News File

TFX to launch compounded TONA based products

(26 July, 2022)

Following our announcement last month with regards to Japanese Interest Rate Benchmark Reform, Tokyo Financial Exchange Inc. (TFX) will launch “Three-month TONA futures” and “Three-month TONA futures option contracts”. In sync with this new release, TFX will delist “Over-Night Call Rate futures (One-month)” that is currently suspended.

The underlying asset of these new products will be “compounded TONA” for a three-month period using daily Uncollateralized Overnight Call Rate (abbr. TONA) that is expressed as “average” and published by the Bank of Japan (BOJ).

Subject to the approval by the regulatory authority for the corresponding amendments of the exchange‘s rules and regulations, TFX will launch the new products in the 4Q of FY 2022 (January 2023 – March 2023).

As a crucial FMI of Japan, TFX will endeavor to keep providing products covering wide range of asset class such as long and short term Yen interest rates, foreign currency interest rates, and currency related assets to meet the demands from broad-based market participants.

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