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TFX Launched TONA Futures and Options



On March 20, 2023, TFX launched Three-month TONA futures and its options referencing the Tokyo Overnight Average Rate. TONA futures, which is listed in parallel with the existing Three-month Euroyen futures, is expected to become a leading benchmark for JPY interest rate products, replacing Euroyen futures.


TONA futures started the first week with sporadic trading, reaching an average daily volume of several hundred lots. However, amid growing global inflationary pressure and speculation that monetary policy may be normalized following the change of the governor of the Bank of Japan, TFX expects that trading and hedging needs for yen interest rates will gradually increase.


TFX offers a trading incentive program in order to encourage participation of prominent banks and funds home and abroad, aiming to maintain constant liquidity in the market.


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