Market Making Incentive Scheme

ETF Market Making Scheme Version 2.0

ETF Market Making Scheme Version 2.0 is to develop ETFs which represent each asset classes. 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)
TSE REIT 1343 NEXT FUNDS REIT INDEX ETF 50 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
S&P500 1547 Listed Index Fund US Equity (S&P500) 100 mil. JPY/0.2%
1655 iShares S&P 500 ETF
2558 MAXIS S&P500 US Equity ETF
2521 Listed Index Fund US Equity (S&P500) Currency Hedge
2563 iShares S&P 500 JPY Hedged ETF
NASDAQ100 1545 NEXT FUNDS NASDAQ-100(R) Exchange Traded Fund 100 mil. JPY/0.3%
2568 Listed Index Fund US Equity (NASDAQ100) No Currency Hedge
2631 MAXIS NASDAQ100 ETF
Dow Jones Industrial 1546 NEXT FUNDS Dow Jones Industrial Average Exchange Traded Fund
2562 Listed Index Fund US Equity (Dow Average) Currency Hedge
MSCI Kokusai 1680 Listed Index Fund International Developed Countries Equity 100 mil. JPY/0.2%
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 1681 Listed Index Fund International Emerging Countries Equity 100 mil. JPY/0.4%
2520 NEXT FUNDS Emerging Market Equity MSCI-EM (Unhedged) Exchange Traded Fund
MSCI ACWI ex Japan 1554 Listed Index Fund World Equity (MSCI ACWI) ex Japan
US Treasury 5-10 years 1486 Listed Index Fund US Bond (No Currency Hedge) 500 mil. JPY/0.2%
1487 Listed Index Fund US Bond (Currency Hedge)
US Treasury 1-5 years 2620 iShares 1-3 Year US Treasury Bond ETF 100 mil. JPY/0.15%
US Treasury over 10 years 2621 iShares 20+ Year US Treasury Bond JPY Hedged ETF 100 mil. JPY/0.25%
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
(*1) All of the conditions are from April 2021 to March 2022. TSE will announce updates after April 2022 by March 17, 2022.
  (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 5-10 years” is 60%. 80% is applied to other indices.

 

Enquiry

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