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.

Product Last Change Chart Globex Vol

TOPIX® is a market benchmark with functionality as an investable index, covering an extensive proportion of the Japanese stock market. TOPIX is a free-float adjusted market capitalization-weighted index. TOPIX shows the measure of current market capitalization assuming that market capitalization as of the base date (January 4, 1968) is 100 points. This is a measure of the overall trend in the stock market, and is used as a benchmark for investment in Japan stocks.

Now live: the first USD-denominated TOPIX futures

To provide a new way for global market participants to access the Japanese equity market, CME Group will be introducing TOPIX/USD futures, complementing the existing TOPIX/Yen futures. Mitigate FX risk and explore new spreading opportunities between the Yen- and USD-denominated contracts.

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View TOPIX futures fact card

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

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/Yen futures (TPY) vs

    Ratio (TOPIX:Other)

    Margin Credit

    TOPIX/USD futures

    3:2

    90%

    Nikkei 225 USD futures

    2:1

    70%

    Nikkei 225 Yen futures

    3:2

    70%

    E-mini Dow ($5) futures

    5:2

    65%

    E-mini S&P 500 futures

    3:4

    65%

    E-mini NASDAQ-100 futures

    10:3

    55%

    E-mini Russell 2000 futures

    4:3

    30%

    *Margin offsets are indicative as of Nov 29, 2022 and subject to change.

    Contract Specifications

     

    TOPIX/YEN Futures

    TOPIX/USD Futures

    Ticker Symbols

    Outright: TPY

    BTIC: TPB

    Outright: TPD

    BTIC: TPT

    Contract Size

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

    $ 50 x TOPIX (Tokyo Stock Price Index)

    Underlying Index

    TPX Index

    TPX Index

    Minimum Price Fluctuation (Tick Size)

    Outrights and Calendar spreads: 0.50 index points (JPY 2,500)

    BTIC: 0.025 index points

    Outrights and Calendar spreads: 0.50 index points (USD 25)

    BTIC: 0.025 index points

    Trading Hours

    CME Globex

    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)

    Termination of Trading

    4:00 p.m. CT on the last trade date of the contract month

    Last Trade Day

    The business day preceding the second Friday of each contract month (when the second Friday is a non-business day, it shall be the preceding business day).

    Settlement Method

    Cash-settled

    Final Settlement

    TOPIX SQ (Special Quotation) based on the opening prices on the TSE of each component stock in the TOPIX on the business day following the last trading day.

    Price Limits

    Daily price limits calculated based upon the previous day’s Reference Price (TOPIX VWAP on Osaka Exchange +/- 8% /12% /16% offset levels)

    Daily price limits calculated based upon the previous day’s Reference Price (TOPIX VWAP on Osaka Exchange +/- 8% /12% /16% offset levels)

    TOPIX® is a trademark of JPX Market Innovation & Research, Inc. Chicago Mercantile Exchange Inc. has been licensed by JPX Market Innovation & Research, Inc. to use TOPIX®. JPX Market Innovation & Research, Inc. shall not be responsible for any damage resulting from the sale of the Licensed Product.

    Vendor Codes

    CME Group Product Name  Globex Clearport Bloomberg DTN, Inc CQG, FIDESSA, TRADING TECHNOLOGIES Refinitiv
    USD Denominated TOPIX Index Futures TPD TPD TPDA <Index> @TPD   TPD  DPT
    BTIC on USD Denominated TOPIX Index Futures TPT TPT TPLA <Index> @TPT  TPT  PTT
    Yen Denominated TOPIX Index Futures  TPY TPY TPYA <Index> @TPY TPY 0#TPY
    BTIC on Yen Denominated TOPIX Index Futures TPB TPB TPTA <Index> @TPB TPB 0#TPB

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