30 Years of JGB Futures

Celebrating 30 years of 10-year 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.

Osaka Exchange, as one of the important financial infrastructures which contribute to the Japanese economy, will continue to make efforts to improve convenience for market participants and develop the derivatives market.

Osaka Exchange, Inc.


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)