TFX expands scope of discount program for Euroyen futures


Tokyo Financial Exchange (TFX) is expanding the scope of its discount program for Euroyen futures, which will cover Butterfly and Condor trades with these instruments, in addition to Strip trades.

Earlier this year, as trading volumes with Euroyen were weak, TFX extended its discount program for three-month Euroyen futures for further six months – till the end of September 30, 2015. The current enhancing of the scope of the program is obviously a further effort to incentivize trading.

TFX is expanding the objects of the program into Butterfly and Condor Trades executed through Block Trade functions from August 3, 2015 to September 30, 2015.

tfx_table_inside

These are the main characteristics of the trades covered by the program:

Strip Trade

  • The trade is constituted of four or more consecutive contract months.
  • A series of the block trades shall be executed by the same Trading Member.
  • Simultaneously selling (buying) contracts of four or more consecutive quarterly months. Pack or Bundle is a typical style of Strip.

Butterfly Trade

  • The trade is constituted of three contract months.
  • A series of the block trades shall be executed by the same Trading Member.
  • Simultaneously buying (or selling) a contract of a near month (the first contract), selling (or buying) a contract of a far month (the second contract) in the volume twice the volume of the first contract, and buying (or selling) a contract of a further month (the third contract) in the same volume as the first contract.

Condor Trade

  • The trade is constituted of four contract months.
  • A series of the block trades shall be executed by the same Trading Member.
  • Simultaneously buying (or selling) a contract of a near month (the first contract), selling (or buying) one contract each of second near month (the second contract) and a third near month (the third contract), and buying (or selling) a contract of a back month (the fourth contract). Volume of each contract needs to be the same.

The Exchange notes that all block trades (each component of Strip, Butterfly or Condor trade) should have its approval. As a general rule, a member who would like to apply for this program must notify the Exchange by telephone before TFX accepts all of the block trades.

To view the official announcement on the expanded discount program, click here.

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TFX expands scope of discount program for Euroyen futures

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