TSE received a no-action letter from CFTC with respect to the offer and sale of three TSE index futures contracts in the US
Tokyo Stock Exchange received a no-action letter from CFTC with respect to the offer and sale of three TSE index futures contracts in the U.S.
Tokyo Stock Exchange, Inc. ("TSE") is pleased to announce that the U.S. Commodity Futures Trading Commission ("CFTC") issued a no-action letter permitting the offer and sale in the United States of the mini-TOPIX futures contract, TOPIX Core30 futures contract and TSE REIT index futures contract ("the three TSE index futures contracts") on November 9, 2009.
Pursuant to the no-action letter, U.S.-based investors are now able to trade the three index futures contracts listed on TSE, subject to the same regulatory requirements applicable to any other non-U.S. futures contracts.
TSE launched the three TSE mini-futures contracts on June 16, 2008, in order to provide investors worldwide with diverse investment tools on the Japanese market. Mini-TOPIX futures contract is one-tenth the size of TOPIX futures contract, and allows investors to have smaller exposure to TOPIX-based assets. TOPIX Core30, the underlying index of TOPIX Core30 Futures contract, is composed of the top 30 stocks by market capitalization and liquidity on the TSE market. TSE REIT index futures contract, its underlying index includes all REITs listed on the TSE, enables investors to invest REIT market easily. The approval of these three TSE index futures contracts provides investors in the U.S. with greater and more efficient access to the Japanese market.
TSE has previously received no-action letters from the CFTC with respect to the TOPIX futures contract and S&P/TOPIX 150 futures contract, permitting these contracts to be offered and sold in the United States.