Tokyo Stock Exchange, Inc. (TSE) will to launch the following new derivative products in May 2008. The TSE is constantly striving to broaden its product lineup to enhance the convenience and vitality of its derivative market (Tdex), while assessing various market needs such as an expanding base of individual and other derivative investors and heightened expectations for alternative investments.
1. New Index Futures
| Target Index | mini-TOPIX Futures | TSE REIT Index Futures | TOPIX Core30 Index Futures | (ref.) TOPIX Futures |
|
|---|---|---|---|---|---|
| Number of Contract Months | 3 contract months (quarterly month cycle) | 5 contract months (quarterly month cycle) | |||
| Multiplier | Index x 1,000JPY | TOPIX x 10,000JPY | |||
| Tick Size | 0.25 pts. | 0.5 pts. | 0.5 pts. | 0.5 pts. | |
| Last Trading Day | Second Friday of the contract month | Second Friday of the contract month | |||
| Final Settlement | SQ Settlement | SQ Settlement | |||
| Inter-month spread trading | Available | Available | Available | Available | |
| Tick Size | 0.05 pts. | 0.1 pts. | 0.1 pts. | 0.5 pts. | |
| Off-Auction Trading | Available | Available | Available | Available | |
| Tick Size | 0.05 pts. | 0.1 pts. | 0.1 pts. | 0.1 pts. | |
2. New Individual Options
In addition, the TSE will also expand the range of underlying securities for options by enabling REIT options and ETF options to be launched in the near future. Selection of the specific underlying securities is scheduled for May, 2008 after amendment of the relevant regulations.
After asking for public comment on the plan from Nov. 27 to Dec. 27, the TSE will determine the specific details of the framework.
