I will now like to give you the explanation regarding the second quarter results material. I understand that the materials can be seen. Those of you participating via telephone, please refer to page four. This is the market trends, cash equities. This is the premise of the results. Let me explain this market trend. In this graph, to the right, where it is indicated in red, is the cash equities average daily trading value. Below, in the table where it is indicated in red, is the cash equities average trading value for the first half. At the very bottom, cash equities auction, off-auction total is presented. The result was JPY 3.2868 trillion. Compared to the previous year, this is up 17%, indicated to the right. However, in the past six months, it isn't as if it was prevailing at the same level.
In the first quarter, in April to June, there was large concentration. The average was around JPY 3.5 trillion. On the other hand, for July to September, in the second quarter, it was at the planned level of JPY 3 trillion in terms of average daily trading value. In terms of the six months average, we were at JPY 3.2868 trillion. That is the situation for cash equities. In the first quarter results, we mentioned that the markets for emerging companies, such as Mothers, was where we saw increase in trading value.
Having entered October, this trend has continued. Please now refer to page five. This is the market trend for derivatives. Now, please refer to the table below, indicated in blue, shows the actual for the first half. The second line from the bottom is the total trading volume for financial derivatives. For the six months, total was 196 million contracts.
This is up 12% year-on-year, showing growth. Here, once again, there is a difference between April to June and the second quarter. In the April to June period, it was 111 million. There was high concentration in the first quarter. In the July to September period, derivative trading declined. The total was 196 million contracts. This is also skewed. The bottom total trading volume for commodity derivatives was 9.74 million contracts for the six months. Compared to the previous year, it was down by 7.4%. If you divide first quarter from the second quarter, for commodity derivatives, the trend was somewhat different. In the first quarter, the result was 4.57 million contracts. Second quarter result was 5.17 million contracts. Therefore, in terms of commodity derivatives, the second quarter was stronger. In July, as you know very well, a product transfer was made.
Significant commodity derivatives products were transferred from TOCOM to OSE. Financial flow has driven upward trading as a result of this. That is all in terms of market trends for derivatives. We will proceed to page six and explain the operating revenue. The left-hand bar graph indicates the result for the previous year's first half, JPY 57,936 million. The waterfall chart indicates the movement toward this year. As I mentioned earlier, cash equities was very strong, therefore trading services as well as clearing services increased. Please refer to the breakdown of the trading services. Financial derivatives was -JPY 200 million. With respect to derivatives, number of contracts increased. JGB futures contracts with high fees declined year-on-year. There was significant revenue decline as a result of this, even though the number of contracts increased. On revenue basis, it is slightly negative.
At the very bottom of trading services, effects from consolidation of TOCOM is indicated. As you know very well, TOCOM was consolidated in the second half of the last fiscal year. Therefore, the first half last year did not include TOCOM, which is also the same case for expenses. For revenues and expenses, TOCOM will be included for the first time. As for listing services, the result was flat year on year. Information services. It is up by a little bit less than JPY 1 billion. As I mentioned earlier, the cash equity market was very strong. With that, we saw individual investors checking stock price more frequently, and there was increase in trades. Therefore, market information usage increased. As a result, information services increased by JPY 960 million.
Those are the major items, and as a result, we ended at JPY 63.834 billion in terms of operating revenue, which is up 10% year-on-year. Please refer to the next page. I would like to explain the operating expenses. As I have explained earlier, to the left, we have the first half result for the previous year, which was JPY 27.482 billion. The waterfall chart shows the movement to this year's result. Starting with personnel expenses increased by JPY 1 billion+ . As mentioned here below, with the business integration with TOCOM, we have had employees transferred. This is the increment of the employee transfers. As you know very well, for this year, we had to take measures against COVID-19. Expenses for measures as well as allowances have been implemented. Therefore, as a result, for personnel expenses, there was an increase of JPY 1 billion.
I would also like to mention system maintenance and operation expenses, as well as depreciation and amortization. These are expenses for the continuous investment in our system. Therefore, this increase is within our expectations. Details are presented below under depreciation and amortization. As a result, the operating expenses for the first half of fiscal 2020 was JPY 30,332 million, which is a 10% increase year-on-year. Moving on to page eight. I'm sorry that this is a busy chart. The upper half shows the operating revenues, operating expenses, operating income and net income. First of all, regarding operating revenue, if we compare the first half of last year and this year, the two bar graphs on the left should be referred to. As you can see, operating revenue increased by 10%+ . To the right is operating expenses.
As I have already explained, there was a 10% increase year-on-year. Operating income also increased 10% year-on-year. Net income to the right also increased by 10% year-on-year. If we look at net income, the first half was JPY 27, 787 million. As a result, we have decided to revise the full year forecast. Let me give you the details. Please refer to the table below. The average daily trading volume and value of major products are shown. The orange is the first half result for fiscal year 2020. For cash equities, trading value was JPY 3.2868 trillion. This is the result for the first half. The initial forecast was JPY 3 trillion. This was higher at JPY 3.28 trillion. Regarding the full year forecast, in July, the cash equities were prevailing in line with the forecast. There is also uncertainty regarding COVID-19.
There is uncertainty, especially in the European countries. For the second half, we did not change the original forecast. For the full year basis, since there was increase in the first half, we have decided to revise to JPY 3.1 trillion. For derivatives, the situation is similar. The actual in the first half and on the other hand, the second half forecast has been kept flat. The revised forecast is reflected in this table. Based on these market assumptions, the upper graphs show the forecast. Let me explain them one by one. For operating revenue, for the fiscal year 2020 forecast, please refer to the light green bar. The original forecast was JPY 121.5 billion, which was increased to JPY 126 billion. At the risk of repeating myself, I would like to further elaborate. The increase was JPY 4.5 billion.
This consists of the strength of the cash equities in the first half, as well as large financings by listed companies that have been implemented and announced. These factors have been taken into consideration. Next, operating expenses. The original forecast was JPY 61.5 billion, which has increased by JPY 1 billion to JPY 62.5 billion. The JPY 1 billion increase consists of plus and minuses. We have to take measures against the system failures as well as we must also have measures for COVID-19. That is the reason why we have increased the operating expenses by JPY 1 billion. As a result, for the operating income, the original forecast was JPY 62 billion, has been increased to JPY 65.5 billion.
Net income, the original forecast of JPY 42.5 billion has been increased to JPY 45.5 billion. This has already been announced last yesterday. This JPY 45.5 billion means that with the 60% payout ratio, it calculates to JPY 52 per share. Interim dividend will be JPY 26 and the end-of-year dividend will be JPY 26. This information has also been announced yesterday. I would like to conclude my explanation.