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In response to various needs for stock price indices, Tokyo Stock Exchange, Inc. (TSE) will begin calculating and publishing (i) the “TOPIX Leveraged Index,” which moves at twice the fluctuation of the TOPIX index, (ii) the “TOPIX Inverse Index,” which moves in the opposite direction of fluctuations in the TOPIX index, and (iii) the “TOPIX Double Inverse Index,” which moves at twice the fluctuation in the opposite direction of the TOPIX index.
1. Outline
| Index name | TOPIX Leveraged (2x) Index TOPIX Inverse (-1x) Index TOPIX Double Inverse (-2x) Index |
| Calculation Method | Daily return is calculated by applying a leverage factor (2, -1 or -2) to the TOPIX index return from the previous day. (Please see the index calculation methodology for details) Calculation Method |
| Projected Launch Date | January 4, 2012 |
| Base Date/Base Value | December 30, 2011 10,000 points |
| Total Return Index | Not available |
| Calculation Interval | For the time being after the launch, TSE will calculate index values based on closing stock prices once a day and publish them on the TSE website. Index Values In late January of 2012 (tentative), index values will begin being disseminated to securities companies, information vendors, etc. on a real time basis (every 15 seconds) through the Market Information System (MAINS) |
2. Index Usage
A license is required to use these indices for the purposes of composing various financial products. TSE will announce details regarding the license application procedure, etc. at a later date. Please refer to the following page, “TOPIX License” for details:
