Market News

Oct. 05, 2022 OSE Introduction of Short-Term Interest Rate Futures


Osaka Exchange, Inc. (OSE) is glad to announce that in light of the transition to JPY interest rate alternative benchmarks against the background of the permanent suspension of the publication of JPY LIBOR at the end of December 2021, OSE will list short-term interest rate futures contracts linked to a daily cumulative compounded Tokyo OverNight Average rate (TONA; published by the Bank of Japan) over a 3-month period. These will be called "3-Month TONA Futures." Through these futures, JPX Group aims to provide a wide range of investors with opportunities to trade an interest rate alternative benchmark and pursue the development of a market that maximizes its price-discovery functionality.
The launch date will be May 29, 2023 (at the same time as Nikkei 225 micro Futures and Nikkei 225 mini Options).
With the listing of these futures contracts, OSE will be able to provide a one-stop market infrastructure for trading interest rate products ranging from short to long term, together with existing JGB futures and option, thereby synergistically improving convenience of market participants and further developing the JPY interest rate derivatives market.


<Notes>Black: Implemented, Red: Effects expected after listing, *Central Limit Order Book 

In the meantime, OSE will be accepting public comments regarding this matter through the JPX website as of today.

Public Comments
Launch Date of Nikkei 225 micro Futures and Nikkei 225 mini Options


Osaka Exchange