SGX launches Total Return Futures: why Asia, why now and what’s next (Premium)

Singapore Exchange is first to launch a Total Return Futures product in Asia, following in the footsteps of CME in the US and Eurex in Europe. It’s based on the Nikkei 225 Index, a listed solution that means investors can replicate the full economics, including the pay-out profile, of standard Nikkei 225 Index Total Return Swaps (TRS). The TRF will also allow investors to trade a specific financing cost – the implied equity repo – for the first time.

SFM spoke with Bliss Chang, Japan derivatives product manager at Singapore Exchange, about the momentum that brought them to the listed repo product and what adoption might look like in Asian markets.

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