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Contract Specifications of SGX Mini Japanese Government Bond (Mini JGB) Futures/Options
Items
Specifications
Ticker Symbol
JB
Contract Size
¥10,000,000 notional long term 10-year JGB with 6% coupon
Contract Months
5 quarterly months in the March, June, September and December cycle
Trading Hours (Singapore Time)
T Session:
Pre -Opening 7.30 am -7.43 am
Non -Cancel Period 7.43 am -7.45 am
Opening 7.45 am - 5.15 pm
T+1 Session:
Pre -Opening 6.15 pm - 6.28 pm
Non -Cancel Period 6.28 pm - 6.30 pm
Opening 6.30 pm -10.55 pm
Trading Hours (Last Trading Day)
7.45 am - 2.15pm
Minimum Price Fluctuation
¥0.01 per ¥100 face value (¥1,000)
Daily Price Limits
None
Last Trading Day
One business day preceding the Tokyo Stock Exchange's (TSE) 10-Year JGB Futures' Last Trading Day of the expiring contract month.
Settlement Method
Cash settlement.
Final Settlement Price
Based on the Official Opening Price of TSE's 10-Year JGB futures contract determined from the beginning of their evening session on SGX's Last Trading Day.
Fungibility Mechanism
Position and margin offset in the ratio of 1 SGX JGB futures contract to 10 Mini JGB futures contracts.
Position Limit
A person shall not own or control more than 2,500* JGB or its equivalent contracts net long or net short in all contract months combined.
Additional Trading Facilities
Negotiated Large Trade: The minimum size 100 lots
* The limit is the overall position limit for both Mini-JGB and JGB contracts.
Access To Real-Time Trading Data
Price Vendor
SGX QUEST
Bloomberg
BJA<COMDTY>CT
CQG
-
Future Source
SJBA
Moneyline Telerate
Pg 7345 or SG@JEyym
QUICK
601.n/SGXE
Reuters
1SJB:<F3> or 0#1SJB:
Standard & Poor's Comstock
2sJBNmy
Telekurs
JByym,344
Website
www.sgx.com
Contract Specifications Of SGX Mini Japanese Government Bond (Mini JGB) Options
Items
Specifications
Ticker Symbol
Calls: CJB Puts: PJB
Contract Size
One Mini JGB Futures Contract
Contract Months
2 nearest serial months and 2 nearest quarterly months in the March, June, September, December cycle.
Trading Hours (Singapore Time)
7.45am - 5.15pm
6.30pm - 10.55pm*
*Trades executed during this session are for T+1 settlement.
Trading Hours (Last Trading Day)
7.45 am - 2.15 pm
Minimum Price Fluctuation
¥0.01 per ¥100 face value (¥1,000)
Strike Price
(¥0.5 Intervals)
Last Trading Day
Last TSE business day of the calendar month which precedes the expiring Contract month.
Option Exercise
American Style. Exercise results in a long SGX Mini JGB futures position in the nearest quarter month, for a call buyer or a put seller, and short Mini JGB futures position for a put buyer and a call seller.
Fungibility Mechanism
Position and margin offset in the ratio of 1 SGX JGB options contract to 10 Mini JGB options contracts.
Position Limit
A person shall not own or control options and underlying Mini JGB Futures contracts that exceeds 2,500* JGB futures-equivalent contracts net on the same side of the market in all contract months combined.
Additional Trading Faclities
Negotiated Large Trade:- The minimum size is 100 lots.
* The limit is the overall position limit for both Mini-JGB and JGB contracts.
Reasons to Trade SGX JGB and Mini JGB Futures and Options
Committed electronic markte makers to provide quotes and liquidity for both SGX JGB and Mini JGB futures contracts.
Increased profit opportunities through cross-market arbitraging and the combined use of SGX JGB and Mini JGB futures and options.
The availability of SGX JGB and Mini JGB futures and options appeals to the varying trading appetites and risk management needs of Japanese yield curve players.
The cash settlement mechanism provides easy trading access and exposure to the Japanese fixed income and swap markets.
A unique and cost-effective fungibility mechanism allows positions and margins in the SGX JGB futures and options to be offset against their opposite positions in the Mini JGB futures and options, in a ratio of 1 SGX JGB to 10 Mini JGB contracts.
Approved instruments that can be used as margin collaterals include Japanese securities and JGBs.
Deep and liquid SGX Euroyen TIBOR and LIBOR markets facilitate various yield curve trading strategies with SGX JGB contracts.
Effective asset allocation and market positioning with SGX JGB and Nikkei Index futures and options - the largest offshore market in Japanese exchange-traded derivatives.
Trading hours straddling Asian and European time zones to provide unique trading and cross-market arbitraging opportunities for Asian and European specialists in the Japanese debt markets, and facilitate the crossover of trading activities from Asia to Europe.
