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2022 Osaka Exchange, Inc. TONA Conventions (Calculation Methodology) 0 ◼The calculation formula for compounded TONA (R) used for determining the final settlement price for 3 Month TONA Futures is as follows. The annualized interest rate (expressed as a percentage) calculated by multiplying the interest rate calculated by daily cumulative compounding of TONA (confirmed) for each business day (for each non-business day, TONA for the preceding business day will apply without compounding) during the Interest Rate Reference Period by (365 / actual number of days in the Interest Rate Reference Period), rounded to four decimal places ෑ =1 1+× 365 −1× 365 ：ℎ ： ：ith a：Total number of calendar days in Interest Rate Reference Period Rounded to four decimal places ：ℎℎapplies Ref: R= R Annex 2 Note: If the first day of the Interest Rate Reference Period is a holiday, the calculation formula is as follows: 1+ 0× 0 365 ෑ =...
1 Outline of Specifications for 3-Month TONA Futures O c t o b e r 5 , 2 0 2 2 O s a k a E x c h a n g e , I n c . Item Overview Additional information I. Purpose ・In light of the growing need for JPY interest rate benchmarks (term risk free rate) against the background of the permanent suspension of the publication of JPY LIBOR at the end of December 2021, OSE will list cash-settled futures contracts linked to a daily cumulative compounded Tokyo Over-Night 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 benchmark and pursue the development of a market that maximizes its price-discovery functionality. ・TONA ...
2022 Osaka Exchange, Inc. Indication of Contract Months 1 Annex 1 ◼The month in which the start date of the Interest Rate Reference Period falls is used to indicate the contract month. ◼As an example, the trading schedule for the December 2021 contract is as follows: ✓Trading Period: March 15, 2017 (Wed.) through March 15, 2022 (Tue.). ✓Interest Rate Reference Period: December 15, 2021 (Wed.) through March 15, 2022 (Tue.). ✓The date on which the final settlement price is determined is March 16, 2022 (Wed.). ✓The final settlement date is March 17, 2022 (Thu.). March 15, 2017 (Wed.) December 15,2021 (Wed.) March 15,2022 （Tue.） March 16,2022 （Wed.） March 17,2022 （Thu.） Start of trading Start of Reference Period End of Reference Period & last trading day Publication of TONA (confirmed) for last day of the Reference Period & determination of final settlement price Final settlement Trading Period: 5 years...
(Reference Translation) 1 Summary of Comments on "Introduction of 3-Month TONA Futures" and OSE's Responses November 30, 2022 Osaka Exchange, Inc. Osaka Exchange, Inc. (OSE) released an outline of the introduction of 3-Month TONA Futures on October 5, 2022, and sought broad public comments until November 4, 2022. We appreciate the cooperation of those who have submitted comments in reviewing this matter. A summary of the received comments and OSE’s responses are as follows. Submitters Summary of Comments OSE’s Responses Japanese Bankers Association ・With regard to cash-settled short-term interest rate futures ("3-Month TONA Futures") linked to a daily cumulative compounded Tokyo Over-Night Average rate (TONA; published by the Bank of Japan) over a 3-month period, it is expected to receive interest from a wide range of market participants, because (1) further expansion of TONA, which is positioned as one ...
1 Revision to the Contract Unit of Silver Futures and Palladium Futures O c t o b e r 2 6 , 2 0 2 2 Osaka Exchange , Inc . I. Purpose Osaka Exchange, Inc. will expand the contract unit of Silver Futures and Palladium Futures contracts to match the delivery unit, with the aim of eliminating the risk associated with position adjustments, improving the convenience of settlement by delivery, and revitalizing trading. Ⅱ. Outline Item Description Notes 1. Change in the contract unit 2. Calendar spread combinations during the transition period ・One contract unit of Silver Futures contracts will be 30 kilograms. ・One contract unit of Palladium Futures contracts will be 3 kilograms. ・Calendar spread combinations between contract months with different contract units will not be eligible for strategy trading during the transition period as described in III below. ・The combinations of calendar spreads and numbers of series during the transition period ...
Disclaimer: This English translation is for reference purposes 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. Revisions to the Tick Size for the Strategy Trading of 3-Month TONA Futures March 22, 2024 Osaka Exchange, Inc. I. Purpose Taking current liquidity and market user feedback into account, Osaka Exchange, Inc. (OSE) will make the following revisions to the strategy trading of 3-Month TONA Futures to stimulate trading by making it more convenient. II. Outline Items Contents Remarks 1. Revision to the Tick Size for Strategy Trading ・The tick size for strategy trading will be 0.0025 points. ・Currently, the tick size for outright trading is 0.0025 points and that for strategy trading is 0.0001 points. As a result of this revision, the ...
1 Partial Revision of Margin Rules for Securities Options between Trading Participants and Customers M a r c h 2 2 , 2 0 2 4 Os a ka E x c hange, I nc I. Purpose Osaka Exchange, Inc. (OSE) will partially revise the margin rules for securities options between trading participants and customers in order to improve convenience for investors. As a result of this revision, in cases where a customer trades securities options only in a form that poses no default risk at final settlement, and when a trading participant and said customer have concluded an agreement that the trading participant will use its own funds to cover the difference between the amount of required margin and the amount that said customer has deposited, said customer will be allowed to continue trading without depositing said difference with the trading participant. II. Outline Item Description Remarks ・Partial Revision of ...
- 1 - This English translation is solely for reference purposes 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. Revisions to the Method of Setting the Contract Months for Index Futures and Options May 10, 2024 Osaka Exchange, Inc. I. Purpose Osaka Exchange, Inc. (OSE) will revise the method of setting the contract months of TOPIX Futures and Nikkei 225 mini Options in order to stimulate the trading of index futures and options and make it more convenient. II. Outline Item Details Remarks 1. Revisions to the Method of Setting the Contract Months of TOPIX Futures ・TOPIX Futures (Large Contracts) will be expanded to a 13 contract month system consisting of contracts with a trading period of up to five years. ➢June and December contracts: The ...
1 Introduction of Market Maker Scheme for the Carbon Credit Market April 26, 2024 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange, Inc. (TSE) will introduce a market maker scheme (hereinafter referred to as the "Scheme") for the Carbon Credit Market (hereinafter referred to as the "Market") based on the results of Trial Market Maker Scheme of the Market which was implemented in response to the“Carbon Credit Market Trading Stimulation Project,”conducted by the Ministry of Economy, Trade and Industry (METI) in FY 2023. In order to improve the liquidity of carbon credits through the provision of quotes by market makers, TSE will specify the necessary matters regarding the Scheme. II. Outline Item Details Remarks 1. Definitions (1) Market Making - "Market making," as specified by TSE, means the continuous quoting of bids and offers by a market maker. - TSE will implement the Scheme with the following points in ...
1 Results of Public Comments Received on " Introduction of Market Maker Scheme for the Carbon Credit Market" May 15, 2024 Tokyo Stock Exchange, Inc. Tokyo Stock Exchange, Inc. (TSE) announced the introduction of Market Maker Scheme for the Carbon Credit Market on April 26, 2024 and sought public comments until May 10, 2024. We appreciate the cooperation of those who have submitted a valuable comment in reviewing this matter. The following is a summary of a comment and TSE’s response to the comment: No. Comment TSE’s response 1・The eligible trading categories designated in the Market Maker Scheme are Energy saving and Renewable energy (electricity) of J- Credit. However, it is recommended to create a separate category for Agriculture. ・This is due to concerns that the current category may discourage market participants from trading, especially as the generation volume of agricultural credit in the J-Credit Scheme increases ...