NYSE Liffe, in partnership with the Tokyo Stock Exchange (TSE), launched Futures on the TOPIX Index in 2010.
The TOPIX Index is the most broadly based Japanese index, covering all companies within the First Section of the TSE (around 1,600 stocks). This broad and authoritative base makes TOPIX Futures on NYSE Liffe the ideal way to gain exposure to the Japanese market, and perfect for portfolio hedging, directional or arbitrage trading.
NYSE Liffe TOPIX Index Futures positions are cleared by NYSE Liffe Clearing, and all open positions at the close of business are then transferred to the TSE. Positions transferred to the TSE are fungible with TOPIX Futures positions created on the TSE, creating a single pool of open interest in the Japan Securities Clearing Corporation (JSCC), the largest central clearing house in Japan, and a further key efficiency for customers.
Positions are transferred from NYSE Liffe Clearing members to TSE members under a link clearing agreement
All open positions are transferred at NYSE Liffe's daily settlement price
Ahead of normal Japanese business days, initial margin is not required for NYSE Liffe contracts
Variation margin is paid/received as normal at NYSE Liffe Clearing based on NYSE Liffe's daily settlement price
For more information about TOPIX Index Futures on TSE, click here