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MSCI Japan Net Total Return (JPY) Index Futures

Introduction

The MSCI Japan Net Total Return Index is designed to measure the performance of the large and mid cap segments of the Japanese market.  As at 31 August 2020, there are 320 constituents, the index covers about 85% of the free float-adjusted market capitalization in Japan. 

Uses of MSCI Japan Net Total Return (JPY) Index Futures

The introduction of the MSCI Japan Net Total Return (JPY) Index Futures contract aims to meet the trading and hedging needs of investors who have exposure to large and mid-cap companies in Japan in a cost effective manner.  Asset managers and banks can make use of MSCI Japan Net Total Return (JPY) Index Futures for cash equitisation and manage market, settlement and liquidity risks without cross zone trading issue. 

The constituent list and vendor codes can be found in MSCI websites https://www.msci.com/constituents and https://www.msci.com/ticker-codes respectively. 

The Commodity Futures Trading Commission (CFTC) has certified the MSCI Japan Net Total Return (JPY) Index Futures contracts to be offered and sold to persons in the U.S.


Updated 14 Oct 2020


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CONTRACT SUMMARY

Item Contract Terms
Underlying Index MSCI Japan Net Total Return Index
HKATS Code MJJ
Trading Currency JPY
Index Currency JPY 
Contract Multiplier JPY 1,000 per index point
Minimum Fluctuation 0.01
Contract Months Spot, next calendar month and the following 4 quarterly months
Trading Hours
9:00am-4:30pm (T); 5:15pm-3:00am (T+1)
(Expiring contract month closes at 4:30 pm on the Last Trading Day)

Last Trading Day 3rd Friday.  If it falls on a Hong Kong public holiday, the LTD will be the preceding Hong Kong business day
Final Settlement Price

The official closing value of the underlying index on the 3rd Friday, rounded up to the nearest 2 decimal places if the figure in the third decimal place is 5 or above and rounded down to the nearest 2 decimal places if it is below 5^

^ If MSCI announces there is an unexpected market closure event on LTD, FSP shall be based on the final Unexpected Market Closure Index level published by MSCI.

Transaction Costs Exchange Fee JPY 65
Commission Levy JPY 8
Commission Rate Negotiable

Updated 24 Sep 2020

TRADING FEES AND COMMISSION

Trading Fee and Levies
Exchange Fee JPY 65 per contract per side
Commission Levy JPY 8 per contract per side
Investor Compensation Levy* HK$0.00 per contract per side
Total JPY 73 per contract per side
Commission Negotiable
The amount indicated above is subject to change from time to time.

Updated 24 Sep 2020

Updated 14 Oct 2020