Tokyo Financial Exchange /Outlook 2010
Tokyo Financial Exchange Inc.(TFX) is a uniquefinancial derivatives exchange in Japan which offers
various products and trading opportunities to theworld. With its flagship product of Three-month Euroyen futures and options, TFX has established its
status as “Home Market for Euroyen” globally, andnow more than 95% of Euroyen futures and options
are traded on the TFX market.

The following products are currently available at TFX:����

Three-month Euroyen futures
Options on Three-month Euroyen futures
Over Night Call Rate futures
Spot Next Repo Rate futures

The copyright of this publication is held by the Tokyo Financial Exchange Inc. (TFX).
This publication has been compiled by TFX for general informational purpose only. Although every attempt has been made to ensure the accuracy of the information, TFX
assumes no responsibility for any errors or omissions. All matters pertaining to rules and procedures herein are made subject to and are superseded by the official rules ofTFX. The descriptions in this publication are only for commentary purposes and do not whatsoever intend to provide advice on investment or asset management. Thestatements and calculations herein contain examples for illustration purpose and TFX will assume no responsibility for their use. This publication is not intended to provide
all information that brokers are required to disclose to their customers pursuant to the laws and regulations applicable to the brokers. TFX reserves the right to change thecontents of this publication without prior notice.

Tokyo Financial Exchange / Outlook 2010

TFX’s Strategy in 2010
1. New Specifications for Over-NightIntereste Rate Futures Products

4. Enhancing DMA from overseas:
Remote trading Membership

TFX will change the specifications of Over-Night Call

In April 2008, TFX launched a Remote Membership

Rate futures (”Call Rate futures”) and Spot-Next Repo

Program which allows overseas investors, who have noRate futures (”Repo Rate futures”) which have been

offices in Japan, to become members of the exchange

listed on the market since December 2007. Under theand access the TFX market directly. Currently, thenew specifications, investors will be able to trade these

program is available for investors in major financial

products by speculating on moves of both the Call Ratecenters, namely the UK, the U.S.A. and Singapore. Someand the Repo Rate over the interval between Bank ofof the firms who are in the process of gaining remote

Japan ‘s monetary Policy Meetings(MPMs). The newtrading membership are expected to start trading thisovernight interest rate futures will be made available foryear.

trading from June 28 2010.

2. New Product: Equity CFDs
TFX will be introducing a range of new equity index
margin contracts - contracts for difference (CFDs) basedon Japanese and major world stock indices. The launchof the new product aims to meet the needs of a widevariety of investors. The product will have no expiry date,meaning that is unnecessary to roll positions if you want
to retain them. This is the first product of its kind inJapan.

3. Expanding Connectivity options:
ISVs, Proximity services

TFX Market Overview
in 2009
With prolonged uncertainty hanging over the global
economy and monetary policies implemented by theBank of Japan to ease financial conditions, 2009 was achallenging year for TFX. However, with continued
interest and support from market participants around theglobe, total trading volume for all TFX listed contracts in2009 reached 83,678,044, a 25% increase from theprevious year.

2008
Volume2009
Volume23,625,799

13,098,108

TFX as the exchange’ s ISV partner. Launch of the TT

STIR*F&O

connectivity to TFX is highly anticipated by the exchangeYear on Year

-44.6%-44.6%

and by market participants. Welcoming one of the43,301,268

70,579,936

acclaimed ISVs in the industry today, TFX hopes toForex Margin
Contractenhance connectivity options available for market

Year on Year

28.9%

63.0%

participants and also reach a new client base byTotal

66,927,06783,678,044

Year on Year-12.2%

25.0%

Trading Technologies International (TT) will be joining

leveraging TT’ s global network. The exchange
continues to work with KVH and Equinix for the proximity
service offering.

*Three-month Euroyen futures and Options, Over-Night
Call Rate futures, GC Repo Spot-Next futures

Tokyo Financial Exchange Inc.
Marunouchi Park Building 15th Floor, 2-6-1 Marunouchi, Chiyoda-ku, Tokyo 100-6915
Tel: +81-3-4578-2438 Fax: +81-3-3212-5780 URL: http://www.tfx.co.jp/en E-Mail: marketing@tfx.co.jp