 Including JPY 1,045 mil. (former TSEG: 672 mil., former OSE: 372 mil.) of extraordinary losses
from the combination ‐related costs.
(*1) (*2)
Highlights
0 500,000,000,000 1,000,000,000,000 1,500,000,000,000 2,000,000,000,000 2,500,000,000,000 3,000,000,000,000 3,500,000,000,000 4,000,000,000,000 4,500,000,000,000 5,000,000,000,000
売買代金(東証1部・2部・M)
65
70
75
80
85
90
95
400
500
600
700
800
900
1,000
1,100
1,200
日経平均
TOPIX
円・ドルレート
Japanese
Stock
Market
Trends
Nikkei 225 (JPY 10) TOPIX (point)
Trading Value (JPY 100 mil.) JPY/USD Rate
2012/2/14
Additional BOJ
Monetary Easing
Abe Administration’s “Three‐pronged Strategy” for
economic recovery:
→ Bold monetary policy
→ Flexible fiscal policy
→ Growth strategy that promotes private investment
2012/11/14
Noda Prime Minister ‘s announcement of
the Lower House dissolution 2012/12/16
LDP Election Victory 2013/1/1
Launch of JPX
Lower house decision on US
fiscal cliff measures
2012/6/25
Spain official requests
banking relief from EU Nikkei 225
TOPIX JPY/USD Rate
Operating
Revenue
Conditions
19 Information‐
related Revenue
‐
469
3Q
FY
2011
(cumulative)
(Total
of
Former
TSEG
&
OSE)
3Q
FY
2012
(cumulative)
(Total
of
Former
TSEG
&
OSE’s
1H)
Due
to
increase
in
derivatives
trading,
revenues
from
trading
participant
fees
and
securities
settlement
‐
related
revenues
increased.
Due
to
increases
in
listed
company
fund
‐
raising
and
IPOs,
listing
‐
related
revenues
increased.
(JPY 1 mil.)
Other
Operating
Cost
Conditions
System Maintenance/ Operation Costs
+467
Large
decrease
in
depreciation
in
3Q
FY2012
compared
to
the
previous
period
due
to
accelerated
system
amortization
of
former
TSEG
before
the
business
combination
being
included
in
FY2011.
“Other”
costs
increased
due
to
start
of
goodwill
amortization
(20
year
annual
amortization),
etc.
(JPY 1 mil.)
Depreciation Costs
‐
1,913
Other
+939
Real Estate Costs
‐
20
Personnel Costs
‐
380
43,654
42,764
Including JPY 613 mil. of Goodwill Amortization
3Q
FY
2011
(cumulative)
(Total
of
Former
TSEG
&
OSE)
3Q
FY
2012
(cumulative)
(Total
of
Former
TSEG
21
Composition
of
Operating
Revenues
and
Costs
Operating
Revenues
Trading
Participant
Fees
23,164
Listed
‐
related
Revenue
7,310
Securities
Settlement
‐
related
Revenue
7,768
Information
‐
related
Revenue
11,192
Other
7,294
Personnel
10,594
Real
Estate
Costs
4,757
System
Maintenance/
Operation
Costs
8,852
Depreciation
Cost
8,567
Other
9,992
Variable
Revenue
Stable
Revenue
System
‐
related
costs
Operating
Costs
(JPY
1
mil.)
3Q
FY
2012
(cumulative)
Basic
Policy
for
Dividends
Giving due consideration to the importance of internal reserves for the purpose of
development of the system to strengthening competitiveness and improving self
‐
regulatory
function as an exchange, and for the purpose of being prepared for the risks as the clearing
organization, we make it a principle to conduct stable and continuous payment of dividends.
Specifically,
we aim at a target dividend payout ratio of around 40%.
Basic
Policy
for
Dividends/
Handling
of
Treasury
Shares
Handling
of
Treasury
Shares
Former OSE shares acquired by former TSEG through the tender offer have become JPX’s
treasury shares due to the business combination on January 1, 2013. However,
these
shares are schedule to be cancelled by the end of March 2013.
IV.
Reference
Materials
Trends
in
JPX
Stock
Price
0 2,000 4,000 6,000 8,000 10,000 12,000
2,000 2,500 3,000 3,500 4,000 4,500
5,000 売買代金
(修正後)株価
(JPY) (JPY1 mil.)
2011/11/22
Agreement on TSE/OSE Business Combination
2012/8/29
OSE is made a consolidated
subsidiary of TSE
2012/10/29
Board of Directors approves
business combination
agreement and combination
agreement is concluded
TOB Period for OSE Stock (2012/7/11～2012/8/22) 2013/1/1
Effective date of combination, launch of
Japan Exchange Group Trading Value
Outline of JPX Stock
25
Code
8697
Listed
Exchange
Tokyo
Stock
Exchange
1
st
Section,
Osaka
Securities
Exchange
JASDAQ
(Standard)
Business
Year
April
1
st– March
31
stAnnual
General
Shareholders
Meeting
June
Record
Date
March
31
stNo.
of
Shares
per
Share
Unit
100
shares
No.
of
Shares
No.
of
Authorized
Shares:
290,000,000
shares
Total
Outstanding
Shares:
72,906,810
shares
(Including
17,999,900
treasury
shares*)
Trends
in
IPOs
(companies)
50% 60% 70% 80% 90% 100%
Oct.‐Dec.,
2009
Jan‐Mar.,
2010
Apr.‐Jun. Jul.‐Sep. Oct.‐Dec. Jan‐Mar.,
2011
Apr.‐Jun. Jul.‐Sep. Oct.‐Dec. Jan‐Mar.,
2012
Apr.‐Jun. Jul.‐Sep. Oct.‐Dec.
JPX
Chi-X
SBIJ
OTC
Trends
in
Trading
Volume
Share
of
Japanese
Stocks
27
JPX 91.29%
Oct. – Dec. 2012)
Chi-X 2.08%
(Oct. – Dec. 2012)
SBI
Japan-Next 3.40%
(Oct. –Dec. 2012)
OTC 3.23%
(Oct. – Dec. 2012)
July 2010
Chi‐X enters Japanese market
Oct. 2012
TOB Restrictions Eased Jan. 2010
Trends
in
the
Japanese
Stock
Market
65
75
85
95
105
115
125
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2004
年
2005
年
2006
年
2007
年
2008
年
2009
年
2010
年
2011
年
2012
年
2013
年
(修正)日経平均
TOPIX
円・ドルレート
0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000
379913799938006380133802038027380353804238049380563806338070380773808438091380983810538118381253813238139381463815338160381673817438181381893819638203382103821738224382313823838245382543826138268382783828538292383003830738315383223832938336383433835138363383703837738384383913839938406384133842038427384353844238449384563846338470384833849038497385043851138518385253853238539385463855438561385683857538582385893859638603386103862138628386363864338650386573866538672386803868738694387013870838716387283873538742387493875638763387703877738784387913879938806388133882038827388343884638853388603886738874388813888838895389023890938917389243893138938389453895238959389663897338981389883899539003390103901739027390343904139049390563906339070390773908739097391043911139118391263913339140391473915439161391693917639183391903919739209392163922339230392373924439251392583926539272392803928739294393013930839315393223932939336393443935239359393673937439381393883939539402394123941939426394333944139454394623946939476394833949139498395053951239519395263953439541395483955539562395703958139588395953960239609396163962339630396373964439652396593966639673396803968739694397013970939717397243973139741397483975639763397703977839785397923979939807398193982739834398413984839856398633987039877398843989139899399063991339920399273994039947399543996139968399753998239989399964000340010400184002540032400394004640053400604006740074400864009340101401084011540123401304013740147401544016140168401764018540193402004020740214402244023140238402454025240260402674027440281402884029540308403154032240329403364034340350403574036440371403794038640393404004040740414404214042840435404434045140458404664047340480404904049740504405124051940526405334054140550405604056740574405814058940596406034061040617406254063240639406464065340660406734068040687406944070140708407154072240729407364074440751407584076540772407794078640793408004080840816408234083340840408474085540862408694087740884408914089840906409184092540932409394094640953409604096740974409814098940996410034101041017410244103641043410504105741064410714107841085410924109941107411144112141128411354114241149411564116341171411784118541193412004120741214412214122841235412434125041257412644127841285
売買代金(東証1部・
2部・マザーズ)
2004/7/1
BOJ June Tankan “Good
conditions for major
manufacturers, record
high since Bubble” 2006/3/9
BOJ decision to
cease quantitative
easing
2006/7/14 BOJ decision to
cease zero interest
measures
2007/8/10
BOJ provision of JPY 1 tril. In
response to growing credit
concerns due to sub‐prime loans
2008/9/15
Bankruptcy of Lehman
Brothers
2011/3/11
Great East Japan Earthquake
2012/2/14
Additional BOJ
financial easing
2012/11/14
Noda Prime Minister’s
announcement of the
Lower House dissolution 2012/12/16 LDP election victory Nikkei 225 (JPY 10)
TOPIX (point)
Trading Value
(JPY 100 mil.) JPY/USD Rate (JPY) Nikkei 225
TOPIX JPY/USD Rate Trading Value (TSE
1st/2nd/Mothers)
29
Trends
in
Derivatives
Trading
Volume
(1 mil. contracts)
0
50
100
150
200
250
2004
2005
2006
2007
2008
2009
2010
2011
2012
日経225オプション
日経225 mini
日経225先物
その他東証デリバティブ
TOPIX先物
JGBオプション
JGB先物
Nikkei 225 Options Nikkei 225 mini Nikkei 225 Futures
TOPIX Futures JGB Options JGB Futures
4%
7% 6%
9%
11% 11% 12% 12%
14% 14% 20% 22% 21% 23% 18% 32% 40% 31% 34% 31% 35% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0 2 4 6 8 10 12 14 16
Oct.‐Dec.,
2007
Jan‐Mar.,
2008
Apr.‐Jun. Jul.‐Sep. Oct.‐Dec. Jan‐Mar.,
2009
Apr.‐Jun. Jul.‐Sep. Oct.‐Dec. Jan‐Mar.,
2010
Apr.‐Jun. Jul.‐Sep. Oct.‐Dec. Jan‐Mar.,
2011
Apr.‐Jun. Jul.‐Sep. Oct.‐Dec. Jan‐Mar.,
2012
Apr.‐Jun. Jul.‐Sep. Oct.‐Dec.
ナイト・イブニングセッション取引高
ナイト・イブニングセッション対日中比率
Derivatives
Night/Evening
Session
(1 mil. contracts) （％）
Oct. 2008
OSE session extended
to 8PM
July 2009
OSE session extended to
11:30PM
Jun. 2011
OSE session renamed “Night
Session”, extended to 3AM
Jun. 2008
Introduction of evening
session for TSE TOPIX
Futures/Options (until 7PM)
Nov. 2011
TSE session extended to
11:30PM
Sept. 2007
Introduction of evening
session for OSE Nikkei 225
Futures/Options (until 7PM)
Night/Evening Session Trading Volume Ratio of Night/Evening Session to Daytime
31
Expansion
of
OTC
Clearing
Business
14
40
70
100
0 2,000 4,000 6,000 8,000 10,000 12,000
0
20
40
60
80
100
120
October‐2012 November‐2012 December‐2012 January‐2013
債務負担総残高 債務負担総件数
Notional Amount
Outstanding (JPY 1 tril.) ContractsObligation under
(contracts)
<Trends
in
Volume
of
Yen
‐
denominated
IRS
under
Obligation>
(January 2013 data is as of January 28)
Notional Amount Outstanding
Contracts under Obligation
