CME Group Launches U.S. Dollar-Denominated TOPIX Futures
CME Group has announced that it will expand its Tokyo Stock Price Index (TOPIX; calculated by JPX Market Innovation and Research, Inc. (JPXI)) futures offerings with the launch of U.S. dollar-denominated TOPIX Futures on November 21, 2022. TOPIX futures are also traded on Osaka Exchange, at CME Group (yen-denominated), and on Taiwan Futures Exchange (New Taiwan dollar-denominated).
Using the opportunity provided by the market restructuring of Tokyo Stock Exchange in April 2022, JPXI is revising TOPIX to further enhance its functionality as an investable index as well as to make it more accurately represent the market. With the launch of U.S. dollar-denominated TOPIX Futures from CME Group, the world’s leading derivatives market, JPXI is hopeful that global visibility for TOPIX as a benchmark for investing in Japanese stocks will be given a boost and that investors of TOPIX futures around the world will be able to enjoy higher liquidity and more efficient price formation.