Capital Efficiency

The clearings of Nikkei 225 Futures & Options on OSE and TOPIX Futures & Options on TSE including the minis of those have been consolidated under Japan Securities Clearing Corporation (JSCC) since July 2013.

Capital Efficiency
  • ・The result of a trial calculation with SPAN parameter as of February 2014.
    Please note that margin requirement is fluctuated because of SPAN parameter.
Maximize the capital efficiency by taking advantage of cross margining at JPX Group(PDF)
  • The above reference file(s) contains the margin costs depending on position ratio of Nikkei 225 Futures and TOPIX Futures (rounded to nearest hundreds).
  • The contained data are based on the open interest from the past, therefore, it may be different for the open interest in the future.

Please refer to the JSCC website for SPAN risk parameter files, SPAN parameters and other related matters.

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