TOPIX and TOPIX Sector Index Futures
Strategy Trading
Update : Nov. 21, 2011
1. Strategy Trading Available for Futures
Inter-month spread trading shall be handled as strategy trading.
Strategy trading has also been made available for futures trading with the launch of Tdex+ System. In connection with the system launch, inter-month spread trading shall be handled as a type of strategy trading.
2. Inter-month Spread Trading
What is inter-month spread trading?
Inter-month spread trading is a form of trading conducted by placing bids/offers based on the price difference (spread) of two different contract months, and selling one and buying the other at the same time.
Buying in spread trading = Sell a nearer contract month + Buy a farther contract month
Selling in spread trading = Buy a nearer contract month + Sell a farther contract month
- (*)Any combination is possible for all listed issues in inter-month spread trading.
| products | TOPIX Futures | mini-TOPIX Futures | TOPIX Core30 Futures | TSE REIT Index Futures |
|---|---|---|---|---|
| Trading hours | 9:00-11:30 11:45-15:10 16:30-23:25 | |||
| Last day of trading | The business day prior to the second Friday of the nearest contract month (the day shall be moved up if the second Friday is a holiday) | |||
| Minimum fluctuation | 0.1 points *0 and minus Bids and offers shall be set. |
0.05 points *0 and minus Bids and offers shall be set. |
0.1 points *0 and minus Bids and offers shall be set. |
0.1 points *0 and minus Bids and offers shall be set. |
| Dynamic price range | Upper limit: Upper limit of a farther contract month - Lower limit of a nearer contract month Lower limit: Lower limit of a farther contract month - Upper limit of a nearer contract month Function to Prevent Erroneous Order Placement |
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| Daily price limit | As a general rule, twice that of individual issues | |||