Market News

Nov. 07, 2025 OSEJSCC Record High Clearing Volume for JPY Interest Rate Swaps and Second-Highest Trading Volume for 3-Month TONA Futures in October 2025

Trading is buoyant in JPY interest rate swaps cleared by Japan Securities Clearing Corporation (JSCC) and 3-Month TONA Futures at Osaka Exchange, Inc. (OSE).

JPY Interest Rate Swaps

In October 2025, total clearing value of JPY interest rate swaps at JSCC reached approximately JPY 1,526 trillion, setting a new record high.
Additionally, in September 2025, JSCC received a determination from the U.S. CFTC allowing U.S. customers access to JSCC’s interest rate swap clearing services. This is expected to drive further market expansion going forward.

3-Month TONA Futures

In October 2025, total trading volume for 3-Month TONA Futures at OSE reached approximately 250,000 contracts, marking the highest level in 2025 and the second highest since the market launched in May 2023. Open interest at the end of October 2025 also remained high at approximately 86,000 contracts.
While foreign investors have previously dominated this market, a trend of increased trading by domestic financial institutions has emerged since 2025, leading to greater market activity. As the world's most liquid TONA futures market, we will continue striving to further enhance liquidity.

JPX has set out the objective of ‘expanding interest rate-related products and services’ in its Medium-Term Management Plan 2027. With the arrival of a positive-interest economy, JSCC and OSE will continue to strive to enhance risk management while working to further improve the efficiency and convenience of the JPY interest rate market in line with the needs of market participants.

Related Links

JPY Interest Rate Swaps

3-Month TONA Futures