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