For equity index futures, the SQ value of Nikkei 225 Futures, Nikkei 225 mini, and Nikkei 225 Options is calculated from the opening prices of the Nikkei Stock Average constituents on the second Friday of the contract month. Osaka Exchange publishes it after trading ends that day1. The regular Nikkei Stock Average is calculated with the quotes of the constituents included, so the SQ value does not always match it1.

For Nikkei 225 Volatility Index Futures, Japan Exchange Group's materials call the value used for final settlement the final settlement value (saishū seisan sūchi in Japanese; SQ value). The SQ day is the business day after the last trading day, and the SQ value is the average of the Nikkei Stock Average Volatility Index over the 30 minutes from 9:00 a.m. that day2. Any time during which the index stops updating because trading in Nikkei 225 Futures or Options is halted does not count toward the 30 minutes2.

This entry covers Nikkei 225 Futures, Nikkei 225 mini, Nikkei 225 Options, and Nikkei 225 Volatility Index Futures. It does not cover how the SQ values of other indexes, such as TOPIX futures, are calculated.

Notes

  1. Japan Exchange Group, "特別清算数値（SQ値）" (Special quotation (SQ value)), in its glossary (in Japanese). ↩ ↩2

  2. Japan Exchange Group, "制度概要（日経平均VI先物）" (Outline of the system (Nikkei 225 Volatility Index Futures)) (in Japanese), the "SQ日" (SQ day) and "最終清算数値（SQ値）" (Final settlement value (SQ value)) rows. ↩ ↩2