Hedge funds boost new Tona futures market
Arbitrageurs said to be behind early trading as contracts tipped to prove useful for US buy-siders
Arbitrage trading by hedge funds might be giving a boost to Japan’s nascent market for short-term interest rate futures, says an executive at one of the two exchanges that are listing the products.
Tokyo Financial Exchange (TFX) launched futures linked to the three-month Tokyo overnight average rate, or Tona, on March 31. Two months later, on May 29, Osaka Exchange (OSE), part of the Japan Exchange Group (JPX), also began listing futures linked to the three-month tenor of Japan’s risk-free
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