CME Group has revealed the expansion of its Tokyo Stock Price Index (TOPIX) futures offerings US dollar-denominated TOPIX futures, planned to launch on 21 November.
According to the official announcement, the new contract, designed to complement the existing Yen-denominated TOPIX futures contract launched in February 2018, will be cash-settled.
Tim McCourt, Global Head of Equity and FX Products, CME Group, said:
The addition of U.S. dollar-denominated TOPIX futures represents a natural extension of our Japanese index offerings as we aim to become the primary international venue for trading Japanese equity benchmark products. We are pleased to extend our partnership with JPX in launching this new product to provide our customers greater access to Japan’s key benchmark, as well as carry that index exposure without FX risk, and have the opportunity to spread against other equity indices.
Miyahara Koichiro, President & CEO of JPX Market Innovation & Research, Inc., said:
With the launch of U.S. dollar-denominated TOPIX futures from CME Group, the world’s leading derivatives market, in addition to the Yen-denominated product, investors of TOPIX futures around the world will be able to enjoy higher liquidity and more efficient price formation. This new product is just the latest example of how TOPIX is the benchmark for investing in Japanese stocks.
Earlier in October, CME Group announced the appointments of new Global Equity Index and Crypto heads.
