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History of JGB Derivatives Market

This page covers milestone developments and rule revisions in the JGB derivatives market since 10-year JGB futures were launched 1985.

Growth of the secondary market

Graph

Timeline of rule revisions and product launches

Year Month Day  
1985 10 19 Trading in 10-year JGB futures launched.
1988 4 30 Electronic Trading started.
7 8 Trading in 20-year JGB futures launched.
1989 12 1 Trading in U.S. T-Bond futures launched.
1990 5 11 Trading in options on 10-year JGB futures launched.
1994 4 20 Delivery Versus Payment started.
1996 2 16 Trading in 5-year JGB futures launched.
1998 3 23 Shortening of period from last trading day to day of settlement by physical delivery and payment of JGB futures contracts (changed to the 7th business day prior to each delivery date.)
6 1 Creation of new U.S. T-Bond futures contracts suspended.
11 2 New futures and options trading system launched.
1999 5 1 Operate as a clearinghouse started
2000 8 14 JGB futures calendar spread trading started.
9 18 Trading in the evening session started.
10 30 SPAN® (Standard Portfolio Analysis of Risk) system introduced.
11 20 Trading in options on 5-year JGB futures launched.
2001 1 29 Intraday clearing fund call rule introduced.
4 9 Non-auction trading and ToSTNeT basis introduced for JGB futures trading.
2002 5 31 Trading in options on 5-year JGB futures suspended.
9 10 Trading in 20-year JGB futures suspended.
2004 2 2 Commencement of operations at Japan Securities Clearing Corporation
2007 3 12 Non-auction trading introduced for JGB futures options trading.
2008 1 15 New derivatives trading system launched. Introduction the Give-up Rule and Circuit Breaker Rule.
2009 3 23 Trading in mini 10-year JGB futures started.
10 5 Options on 10-year JGB futures trading operations consolidated onto Tdex+（LIFFE CONNECT®）.
2011 9 26 End of day transfers of positions in 10-year JGB futures between NYSE Liffe and TSE began.
11 21 JGB futures trading operations consolidated onto Tdex+（LIFFE CONNECT®）.
Trading hours for derivatives markets extended to 23:30 JST.
2014 3 24 TSE derivatives operations consolidated onto J-GATE. Partial revisions to trading rules improved convenience for JGB derivatives.
Trading hours for derivatives markets extended to 3:00 JST on the following day.
4 7 20-year JGB futures relaunched.
2015 7 6 Revision to contract specifications for 20-year JGB futures (from Dec. 2015 contract)
9 - Developing rules in connection with the introduction of cross margining at JSCC.
12 - Shortening of period from last trading day to day of settlement by physical delivery and payment of JGB futures contracts (changed to the 5th business day prior to each delivery date.)
2016 - - Launch of Next Generation Derivatives Trading System