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Home , Nikkei 225, Tokyo Stock Exchange, TOPIX

TSE Derivatives Market Highlights

January 1, 2011-December 31, 2011

Price Movements ■ Indices and Trading Value of TSE 1st Section（Daily Average）

40 2500 Trading Value（1st sec.） TOPIX 35 TOPIX Core30 points） 2000 TSE REIT Index 30 （ 25 ¥100 bil.） 1500 （

Index 20 1000 15 10 500

5 Trading Value 0 0 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 Year

■ 10-year JGB Futures and 10-year JGB

150 5 145 10-year JGB Futures 4.5

（¥） 10-year JGB Yield 140 4 （％） 135 3.5 130 3 125 2.5 120 2 115 1.5

110 1 10-year JGB Yield

10-year JGB Futures 105 0.5 100 0 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 ※Source：QUICK, Bond Trading Co.,Ltd Year

Largest Day-to-Day Fluctuations (Jan.-Dec. 2011)

TOPIX Futures 10-year JGB Futures Change Price Date Change Price Date

1 +41.0（ +5.0%） 862.5 （Mar. 22, 2011） 1 +0.72 139.92 （Mar. 14, 2011） 2 +32.0（ +4.2%） 801.0 （Mar. 16, 2011） 2 +0.66 139.20 （Mar. 11, 2011） 3 （+4.0%） Up +28.5 747.0 （Sep. 27, 2011） Up 3 +0.65 140.75 （May 06, 2011） 4 +17.0（ +2.3%） 761.0 （Oct. 27, 2011） 4 +0.51 141.05 （Jun. 02, 2011） 5 +16.0（ +2.0%） 821.5 （Mar. 18, 2011） 5 +0.50 142.79 （Sep. 05, 2011） 5 +16.0（+1.8%） 929.0 （Feb. 02, 2011）

1 -80.0 （-8.8%） 827.0 （Mar. 14, 2011） 1 -0.79 139.65 （Jan. 06, 2011） 2 -58.0 （-7.0%） 769.0 （Mar. 15, 2011） 2 -0.56 139.72 （Mar. 16, 2011） Down 3 -27.5 （-3.3%） 799.5 （Aug. 05, 2011） Down 3 -0.51 142.29 （Nov. 25, 2011） 4 -19.5 （-2.0%） 956.0 （Feb. 22, 2011） 4 -0.50 139.25 （Jan. 19, 2011） 5 -19.0 （-2.0%） 943.5 （Mar. 02, 2011） 5 -0.43 138.55 （Feb. 16, 2011）

1 January 2012 Index Futures

■ Trading Volume of TOPIX Futures（Daily Average） ■ Trading Volume of TOPIX Futures（Daily Average） （Trading Volume: thous. contracts） （Market Share） (Trading Volume: thous. contracts) 150 70% 140 Nikkei225※ Daily Average Trading Volume(TOPIX) TOPIX（ToSTNeT） TOPIX 2010：59,354 TOPIX（Auction） TOPIX market share 2011：59,625 60% 120 120

50% 100

90 40% 80

30% 60 60

20% 40

30 10% 20

0 0% 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 0910 11 123456789101112 Year Month

■ Open Interest of TOPIX Futures ■ Trading Volume of Index Futures in the World(Jan.-Dec.2011) (Open Interest: thous. contracts) （Market Share） 450 70% Trading Volume Open Interest（ＴＯＰＩＸ） Products Exchange Nikkei225※ (Contracts) End of 2010：368,395 TOPIX End of 2011：366,543 E-mini S&P 500 Futures CME 620,368,790 400 TOPIX market share 60% S&P500 Futures CME 7,220,582 350 E-mini 100 Futures CME 75,165,277 50% Russell 2000 Mini Index Futures ICE 43,594,169 300 DJ Euro Stoxx 50 Futures Eurex 408,860,002

250 40% DAX Futures Eurex 44,990,070 FTSE 100 Futures Liffe 39,283,942 200 30% CAC40 Futures Euronext Liffe 43,403,809

150 Kospi 200 Futures KRX 87,274,461 20% Futures OSE 19,294,064 100 TOPIX Futures TSE 14,608,165 10% ※※Source:Website of each exchange 50

0 0% 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 0506 07 08 0910 11 Year ※Source: Securities Exchange Website

■ Trading Volume by Type of (Jan.-Dec. 2011)

Others 0.2% Others 1.0%

TOPIX Nikkei 225 Futures Futures

Securities Firms 23.8%

Trust Banks 1.9% Foreign Investors 2011 Securities Firms Foreign Investors 2011 Insurance Firms 54.0% 37.5% 61.1% 0.2%

Individual Investment Investors Trusts 9.5% 1.3%

Individual Investors 0.4% Firms Business Firms 1.2% Trust Banks 6.1% 0.0% Insurance Firms 0.6% Investment Trusts 1.1%

※Total volume of TOPIX Futures and TOPIX Core30 Index Futures

2 January 2012 Index Options & Individual Options ■ TOPIX Options Trading Volume（Daily Average）&Open Interest ■ Individual Options Trading Volume（Daily Average）& Open Interest (Trading Volume: contracts） (Open Interest: thous. contracts） （Trading Volume: contracts） （Open Interest: thous. contracts） 700 20 4000 300 Trading Volume(Put) Daily Average Trading Volume（Put） Daily Average Trading Volume Trading Volume 2010：3,408 Trading Volume(Call) 2010：490 18 Trading Volume（Call） 2011：2,454 600 3500 Open Interest 2011：87 Open Interest Open Interest 250 Open Interest 16 End of 2010：299,216 End of 2010：9,677 3000 End of 2011：30,565 500 End of 2011：2,704 14 200 2500 12 400 10 2000 150 300 8 1500 100 200 6 1000 4 50 100 500 2

0 0 0 0 98 99 00 01 02 03 04 05 0607 08 09 10 11 98 99 00 01 02 03 04 05 06 07 08 09 10 11 Year Year

■ Trading Volume by Underlying Securities（Jan.-Dec. 2011） ■ Trading Volume by Type of Investors(Jan.-Dec. 2011) Others 0.3% Ranking Code/Issues Trading Volume Share 1 8306 Mitsubishi ＵＦＪ Financial Group, Inc. 213,696 36% Individual 2 7267 MOTOR CO.,LTD. 23,296 4% Options Securities Firms 3 8316 Sumitomo Financial Group,Inc. 21,646 4% 17.3% 4 3632 Gree,Inc. 20,140 3% Trust Banks 5 7201 MOTOR CO.,LTD. 20,015 3% 7.5%

6 8604 ,Inc. 19,716 3% Business Firms Foreign Investors 0.2% 7 7751 CANON INC. 18,243 3% 74.0% 2011 Individual 8 7203 MOTOR CORPORATION 16,756 3% Investors 9 6758 CORPORATION 15,021 2% 0.7% 10 6752 Corporation 14,775 2%

JGB Futures

■ Trading Volume（Daily Average）& Open Interest ■ Trading Volume (Daily Average) & Open Interest (Trading Volume: thous. contracts） (Open Interest: thous. contracts） (Trading Volume: thous. contracts） (Open Interest:thous. contracts） 100 250 40 100 Trading Volume Daily Average Trading Trading Volume Volume Open Interest 2010：32,741 35 Open Interest 2011：28,095 80 Open Interest 200 80 End of 2010：49,335 30 End of 2011：71,439

25 60 150 60

20

40 100 40 15

10 20 50 20 5

0 0 0 0 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 0506 0708 09 10 11 123456789101112 Year Month ■ Trading Volume of Interest Rate Futures in the World (Jan.-Dec. 2011) ■ Trading Volume by Type of Investors（Jan.-Dec. 2011） Others 1.0% Products Exchange Trading Volume 10 Year T-Note Futures CME 317,402,598 5 Year T-Note Futures CME 170,563,052 30 Year T-Bond Futures CME 92,338,638 3 Month Eurodollar Futures CME 564,086,746 Euro-Bund Futures Eurex 236,188,831

Euro-Bobl Futures Eurex 142,309,151 Foreign Investors Securities Firms Euro-Schatz Futures Eurex 165,798,952 37.8% 2011 42.8% 3 Month Euribor Futures Euronext Liffe 241,950,875 3 Month Sterling Futures Euronext Liffe 115,586,702 3 Month Euroyen Futures TFX 7,201,901

10 Year JGB Futures TSE 6,883,210 Banks ※※Source ：Website of each exchage 18.4%

3 January 2012 Options on JGB Futures

■ Trading Volume（Daily Average）& Open Interest ■ Trading Volume (Daily Average) & Open Interest (Trading Volume: thous. contracts） (Open Interest: thous. contracts） (Trading Volume: thous. contracts） (Open Interest: thous. contracts） 15 70 12 30 Trading Volume(Put) Trading Volume(Put) Trading Volume(Call) Trading Volume(Call) 60 Open Interest 10 Open Interest 25

Daily Average Trading Volume 50 10 2010：8,160 8 20 2011：7,566 Open Interest 40 End of 2010：3,779 End of 2011:12,455 6 15 30

5 4 10 20

2 5 10

0 0 0 0 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 0910 11 123456789101112 Year Month

■ HV・IV ■ Trading Volume by Type of Investors（Jan.-Dec. 2011）

15% Others 0.7%

IV HV Securities Firms 16.2%

10%

Foreign Investors Bankｓ 59.3% 2011 23.8% 5%

0% 96 97 98 99 00 01 02 03 04 05 06 07 0809 10 11 Year

Trading Data (Jan.-Dec. 2011)

（Contracts, ¥100million） Product Trading Volume Change Trading Value Exercise Volume Open Interest

TOPIX Futures 14,608,165 +0.5% 1,195,038 － 366,543

mini-TOPIX Futures 621,569 -40.5% 5,069 － 8,792

TOPIX Core30 Futures 91,715 -62.1% 399 － 10,700

Futures TSE REIT Index Futures 51,457 +10.2% 511 － 3,910 TOPIX Electric Appliances Equity 0 － Index Futures 0 － 0

TOPIX Banks Index 0 － Futures 0 -100.0% 0

Nikkei 225 107 － Index Futures 61,050 +212.2% 37,230

TOPIX Options 21,342 -82.2% 76 4,403 2,704 Options Individual Options 601,156 -28.0% 38 225,520 30,565

5-year JGB Futures 0 － 0 － 0

Futures 10-year JGB Futures 6,883,210 -14.2% 9,710,885 － 71,439 Bond mini-10-year JGB Futures 7,734 － 1,100 － 631

Options on 10-year Options 3,427 81,178 JGB Futures 1,853,672 -7.3% 12,455

4 January 2012 Contract Specifications

Trading Hours Trading Hours Minimum No. of Contract per Unit (¥) Vendor Codes Trading Unit Product （Auction） （ToSTNeT） Fluctuation Months (As of the end of December) Bloomberg Reuters Auction：0.25 TMIACT 0#JTM: mini-TOPIX Futures ToSTNeT：0.05 × 1,000 3 ¥ 21,000 TOPIX Futures × 10,000 5 ¥ 210,000 TPXCT 0#JTI:

TOPIX Core30 Futures Auction：0.5 × 1,000 3 ¥ 11,000 TPCACT 0#JTC: ToSTNeT：0.1 TSE REIT Index Futures × 1,000 3 ¥ 27,500 TREACT 0#JRT: 9:00～11:35 TOPIX Electric Appliances 8:20～16:00 Index Futures 11:45～15:15 16:20～23:30 × 10,000 3 ¥ 380,000 TKACT 0#JEL: 16:30～23:30 TOPIX Banks Index Futures × 10,000 3 ¥ 36,000 TZACT 0#JBK: 0.1 Nikkei 225 Dividend ×1,000 8(*1) ¥ 5,500 NKYDIVCT 0#JND: Index Futures TOPIX Dividend ×10,000 8(*1) ¥ 5,500 TPXDIVCT 0#JTD: Index Futures 0.01 TOPIX Core30 Dividend Index Futures ×10,000 8(*1) ¥ 4,500 TPXC30DCT 0#JRD: 5-year JGB Futures 0.01 × 1,000,000 3 ¥ 130,000 JJACT 0#JMB: 8:45～11:02 8:20～15:15 12:30～15:02 × 1,000,000 3 JBACT 0#JGB: 10-year JGB Futures 15:25～23:30 0.01 ¥ 510,000 15:30～23:30 mini-10-year JGB Futures 0.005 × 100,000 3 ¥ 51,000 MJBACT 0#JGM: (*1) 9 contract months during Jan.-Mar.

Trading Hours Trading Hours Minimum No. of Contract Minimum No. of Vendor Codes Product （Auction） （ToSTNeT） Fluctuation Trading Unit Months Exercise Prices Bloomberg Reuters 9:00～11:30 8:20～16:00 Auction:0.5 (more than 20 points) × 10,000 8 13（ATM±6） TPXGMON 0#JTI*.T TOPIX Options 11:45～15:10 16:20～23:30 0.1（20 points or less） 16:30～23:25 ToSTNeT:0.1 minimum 9:00～11:30 determined (company code) Individual Options 8:20～16:00 trading unit of 4 5（ATM±2） 0#OPT*.T 12:30～15:10 by options' price underlying security GMON Options on 10-year 8:45～11:00 8:20～15:15 12:30～15:00 0.01 × 1,000,000 3～4 21（ATM±10） JBAGMON 0#JGB++ JGB Futures 15:30～23:25 15:25～23:30

Trading Fees (as of December 31, 2011)

Products Exchange trading fees （reference）Clearing fees of JSCC Regular Trade 95yen (per contract) Regular Trade 5-& 10-year JGB Trade by Exercise of Trade by Exercise of 49yen (per contract) Futures Options on JGB Futures 82yen (per contract) Options on JGB Futures Physical delivery 10yen (per contract) Physical delivery 132yen (per contract) mini-10-year JGB Regular Trade 5yen (per contract) Regular Trade 20yen (per contract) Futures Final Settlement 15yen (per contract) Regular Trade 10yen(per contract) Options on JGB Regular Trade 40yen (per contract) Futures 10yen × Trading volume of Exercise JGB Futures by exercise

based on monthly volume Regular Trade 20yen (per contract) Index Futures threshold (per contract) (TOPIX Futures, Regular Trade 0 - 100,000: 55yen TOPIX Sector 100,001-300,000: 35yen Index Futures) 300,001-: 20yen SQ Settlement 57yen (per contract) mini-Index Futures (mini-TOPIX Futures, Regular Trade 2yen (per contract) TOPIX Core30 Regular Trade 7yen (per contract) Futures, TSE REIT SQ Settlement 6yen (per contract) Index Futures) Dividend Index Futures Regular Trade 10yen (per contract) (Nikkei225 Dividend Index 7yen (per contract) Futures, TOPIX Dividend Regular Trade (Note1) Index Futures, TOPIX Core30 SQ Settlement 30yen (per contract) Dividend Index Futures) Regular Trade 10yen (per contract) Index Options Regular Trade 40yen (per contract) Exercise 10yen (per contract) Regular Trade 10yen (per contract) Individual Options Regular Trade 40yen (per contract) Exercise(Note2) 10yen (per contract) (Note1) Discounted from 40 JPY per contract until further notice. (Note2) Clearing fees for cash trading (trading value of cash trading by exercise × 0.000004) will be required additionally. (Note3) Give-up fees (5yen per contract) will be required for Clearing Broker. (Note4) Since 18 October 2010, TSE has set the transfer fee to JPY 5 per contract for the transfers of TOPIX futures trading from NYSE Liffe to TSE. (Note5) Since 26 September 2011, TSE has set the transfer fee to JPY 5 per contract for the position transfers of 10-year JGB futures trading from NYSE Liffe to TSE. (Note6) TSE rounds up clearing fees schedule based on Clearing fees rule of JSCC. (As of Dec. 2011)

5 January 2012 News

Date Events and Rule amendments

Revision of tick size for Dividend Index Futures Nikkei Average Dividend Point Index Futures : 0.5JPY ⇒ 0.1JPY Jan. 2011 TOPIX Dividend Index Futures : 0.05point ⇒ 0.01point TOPIX Core30 Dividend Index Futures : 0.05point ⇒ 0.01point

Revision of Contract Specification on Options on JGB Futures 21 strikes, 0.5 yen intervals are set on the first trading day regarding quarterly month contracts. May 2011 10 strikes nearest to ATM are set in 0.5 yen intervals, depending on the ｌf uctuation of the underlying. 18 new names to be listed on the single stock options market

Sep. 2011 Position transfer scheme are introduced to JGB futures traded on NYSE Liffe.

Agreement regarding Business Combination between Group, Inc. and Osaka Securities Exchange Co., Ltd. Futures trading platform are migrated into the options trading system based on LIFFE CONNECT R . Nov. 2011 Revision of trading hours Introduce the Market Making scheme for Futures products Reducing the Minimum Tick Size for Single Stock Options

Tokyo Stock Exchange and NYSE Euronext Sign Master Agreement Regarding Mutual Network Connection Dec. 2011 Strengthening Inter-market Cooperation between Group and

Trading Records

TOPIX Futures 10-year JGB Futures

2011 (Jan.-Dec.) Historical 2011 (Jan.-Dec.) Historical

（Contracts, points） Date （Contracts, points） Date （Contracts, ¥） Date （Contracts, ¥） Date

Highest Daily Trading Volume 519,890（ Jun. 07, 2011） 559,027（ Dec. 06, 2005） Highest Daily Trading Volume 114,307（ Sep. 06, 2011） 211,110（ Jun. 07, 2007） Lowest Daily Trading Volume 12,987（ Dec. 26, 2011） 0（ Jan. 31, 1994） Lowest Daily Trading Volume 9,396（ Dec. 26, 2011） 510（ Oct. 28, 1985） Highest Open Interest 497,208（ Sep. 08, 2011） 615,314（ Mar. 13, 2008） Highest Open Interest 87,695（ Aug. 25, 2011） 310,415（ Feb. 08, 2000） Lowest Open Interest 355,085（ Dec. 13, 2011） 11,183（ Dec. 08, 1988） Lowest Open Interest 46,420（ Mar. 17, 2011） 14,585（ Dec. 12, 1985） Highest Index 976.5（ Feb. 17・18, 2011） 2,956.0（ Dec. 18, 1989） Highest Index 143.14（ Nov. 17・22, 2011） 145.28（ Jun. 11, 2003） Lowest Index 691.5（ Mar. 15, 2011） 687.0（Mar. 13, 2009） Lowest Index 138.32（ Feb. 09, 2011） 87.08（Sep. 27, 1990） Upper Limit none Upper Limit none Lower Limit none Lower Limit none Emergency Margin Deposit Mar. 14, Mar. 15, Mar. 16, Emergency Margin Deposit Mar. 14, Mar. 15, Mar. 16, Mar. 22 Mar. 22 Temporary Trading Halt Mar. 14, Mar. 15 Temporary Trading Halt none ＊Figures refer only to days when trading volume is not 0. No. of Trading Participants: General Trading Participant: 100/ Index Futures Trading Participant: 0/ JGB Futures Trading Participant: 36/ Individual Options Trading Participant: 0 (as of Dec. 30, 2011) Number of Market Makers: Options on 10-year JGB futures：7, TOPIX Options：0, Individual Options：2 mini-10-year JGB Futures (PMM：12, LP：13), mini-TOPIX Futures (PMM：23, LP：12), TOPIX Core30 Futures (PMM：4), TSE REIT Index Futures (PMM：2) TOPIX Secter Index Futures (PMM：3), Dividend Index Futures (PMM：9) (as of Dec. 30, 2011)

Bloomberg TSE page code:TSEJ ●Trading Calendar： ●Tdex Square： http://www.tse.or.jp/english/rules/derivatives/calendar/index.html http://www.tse.or.jp/english/rules/derivatives/tdex_sq/index.html ●Daily Report： http://www.tse.or.jp/english/market/data/daily/index.html TOKYO STOCK EXCHANGE, INC. Derivatives Department New York Representative Office 2-1 Nihombashi-Kabuto-cho, Chuo-ku, Tel:+1-212-363-2350 Fax:+1-212-363-2354 Tokyo 103-8220 Japan [email protected] Tel:+81-50-3377-7629 Fax:03-3661-9113 [email protected] London Representative Office Singapore Representative Office Tel:+44-(0)-20-7329-2155 Fax:+44-(0)-20-7236-0252 Tel:+65-6438-5100 Fax:+65-6438-5800 [email protected] [email protected] Beijing Representative Office Tel : +86-10-8517-1128 Fax : +86-10-8517-1138 [email protected]

Copyright (c) 2011 Tokyo Stock Exchange, Inc. All rights reserved. ・The description 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, etc. of futures/options, and the entire deposited margin or a portion of such may be lost. Losses may also exceed deposited margin. When trading futures and options, investors must carefully review the documents provided by their financial services provider before contract signing, 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 very effort is taken to ensure the accuracy of the information contained in this publication, Tokyo Stock Exchange, Inc. (TSE) does not guarantee, nor assume responsibility for any damages caused by any errors or omissions. ・TSE reserves the right to change the contents of this publications without notice.

6 January 2012