30 Years of JGB Futures

Since 10-year JGB futures started to be listed on October 19, 1985, as a means to hedge the risk of bond price movement against the backdrop of increasing outstanding JGB issuance and progress in interest rate liberalization, we celebrated its 30th anniversary in October 2015.

In addition to expanding the range of products such as 10-year JGB futures options, 20-year JGB futures, 5-year JGB futures, and mini-10year JGB futures, we have implemented various changes to strengthen market functions, including the expansion of trading hours, the introduction of spread trading, off-floor trading, and a give-up system, as well as the replacement of the trading system. In March 2014, as the business integration between Tokyo Stock Exchange and Osaka Securities Exchange, the derivatives market including JGB futures and options were consolidated into Osaka Exchange.

Since we established the first financial futures market, we have played an important role in providing one of the most liquid markets and major interest rate indices, by repeatedly updating the trading rules and systems in response to changes in the market environment. We express our sincere gratitude to the people involved in the market, including trading participants, who have worked tirelessly to create a market which is stable, reliable, and convenient.