Please turn over to page four. As usual, we will start with the market trends. First is cash equities. Cash equities average daily trading value for FY 2021. If you could look at the table below and the bottom line, it was JPY 3.76 trillion. This exceeds last year's record high, so we have renewed our past record. Year-on-year, this is +7.9%. We had a very active year. Next is market trends for derivatives, which is our next page five. Please again, look at the table below. In the middle, you will see a column Total Trading Volume for Financial Derivatives. For FY 2021, annual average was 335 million contracts. You will see the breakdown up above. With regards to JGB futures, as you know, interest rate was quite volatile with speculations.
JGB futures did well relatively, but others, as for stock price index, was negative year-on-year. Currently, February and March, because of the Ukrainian situation, volatility increased. Therefore, we had a relatively good result, but on a full year basis, Total Trading Volume for Financial Derivatives was 335 million contracts, which is -7.6%. Below, you will see the Total Trading Volume for Commodity Derivatives. It was JPY 16.92 million, which is -13% year-on-year. In particular, crude oil futures was -40.7% compared to two years ago. In FY 2020, as you may recall, U.S. WTI futures was priced negatively. That was the year, so there was a substantial market turmoil. FY 2020 increased. You can say this is a reactionary decline.
Based on this market trend, I would like to explain about the actual operating revenue, the earnings result. That's page six. As usual, you will see the breakdown with a waterfall chart below. We have summarized the main points at the top with three bullet points. Number one, despite the decrease in derivatives trading volume, revenue from trading services increased due to an increase in cash equities trading. If you look at trading services, it's +JPY 25 million, so impact was nearly ± zero. If you look at the contents, the breakdown, as I mentioned in the market condition, cash equities was +JPY 100 million. Meanwhile, financial derivatives, commodity derivatives were negative, so it offset each other.
The second characteristic is the revenue from listing services decreased due to a decline in the fundraising by listed companies that had happened on a large scale in the previous year. Revenue from listing services was down by JPY 900 million year-on-year. With regards to the previous year, as I said earlier, there was a particular company that did a very large fundraising, which amounted to approximately JPY 1 billion in revenue for us. This was the major impact. However, with regards to listing services, the ETF continues to be on an increasing trend. This portion, we expect to continue to see increase. I will be able to explain about this later on.
The third highlight is the revenue from information services, an increase due to an increase in revenue from index licensing fees on TOPIX and other indices and market data usage fees. That's +JPY 3 billion in information services revenue. As you can see, this is the greatest contributor, and it continues to grow. As a result, for FY 2021, operating revenue was JPY 135.4 billion. This was record high. Next is page seven on operating expenses. We have prepared a waterfall chart here as well. First characteristic is that we have seen a slight decrease in personnel expenses of about -JPY 200 million. This is because in the previous year, we had HR support, which issued, several times in order to deal with COVID-19. This is a reactionary decline.
The second point is that CONNEQTOR RFQ platform and this when we say various systems, this is just in systems in general, but we have seen increase in maintenance and operation expenses by plus JPY 1.4 billion. In particular, with regards to various systems, there's been a slight increase in IT staff cost. It is on an increasing trend. It's not that any one particular system cost stood out, but I would say it's an overall increase in system cost accompanied by IT personnel cost. Overall, we are now beginning to see increasing IT costs here. The third point is the depreciation amortization increase due mainly to renewals of information systems. This is + JPY 700 million. As a result, operating expense increased by JPY 1.8 billion to JPY 63.2 billion. Next is page eight, highlights of our earnings.
This is the summary of FY 2021 earnings results. Operating revenue, and I repeat again, but increased by approximately JPY 2 billion. Operating expense also increased by JPY 1.8 billion. If you do a simple calculation, operating profit should have been +JPY 200 million, but it's actually -JPY 1.1 billion. The reason for this is, as you can see from the bullet point, it is due to a decrease in share of income of investments accounted for using the equity method. This impact is reflected here. Perhaps many of you know this already, but equity method company I'm referring to here is JASDEC. Likewise with JSCC, they have lowered their fees, which is impacted and reflected here. As a result, net income was down 2.8% year-over-year to JPY 49.955 billion.
This is the overview of FY 2021 earnings result. Let's move on to the forecast for FY 2022. Please look at the table at the bottom first. As usual, we look at the market condition as an underlying assumption. What we're trying to do is explain that assumption. Average trading value for cash equities remains unchanged from the previous year, 2020. There's been a slight increase, but I would say it's basically the same as the previous year. Meanwhile, as for derivatives, our assumptions are slightly different from the previous year. Let me explain. As you know, with regards to derivatives trading, due to market volatility, trading activities fluctuate. Where does volatility come from? Well, basically, when unexpected events occur, volatility increases. What is the unexpected event?
What's unexpected is unexpected, so it's difficult to project what they are. A year ago, we assumed relatively positive on a year-on-year basis with regards to derivatives. This year, up until before the Ukrainian conflict, more precisely up until January this year. We were projecting the number of contracts based on that market condition prior to Ukrainian crisis. In February and March, we had a lot of activities in derivatives, so we did not price that in this forecast, in this guidance. As a result, if you look at the derivatives with the underlying market condition, it's actually negative year-on-year. In that sense, if there's more unexpected events, derivatives will have more upside. Based on the situation, operating revenue is, as you can see from the bar graphs, it will be JPY 132 billion.
This is -JPY 3 billion from the actual. Let me give you the breakdown. This is just very roughly, but approximately, we expect -JPY 2 billion from the revenue from clearing services and -JPY 1 billion in revenue from listing services. With regards to listing services, in FY 2021. Up until FY 2021, just for example, like JR West who raised additional capital, there were companies who raised capital in order to weather the COVID-19 impact and for the future management. That impact has been eliminated when we built this plan. This forecast is slightly conservative. As for clearing fees, the rates, the decrease in rates have been reflected on a full year basis. Last year, only half year was reflected, but this year it's full year.
Also in the previous year, interest rate swap, there was migration trading as a result of cessation of LIBOR. That impact has also been excluded to build this plan. Roughly, that's -JPY 2 billion. Next is operating expenses. This is JPY 68 billion, so that's +JPY 4.8 billion. It has increased, but if you look at the breakdown, we have system cost, system-related cost. Since FY 2022 is year one of our midterm plan, we have allocated more budget for midterm plan measures. As a result, operating profit is JPY 65.5 billion. Net income is JPY 45 billion. That's our forecast. Lastly, I want to provide you with extra information on the current market situation. We're almost at the end of April. Compared to a year ago, April, and today, April 2022, how is it?
I'm looking at the trading numbers. If you look at average daily trading value of cash equities, April a year ago, it was JPY 3.25 trillion per day. This year, so today, I guess this April, and in fact as of yesterday, it was JPY 3.4 trillion. Compared to a year ago, we see more trading activities. With regards to TOPIX floating stock adjustment, investors are rebalancing their passive investment, so we can expect more trading volume today. In any case, if you compare April from a year ago, we are seeing increase in terms of ADV. With regards to derivatives, let me explain the situation compared to a year ago and this month, so current situation.
Since the prices are different depending on the product, if I speak in terms of number of contracts, it is increasing. Derivatives is positive. You can't do a simple comparison, but just in terms of number of contracts, we expect increase. We have gotten off to a better start than last year. Going back to the presentation material, let's move to page 10 on the dividends. For FY 2021, our payout ratio is 60%. If you multiply that with our net income, you will get JPY 57 per share. You can add JPY 15 in special dividends, so we will pay a total of JPY 72 per share. The JPY 72 per share is record high. In FY 2021, in addition to this dividend, we did JPY 20 billion in buyback.
The total return ratio is above 110%. For FY 2022, this fiscal year, our guidance for dividend, we base it on JPY 45 billion in net income. We multiply that by 60%, that is our guidance for this fiscal year. That is all for the explanation and the presentation. Thank you for your attention.