Eurex will launch single-stock futures (SSFs) and single-stock dividend futures (SSDFs) on Japanese equities on 2 November 2026, starting with 10 leading Nikkei 225 names. The Deutsche Börse Group exchange becomes the first market infrastructure to offer centrally cleared futures on individual Japanese stocks, executed on its regulated market and cleared through Eurex Clearing.

The move marks Eurex's first extension of its equity derivatives franchise into the Asia Pacific region. Japan was the last major developed market not covered by Eurex's equity financing product suite.

What changes for equity financing desks?

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 that gap.

The contract design matters for execution workflow. Traded as a pair, SSFs and SSDFs replicate the full economic return of an equity financing transaction. Clients can also trade each product independently.

The operational differences from bilateral OTC swaps are concrete:

• No ISDA master agreement is required.
• All trades execute on Eurex's regulated market.
• Eurex Clearing provides central clearing, reducing bilateral counterparty risk.
• Capital, margin and compliance costs tied to bilateral OTC requirements come down.

According to Eurex, together the two products deliver the same economics without the complexity of a more involved bilateral OTC transaction — an assertion desks will test against their own capital and margin modelling once the contracts are live.

Contract specifics

Trading runs 21 hours a day from 08:15 SGT / 09:15 JST. SSDFs are denominated in JPY; SSFs come in both JPY and USD, matching the onshore-offshore split in Japan's existing swap market.

What is the rollout timeline?

The launch on 2 November 2026 covers 10 leading Nikkei 225 names, selected in consultation with clients and partners. Further phases follow throughout 2027, progressively expanding coverage to the majority of Nikkei 225 constituents. Eurex says the phased approach ties each expansion to client demand and participants' operational readiness.

The exchange states that extensive engagement with clients and institutions across Asia and Europe confirmed strong demand for a centrally cleared equity financing solution in Japan — a claim measured only when open interest materialises after launch.

A proven model, extended

The launch builds on Eurex's record of converting bilateral OTC structures into centrally cleared futures traded on a regulated market. The exchange has applied the approach across Total Return Futures (TRFs) and equity-based TRFs on European underlyings, MSCI derivatives, and credit and FX futures. The Japanese SSFs and SSDFs extend that model to Asia's equity financing market for the first time.

Matthias Graulich, Head of Global Products & Markets at Eurex, said: "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."

Whether that liquidity pool deepens as claimed depends on uptake in the 2027 phases, when Eurex expects coverage to reach the majority of the Nikkei 225.