Eurex plans to start its Japanese single-stock and dividend-futures pilot on 2 November 2026, extending its equity-financing suite into a new market. The first ten underlyings give trading participants and clearing members a production environment for test trades and readiness checks; Eurex will announce the full launch separately.[1][2]
The exchange’s technical circular requires trading participants to be assigned to the Cash JPY capacity group to trade and clear the products. That account-level requirement makes the pilot a practical onboarding exercise as well as a product introduction.[2]
Contract and operating features disclosed for the pilot
| Feature | Stock futures | Dividend futures |
|---|---|---|
| Initial scope | Ten Japanese equity underlyings | The corresponding ten Japanese underlyingsSource 3 |
| Contract currencies | JPY and USD lines | JPYSource 3 |
| Trading window | 01:10–22:10 CET | 01:10–22:10 CETSource 2 |
| Daily settlement-price alignment | Tokyo cash close at 15:30 JST | Tokyo cash close at 15:30 JSTSource 2 |
| Settlement form | Cash settlement | Cash settlementSource 2 |
Stock-price and dividend exposures serve different hedges
A single-stock future provides contractual exposure to a share price over the contract term. A dividend future isolates the dividend outcome defined in its specification. An equity-financing desk can therefore manage expected distributions separately from the share-price exposure, subject to the precise contract definitions.
The stock-futures currency lines refer to the same ten yen-denominated equities; the dividend futures are yen-only. The dollar and yen stock lines expand the ways to express exposure without increasing the number of distinct companies covered. Eurex says expansion during 2027 will depend on demand and readiness.[3][1]
Align currency, daily valuation and trading time
The currency of a futures quotation is only one part of the currency exposure. Settlement formulas, conversion conventions and other portfolio positions determine the residual FX position. Brokers need those specifications when mapping the dollar and yen lines to a customer’s account.
The extended trading session also creates a distinction between the moment a position can be traded and the reference point used for daily settlement pricing. A broker’s risk display, collateral process and end-of-day reports must identify which price they are using. Otherwise, a Tokyo-close reference and a later executable futures price can be mistaken for contradictory records rather than different observations.
Implement the exchange and clearing requirements
Eurex presents the products as an alternative to bilateral OTC equity-financing structures, with exchange execution and central clearing under its rulebooks. An ISDA master agreement is not required for these products; membership, intermediary, documentation and collateral arrangements follow the exchange and clearing framework.[1][3]
The pilot gives members a defined opportunity to confirm capacity-group access, currency mappings, valuation records and clearing support before a broader launch. The next formal milestone is Eurex’s full-launch announcement.[2]
Sources & further reading
- Eurex expands into Japanese equity derivatives Eurex · 6 Oct 2026 · Accessed 20 Oct 2026
- 065/26: Japanese single-stock futures and single-stock dividend futures — Phase 1 Eurex · 6 Oct 2026 · Accessed 20 Oct 2026
- 068/26: Clearing of Japanese single-stock futures and dividend futures Eurex Clearing · 6 Oct 2026 · Accessed 20 Oct 2026