Single Stock Options: A Vibrant Sector of the Japanese Market. March, 2014 Japan Exchange Group

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1 Single Stock Options: A Vibrant Sector of the Japanese Market March, 2014 Japan Exchange Group

2 Agenda Recent Trends in the Options Market Japanese Options Specs Practical Trading Techniques Reference Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 2

3 Agenda Recent Trends in the Options Market Japanese Options Specs Practical Trading Techniques Reference Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 3

4 The Largest On-Auction Volumes in History Source: Tokyo Stock Exchange Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 4

5 W W W W W W Retail is Participating More The TSE is teaming up with retail brokers to regularly conduct SSO seminars attended by hundreds of individual investors. % Put 29% Securities Firms Business Firms Individual Investors Foreign Investors % Call 52% % 5% Source: Tokyo Stock Exchange Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 5

6 Spreads Are Getting Tighter Price Nikko Exchange Traded Index Fund 225 (Call) 0 9:00 10:00 11:00 13:00 14:00 15:00 Price 100 Toyota Motor Corporation (Call) Aug 12 Feb :00 10:00 11:00 13:00 14:00 15:00 Source: Tokyo Stock Exchange Aug 12 Feb 17 Price Price Sony (Put) Aug 12 Feb :00 10:00 11:00 13:00 14:00 15:00 Aug 12 Feb :00 10:00 11:00 13:00 14:00 15:00 On-auction spread trends for ATM options on the day after SQ days Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 6

7 Books Are Getting Deeper Put Book for Mitsubishi UFJ Financial Group (8306) Call Book for Mizuho Financial Group (8411) Ask Ask Ask Ask Bid Bid Bid 2013/8/ /2/5 2013/8/12 Bid 2014/2/5 On-auction spread trends for ATM options on the day after SQ days Source: Tokyo Stock Exchange Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 7

8 Agenda Recent Trends in the Options Market Japanese Options Specs Practical Trading Techniques Reference Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 8

9 Japanese Stock Option Specs Similar to US Trading Times* 9:00~11:30 12:30~3:10 (a.m.) Closing (from 3/24): 11:30~11:35 3:10~3:15 Exercise Number/ Increments Number: 2 ITM, 2 OTM, 1 ATM; Additional as requ. Increments: Differ according to price Different than US Required Margin Calculated by SPAN Available Contracts Closest 2 serial Closest 2 quarterly (Mar, Jun, Sep, Dec) Last Trading Day Business day before 2 nd Friday of every month Type of Exercise European Trading Lots 1 lot (i.e. 1 option = 1 lot of underlying, which can range from 1 to 1000 shares) Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 9

10 Japanese Stock Option Specs: Trading Times Closed Pre-Open Continuous auction Closing auction Restricted Open Investors are most likely to get the best prices during the continuous auction session, as market makers are not obligated to provide quotes during the closing sessions. Many times quotes will start showing up on the order book during the continuous auction at around 9:30 during the morning session and around 12:45 during the afternoon session. 8:00 9:00 11:30 11:35 12:05 12:30 15:10 15:15 Auction Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 10

11 Japanese Stock Option Specs: Available Contract Months Q: What contract months can I trade? A: The closest two serial months as well as the closest two quarterly months. Ex) What contracts can I trade today (March 14)? Last trading day for Mar 2014 contracts Apr 4 May 月 Jun Jul Aug Sep Oct Nov 3/13 On March 14, investors can trade contracts expiring in April, May, June and September The longest possible contracts are for 8 months. Be aware that contracts for the two nearest serial months will likely have the highest liquidity, however, as these are the contracts that market makers are obligated to display quotes for. Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 11

12 Japanese Stock Option Specs: Strike Prices Q: What strike prices can I trade? A: Strike prices ranging from about 10% to 20% above and below the base price. First Trading Day 5 strike prices (2 ITM, 1 ATM, 2 OTM) will be set around yesterday s closing price. Yesterday s closing price = \2000 2,400 2,200 2,000 1,900 1,800 Price is \2000 or above, so increment = \200 Price is below \2000, so increment = \100 Later Trading Days New strike prices will be set depending on stock price movements. New strike prices will be set based on the previous day s base price to ensure that at least one strike price above and below the base price is tradable. Yesterday s closing price = \2200 2,600 2,400 2,200 2,000 1,900 1,800 Additional Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 12

13 Agenda Recent Trends in the Options Market Japanese Options Specs Practical Trading Techniques Reference Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 13

14 Options With Recent Tight Spreads Due to Market Making Tier 1 Underlyings Nikko Exchange Traded Index Fund 225(1330) 10 share lot SONY CORPORATION (6758) 100 share lot TOYOTA MOTOR CORPORATION (7203) 100 share lot Mitsui & Co., LTD.(8031) 100 share lot Sumitomo Mitsui Financial Group, Inc. (8316) 100 share lot Tier 2 Underlyings TOPIX Exchange Traded Fund (1306) 10 share lot JAPAN TOBACCO INC. (2914) 100 share lot Seven & I Holdings Co,. Ltd. (3382) 100 share lot Takeda Pharmaceutical Company Limited (4502) 100 share lot KOMATSU LTD. (6301) 100 share lot SOFTBANK CORP. (9984) 100 share lot 22 other stocks Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 14

15 Options With Recent Tight Spreads Due to Market Making The following is a list of ATM options expiring within a month for which the bid-ask spread is 40bps or below (as of Jan. 21) Underlying Underlying Name Expiration Strike Price Option Type Underlying On-auction spread Spread/underlying Code Price (JPY) price (%) (P) (B) (B)/(P) 1330 Nikko Exchange Traded Index Fund /2/ Put % 1330 Nikko Exchange Traded Index Fund /2/ Call % 1306 TOPIX Exchange Traded Fund 2014/2/ Put % 1306 TOPIX Exchange Traded Fund 2014/2/ Call % NIPPON STEEL & SUMITOMO METAL 2014/2/13 Put 5401 CORPORATION % 8306 Mitsubishi UFJ Financial Group, Inc. 2014/2/ Call % 8316 Sumitomo Mitsui Financial Group,Inc. 2014/2/ Call % 2914 JAPAN TOBACCO INC. 2014/2/ Put % 2914 JAPAN TOBACCO INC. 2014/2/ Call % 4502 Takeda Pharmaceutical Company Limited 2014/2/ Call % 7751 CANON INC. 2014/2/ Put % 7751 CANON INC. 2014/2/ Call % 8316 Sumitomo Mitsui Financial Group,Inc. 2014/2/ Put % 4502 Takeda Pharmaceutical Company Limited 2014/2/ Put % 6301 KOMATSU LTD. 2014/2/ Put % 6301 KOMATSU LTD. 2014/2/ Call % 3382 Seven & I Holdings Co.,Ltd. 2014/2/ Put % 3382 Seven & I Holdings Co.,Ltd. 2014/2/ Call % 8604 Nomura Holdings,Inc. 2014/2/ Call % 1605 INPEX CORPORATION 2014/2/ Put % 1605 INPEX CORPORATION 2014/2/ Call % 7203 TOYOTA MOTOR CORPORATION 2014/2/ Call % 8058 Mitsubishi Corporation 2014/2/ Put % 8058 Mitsubishi Corporation 2014/2/ Call % 9437 NTT DoCoMo,Inc. 2014/2/ Call % 4503 Astellas Pharma Inc. 2014/2/ Put % Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 15

16 Short-Term Trading Employing Leverage Intraday options trading enables higher leverage than margin transactions with no required margin deposit. Options with particularly small spreads such as those on the previous page provide substantial return opportunities even if the underlying stocks move just 1% during the day. Many stocks with tight spreads provide intraday trading opportunities if investors are able to create a position at the offer price and unwind at the bid price after favorable price movements. There is also almost no time decay intraday, so investors can take advantage of the leverage embedded in options with virtually zero time decay cost NOTE: Intraday options trading is exceptionally risky and is ONLY recommended for VERY EXPERIENCED investors with HIGH risk-taking ability and tolerance Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 16

17 Actual Trading Example Comparison between trading Toyota stock and Toyota options Option Price Ask/Bid trends in Toyota Mar Calls (Feb. 18th) Stock Price JPY Shares =JPY 579,700 If sold at that day s high price: ( ) = JPY 14,800 gain Total return = approx. 2.6% Purchase 1 option at JPY 85 JPY Shares 1 Lot = JPY 8,500 If sold at that day s high price ( ) = JPY 3,250 gain Total return = approx. 38.2% 15x greater return Ask Bid 現物株 Underlying stock 0 9:00 9:30 10:00 10:30 11:00 11:30 13:00 13:30 14:00 14:30 15: NOTE: Intraday options trading is exceptionally risky and is ONLY recommended for VERY EXPERIENCED investors with HIGH risk-taking ability and tolerance Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 17 Source: Tokyo Stock Exchange

18 Check Out Implied Volatilities On Our Option Chart kabuop chart GO Options with largest IV increases and decreases are updated everyday! You can also download past HV, IV, settlement prices and other data in CSV format! Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 18

19 Historical Price Movements are Also Available Select the underlying code from the dropdown menu and click on Search to bring up recent settlement price and underlying price charts for the closest contract month. You can also bring up charts for other contract months and time periods. 1 2 Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 19

20 Agenda Recent Trends in the Options Market Japanese Options Specs Practical Trading Techniques Reference Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 20

21 Increased Liquidity Over the Last Year Liquidity level increased following the below events. Nikkei225 (JPY) 18,000 16,000 14,000 12,000 10,000 Trading Value Nikkei November 14, 2012 Prime Minister Noda resigns April 4, 2013 BOJ announces new monetary policy September 8, Tokyo Olympics decision Trading Value (Trillion Yen) ,000 6,000 4,000 Average 1.10 trillion yen Average 1.99 trillion yen Average 2.75 trillion yen 3 2 2, Source: Bloomberg, Tokyo Stock Exchange Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 21

22 JPX the Largest Exchange Group in Asia. With the business merger completed on January 1st, 2013, Tokyo Stock Exchange and Osaka Securities Exchange embarked on a new era as Japan Exchange Group. The cash markets of the two exchanges were successfully integrated in July of this year, enabling investors to trade virtually all equities in Japan on a single platform. Market Operating Companies TSE OSE Regulation Clearing Cash Equities Market Derivatives Market Self regulatory Organization Clearing Organization Derivatives Market March 24 th 2014 Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 22

23 More convenient trading SSOs will be tradable on the same platform as Nikkei225 Futures and Options beginning 24th March. Nikkei 225 Options traders will be able to trade single stock options with no additional system investment, making stock options a more attractive product. J-GATE (OSE: OMX CLICK) Tdex+ (TSE: Liffe-connect) TOPIX Futures, Options JGB Futures, Options Single Stock Options Nikkei225 Futures, Options TOPIX Futures, Options JGB Futures, Options Single Stock Options OSE DJIA, REIT, TOPIX Core30 Futures 3/24~ CNX Nifty Futures 4/7~ SL-JGB Futures Dividend Index Futures Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 23

24 Japanese Stock Option Specs: Strike Price Increments Base Price of Underlying Increment At or above Below JPY , ,000 2, ,000 5, ,000 10, ,000 50,000 1,000 50, ,000 2, , ,000 10, , ,000 20, ,000 1,000,000 50,000 1,000,000 2,000, ,000 2,000,000 5,000, ,000 5,000,000 10,000, ,000 10,000,000 20,000,000 1,000,000 20,000,000 50,000,000 2,000,000 50,000,000 5,000,000 Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 24

25 Any other questions? Contact us! Disclaimer : The descriptions in this publication are intended solely for the purpose of providing information on futures and options. Losses may be incurred due to fluctuation of prices of futures and/or options, etc. and the entire deposited margin or a portion of such may be lost. Losses may also exceed the deposited margin. Investors must carefully review the documents provided by their financial services provider before trading futures and/or options, and must trade on their own responsibility based on their own judgment only after fully understanding the product qualities, the trading mechanism, relevant fees, the risk involved, etc. While every effort is taken to ensure the accuracy of the information contained in this publication, Japan Exchange Group, Inc. and its subsidiaries shall not guarantee and be liable for any damages caused by any errors or omissions in this publication. Japan Exchange Group, Inc. and its subsidiaries reserve the right to change the contents of this publication without prior notice. Copyright C Japan Exchange Group, Inc All rights reserved. Copyright 2014 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved. 25

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