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MSCI Japan Net Total Return (USD) 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 Japan market. As at 30 June 2020, there are 321 constituents, the index covers about 85% of the free float-adjusted market capitalization in Japan. The index is calculated in a net total return form (i.e. reinvestment of net dividend payout into the index portfolio).

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

The introduction of the MSCI Net Total Return (USD) 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 (USD) 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 (USD) Index Futures contracts to be offered and sold to persons in the U.S.


Updated 12 Aug 2020


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CONTRACT SUMMARY

Item Contract Terms
Underlying Index MSCI Japan Net Total Return Index
HKATS Code MJU
Trading Currency USD
Index Currency USD
Contract Multiplier US$10 per index point
Minimum Fluctuation 0.01
Contract Months 2 nearest serial months 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 for the LTD, rounded to the nearest 2 decimal places^

^ 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 US$0.60
Commission Levy US$0.07
Commission Rate Negotiable

Updated 18 Aug 2020

TRADING FEES AND COMMISSION

Trading Fee and Levies
Exchange Fee US$0.60 per contract per side
Commission Levy US$0.07 per contract per side
Investor Compensation Levy* HK$0.00 per contract per side
Total US$0.67 per contract per side
Commission Negotiable
The amount indicated above is subject to change from time to time.

Updated 26 Jun 2020

Updated 12 Aug 2020