Changes In The Contract Specification Of The Tokyo Stock Exchange 5-Year JGB Futures

The contract specification of 5-year JGB Futures will be changed to improve the market liquidity as follows: Notional coupon: 3%; Deliverable grade: Publicly offered interest-bearing JGBs with 4 years or more but less than 5.25 years remaining to maturity as of the issued date and the delivery date (The deliverable grade has to be issued 3 month or more prior to the delivery month). This change will be implemented from the September 2000 contract month. The first trading date of the September 2000 contract month and the December 2000 contract month will be May 8, 2000. Inter-month spread transactions of 5-year JGB Futures will be launched in August 2000, together with the scheduled introduction in 10-year JGB Futures. The TSE plans to introduce Options on 5-year JGB Futures after this summer. The launch date will be decided later.