JPX TOPIX Futures
Broad Japanese Equity Exposure — Across Two Contract Sizes.
The Tokyo Stock Price Index (TOPIX) is one of Japan's two primary stock market benchmarks, tracking all domestic common stocks listed on the Tokyo Stock Exchange Prime Market on a float-adjusted market capitalisation-weighted basis. As a comprehensive measure of the Japanese equity market, TOPIX is widely referenced by institutional investors and fund managers as a key indicator of Japan's overall economic performance.
Osaka Exchange (JPX) offers two TOPIX futures contracts designed to serve a broad range of market participants — from institutional traders seeking large-scale index exposure to those looking for a more capital-efficient alternative with a smaller contract size.
Key Benefits
- Two Contract Sizes for Greater Flexibility
- Choose between the Large Contracts (TOPIX × ¥10,000) for institutional-scale trading or the mini-TOPIX Futures (TOPIX × ¥1,000) for more accessible, capital-efficient exposure
- Choose between the Large Contracts (TOPIX × ¥10,000) for institutional-scale trading or the mini-TOPIX Futures (TOPIX × ¥1,000) for more accessible, capital-efficient exposure
- Extended Trading Hours
- Day Session (8:45–15:45) and Night Session (17:00–6:00 Japan Standard Time) provide broad coverage across Asian, European, and US market hours
- Day Session (8:45–15:45) and Night Session (17:00–6:00 Japan Standard Time) provide broad coverage across Asian, European, and US market hours
- Transparent Price Discovery
- Exchange-listed on the Osaka Exchange with a central limit order book, supporting transparent and efficient price formation
- Exchange-listed on the Osaka Exchange with a central limit order book, supporting transparent and efficient price formation
- Robust Risk Management
- VaR-based margin calculation through JSCC for capital-efficient risk management
- Circuit breaker system helps manage extreme market volatility
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JPX TOPIX Futures (Large Contracts) are the standard benchmark futures contract on the Tokyo Stock Price Index (TOPIX), with a contract unit of TOPIX × ¥10,000 and a tick size of 0.5 index points (¥5,000 per contract). Listed on the Osaka Exchange since September 3, 1988, these contracts provide institutional-scale exposure to the broad Japanese equity market. With up to 10 listed contract months depending on the quarterly cycle, as well as infrastructure including J-NET trading, flexible futures trading, and holiday trading, TOPIX Futures (Large Contracts) serve as a primary tool for managing and hedging broad Japanese equity exposure.
Source: JPX
This advertisement has not been reviewed by the Monetary Authority of Singapore.
JPX mini-TOPIX Futures are small-sized stock index futures contracts based on TOPIX, with a contract unit of TOPIX × ¥1,000 — one-tenth the size of TOPIX Futures (Large Contracts). Listed on the Osaka Exchange since June 16, 2008, the mini contract was introduced to provide a more accessible and capital-efficient way to participate in the TOPIX futures market. The contracts are listed in the March quarterly cycle, with a tick size of 0.25 index points, equivalent to ¥250 per contract. Designed for greater precision and flexibility, mini-TOPIX Futures are widely used by investors seeking more granular exposure to the Japanese equity market.
Source: JPX
This advertisement has not been reviewed by the Monetary Authority of Singapore.
