SGX plans a series of Japan derivatives initiatives
The Singapore Exchange (SGX) plans to bolster its focus on Japan with a series of new products due to be launched in the next few months.
The exchange also plans to offer euro-yen options via its derivatives trading link with the Chicago Mercantile Exchange (CME) - a service called Mutual Offset System (MOS).
Currently, MOS only provides fully fungible trading and clearing of euro-dollar futures, euro-yen futures and Japanese government bond (JGB) futures across the two time-zones, the exchange said.
SGX will also introduce full-sized SGX 10-year JGB futures and options contracts with a notional value of ¥100 million on April 18. Trading of full-sized SGX JGB contracts will run concurrently with the existing SGX JGB contracts that are one-tenth the size. SGX will rename the smaller contracts 'mini JGB'.
The exchange will offer a fungibility facility with a position and margin offset mechanism to enable traders to offset their positions between full-sized SGX JGB contracts and opposite positions in SGX mini JGB contracts.
SGX has also signed an agreement with the Tokyo Commodity Exchange (Tocom) to co-operate on the launch of Middle Eastern crude oil (Meco) futures on the Singapore exchange. Meco futures will be denominated in US$/barrel, unlike Tocom Meco futures which are denominated in ¥/kilolitre. Both exchanges plan to explore the possibility of further co-operation in other products and joint development of new risk management tools.
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