Market Making Incentive Scheme

ETF Market Making Scheme Version 2.0

ETF Market Making Scheme Version 2.0 is to develop Star ETFs, which represent each asset class. To that end, TSE will set limited-time incentives and obligations and ask market makers to display continuous quotes of JPY 100 million to 1 billion.

 Liquidity for the eligible ETFs (*1) is expected to further improve thanks to supplying of additional orders in a limited time, making it possible to trade instantly at a low cost even for relatively large transactions.

Index Code Issue Name Obligation (*2)(*3)
Nikkei 225 1321 Nikkei 225 Exchange Traded Fund 1 Bil. JPY/0.2%
TOPIX 1305 Daiwa ETF-TOPIX
1306 TOPIX Exchange Traded Fund
1473 One ETF TOPIX
TSE REIT 1343 NEXT FUNDS REIT INDEX ETF 100 mil. JPY/0.3%
1345 Listed Index Fund J-REIT (Tokyo Stock Exchange REIT Index) Bi-Monthly Dividend Payment Type
1595 NZAM ETF J-REIT Index
TSE REIT Core 2517 MAXIS J-REIT Core ETF
2528 Daiwa ETF Tokyo Stock Exchange REIT Core Index
S&P500 1547 Listed Index Fund US Equity (S&P500) 100 mil. JPY/0.2%
2521 Listed Index Fund US Equity (S&P500) Currency Hedge
MSCI KOKUSAI 2513 NEXT FUNDS International Equity MSCI-KOKUSAI (Unhedged) Exchange Traded Fund
2514 NEXT FUNDS International Equity MSCI-KOKUSAI (Yen-Hedged) Exchange Traded Fund
MSCI Emerging 2520 NEXT FUNDS Emerging Market Equity MSCI-EM (Unhedged) Exchange Traded Fund 100 mil. JPY/0.4%
US Treasury 7-10 years 1487 Listed Index Fund US Bond (Currency Hedge) 500 mil. JPY/0.2%
FTSE WGBI 2511 NEXT FUNDS International Bond FTSE World Government Bond Index (ex Japan Unhedged) Exchange Traded Fund 100 mil. JPY/0.4%
2512 NEXT FUNDS International Bond FTSE World Government Bond Index (ex Japan Yen-Hedged) Exchange Traded Fund
Markit iBoxx USD Liquid Investment Grade 1496 iShares USD Investment Grade Corporate Bond JPY Hedged ETF
Bloomberg Barclays US Intermediate Corporate Index 2554 NEXT FUNDS Bloomberg Barclays US Intermediate Corporate Index (JPY Hedged) Exchange Traded Fund
(*1) All of the conditions are from October 2019 to March 2020. TSE will announce updates after April 2020 by March 16, 2020.
  (Depending on the result, extention will be examined.)
(*2) In foreign index, obligation (spread) is predetermined bps or 2ticks, whichever is wider.
(*3) Quoting time period for “US Treasury 7-10 years” is 60%. 80% is applied to other indices.

 

Enquiry

Tokyo Stock Exchange, Inc. Equities Department
TEL:Tel: +81-3-3666-0141