Thank you very much for attending this meeting despite your busy schedules. Yesterday, the second quarter results were announced, therefore, I'd like to give you explanation of the outline of the results, spending the first 10 minutes. Without further ado, I'd like to go into the explanation. This is the content. First off, I'd like to talk about the business developments. The latter half, I will spend talking about the overview of the earnings for the second quarter of fiscal year 2018. Starting off with the business developments. I would like to first of all review the market trends, as mentioned here. The explanation is given in the sentences above. The first point is regarding cash equities. For April to September, in terms of average daily trading value, increased 5.8% year-on-year at JPY 3.25 trillion. Last year was JPY 3.07 trillion. Therefore, we have achieved increase of 5.8%.
Below, the derivatives business is explained. The derivatives trading volume of all products increased 8.3% year-on-year to approximately 160 million contracts. Let me highlight the major areas that increased. Average daily trading volume of the 10-year JGB futures increased 33.6% year-on-year to approximately 40,000 contracts, and that of Nikkei 225 futures increased 5.8% year-on-year to approximately 176,000 contracts. Derivative business grew. Now, regarding ETF, ETN, and REIT trends. As we have explained from the past, from the July of 2018, we have launched the ETF Market Making Incentive Scheme. The average daily trading value from April to September, driven by the trading of Leveraged and inverse ETFs increase, we have achieved a 28.4% increase year-over-year. There was significant increase in this area. The third bullet point is regarding ETF AUM. Mainly that of ETFs tracking TOPIX has been steadily increasing since fiscal year 2016.
This is driven by the increase in the purchases by the BOJ. Regarding cash equities, I would like to also talk about the IPO and TOB trends, especially in the case of IPOs. In the first half for this fiscal year, the IPO number has increased significantly. Against 29 last year, increase by 20 to 49 has been achieved. On a fiscal year basis, for last year, IPO amounted to 83. Therefore, if we continue this trend, it is likely that we might reach 100 or even exceed 100 in terms of the number of IPOs. Derivatives. The highlight is that 10-year JGB futures trading increased in this area. It increased by 8.3% year-on-year. The BOJ activities is very important in terms of the exit from the QE will have an impact. Further explanation will be given on this point later.
For the 10-year JGB futures, we believe that the strong trend will continue. That is the first half. Next, I would like to go into the second half, talking about the overview of the earnings for the second quarter fiscal year 2018 or IFRS. In terms of operating revenues, let me explain these bullet points one by one. Basically, for all the breakdown items, we have seen an increase year-on-year. I would like to now highlight the major points, which are highlighted in the bullet points regarding the revenues from clearing services. Increased, mainly driven by OTC products. With this, compared to last year, increase in revenues by JPY 1 billion. Regarding revenues from listing services. As I have already mentioned, the number of IPOs have increased. This is reflected in the listing services increase.
In terms of revenues from listing services, the higher stock prices in the market is having an impact as well. Therefore, this is based on the market capitalization basis, and that is the reason why revenues from listing services is increasing, also driven by the purchases of ETF by the BOJ. Revenues from information services. The information is written here. The BOJ purchase of the ETF has had an impact. There is also something else to emphasize. Beyond that, market data usage increased significantly as well. We are happy to say that market data usage increased, which also pushed up the revenues from information services. The last item is others. Plus JPY 823 million. This is from the co-location service increase, as well as the utilization of arrownet are included in this category. Various items are included here.
This is something that I'll further elaborate later when I talk about expenses. I would say that this is a larger increase than previous years. Our subsidiaries are selling system development to the outside, which is also included in this category. Next, I would like to talk about the operating expenses. Let me highlight where there have been significant increases. For system maintenance as well as depreciation and amortization have increased. This is related to the launch of the new clearing system. Furthermore, in terms of the depreciation and amortization, below this item, in the light pink rectangle shown here, it shows that the system development for the shortening of the JGB settlement cycle in May 2018 is stipulated. This expense has also been added significantly. Going back to the previous page, in terms of operating revenue, there is JPY 1 billion in terms of clearing, OTC related.
This included OTC JGB clearing fee, has been added as operating revenue, and corresponding to this response, the expenses have been incurred as well. There have been impact on both the revenues as well as expenses. In terms of other expenses, R&D has increased. As I mentioned earlier, system development by the subsidiaries to outside parties, the cost thereof has also been included. This is also reflected both in revenues as well as expenses. All in all, expenses increased by JPY 2.2 billion or 9.2% year-on-year.
This is the summary and the revision of the full-year forecast. This slide shows the summary. It's a busy slide. It may be hard to see, but if you look at the upper graph. For the second quarter, the cumulative April to September for the second quarter of fiscal year 2018, operating revenue, operating expenses, and operating income, and net income on year-on-year basis has increased. As for the profit, it has increased by 5.4% year-on-year. As for net profit, it's 5.4%. The progress is nearly 50%. In terms of the revision for the full-year forecast, if you look at the bottom, you see the average daily trading volume and value of major products. In the red box, you see the revision. On the left of that, you see the initial assumptions. As for cash equities, the average daily trading volume, we were expecting ¥3.45 trillion.
After the revision, it's JPY 3.25 trillion. There was a slight decrease, 5.7% decrease. The major products for derivatives. You see the assumption for forecast, TOPIX futures, Nikkei 225 futures, Nikkei 225 Options, and 10-year JGB futures. Product by product, we will review the assumptions and we will come up with the forecasts. We have added up all of the assumptions for forecasts. Compared with the initial forecast, there were some changes. As for 10-year JGB futures, compared with the initial forecast, we are more bullish. However, for the other products, we believe that there may be some difficulties, so we have brought down some forecasts. We have looked at the assumptions for the operating revenue, operating expenses, and operating income. You see the after the revision forecasts on the upper graph in the red box.
We had brought down the operating revenue to JPY 120 billion, down from JPY 123 billion. As for the operating expenses, it is JPY 54.2 billion. As for the operating income and net income, it is maintained. In terms of the dividend per share, remains unchanged. This is what we have announced yesterday. That is the content of the earnings for the second quarter. I would like to show you on this slide the TOPIX for the second quarter. There are four items on this slide. Upper right box, it talks about non-disclosure agreement with Tokyo Commodity Exchange. That was done on October 23rd, and it has already been announced. In relation to TOCOM, in order to get into concrete discussions, including integration, we have concluded NDA.
I think that you are already aware of this because we have already made a press release about this. That will be all for my explanation. Thank you very much for your kind attention.