Ice sets up four-way race for Japan’s Tona futures
London joins Osaka, Tokyo and Singapore exchanges in battle for yen rates contracts
Japan’s short-term interest rate (Stir) market is shaping up as a four-way battle for liquidity after Ice Futures Europe launched three-month futures linked to the Tokyo overnight average rate (Tona) in April, with Bank of Japan policy-dated contracts due later this month.
The contracts, which have yet to trade, reflect growing demand from international investors for a liquid instrument to express
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