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20-year JGB Futures Market Stimulation Program

20-year JGB Futures Market Stimulation Program

OSE will launch a 20-year JGB Futures Market Stimulation Program from April 4, 2022, with the aim of increasing convenience for investors by improving market liquidity.

Scheduled Changes in Product Specs of 20-year JGB Futures

Revisions to Trading Rules

  1. Reduce contract unit from JPY 100 million face value to JPY 10 million face value
  2. Consolidate Immediately Executable Price Range (DCB price range) to JPY 0.9 all day
(note)
  • ･To be effective from daytime trading hours on April 4, 2022
  • ･Trading in the night session, including the J-NET Market, for the trading day that ends on April 4, 2022 (trading period from 3:25 p.m. on April1, 2022, to 6:00 a.m. on April 2, 2022) will be halted for all contract months of 20-year JGB Futures (June, September, and December 2022 contracts). For 5-year JGB Futures and 10-year JGB Futures, trading in the night session (trading day: April 4, 2022) will be conducted as usual.
  • ･For 20-year JGB Futures existing as of the change in the contract unit (specifically, June, September and December 2022 contracts), the amount of open interest will be adjusted by multiplying it by 10, according to the change in the contract unit if open interest exists.
Partial Revisions to the Business Regulations, etc. in Connection with Revisions, etc. to the Contract Unit and Immediately Executable Price Range of 20-year Japanese Government Bond Futures

Revisions to Market Maker Program

  1. Create new Types of PMMs who are obliged to quote tighter spreads (Type 2 and 3)
  2. Introduce of LPs
Partial Revision to PMM and LP for 20-year JGB Futures (To be effective from April 4, 2022)

Progress Report on Stimulating Market

April 4, 2022 icon-pdf
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