- New Japanese single-stock futures (SSFs) and single-stock dividend futures (SSDFs) available for trading starting 2 November 2026.
- Eurex becomes the first market infrastructure to offer centrally cleared futures executed on Eurex’s regulated market on individual Japanese stocks.
- The contracts provide a capital-efficient, centrally cleared alternative to bilateral OTC swaps.
Eurex, the leading European derivatives exchange and part of the Deutsche Börse Group, announced the launch of single-stock futures (SSFs) and single-stock dividend futures (SSDFs) on Japanese equities. Japan is the last major developed market not yet covered by Eurex’s equity financing product suite. With this launch, Eurex expands its equity derivatives offering into the Asia Pacific region for the first time.
Building on a proven approach
The launch builds on Eurex’s track record of bringing bilateral OTC structures into a centrally cleared product executed on a regulated market. Eurex has successfully applied this cleared futures approach across asset classes from Total Return Futures (TRFs) and equity-based TRFs on European underlyings to MSCI derivatives, credit and FX futures. Japanese SSFs and SSDFs extend this proven model to Asia’s equity financing market for the first time.
Central clearing for Japanese equity financing
Japan is one of Asia’s largest equity financing markets, with substantial bilateral OTC swap activity across both onshore JPY and offshore USD transactions. No other exchange currently offers centrally cleared SSFs or SSDFs on Japanese stocks. Eurex closes this gap with an alternative which is centrally cleared and executed on a regulated market: together, SSFs and SSDFs replicate the full economic return of an equity financing transaction without the complexity of a bilateral more complex OTC transaction.
Clients can trade the new products as a pair to replicate total-return strategies, or each product independently. The contracts are available for trading 21 hours a day from 08:15 SGT/09:15 JST. SSDFs are available in JPY and SSFs in both JPY and USD.
Unlike bilateral OTC swaps, no ISDA master agreement is required. All transactions are executed on Eurex’s regulated market and are centrally cleared through Eurex Clearing, significantly reducing bilateral counterparty risk as well as reducing the capital, margin and compliance costs tied to bilateral OTC requirements.
Phased rollout starting November 2026
The product launches on 2 November 2026 with 10 leading Nikkei 225 names selected in consultation with clients and partners. Further phases will follow throughout 2027, progressively expanding coverage of the majority of Nikkei 225 constituents. The phased approach ensures each expansion is driven by client demand and operational readiness of market participants.
The launch follows extensive engagement with clients and institutions across Asia and Europe, which confirmed strong demand for a centrally cleared equity financing solution in Japan.
Matthias Graulich, Head of Global Products & Markets at Eurex: “The launch of Japanese single-stock futures and single-stock dividend futures is a milestone for Eurex. For the first time, we are extending our proven infrastructure for equity derivatives to Asian underlying assets – giving global market participants a single, deep liquidity pool as well as the capital efficiency of central clearing.”
Source: Eurex
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