东京,10月8日:东京金融交易所将推出一项新的期货合约,帮助交易者对冲更活跃的波动性,因为更积极的日本银行正在重塑该国的利率市场。
TOKYO, Oct 8 : The Tokyo Financial Exchange will launch a new futures contract to help traders hedge increased volatility as a more active Bank of Japan reshapes the nation's rate markets.
该交易所将于本月推出与BOJ隔夜拍卖利率挂钩的期货合约,使交易者能够在央行政策会议之间对利率变动进行定位。
The exchange will introduce futures tied to the BOJ's overnight call rate this month to allow traders to position for rate moves between central bank policy meetings.
该交易所表示,现有的三个月TONA期货合约未能满足交易者对对冲BOJ每次会议决策所推动的利率预期变化的需求。
Its existing three-month TONA futures contract has not matched demand from traders seeking to hedge changing expectations for interest rates driven by BOJ decisions at each meeting, the exchange said.
上个月,该央行将其关键政策利率上调至1.25%的31年高点,这是今年第二次加息,并且预计将在12月再次加息。这远快于其此前每次加息之间约六个月的间隔。
The central bank last month raised its key policy rate for the second time this year to a 31-year high of 1.25 per cent, and is widely expected to hike again by December. That is much more rapid than its previous pace of around six-month gaps between increases.
东京金融交易所批发业务部董事佐声龙介表示:“近来利率变动更加活跃,对衍生品交易的需求有所增加。”
“Interest rate moves have become more active lately, and there is an increase in demand for derivatives trading,” said Ryosuke Seo, a director in the wholesale business department at the Tokyo Financial Exchange.
该交易所表示,尽管市场预期BOJ将继续加息,但三个月TONA期货的交易量近几个月有所下降。9月的交易量较去年同期下降近50%。
Trading in the three-month TONA futures has declined in recent months even as markets expect the BOJ to keep raising rates. September volume fell nearly 50 per cent from a year earlier, the exchange said.
三个月TONA期货于2023年在东京金融交易所和日本交易所集团旗下的大阪交易所上市,早于BOJ结束负利率政策一年。
Three-month TONA futures were launched in 2023, a year before the BOJ ended its policy of negative interest rates, at Tokyo Financial Exchange and at Osaka Exchange, a unit of Japan Exchange Group.
这些交易所与规模更大的场外利率互换市场展开竞争,后者可以根据用户需求定制,包括到期期限。
The exchanges compete with the much larger over-the-counter market for interest rate swaps, which can be tailored to users’ needs, including maturities.
根据日本证券清算公社的数据,覆盖BOJ会议之间的隔夜指数互换(OIS)利率互换的掉期利率广泛用于衡量利率上升的可能性。
That OTC market for overnight index swaps, or OIS, has been growing, with the notional value of yen contracts of up to and beyond 30 years rising to a record high last month, according to Japan Securities Clearing Corp. Swap rates covering the period between BOJ meetings are widely used to gauge the likelihood of a rate increase.