IR Presentation Material...January 30, 2013 IR Presentation Material Japan Exchange Group, Inc....
Transcript of IR Presentation Material...January 30, 2013 IR Presentation Material Japan Exchange Group, Inc....
January 30, 2013
IR Presentation Material
Japan Exchange Group, Inc.
Contents
2
I. Outline of Japan Exchange Group (JPX)
II. Basic Policies of the Medium‐term Management Plan (FY 2013 – FY 2015)
III. FY 2012, 3rd 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 definitivetranslation of the original Japanese text. In the event any differences arise regardingthe meaning herein, the original Japanese version will prevail as the officialauthoritative version.
Disclaimer
3
These materials are prepared solely for the purpose of providing information regardingJapan Exchange Group Inc., and as such, they are not intended as any offer or sale ofsecurities or other similar action whether inside or outside Japan. Our securities havenot been and will not be registered under the United States Securities Act of 1933, asamended (the “Securities Act”), and may not be offered or sold in the United Statesabsent registration or an applicable exemption from registration requirements.
These materials contain forward‐looking statements. These statements are based on ourassumptions and beliefs in light of the information currently available to us and aresubject to risks and uncertainties. Should one or more of these risks or uncertaintiesmaterialize, or should underlying assumptions prove incorrect, our actual results mayvary materially from those we currently anticipate. Given these risks and uncertainties,you are cautioned not to place undue reliance on forward‐looking statements, whichspeak only as of the date of these materials. We disclaim any obligation to update any ofthe forward‐looking statements contained in these materials to reflect future actualevents or developments.
Ⅰ. Outline of Japan Exchange Group (JPX)
4
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 1st Section, 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
5
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
SettSettlement
Clearing
Clearing Functions (Cash Equities, Derivatives, OTC)
Settlement Functions (Cash Equities)
Cash EquityMarket
Cash EquityGrowth Market
DerivativesMarket
ProfessionalMarket
Self‐regulatory Functions
Stable Revenue Variable Revenue
JPX Revenue Structure
Trading Participant Fees
Listing‐related Revenue
Information‐related Revenue
Other
6
3Q FY2012 (Cumulative)(Total of Former TSEG and OSE 1st & 2nd
Quarters )
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
7
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 system1. Create fund‐raising opportunities to
enhance Asian infrastructure2. 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
8
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 servicesAbundant market liquidityJPY 1500 trillion in individual assetsStable 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
4,000
JPX SGX HKEX SSE SZSE
<Listed Company Market Capitalization>
(bil USD)
<No. of IPOs>(companies)
<IPO Funds Raised>(mil USD)
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 FirstPrioritize customer needs
CredibilityBuild public confidence
CreativityPursue innovative solutions
CompetencyHarness 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.
10
II. Basic Policies of the Medium‐Term Management Plan (FY 2013 – FY 2015)
11
Primary Strategies
12
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 AppealDevelop new stock price indices focusing on attractive issuesCreate rules/environment to improve corporate governanceRevise market rules to improve market convenience and price stabilityPromote diversification of ETFs/REITsEnhance policy recommendation /information dissemination for improving Japanese stock market’s appeal
Promote IPOsEnhance growth support through IPO promotion
Expand Derivatives Market
Comprehensive ExchangeExpand into commodities field to diversify products
New Product Development
Introduce/Promote products targeting Pan‐Asian region/emerging markets
Enrich/enhance JGB‐related products based on market changes
Review exchange derivatives market in light of OTC derivatives regulations
Expand Exchange Business Field
Expand Clearing Business
Handle new OTC products
Create New Product Platforms
Utilize/promote professional bond market for fund demands of infrastructure building in Asian countries
Support knowledge/technology sharing with emerging Asian exchanges
Enhance IT InfrastructureDevelop next‐generation arrowhead, enrich Co‐Location Service, expand arrownet globally, etc.
Enhance operations toward expanding investor layers/promoting investmentExpand investor layers through +YOU Project, enhance marketing activities to overseas/domestic institutional investors using product/customer
foundation of both exchanges
Fulfill self‐regulatory functions in response to market changes
Achieve financial goals in Medium‐term Management Plan (to be released in late March 2013)
Consolidate cash equity market under Tokyo Stock ExchangeConsolidate trading system on arrowhead (off‐auction: ToSTNeT)Cash equity market will be composed of TSE 1st Section, 2nd
Section, Mothers, JASDAQ, and TOKYO PRO MARKET (OSE 1st
Section/2nd Section will migrate to TSE 1st Section/2nd Section)
Consolidate self‐regulatory functions under Tokyo Stock Exchange RegulationShift self‐regulatory functions of derivatives market at the time of the cash equity market consolidation
Consolidate clearing functions under Japan Securities Clearing CorporationFurther improve risk management functionsImprove 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 2013FY 2012
Business Com
bination
4Q 1Q 2Q 3Q 4Q
Consolidate derivatives market under Osaka Securities Exchange
Consolidate trading system on J‐GATE (using NASDAQ OMX Click XT)
Facilitate trading of a wide‐range of derivatives products on a single platform, including Nikkei 225 products, TOPIX products, and JGB products
Facilitate further extension of evening trading hours for TOPIX Futures, JGB Futures, etc.
July 2013 March 2014
13
14
System‐related Cost Synergy via Consolidation
Dec. 2012 – Mar. 2014Accelerated amortization of prior TSE derivatives system
Approx. JPY 1.2 Billion
Approx.JPY 2.3 Billion
Approx. JPY 7 Billion
(Note) System‐related cost: costs related to system maintenance/operation, depreciation, etc.
FY 2013 FY 2014 FY 2015
Sep. 2012 – Jul. 2013Accelerated 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 2013Cash equity system consolidation
March 2014Derivatives 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.)
Following Cash Equity/Derivatives Market ConsolidationExpected Decrease: approx. JPY ‐1.2 billion
Decrease in Listing‐related Revenue (decrease in overlapping listing fees)
Following Cash Equity Market MergerExpected Decrease: approx. JPY ‐0.5 billion
Decrease in Information‐related Revenue (change in processing fee structure)
Following Cash Equity/Derivatives Market ConsolidationExpected 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
Improved participant/investor convenience via increased products tradable on single platform
Increased new listings and new investors via improved liquidity
Increased trading from improved margin efficiency for derivatives via clearing function consolidation
Enhanced marketing activities via utilization of both exchange foundations
Increase in Listing‐related Revenue
Increased IPOs/new listings of domestic/overseas corporations from improved market appeal
Increase in Information‐related Revenue
Increased demand for information services from diversified information
New Product Development
Development of cross‐over products between exchanges
Causes of Increase Causes of Decrease
Lower Usage Costs for UsersBusiness Expansion via Improved Convenience
III. FY 2013, 3rd Quarter Earnings Report
16
3rd Quarter 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), inwhich 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. Theconsolidated financial statements of Japan Exchange Group, Inc. created based on thiscombination succeed the consolidated financial statements of former TSEG in accordance withaccounting standards pertaining to corporate combination. Furthermore, because the deemedacquisition date of former OSE by former TSEG is September 30, 2012, the profits and losses offormer OSE for the 3 months from October 1, 2012 to December 31, 2012 are included in theconsolidated cumulative financial results of former TSEG for this 3rd Quarter.
3rd Quarter (Apr. – Dec. ) Full Year
3Q FY 2011 3Q FY 2012Year‐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) FormerOSE’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)
OperatingRevenue 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
(*3)
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
2012/12/16LDP Election Victory
2013/1/1 Launch of JPXLower house decision on US fiscal cliff measures
2012/6/25Spain official requests banking relief from EU
Nikkei 225
TOPIX
JPY/USD Rate
Trading Value (TSE 1st/2nd/Mothers)
18
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
‐119
Operating Cost Conditions
20
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
‐38043,654
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
& OSE’s 1H)
21
Composition of Operating Revenues and Costs
Operating Revenues
Trading Participant Fees
23,164
Listed‐related Revenue7,310
Securities Settlement‐related
Revenue7,768
Information‐related Revenue11,192
Other7,294 Personnel
10,594
Real Estate Costs4,757
System Maintenance/ Operation Costs
8,852
Depreciation Cost8,567
Other9,992
Variable Revenue
Stable Revenue
System‐related costs
Operating Costs
(JPY 1 mil.)
3Q FY 2012 (cumulative)(Total of Former TSEG & OSE’s 1H)
Basic Policy for Dividends Giving due consideration to the importance of internal reserves for the purpose ofdevelopment of the system to strengthening competitiveness and improving self‐regulatoryfunction as an exchange, and for the purpose of being prepared for the risks as the clearingorganization, 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%.
22
Basic Policy for Dividends/ Handling of Treasury Shares
Handling of Treasury SharesFormer OSE shares acquired by former TSEG through the tender offer have become JPX’streasury shares due to the business combination on January 1, 2013. However, theseshares are schedule to be cancelled by the end of March 2013.
Estimated Dividends for FY2012: JPY 70/share
IV. Reference Materials
23
Trends in JPX Stock Price
24
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.)
2011/11/22Agreement on TSE/OSE Business Combination
2012/8/29OSE is made a consolidated subsidiary of TSE
2012/10/29Board of Directors approves business combination agreement and combination agreement is concluded
TOB Period for OSE Stock(2012/7/11~2012/8/22)
2013/1/1Effective date of combination, launch of Japan Exchange Group
Trading Value
(Revised) Stock Price
Outline of JPX Stock
25
Code 8697
Listed ExchangeTokyo Stock Exchange 1st Section, Osaka Securities Exchange JASDAQ (Standard)
Business Year April 1st – March 31st
Annual General Shareholders Meeting
June
Record Date March 31st
No. 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*)
*Scheduled to be cancelled by the end of March 2013
Trends in IPOs
26
(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
JPX91.29%Oct. – Dec. 2012)
Chi-X2.08%(Oct. – Dec. 2012)
SBIJapan-Next3.40%(Oct. –Dec. 2012)
OTC3.23%(Oct. – Dec. 2012)
July 2010Chi‐X enters Japanese market
Oct. 2012TOB Restrictions Eased
Jan. 2010arrowhead launch
Trends in the Japanese Stock Market
28
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
3799
137
999
3800
638
013
3802
038
027
3803
538
042
3804
938
056
3806
338
070
3807
738
084
3809
138
098
3810
538
118
3812
538
132
3813
938
146
3815
338
160
3816
738
174
3818
138
189
3819
638
203
3821
038
217
3822
438
231
3823
838
245
3825
438
261
3826
838
278
3828
538
292
3830
038
307
3831
538
322
3832
938
336
3834
338
351
3836
338
370
3837
738
384
3839
138
399
3840
638
413
3842
038
427
3843
538
442
3844
938
456
3846
338
470
3848
338
490
3849
738
504
3851
138
518
3852
538
532
3853
938
546
3855
438
561
3856
838
575
3858
238
589
3859
638
603
3861
038
621
3862
838
636
3864
338
650
3865
738
665
3867
238
680
3868
738
694
3870
138
708
3871
638
728
3873
538
742
3874
938
756
3876
338
770
3877
738
784
3879
138
799
3880
638
813
3882
038
827
3883
438
846
3885
338
860
3886
738
874
3888
138
888
3889
538
902
3890
938
917
3892
438
931
3893
838
945
3895
238
959
3896
638
973
3898
138
988
3899
539
003
3901
039
017
3902
739
034
3904
139
049
3905
639
063
3907
039
077
3908
739
097
3910
439
111
3911
839
126
3913
339
140
3914
739
154
3916
139
169
3917
639
183
3919
039
197
3920
939
216
3922
339
230
3923
739
244
3925
139
258
3926
539
272
3928
039
287
3929
439
301
3930
839
315
3932
239
329
3933
639
344
3935
239
359
3936
739
374
3938
139
388
3939
539
402
3941
239
419
3942
639
433
3944
139
454
3946
239
469
3947
639
483
3949
139
498
3950
539
512
3951
939
526
3953
439
541
3954
839
555
3956
239
570
3958
139
588
3959
539
602
3960
939
616
3962
339
630
3963
739
644
3965
239
659
3966
639
673
3968
039
687
3969
439
701
3970
939
717
3972
439
731
3974
139
748
3975
639
763
3977
039
778
3978
539
792
3979
939
807
3981
939
827
3983
439
841
3984
839
856
3986
339
870
3987
739
884
3989
139
899
3990
639
913
3992
039
927
3994
039
947
3995
439
961
3996
839
975
3998
239
989
3999
640
003
4001
040
018
4002
540
032
4003
940
046
4005
340
060
4006
740
074
4008
640
093
4010
140
108
4011
540
123
4013
040
137
4014
740
154
4016
140
168
4017
640
185
4019
340
200
4020
740
214
4022
440
231
4023
840
245
4025
240
260
4026
740
274
4028
140
288
4029
540
308
4031
540
322
4032
940
336
4034
340
350
4035
740
364
4037
140
379
4038
640
393
4040
040
407
4041
440
421
4042
840
435
4044
340
451
4045
840
466
4047
340
480
4049
040
497
4050
440
512
4051
940
526
4053
340
541
4055
040
560
4056
740
574
4058
140
589
4059
640
603
4061
040
617
4062
540
632
4063
940
646
4065
340
660
4067
340
680
4068
740
694
4070
140
708
4071
540
722
4072
940
736
4074
440
751
4075
840
765
4077
240
779
4078
640
793
4080
040
808
4081
640
823
4083
340
840
4084
740
855
4086
240
869
4087
740
884
4089
140
898
4090
640
918
4092
540
932
4093
940
946
4095
340
960
4096
740
974
4098
140
989
4099
641
003
4101
041
017
4102
441
036
4104
341
050
4105
741
064
4107
141
078
4108
541
092
4109
941
107
4111
441
121
4112
841
135
4114
241
149
4115
641
163
4117
141
178
4118
541
193
4120
041
207
4121
441
221
4122
841
235
4124
341
250
4125
741
264
4127
841
285
売買代金(東証1部・
2部・マザーズ)
2004/7/1BOJ June Tankan “Good conditions for major manufacturers, record high since Bubble”
2006/3/9BOJ decision to cease quantitative easing
2006/7/14BOJ decision to cease zero interest measures
2007/8/10BOJ provision of JPY 1 tril. In response to growing credit concerns due to sub‐prime loans
2008/9/15Bankruptcy of Lehman Brothers
2011/3/11Great East Japan Earthquake
2012/2/14 Additional BOJ financial easing
2012/11/14 Noda Prime Minister’s announcement of the Lower House dissolution
2012/12/16LDP 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)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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
Other TSE Derivatives
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
30
Derivatives Night/Evening Session
(1 mil. contracts) (%)
Oct. 2008OSE session extended to 8PM
July 2009OSE session extended to 11:30PM
Jun. 2011OSE session renamed “Night Session”, extended to 3AM
Jun. 2008Introduction of evening session for TSE TOPIX Futures/Options (until 7PM)
Nov. 2011TSE session extended to 11:30PM
Sept. 2007Introduction of evening session for OSE Nikkei 225 Futures/Options (until 7PM)
Night/Evening Session Trading Volume Ratio of Night/Evening Session to Daytime
(Note) Relevant products: Nikkei 225 Futures, Nikkei 225 mini, Nikkei 225 Options, TOPIX Futures, Mini‐TOPIX, TOPIX Options
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.)
Contracts under Obligation (contracts)
<Trends in Volume of Yen‐denominated IRS under Obligation>
(January 2013 data is as of January 28)
Notional AmountOutstanding
Contracts underObligation