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.
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.
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.
|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.
¥ 5,000 x TOPIX (Tokyo Stock Price Index)
0.50 index points (JPY 2,500) for outrights and calendar spreads
0.10 index points (JPY 500) for BTIC
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)
Five quarterly months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
CME Direct, CQG, Fidessa, FIS/SunGard, ION, TT
Outright: TPYA Index
BTIC: TPTA Index
Bloomberg (Front Month)
Thomson Reuters (Front Month)
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.