TOPIX Futures

Access more of Japan’s top stocks in a single trade

TOPIX futures offer global investors an additional product to capture benchmark Japanese equity exposure. TOPIX futures enhance CME’s suite of broad-based equity index futures and offer market participants additional opportunities for spread trading and fine-tuning their exposure.

TOPIX Futures

Product	Last	Change	Chart	Globex Vol

The Tokyo Stock Price Index (TOPIX) is a free-float adjusted market capitalization-weighted index that is calculated based on all domestic common stocks listed on the Tokyo Stock Exchange (TSE) First Section. TOPIX reflects the measure of current market capitalization and is used as a benchmark for investment in Japanese stocks.

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Benefits

Access to the broader Japanese stock market in a single trade
Around-the-clock electronic trading
Execution flexibility with Basis Trade at Index Close (BTIC) capability on CME Globex
Counterparty risk mitigation through CME Clearing
Capital efficiency through margin offsets against other equity index futures

Resources

Learn About TOPIX Futures

Basis Trade at Index Close (BTIC)

Basis Trade at Index Close (BTIC) enables market participants to execute a basis trade relative to the official close for the underlying index for more efficient cash management.

How it Works

BTIC transactions provide the bridge between the cash index close and the futures market.
At any point during the trading session, a buyer and seller agree to a “basis,” which represents the spread between the futures and the cash index.
Once the closing cash index level is determined, the futures trade occurs at the closing index level plus the agreed upon basis.
BTIC allows investors to trade futures prices that are directly derived from the official cash index close without slippage risk.

Product Applications

Benchmark trading against the close
Index rebalancing and reinvestment (adds/deletes)
Option expiration delta trading
Balance sheet management
Hedging of OTC swaps and options
Cash equitization

Learn more about BTIC

Indicative Margin Offsets

TOPIX futures (TPY) vs	Ratio (TOPIX:Other)	Margin Credit
Nikkei 225 USD futures	1:1	70%
Nikkei 225 Yen futures	1:1	70%
E-mini Dow ($5) futures	3:2	65%
E-mini S&P 500 futures	3:2	65%
E-mini NASDAQ-100 futures	3:2	55%
E-mini Russell 2000 futures	1:1	45%
E-mini S&P MidCap 400 futures	2:1	60%

Margin offsets are indicative as of January 12, 2018 and subject to change.

Contract Specifications

Contract Size

¥ 5,000 x TOPIX (Tokyo Stock Price Index)

Underlying Index

TPX Index

Minimum Price Fluctuation (Tick Size)

0.50 index points (JPY 2,500) for outrights and calendar spreads

0.10 index points (JPY 500) for BTIC

CME Globex Trading Hours

Outrights: Sunday – Friday 5:00 p.m. – 4:00 p.m. Chicago Time/CT.
BTIC: Sunday – Friday 5:00 p.m. – 12:00 a.m. / 1:00 a.m. CT (3:00 p.m. Tokyo Time)

Contract Months

Five quarterly months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)

View full contract specifications

Ticker Symbols

Trading Code

Outright: TPY

BTIC: TPB

Platform

CME Direct, CQG, Fidessa, FIS/SunGard, ION, TT

Trading Code

Outright: TPYA Index

BTIC: TPTA Index

Platform

Bloomberg (Front Month)

Trading Code

Outright: TPYc1

BTIC: TPBc1

Platform

Thomson Reuters (Front Month)

Trading Code

Outright: @TPY

BTIC: @TPB

Platform

DTN (ProphetX)

TOPIX^® is a trademark of Tokyo Stock Exchange, Inc. Chicago Mercantile Exchange Inc. has been licensed by Tokyo Stock Exchange, Inc. to use TOPIX^®. Tokyo Stock Exchange, Inc. shall not be responsible for any damage resulting from the sale of the Licensed Product.

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