Equity Index Daily Futures contracts (Click kabu365)

"Click 365"has grown steadily at TFX since its listing, and "Click Kabu 365"was successively listed in November 2010. This new listing of the equity index signaled another investment choice for investors trading foreign exchange contracts using Click 365. With the new listing, the TFX aims to further improve user convenience. Unlike existing equity index futures, there are no contract periods for Click Kabu 365, and it allows investors to trade overseas equity indices in contract prices denominated in yen, and Nikkei 225 Daily Futures contract can be traded nearly any time, 24 hours a day.

For further details, please click here.

Equity Index Daily Futures (Click Kabu 365)

Contract Specifications

Date of Listing November 22, 2010
Type of Trade Cash-settled Futures transaction (Rolling Spot Futures)
Underlying Assets Equity Index
  • Nikkei 225
  • DAX®
  • FTSE 100
  • Dow Jones Industrial Average (DJIA)
Trading Method

Market-Making Method

For further information about Market-Making Method,
please refer to https://www.clickkabu365.jp/en/start/start03.html
Daily Settlement Price An Equity Index Settlement Price is obtained by reference to the contract price of the relevant Equity Index Daily Futures contract that has been executed by Market-Making Method during a specific period of time before the close of the Market Trading Period for the relevant trading day as may be determined by the Exchange.
Contract Term Daily Futures (Rolling Spot Futures)
Rollover

Positions not settled at the close of the Market Trading Period of each trading day are discharged, and concurrently therewith, positions under the same terms and conditions as those of the discharged positions, except for their contract day being the trading day immediately following that trading day, newly arise between the Exchange and the Clearing Member who has held the discharged position.

Trading Hours (1)Nikkei 225 Daily Futures contract and DJIA Daily Futures contract (All are written in JST)
  Open *1 Close

Standard time

in New York
8:30AM The next day 6:00AM

Summer time

in New York *2
The next day 5:00AM
(2)DAX® Daily Futures contract (All are written in JST)
  Open *1 Close

Standard time
in New York
and Standard time

in Europe
4:00PM The next day 6:00AM

Summer time
in New York *2
and Standard time

in Europe
The next day 5:00AM

Summer time
in New York *2
and Summer time

in Europe *3
3:00PM
(3)FTSE100 Daily Futures contract (All are written in JST)
  Open *1 Close

Standard time
in New York
and Standard time

in Europe
5:00PM The next day 6:00AM

Summer time
in New York *2
and Standard time

in Europe
The next day 5:00AM

Summer time
in New York *2
and Summer time

in Europe *3
4:00PM
  • *1There will be a 10 minute Pre-Open period prior to the commencement of each session, except a 30 minute Pre-Open period for Nikkei 225 Daily Futures contract on the first trading day of every week and DJIA Daily Futures contract on every Monday. (During Pre-Open, order submission is permitted yet no trades take place.)
  • *2 Summer Time in NY, U.S.A. refers to the period of time from the second Sunday in March to the First Sunday in November.
  • *3 Summer Time in Europe refers to the period of time from the last Sunday in March to the last Sunday in October.

  • * Trading hours could be changed temporarily. When Summer time is applied, it shall be announced on our website in advance. Trading hours could be changed due to public holidays in overseas.

Contract Unit

Index point x 100 JPY
Tick Size 1 index point
Margin

Except for Market Makers, margins are calculated based on Historical Volatility method.

For Market Makers, margins are calculated based on Historical Volatility method with the limit of maximum leverage ratio of 10 times.
Position Limit In general, position limits are not applicable; however, the Exchange may limit the volume of a Trading Member’s position whenever the Exchange deems it necessary to do so in order to maintain the regularity of the Exchange Market and protect the public or customers interests.
Non-trading day

  • Nikkei 225 Daily Futures contract Saturday, Sunday, New Year's Day and January 2nd when New Year's Day falls on Sunday.

    DAX® Daily Futures contract
    FTSE 100 Daily Futures contract
    Saturday, Sunday, and holidays of the exchanges where stocks comprising the indices of each contract are listed.
    DJIA Daily Futures contract Saturday, Sunday, and holidays of U.S. exchange where future contracts based on DJIA are listed.

Ticker Symbol

Reuters Contract Detail : TFXNKY, TFXDAX, TFXFTS, TFXDJI

Bloomberg : TFXJ
  •  Nikkei Stock Average(Nikkei225):
    The Nikkei Stock Average is a copyrighted index calculated by a method independently developed by Nikkei Inc. Nikkei Inc holds the copyright, the intellectual property rights, and all other rights associated with the Nikkei Stock Average itself and the method of calculating Nikkei Stock Average. Business of Equity Index Daily Futures contract, the underlying assets of which are the Nikkei Stock Average ("Nikkei 225 Daily Futures contract"), and the enforcement of trading regulations for such contracts shall be managed under the responsibilities of Tokyo Financial Exchange Inc. ("TFX") and its Trading Members, and Nikkei Inc shall not assume any obligations or responsibilities thereof. In operating Nikkei 225 Daily Futures contract, TFX is responsible for calculating and publishing the ex-dividend prices of stocks used in the Nikkei Stock Average, which are required for Nikkei 225 Daily Futures contract. Nikkei Inc has the right to change component stocks in the Nikkei Stock Average, the method of calculation, and other details of the Nikkei Stock Average, and to discontinue the publication of the Nikkei Stock Average. Nikkei Inc shall not be obligated to continuously publish the Nikkei Stock Average, and shall not be liable for any errors, delay or discontinuation of publication.
  • The Dow Jones Industrial Average:
    The "The Dow Jones Industrial Average" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and Dow Jones Trademark Holdings, LLC, and has been licensed for use by TFX. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). [Third Party Licensor's Trademark] is a trademark of Dow Jones Trademark Holdings, LLC. The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by TFX. DJIA Daily Futures contract is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices") or Dow Jones Trademark Holdings, LLC. Neither S&P Dow Jones Indices nor Dow Jones Trademark Holdings, LLC make any representation or warranty, express or implied, to the owners of the DJIA Daily Futures contract or any member of the public regarding the advisability of investing in securities generally or in DJIA Daily Futures contract particularly or the ability of the Dow Jones Industrial Average to track general market performance. S&P Dow Jones Indices [and Dow Jones Trademark Holdings, LLC] only relationship to TFX with respect to the Dow Jones Industrial Average is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Dow Jones Industrial Average is determined, composed and calculated by S&P Dow Jones Indices or Dow Jones Trademark Holdings, LLC without regard to TFX or the DJIA Daily Futures contract. S&P Dow Jones Indices and Dow Jones Trademark Holdings, LLC have no obligation to take the needs of TFX or the owners of DJIA Daily Futures contract into consideration in determining, composing or calculating the Dow Jones Industrial Average. Neither S&P Dow Jones Indices nor Dow Jones Trademark Holdings, LLC are responsible for and have not participated in the determination of the prices, and amount of DJIA Daily Futures contract or the timing of the issuance or sale of DJIA Daily Futures contract or in the determination or calculation of the equation by which DJIA Daily Futures contract is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices and Dow Jones Trademark Holdings, LLC have no obligation or liability in connection with the administration, marketing or trading of DJIA Daily Futures contract. There is no assurance that investment products based on the Dow Jones Industrial Average will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor.
    Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
  • DAX:
    DAX® is a registered trademark of Deutsche Borse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Borse AG (the "Licensor"). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the Index and ⁄ or the Index Trademark nor regarding the Index value at a certain point in time or on a certain date nor in any other respect. The Index is calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law the Licensor will not be liable vis-a-vis third parties for errors in the Index. Moreover, there is no obligation for the Licensor vis-a-vis third parties, including investors, to point out potential in the Index Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness on an investment in this product.In its capacity as sole owner of all rights to the Index and the Index Trademark the Licensor has solely licensed to the issuer of the financial instrument the utilization of the Index and the Index Trademark as well as any reference to the Index and the Index Trademark in connection with the financial instrument."
  • The FTSE100 Index:
    "FTSE®"is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited ("FTSE") under licence. The FTSE100 Index is calculated by FTSE. FTSE does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its issue, operation and trading. All copyright and database rights in the index values and constituent list vest in FTSE. Tokyo Financial Exchange Inc. has obtained full licence from FTSE to use such copyrights and database rights in the creation of this product.

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