By Danish Lim, Investment Analyst, Phillip Nova
The Nikkei 225 Index Futures are offered on 3 exchanges – the Singapore Exchange (SGX), the Osaka Exchange (OSE), and the Chicago Mercantile Exchange (CME Group). Read on to learn about the subtle differences between the contracts and pick the right Nikkei 225 Futures contract for you.
- Contract size: ¥500 multiplied by the index futures price
- Tick size: 5 index points or ¥2,500 per contract
- Tick size (USD): 5 index points or US$25
- Liquid market available for trading during onshore Japan holidays
- Currency Option: USD or JPY
- Mutual Offset System with CME enables round-the-clock trading
Mutual Offset System (MOS): CME and SGX have a special arrangement that allows traders of yen- and USD-based Nikkei 225 contracts to take positions at either exchange and clear them at the other on the same trading day. This provides flexibility and convenience for traders operating in different time zones.
Chicago Mercantile Exchange (CME Group):
- Contract size: ¥500 multiplied by the index futures price
- Tick size: 5 index points, or ¥2,500 per contract
- Tick size (USD): 5 index points or US$25 per contract
- Currency Option: USD or JPY
- Contract size: is larger, ¥1,000 multiplied by the index
- Tick Size: 10 index points or ¥10,000 per contract
- Currency Option: JPY only
Additionally, the Mini-Nikkei 225 Futures is a smaller version of the Nikkei 225 futures contract. It has lower margin requirements than the standard contract, making it more accessible to individual investors. The Mini-Nikkei 225 is offered on SGX and OSE. OSE also offers the even smaller Micro Nikkei 225 Futures contract.
- Contract size: ¥100 multiplied by the index futures price
- Tick size: 1 index point or ¥100 per contract
- Contract size: ¥100 multiplied by the index futures price
- Tick size: 5 index point or ¥500 per contract
- Contract size: ¥10 multiplied by the index futures price
- Tick size: 5 index point or ¥50 per contract
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