I will refer to the presentation materials in my explanation. Please turn to page four. As usual, I would like to begin with a review of the cash equities market trends. The upper part shows the monthly average daily trading value of cash equities. The area to the right, highlighted by the red dotted line, indicates the first half results. Below that, is a table showing average daily trading value by market divisions, and at the bottom of the table is a summary of the overall average. The first half result of the current fiscal year was JPY 3.79 trillion, which is a record high for the first half of our fiscal year. However, not all divisions were strong. In particular, the Growth Market shown in the middle of the table below was down 21.1% year-on-year.
As you may know, the Growth Market was not as active and did not grow. However, looking at the overall results, in particular, the Prime Market and ETFs performed well. As a result, overall trading value was at a record high. Next, on page five, I would like to present the market trend of derivatives. The table below shows the average daily trading volume of major products. The total number of financial derivatives traded in the first half of fiscal year was 186 million contracts. This is an increase of 25.6% year-over-year, showing very strong performance compared to the previous year. As you know, the current economic situation caused turmoil in the market and volatility was high.
The total volume of commodity derivatives in the first half of the year was 7.91 million contracts, which is an increase of 3.2% year-on-year. By commodities, gold increased significantly. In contrast, Dubai crude oil underperformed. However, the overall trading volumes was up year-on-year. Based on the aforementioned, page six is the waterfall chart of operating revenues. The leftmost bar shows the results for the first half of the previous year, and the rightmost bar shows the results for the fiscal first half of the current fiscal year. To summarize, revenues increased approximately JPY 1 billion year-on-year. In terms of the breakdown, market-related trading services and clearing services increased by approximately JPY 1.7 billion. On the other hand, there were some negative factors as well, including a decrease of approximately JPY 1 billion in listing services.
The breakdown of listing-related revenues is shown in the box above, showing a JPY -1.1 billion for initial and additional listing fees. This business did not grow as expected. To elaborate further on initial and additional listing fees, the largest decline was in financing for companies already listed. There was a significant decline in this area. This accounted for JYP 700 million-JYP 800 million of the decline. In fact, we had assumed at the time of our earnings forecast that financing would probably decline this fiscal year, but this decline was greater than we had originally expected. In terms of the IPOs, which is often asked about, the number of IPOs decreased in the first half as a reactionary decline to the strong performance in the previous year. The number of IPOs has not decreased as much as often said.
For the full year. We do not expect the number of IPOs to decrease significantly. The size of the companies and the scale of their financing are becoming smaller. That is a fact, reflected in these numbers. In summary, the market-related business was strong, but there was a slight decrease in the listed companies related business resulting in an overall increase of JPY 1 billion. Please refer to page seven, Operating Expenses. Please refer to this waterfall chart. The leftmost bar shows the result for the first half of the previous year, and the rightmost bar shows the results for the first half of this fiscal year. Operating expenses increased approximately JPY 3 billion year-on-year. System maintenance and operation expenses, depreciation and amortization expenses, which are in the middle of the chart, increased by approximately JPY 1.5 billion. Let me clarify further.
In system maintenance and operation expenses, new devices, a purchase of JPY 400 million is included, which are devices to be used internally. This was originally planned for the second half of the fiscal year, but due to the recent increase in device prices, it was decided to purchase the devices at a lower price in the first half of the fiscal year for approximately JPY 400 million. There was a special circumstance relating to this item. Furthermore, there was an increase of about JPY 1.1 billion in the Others category, which includes expenses associated with various measures, such as preparation costs for the creation of a Carbon Credit Market. The system-related research and study expenses are also included. These are measures including new initiatives.
Each item is not large but, about JPY 100 million in various areas are incurred. As for derivatives, when transactions exceed expectations, license fee will increase. For example, the increase in the license fee for Nikkei 225, which is payable to Nikkei, will increase. This is also included in this amount. That is all for expenses. Turning now to page eight, I would like to show you the highlights of our business performance. Operating revenue on the far left is up 1.5% year-on-year, and the progress rate of revenue growth projected for this fiscal year is 50.2%. The progress rate of operating expenses is 48.9%, and for operating income, 52.1%, and net income, 51.5%.
Below that, the daily average trading volume of major products are presented. I will not go into the details here as they overlap with what I have already explained at the beginning of this presentation. Next, page nine shows our forecast for fiscal year 2022. As a result, we have not made changes to the forecast that we presented at the beginning of the fiscal year. As I mentioned earlier, progress rate is generally within the expected range, so we have not made changes. On the other hand, I would like to provide some clarification on the table at the bottom of page nine. The table on the bottom of page nine shows the average daily trading volume of major products and the assumptions for the forecast.
The first line shows the average daily trading value of cash equities, which is unchanged from the forecast we made at the beginning of this fiscal year. We have made changes, however, for derivatives. As I explained at the beginning of this presentation, the derivatives business is performing better than expected, so we have made some changes. The numbers are not straightforward to understand, so let me clarify further. For example, the TOPIX futures was 95,000 contracts at the beginning of the period, and the revised TOPIX futures is 101,000 contracts, which is an upward revision of approximately 6%. Let me further elaborate by using simple numbers, which is not directly related to these numbers presented here. Let us say against our first half forecast of 10, 14 was achieved. The second half forecast is flat at 10.
14 plus 10 divided by 2 equals 12. Therefore, the forecast is higher. If there is a first half level of derivatives trading achieved for the second half, there will be an upside in revenues. The key point I am emphasizing here is that although we are increasing the volume of derivatives transactions, the average increase is based on the results of the first half of the year, plus the fact that the second half of the year is unchanged. If the same amount of derivatives can be achieved in the second half, compared to the first half of the year, the increment will be an upside and revenues will be higher than expected. That is all, in terms of my explanation of the presentation materials. Thank you.