In my time zone, the Osaka exchange opens at 1700; the Singapore exchange opens at 1645. Those hours give me an opportunity to trade after work, so I've looked into trading the Nikkei 225 futures. This is what I've found: On the Osaka exchange, there are two contracts: the big one and a mini. The big contract trades in 10 yen increments and has a multiplier of 1000, so one tick is worth 10000 yen; the round-trip commission is 1000 yen and the intraday/overnight "margin" is 281250/562500 yen, respectively. The mini contract trades in 5 yen increments and has a multiplier of 100, so one tick is worth 500 yen; the round-trip commission is 300 yen and the intraday/overnight "margin" is 28125/56250 yen, respectively. On the Singapore exchange, there is one yen denominated contract. It trades in 5 yen increments and has a multiplier of 500, so one tick is worth 2500 yen. The round-trip commission is 600 yen, and the intraday/overnight "margin" is 156250/312500 yen, respectively. Singapore's yen-denominated contract is 1/2 the size of Osaka's full-size contract. There is also a yen-denominated contract that trades on the CME (outside of Asian regular trading hours), which is the same size as the Singapore contract and fungible with it. The Osaka exchange doesn't appear to offer trading outside of its regular hours, which are 0900-1100 and 1230-1510. Singapore trades from 0745-1015 and 1115-1430, and offers after hours trading betwen 1530 and 1900. Interestingly, Singapore also trades for a few minutes before and after the morning and afternoon sessions in Osaka. Singapore is currently one hour behind Osaka, so Osaka's regular trading hours do overlap with Singapore's. Considering commission as a percentage of bid/offer spread, the big Osaka contract offers the best deal at 10%; Osaka's mini contract is the worst at 60%; Singapore's contract comes in at 24%. In terms of "margin" to contract size, Singapore's requirements are a little more than twice Osaka's, even though the contract is only half as large, which -- I am speculating -- may be due, at least in part, to the fact that Singapore's circuit breakers don't kick in as soon as Osaka's. Considering my account size and risk tolerance, however, the Singapore contract is the most attractive, and fungibility with the Chicago contract may offer some additional trading opportunities. (Chicago's commission is 1100 yen and "margin" is greater than Singapore's and about the same as Osaka's, although the contract, like Singapore's, is one-half the size of Osaka's.) (One could synthesize an equivalent to the Singapore contract on the Osaka exchange by trading five Osaka minis, but the commission would be more than twice as much (1500 vs. 600 yen). However, the slightly lower "margin" on five minis and, perhaps, greater liquidity at Osaka may be advantageous) Decisions, decisions. My broker is IB, and all the numbers come from their website. So far, I've paper-traded the yen-denominated Singapore and Chicago contracts with good results. In January, I'll subscribe to the Osaka data for at least one month, so that I can compare volume/price with that of the Singapore exchange. Hopefully, I'll also find a Nikkei 225 cash ticker, because I am concerned about whether and how well the futures track the underlying. Any comments/suggestions? I hope that everyone enjoys the holidays and has a profitable 2007.