Work on the products and clearing of exchange-listed derivatives sometimes means tracing when and at which exchange today's products and markets began, and where they moved.

What happened

From the start of trading in JGB futures at the Tokyo Stock Exchange on October 19, 1985 (Showa 60), products were added one by one. Exchanges were also merged, which gave the market its present shape1. Equity index futures followed in 1988 (Showa 63), options in 1989 and 1990, and TIFFE, a financial futures exchange, also started trading in 1989.

On the exchange side, the Tokyo Stock Exchange Group and the Osaka Securities Exchange integrated their businesses in January 2013, and Japan Exchange Group (JPX) was launched2. In March 2014, the Tokyo Stock Exchange's market for exchange-traded derivatives was integrated into the Osaka Exchange3. In July 2020, futures and options on precious metals, rubber, and agricultural products moved from the Tokyo Commodity Exchange to the Osaka Exchange4.

Background

The Dojima rice market in Edo-period Osaka is known as a pioneer of organized futures exchanges5. The Osaka Dojima Rice Exchange was abolished in 1939 (Showa 14) under the Rice Distribution Control Act5.

The table in JPX's "history of products" starts not in the Dojima era but with JGB futures at the Tokyo Stock Exchange in 19851. The story below also starts in 1985.

Timeline

Figure 1 shows only the main dates from the table below, oldest first.

October 19,1985JGB futures begin trading at theTokyo Stock ExchangeSeptember 3,1988Nikkei 225 futures and TOPIXfutures begin trading1989TIFFE is established. Nikkei 225options and others also begintradingMay 11,1990Options on JGB futures begintradingJanuary 1,2013JPX is launchedMarch 24,2014The Tokyo Stock Exchange'sderivatives market is integratedinto the Osaka ExchangeJuly 27,2020Futures and options on preciousmetals, rubber, and agriculturalproducts move to the Osaka Exchange
Figure 1Main dates of Japan's exchange-traded derivatives
Figure description

The events fall into two groups: when futures and options trading began, and when the exchanges were consolidated. The filled dots are the four milestones: the start of trading in JGB futures and equity index futures, the launch of JPX, and the transfer of precious metals and other products. The long gap between the two groups is drawn short.

Date Event
October 19, 1985 JGB futures begin trading at the Tokyo Stock Exchange16
September 3, 1988 Nikkei 225 futures (Osaka Securities Exchange) and TOPIX futures (Tokyo Stock Exchange) begin trading1
April and June 1989 TIFFE is established, and interest rate futures and currency futures begin trading7
June 12 and October 20, 1989 Nikkei 225 options and TOPIX options begin trading1
May 11, 1990 Options on JGB futures begin trading1
January 1, 2013 JPX is launched3
March 24, 2014 The Tokyo Stock Exchange's derivatives market is integrated into the Osaka Exchange3
July 27, 2020 Futures and options on precious metals, rubber, and agricultural products move to the Osaka Exchange. JSCC merges with Japan Commodity Clearing House48

Nikkei 225 records

According to the Osaka Securities Exchange's history, Nikkei 225 futures overtook the Chicago Mercantile Exchange (CME)'s S&P 500 futures in 1990 to become the world's largest by trading value. In 1991, Nikkei 225 options overtook the Chicago Board Options Exchange (CBOE)'s S&P 100 options, and the futures and options were both the world's largest9.

Before and after the founding of TIFFE

Financial futures exchanges were born alongside legislation. The Financial Futures Trading Act took effect in March 1989, before TIFFE was established. What began trading in June were yen short-term interest rate futures, US dollar short-term interest rate futures, and yen/US dollar currency futures. TIFFE changed its corporate name to Tokyo Financial Exchange in September 20077.

Name change, clearing integration, and the comprehensive exchange

In the March 24, 2014 integration, the Osaka Securities Exchange changed its corporate name to Osaka Exchange3.

On July 27, 2020, JSCC, a clearing organization, merged with Japan Commodity Clearing House8. The merged JSCC began clearing the listed commodity derivatives of the Osaka Exchange, the Tokyo Commodity Exchange, and the Osaka Dojima Exchange8. In its announcement that day, JPX said that the comprehensive exchange was getting fully under way4.

What changed afterward

Since the integration of the Tokyo Stock Exchange's derivatives market in 2014, the products that began at the Tokyo Stock Exchange have been listed on the Osaka Exchange, the same exchange as Nikkei 225 futures. These are TOPIX futures, TOPIX options, and JGB futures10. Nikkei 225 futures and TOPIX futures, which began on separate exchanges in 1988, now trade on the same exchange.

In JPX's product list (updated April 13, 2026), on the other hand, energy futures are classified as products of the Tokyo Commodity Exchange10. What moved in the July 27, 2020 transfer were precious metals, rubber, and agricultural products.

The regulation of OTC derivatives is covered in Japan's Derivatives Regulation at a Glance.

Notes

  1. Japan Exchange Group, "商品の歴史" (History of products, in Japanese; updated April 13, 2026), the rows for October 19, 1985, September 3, 1988, June 12 and October 20, 1989, and May 11, 1990. The table is split into columns for Osaka Exchange (formerly Osaka Securities Exchange) and Tokyo Stock Exchange. ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  2. Japan Exchange Group, "事業紹介" (Business overview, in Japanese), "日本取引所グループとは" (About Japan Exchange Group): founded through the business integration of Tokyo Stock Exchange Group and Osaka Securities Exchange in January 2013. ↩

  3. Japan Exchange Group, "沿革" (History, in Japanese; Japan Exchange Group, updated July 29, 2024), the rows for January 1, 2013 and March 24, 2014. ↩ ↩2 ↩3 ↩4

  4. Japan Exchange Group, "貴金属先物等の市場移管及び清算機関の統合の完了について" (Completion of the market transfer of precious metals futures and others and the integration of clearing organizations, in Japanese; July 27, 2020). ↩ ↩2 ↩3

  5. Japan Exchange Group, "堂島米市場" (Dojima rice market, in Japanese), the text and the chronology: the description of the market as a pioneer of organized futures exchanges, and the entry on the abolition of the Osaka Dojima Rice Exchange under the Rice Distribution Control Act in Showa 14 (1939). ↩ ↩2

  6. Japan Exchange Group, "沿革" (History, in Japanese; Tokyo Stock Exchange, before the launch of Japan Exchange Group), the row for October 19, 1985 (opening of the JGB futures market). ↩

  7. Tokyo Financial Exchange, "取引所のあゆみ" (History of the exchange, in Japanese), the rows for March, April, and June 1989 and September 2007. ↩ ↩2

  8. Japan Securities Clearing Corporation, "JSCCとは" (About JSCC, in Japanese), the row for July 2020 in "沿革" (History) and the opening description of the merger on July 27, 2020. ↩ ↩2 ↩3

  9. Japan Exchange Group, "沿革" (History, in Japanese; Osaka Exchange, membership-organization era, updated March 20, 2015), the rows for 1990 and 1991. ↩

  10. Japan Exchange Group, "商品一覧" (Product list, futures and options, in Japanese; updated April 13, 2026), "国内株価指数" (Domestic equity indices) and "国債証券" (Government bond securities) in the Osaka Exchange table, and "エネルギー" (Energy) in the Tokyo Commodity Exchange table. ↩ ↩2