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
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