News File

TFX to launch the New Stock Index Futures

(4 December 2008)


I.Contents 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’s accumulated know-how through the establishment of “Exchange FX Margin Contracts (Click 365)”, the launch of the new product aims 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.


Underlying Asset
『The Nikkei Stock Average』

Features

"Trade the same price of the Nikkei Stock Average:first 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 “Nikkei 225 futures”.



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 “Exchange FX Margin Contracts (Click 365)” 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.Launching Time

By March 2010

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



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/


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