TSE News

JGB Futures to Celebrate 25 years on NYSE Liffe

Update : Jul. 10, 2012


[Tokyo Stock Exchange, Inc.]

The Japanese Government Bond ("JGB") futures market celebrates its 25th anniversary on NYSE Liffe on July 13, 2012(*).

Since the first contracts were listed on NYSE Liffe in 1987, TSE and NYSE Liffe have worked together to develop an international JGB futures market, improving investor convenience by listing the same contracts on both markets, adopting a net settlement system where the TSE opening price is used as the settlement price for trades on NYSE Liffe in April 1991, and introducing a position transfer arrangement between the two markets in September 2011.
Today, JGB futures have become a benchmark for the JGB secondary market and are used by investors worldwide as an effective instrument for hedging and arbitrage trading.

Atsushi Saito, President and CEO of Tokyo Stock Exchange, Inc. said, "We are delighted to welcome the 25th anniversary of the JGB futures market on NYSE Liffe. This is proof that, over the years, TSE and NYSE Liffe have responded to diverse investor needs in maintaining and operating the market. I believe our constant efforts, such as the position transfer arrangement introduced last year, has enhanced the appeal of the market and will contribute to its continued development."

Finbarr Hutcheson Chief Executive of NYSE Liffe, for commercial and business development, said: "This is a significant milestone for both the Tokyo Stock Exchange and NYSE Euronext and we are proud to have been offering JGB futures to our customers for a quarter of a century. NYSE Euronext has a strong and long lasting partnership with Tokyo Stock Exchange and we look forward to working together in the future to further develop our markets.

  • (*)JGB futures contracts were first listed on the London International Financial Futures and Options Exchange, the predecessor to NYSE Liffe, on July 13, 1987 and began trading on the same day.


Tokyo Stock Exchange, Inc.
Derivatives Dept.
Tel: +81-3-3666-0141 (Switchboard)

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