Today, I would like to start with an update of our Third Medium-Term Management Plan and an overview of the earnings for the fiscal year 2020. First, I will give you an update on the Third Medium-Term Management Plan. As you know, JPX's business aims to achieve sustainable growth over the medium to long term by providing a reliable and convenient market infrastructure, rather than focus on short-term measures that will immediately lead to profits. Against this backdrop, we have been making steady progress in implementing the key strategies set forth in the Third Medium-Term Management Plan, which was launched two years ago. While maintaining the basic framework, we have updated the plan, taking into consideration the changes in the business environment. Let me explain the update that we have made. Page four.
Looking back on the last fiscal year, we regret the inconvenience caused to market participants by the system failure and the whole day trading halt that occurred on October 1st. We, the JPX Group, have realized once again the heavy responsibility we have as a market operator. The JPX Group has been implementing measures to prevent a recurrence, starting with those that can be implemented immediately, and the report by the Council for Recurrence Prevention Measures was compiled on the 25th of last month. In the future, we will continue to improve our response through close communication with market participants and through training. Page five. I will explain the progress made in various measures. In the field of derivatives, the comprehensive exchange was fully launched in July of last year with the transfer of commodities and the integration of the clearing houses.
With regard to the review of market segments, we have been improving the system step by step, including the announcement of the listing system for new market segments at the end of last year. In the information field, we have made steady progress in implementing measures of our priority strategies, including the disclosure of the gradual transition process for TOPIX and the development of new services. Page six. In this update, first and foremost, in order to restore market confidence and strengthen our functions, we will implement urgent measures to prevent recurrence in order to achieve never stop and improved resilience in a steadfast manner.
From a medium to long-term perspective, we will fulfill our primary mission of stable operation of the market by reviewing our IT functions and human resources and promoting the establishment of the Center for Advanced Research and Development announced last month, along with other DX-related measures. This fiscal year will be the final year of our current Third Medium-Term Management Plan. We will implement important measures such as the reorganization of market segments in a steadfast manner. To prepare for medium to long-term changes in the environment, we will continue preparations to enable responses to changes in the way capital is raised and invested, such as ESG investment. For the details of other specific measures, please refer to the document entitled Third Medium-Term Management Plan Update for Fiscal Year 2021. Page seven.
I will explain the summary of the earnings later, but as mentioned here, during the last fiscal year, we have achieved the financial targets as set forth in the Third Medium-Term Management Plan ahead of the final year of the plan. Against this backdrop, in the current fiscal year, we will allocate the necessary resources to strengthen our market functions, such as improving our resilience and to promote digital transformation in order to respond to changes in the environment in the mid to long term. We have also increased our capital investment from JPY 45 billion to JPY 50 billion for the three years of the plan. That is all for the update to the Medium-Term Management Plan. I will now explain the overview of earnings for fiscal year 2020. Page nine.
With regard to market trends in the cash equities market, the Nikkei Stock Average was strong and temporarily recovered to the JPY 30,000 level for the first time in 30 years last fiscal year due to higher expectations for vaccines and economic stimulus measures in various countries amid the spread of COVID-19. As a result, the average Daily trading value of cash equities rose 1% to a record high of JPY 3.48 trillion. Page 10, the market trends of derivatives. The annual trading volume of financial derivatives was 363 million contracts. Increase in volatility did not occur despite continued high stock prices, resulting in a decline of 11.8% compared to the record high of the previous fiscal year.
The annual trading volume of commodity derivatives was 19.51 million contracts, down 8.9% from the previous year due to a decline in precious metals-related commodities despite a doubling of the volume of crude oil futures compared to the previous year. Page 11. The operating revenues will be explained. The aforementioned increase in trading of cash equities drove increases in trading services and clearing services. Listing services grew due to an increase in the amount raised by listed companies and growth of ETF AUM. Information services was also strong due to an increase in market data usage fees. Other operating revenues decreased due to a decline in income from services provided for trading system, et cetera, resulting from the business integration with TOCOM. As a result of the above, overall operating revenues increased by JPY 9.6 billion, or 7.8% year-on-year, to JPY 133.3 billion.
Page 12. This section describes the status of operating expenses. First of all, in addition to the impact of the business integration with TOCOM, personnel expenses increased due to the implementation of various countermeasures against COVID-19. In addition, there was an increase in system-related expenses such as system maintenance and operation expenses and depreciation and amortization expenses due to the construction of the Kansai Backup Center and the impact of the business integration with TOCOM.
On the other hand, other operating expenses decreased due to a reactionary decline in financial advisory expenses associated with the business integration with TOCOM that were recorded in the previous fiscal year and a suspension of face-to-face events and business trips because of the spread of COVID-19. As a result, overall operating expenses increased JPY 2.8 billion, or 4.9% year-on-year, to JPY 61.3 billion. Page 13. Next, please refer to the financial highlights on this page.
As I mentioned earlier, operating expenses such as system-related expenses increased. It was more than offset by the increase in operating revenues driven by the increase in cash equities trading. As a result, operating income increased by JPY 6.0 billion, or 8.8% year-on-year, to JPY 74.5 billion, and net income attributable to owners of the parent increased by JPY 3.7 billion, or 7.9% year-on-year, to JPY 51.3 billion. Page 14. In the forecast for fiscal year 2021, we have assumed that the volume of cash equities and derivatives will be flat year-on-year and operating revenues will be around JPY 130 billion, the same level as the previous year. Operating expenses are expected to increase 5.9% year-on-year to JPY 65 billion because of measures to achieve stable market operations and medium to long-term growth.
As a result, operating income is forecast to decline by 11.5% to JPY 66 billion, and net income is also expected to decline by 11.5% to JPY 45.5 billion. Page 15. JPX basic policy is to maintain a dividend payout ratio of approximately 60%. Based on this, ordinary dividend for fiscal year will be JPY 58 per share for the full year. As I mentioned earlier, the final year financial targets set forth in the Third Medium-Term Management Plan have been met ahead of schedule. In order to express our gratitude to our shareholders for their support for the various measures that we have implemented to ensure stable market operations amid the spread of COVID-19, we have decided to pay a special dividend of JPY 10 per share. Please refer to page 16.
Finally, I would like to explain about the acquisition of own shares. We have decided to implement a share buyback.
The purpose is to enhance shareholder returns through the implementation of an agile and flexible capital policy. The total value of shares to be acquired will be up to JPY 20 billion, and the repurchase will be conducted on the Tokyo Stock Exchange's auction market with a deadline of six months, starting today, April 30th. For your information, the amount of JPY 20 billion is equivalent to approximately 1.4% of our market capitalization based on the current level of the company's stock price. This concludes my explanation.