Press Release

(4 December 2008)

TFX to launch the New Stock Index Futures

IDContents of the product

TFX announced today the launch of a new stock index futures contract with cash settlement (CFD*) in its market which differs from current existing stock index futures contracts in Japan.

Backed by TFXfs accumulated know-how through the establishment of gExchange FX Margin Contracts (Click 365)h, the launch of the new product aim‚“ to meet the needs of a wide variety of investors, particularly retail investors.

The new product is expected to be able to contribute to the revitalization of Tokyo Financial Market, bringing a synergy effect with the existing Nikkei 225 Futures.

  1. Underlying Asset
    wThe Nikkei Stock Averagex


  2. Features
    • "Trade the same price of the Nikkei Stock AverageFfirst time ever in Japan
      - In general, there is a divergence between the price of the Nikkei Stock Average and the price of Nikkei 225 futures because carry costs and dividends are reflected in the price of existing gNikkei 225 futuresh.


    • Stock Index Futures with No Expiry
      - No need to trade for roll-over in parallel with the shift of contract months
      - No last trading day, the same as gExchange FX Margin Contracts (Click 365)h The only way to close a position is to trade the opposite side of your position.


    • Payment and Receipt of Carry Cost and Dividend Cashflow
      - The Carry Cost and Dividend Cashflow for holding a position shall be paid or received.


    –CFD stands for Contract for Difference, the position of which will be closed by cash settlement. CFD is a derivative product which allows investors to trade a stock index futures, etc. on a leveraged basis with margins.

IIDLaunching Time

By March 2010

For more information about the contract specification for the New Stock Index FuturesiCFD), please click here

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For more information, please contact:
Public Relations Office, General Administration Department
Tel: +81-3-3514-2422
Fax: +81-3-3514-2425
E-mail: info@tfx.co.jp
URL: http://www.tfx.co.jp/en/