First Anniversary of the New J-GATE

It is one year since the New J-GATE was launched on July 19, 2016. In addition to new functionalities, the New J-GATE brought investors new products and longer trading hours.

TSE Mothers Futures becoming more liquid

TSE Mothers Index Futures (TSE Mothers Futures) is one of the new products launched when the New J-GATE started. Recently, trading volume jumped up and marked new record high.

[TSE Mothers Futures trading volume]

* Data of August 2017 is as of end of August 18

TSE Mothers Futures: A unique product

TSE Mothers Futures is linked to TSE Mothers Index. TSE Mothers is the start-up companies market listing 240 companies of 4 trillion-yen market cap*. In contrast to TSE 1st section, which makes up the mother market of Nikkei 225 Futures/mini /Options, major investors on TSE Mothers market are retail investors. This is also true for its futures market. Constituents of TSE Mothers Index are completely different from those of Nikkei 225 or TOPIX, and investors are different, hence, TSE Mothers and Nikkei 225/TOPIX are not correlated.
* as of end of June 2017

[Investor type by trading volume in 2016]

[Performance of indices]

“TSE Mothers Index Futures are increasingly utilized by investors as a tool for investing in indices whose price movements are different from those of existing Japanese stock indices,” said Hiromi Yamaji, President & CEO, Osaka Exchange.

For more information about TSE Mothers Index Futures

TSE Mothers Index Futures

Extended trading hours

We extended our trading hours as shown in the red bars below. As the Night Session is shown in blue, trading was extended by 2.5 hours, now we are covering not only European but also US business hours.

Extended trading hours: the useful hedging tool

Trading volume in the Night Session accounts for almost 40% of total volume of our market. Even if big events happen during the Asian night, we provide trading opportunities for our domestic and global trading participants.

[Example: Trading Volume of Nikkei 225 mini]

“The extension of trading hours has already proved to be a useful hedging tool against Japanese equities for investors trading during the new extended hours, a time frame during which we have seen spikes in trade volume in connection with developments occurring outside Japan, such as announcements regarding U.S. interest rate policy,” said Hiromi Yamaji, President & CEO, Osaka Exchange.

Next steps

In order to further promote our competitiveness as CCP through higher quality of clearing service, JSCC will conduct system replacements of the listed derivatives clearing/settlement functions, etc. in around the first quarter of 2018. Accordingly, JSCC implements various revisions to its Listed Derivatives Clearing Services to further enhance its quality as central counterparty (CCP) and improve participants’ convenience through introduction of various practices broadly adopted by major overseas CCPs and implementation of sophisticated risk management that is more frequent and granular. Also, OSE will revise related rules to enhance quality and improve usability.

“We remain committed to our mission of improving market liquidity and price discovery through further introduction of highly convenient systems and services.” said Hiromi Yamaji, President & CEO, Osaka Exchange.

For more information:

Rule Changes (JSCC website)icon-block
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