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Adjustment and Change on Securities options (Effective from September 27, 2024) Stock(Investment security unit) splits are scheduled for the underlying securities listed in the appendix effective from October 1, 2024. In accordance with this, OSE shall adjust the strike prices of option contracts which are based upon these underlying securities, as in the appendix, on September 27, 2024, the date on which trading starts for shares after the stock splits. Furthermore, the adjusted strike prices will be announced after the day session on September 26, 2024. This English translation is solely for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. Appendix Underlying securities Code Split ratio Strike price* Open interest* Number of securities for one delivery unit* Position limits*(units) Large position ...
Adjustment and Change on Securities options (Effective from December 27, 2024) Stock(Investment security unit) splits are scheduled for the underlying securities listed in the appendix effective from January 1, 2025. In accordance with this, OSE shall adjust the strike prices of option contracts which are based upon these underlying securities, as in the appendix, on December 27, 2024, the date on which trading starts for shares after the stock splits. Furthermore, the adjusted strike prices will be announced after the day session on December 26, 2024. This English translation is solely for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. Appendix Underlying securities Code Split ratio Strike price* Open interest* Number of securities for one delivery unit* Position limits*(units) Large position ...
Adjustment and Change on Securities options (Effective from March 30, 2023) Stock splits are scheduled for the underlying securities listed in the appendix effective from April 1, 2023. In accordance with this, OSE shall adjust the strike prices of option contracts which are based upon these underlying securities, as in the appendix, on March 30, 2023, the date on which trading starts for shares after the stock splits. Furthermore, the adjusted strike prices will be announced after the day session on March 29, 2023. This English translation is solely for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. Appendix Underlying securities Code Stock split Strike price* Open interest* Number of securities for one delivery unit* Position limits*(units) Large position reporting threshold for ...
Adjustment and Change on Securities Options The following changes are scheduled for units of Nikko Exchange Traded Index Fund TOPIX (Code: 1308) ⚫The trading unit shall be changed from 100 units to 1 unit Day of amendment: July 11, 2023 In accordance with this, OSE shall adjust the following items as listed below relating to securities options based upon the above security on Tuesday, July 11, 2023. 1 Strike prices No Change 2 Open interest The open interest as of July 11, 2023 shall be the multiplied open interest of July 10, 2023 by one hundred. 3 Number of securities underlying one trading unit of the securities option Changes from 100 units to 1 unit 4 Position limits Changes from 263,500 units to 26,324,600 units 5 Large position reporting threshold for securities options Changes from 52,700 units to 5,264,900 units 6 Maximum Number of ...
Adjustment and Change on Securities Options The following changes are scheduled for units of Nikko Exchange Traded Index Fund 225 (Code: 1330) ⚫The trading unit shall be changed from 10 units to 1 unit Day of amendment: July 11, 2023 In accordance with this, OSE shall adjust the following items as listed below relating to securities options based upon the above security on Tuesday, July 11, 2023. 1 Strike prices No Change 2 Open interest The open interest as of July 11, 2023 shall be the multiplied open interest of July 10, 2023 by ten. 3 Number of securities underlying one trading unit of the securities option Changes from 10 units to 1 unit 4 Position limits Changes from 87,200 units to 878,700 units 5 Large position reporting threshold for securities options Changes from 17,400 units to 175,700 units 6 Maximum Number of Decimal Digits for ...
Special Rules for Setting Method of Strike Prices for Securities Options Price intervals for strike prices set initially or additionally1 and the number of thereof will be as shown in below for securities options whose underlying securities2 are applied to the market maker program. Price Intervals for Strike Prices and Number of thereof Strike Prices Price Interval Number of thereof Or more Less than ¥1¥1,000¥25 15 strike prices, one above and one below ¥1,000¥2,000¥50 ¥2,000¥5,000¥100 ¥5,000¥30,000¥250 ¥30,000¥50,000¥500 ¥50,000¥100,000¥1,000 ¥100,000¥200,000¥5,000 ¥200,000¥500,000¥10,000 ¥500,000¥1,000,000¥25,000 ¥1,000,000¥2,000,000¥50,000 ¥2,000,000¥5,000,000¥100,000 ¥5,000,000¥10,000,000¥250,000 ¥10,000,000¥20,000,...
2024 Japan Exchange Group, Inc. First Year Report: Monetary Policy Outlook Interpreted from OSE’s 3-Month TONA Futures Prices Osaka Exchange, Inc. August 2024 - Focus on Interest Rate Hike Probability & Open Interest Trends - ©2024 Japan Exchange Group, Inc. INDEX 1. Interest Rate Outlook Based on 3-Month TONA Futures Prices 2. Market Insights Based on Current Trading Conditions 3. Summary Appendix ©2024 Japan Exchange Group, Inc. 3 1. Interest Rate Outlook Based on 3-Month TONA Futures Prices ©2024 Japan Exchange Group, Inc. 4 ⚫In the U.S., the probability of a policy rate hike or cut implied in the price of U.S. interest rate futures (Fed Funds Rate futures) is often referred to when conjecturing policy changes by the Fed. ⚫This document presents a trial calculation of this probability using OSE’s 3-Month TONA Futures prices and includes an examination of market trends to offer insights ...
2025 Japan Exchange Group, Inc., and/or its affiliates Discussion Purpose Only Updates on OSE 3-Month TONA Futures Derivatives Business Development Osaka Exchange Inc. March 2025 2 ©2025 Japan Exchange Group, Inc., and/or its affiliates Discussion Purpose Only An Overview of the JPX Interest Rate (IR) Derivatives 2 Listed IR Derivatives ◼10-year JGB Futures–Launched on October 19, 1985 ◼20-year JGB Futures–Launched on July 8, 1988 ◼Options on 10-year JGB Futures–Launched on May 11, 1990 ◼5-year JGB Futures–Launched on February 16, 1996 ◼Mini 10-year JGB Futures–Launched on March 23, 2009 ◼3-Month TONA Futures–Launched on May 29, 2023 Interest Rate Swap (Fix vs Float) cleared at the JSCC ◼TONA (OIS) ◼Euroyen TIBOR (ZTIBOR) ◼JPY TIBOR (DTIBOR) JGB OTC transaction cleared at the JSCC ◼JGB trading ◼JGB repo 2 3 month 5 year 10 year 20 year 3-Month ...
1 OSE 3-Month TONA Futures and BOJ Monetary Policy Alexis Stenfors* 8 April 2024 Abstract On 19 March 2024, the Bank of Japan finally abandoned its policy framework of yield curve control and negative interest rates. However, international financial markets have evolved dramatically since the last rate hike in 2007. Most notably, derivative instruments indexed to LIBOR have been phased out, and Euroyen TIBOR is scheduled to disappear by the end of 2024. In light of these developments, this paper provides an overview of the Japanese alternative risk-free rate, TONA, and the OSE 3-month TONA futures, which was launched by Osaka Exchange (part of JPX) on 29 May 2023. Through the lens of three hypothetical case studies, the paper provides an insight into how the Japanese“product menu”has changed and what it means for traders, investors, and other market observers taking a view on the next ...
1 Introduction to Japanese Government Bond (JGB) Futures1 Takahiro Hattori, Graduate School of Public Policy, the University of Tokyo; and Japan Exchange Group, Inc. 1. Introduction ............................................................................................................................ 2 2. What are JGB Futures? ........................................................................................................ 2 2.1 A futures contract is one of the types of agreement to buy or sell a particular asset at a specified time in the future ...................................................................... 2 2.2 A major role of JGB Futures: providing a risk management tool ....................... 3 2.3 Difference from Forward contracts: JGB Futures are traded at the exchange .. 4 2.4 Characteristics of trading through exchanges and OTC markets ....................... 6 3. The product specifications of JGB Futures ......................................................................... 6 4. Physical delivery and a Conversion factor ......................................................................... 10 4.1 Physical delivery or cash settlement: physical delivery for JGB futures ........... 10 4.2 Conversion Factor (CF) ......................................................................................... 11 4.3 Closing out positions and calendar spread trading between contract months .. 12 BOX 1: Derivation ...