SGX Nikkei 225 Index Futures and Options

Trade Japan’s Benchmark Equity Index with Precision and Liquidity

Access Japan’s most widely followed equity index through SGX Nikkei 225 Futures and Options. Backed by the globally recognised Nikkei 225 Index, these contracts offer international investors deep liquidity, extended trading hours, and flexible risk management across global time zones.

SGX Nikkei Derivatives

In 1986, SGX pioneered the world's first futures contract based on the Japanese stock market — the SGX Nikkei 225 Index Futures. The SGX Nikkei 225 Index Futures internationalised the Japan equity futures market and is actively traded by participants all over the globe. Leveraging on the success of the SGX Nikkei 225 Index Futures, SGX has launched complementary products, including options on the Nikkei 225 Index as well as Asia’s first dividend index futures. SGX has introduced Trade‑At‑Index‑Close for the SGX Nikkei 225 Index Futures (Yen) to allow trading during the day at a basis to the official cash close.

Key Features

SGX Nikkei 225 Futures

• Launched in 1986, the SGX Yen Nikkei 225 Index Futures made history as the first equity index futures contract in Asia, and as the world's first futures contract based on the Japanese stock market. Today, the SGX Yen Nikkei 225 Index Futures remains the dominant offshore Nikkei market during Asia trading hours.
• The SGX Yen Nikkei 225 Index Futures has a liquid calendar spread market with 0.5 basis points (1 index point) for enhanced efficiency, while the outright contracts are traded at an appropriately sized tick of 2.5 basis points (5 index points) for precision and price efficiency.
• SGX offers extended trading hours until 5.15am Singapore time, covering the London close.
• SGX Nikkei derivatives is available for trading on Japanese holidays, with the exception of New Year’s Day (1 January).
• Block trades facility is available for SGX Nikkei 225 Index Futures (Yen) with minimum 5 lots. There is flexible pricing for blocks up to 2 decimal places and no price restriction for block trades. In addition, the reporting period is wide as blocks are only required to be booked within 30 minutes after T Session close.
• First exchange to introduce Trade‑At‑Index‑Close to the SGX Nikkei 225 Index Futures (Yen).
• Approved for offer and sale in the U.S. by the CFTC.

SGX Nikkei 225 Index Options

• SGX Nikkei 225 Index Options contract maturity extends out to 8 years (6 Serial Months and 32 Quarter Months).
• Finer strikes at 125 intervals and on‑demand same‑day strike listings (automated strikes: At‑The‑Money +/‑ 32 strikes), while finer prices are available through block trades facility where prices can be specified up to 2 decimal places with a minimum of 5 lots.
• Competitive cost structure with lower fees. No transaction or capital gains tax. Flat futures fee charge regardless of premium. In‑The‑Money SGX Yen Nikkei 225 Index Options expire into the SGX Yen Nikkei 225 Index Futures, which are in turn cash settled to the Nikkei Special Quotation. SGX does not charge an expiration fee for the options, but a Final Settlement Fee is charged for the futures. This Final Settlement Fee is the equivalent of the clearing fee for one lot of SGX Yen Nikkei 225 Index Futures.
• Active market makers for constant liquidity on screen as well as to respond to requests‑for‑quote (RFQ).
• Approved for offer and sale in the U.S. by the CFTC.