CME Group is launching the following USD-denominated TOPIX Index futures contracts on November 21, 2022, pending regulatory review.

• USD-denominated TOPIX Index futures
• BTIC on USD-denominated TOPIX Index futures

CME Group will be the only derivatives exchange outside of Japan to offer futures contracts in both JPY and USD based on the two main Japanese benchmark indices – Nikkei 225 and TOPIX. CME Group is also the only exchange to offer BTIC functionality on TOPIX futures.

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Yes. Basis Trade at Index Close (BTIC) on TOPIX/USD futures will be available for trading on CME Globex starting on November 21, 2022. Please note that the minimum tick increment will be 0.025 index points ($1.25) for BTIC trades.

Learn more about BTIC

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*Launching November 21, 2022, pending regulatory review.

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USD-denominated TOPIX futures will be listed on the customary U.S. equity index futures listing cycle – there will be five concurrent futures that expire against the opening index value on the second Friday of March, June, September, and December. The contract size will be $50 x the TOPIX Index, and the minimum tick increments will be:

Outright & Calendar Spread: 0.50 index points = USD 25
BTIC: 0.025 index points = USD 1.25

View full TOPIX Index futures contract specifications

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CME Group will list five months in the March Quarterly Cycle (Mar, Jun, Sep, Dec).

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• Outright: Sunday – Friday 6:00 p.m. – 5:00 p.m. ET with a 60-minute trading halt each day beginning at 5:00 p.m. ET
• BTIC: Sunday – Friday 6:00 p.m. – 3:00 p.m. Tokyo time (1:00 a.m./2:00 a.m. ET)

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USD-denominated TOPIX futures will follow the CME Group Holiday Calendar and will be available for trading on Japan exchange holidays except for days that are marked CME Globex holidays. BTIC on USD TOPIX will close on Japan exchange holidays and CME Globex holidays.

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Daily settlement for USD TOPIX futures (TPD) is based on the 30-second volume-weighted average price (VWAP) of CME Globex trades between 4:59:30 p.m. and 5:00:00 p.m. ET.

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Final settlement value is based on the Special Opening Quotation (SOQ) on the second Friday of the contract month. The SOQ is based on the opening prices on the Tokyo Stock Exchange (TSE) of each component stock in the TOPIX Index, regardless of when those stocks open. USD TOPIX futures will settle into the same SOQ with the Yen TOPIX futures.

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No. Similar to Yen-denominated TOPIX futures, USD-denominated TOPIX futures will be eligible to trade only on CME Globex and via EFP transactions.

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TOPIX futures will be part of the “Nikkei/TOPIX” product suite according to the current CME Group Fee Schedule.

View latest Fee Schedule

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As far as membership, the products will reside in the IOM Division.

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Those market participants who are currently subscribing to the CME DCM market data will receive the USD-denominated TOPIX product data as part of that existing package at no additional charge.  If a participant that does not currently subscribe to the CME DCM market data wishes to access USD-denominated TOPIX futures market data, they will need to subscribe to CME DCM market data subject to the current market data fee schedule.

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The initial margin estimate for outright USD-denominated TOPIX Index futures contract will be available close to the launch. For comparison, the current margin requirement for Yen-denominated TOPIX Index futures contract is approximately JPY 638,000 (~6.6% of the contract notional value) as of October 17, 2022. Please visit the CME Group webpage for the latest margin information.

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Unlike Yen-denominated TOPIX, cash variation margin can only be satisfied in USD for the USD-denominated TOPIX futures. However, initial and maintenance margin can be met with assets in other currencies, including USD and Japanese yen; a haircut is applied when using a different currency. For more information, please visit this link.

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Margins and margin credits are based on current market conditions and, thus, are subject to change. Below are the margin credits estimates as of October 17, 2022.

Learn More about CME Group Margins:

• Margins FAQ
• SPAN Methodology

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No. The existing Mutual Offset System (MOS) agreement is made between CME Group and SGX and SGX does not have rights to list or clear TOPIX futures. Therefore, the CME Group TOPIX contract, both yen- and USD-denominated futures cannot be added to the MOS agreement. Since there is no such agreement between CME Group and JPX, CME Group TOPIX positions are not transferable with JPX TOPIX positions either.

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Yes, CME Group designed a market maker program for USD-denominated TOPIX futures to assure continuous two-sided markets are quoted on-screen throughout the trading day together with existing Yen-denominated TOPIX futures and BTIC.

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Delayed quotes will be available online on the CME Group website. You can also access quotes through major quote vendors.

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To access CME Globex, you must have a relationship with a CME Clearing Member Firm.           

Learn more about connecting to CME Globex

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Visit cmegroup.com/topix for the latest information. You can fill out the form on this page to stay informed of TOPIX product updates.

TOPIX® is a trademark of JPX Market Innovation & Research, Inc. Chicago Mercantile Exchange Inc. has been licensed by JPX Market Innovation & Research, Inc. to use TOPIX®.  JPX Market Innovation & Research, Inc. shall not be responsible for any damage resulting from the sale of the Licensed Product.

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