Demand for Topix options gives dealers hedging headache


The high demand from international investors for Topix options has caused a reversal on the usual levels of volatility found on the index relative to its less diversified peer, the Nikkei 225, and has caused dealers in Japan problems in recycling the risks on their books.

The Nikkei's narrow membership – with the top 10 components representing 33% of the index, no financials and one stock making up 10% of the index – means it is usually more volatile than the Topix. Historical volatility on the

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