30 Years of JGB Futures

Celebrating 30 years of 10-year JGB futures

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Since the launch of 10-year JGB futures on the TSE market 30 years ago on October 19, 1985, we have seen steady demand for JGB derivatives with the launch of 10-year JGB futures options, 20-year JGB futures, 5-year JGB futures, and mini-10year JGB futures.

Besides product launches, market rules and matching engines were continually implemented and renewed to enhance the market, with notable developments in the form of the introduction of spread trading, off-auction trading, and the give-up system.

In March 2014, Japan Exchange Group integrated the TSE derivatives market into Osaka Exchange, and all derivatives trading operations including JGB futures and options were consolidated onto J-GATE.

Today, JGB derivatives have built up a high level of liquidity and are considered major Japanese interest rate products by investors worldwide.

As we celebrate 30 years of JGB futures in October 2015, we hope to enjoy your continued support and cooperation in our endeavors to improve the stability, reliability, and convenience of the JGB derivatives market.

Hiromi Yamaji
President & CEO
Osaka Exchange, Inc.

Index

Title Contents
History of JGB Derivatives Market
  • Growth of the secondary market
  • Timeline of rule revisions and product launches
Bringing the JGB Derivatives Market Forward
  • Derivatives Market Integration
  • Revision to Contract Specifications for 20-year Japanese Government Bond Futures
  • Developing Rules in Connection with the Introduction of Cross Margining at JSCC
  • Shortening of Period from Last Trading Day to Day of Settlement by Physical Delivery and Payment of JGB Futures Contracts
  • Launch of First Ever Full-Scale Fixed Income Volatility Index in Japan
  • Launch of Next Generation Derivatives Trading System

Press Release

Celebrating 30 Years of JGB Futures (October 19, 2015)