Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Independent Financial Broker

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

Index Rebalance

<ul><li>Rebalancing Candidates ADD: Kokusai Electric (6525 JP): High Liquidity Group TOP 75, Shift Inc (3697 JP) Consumer Goods, Pan Pacific International (7532.T) Consumer Goods</li><li>Rebalancing Candidates DEL: Okuma Corp (6103 JP): Low Liquidity Group &lt; 450, Kanadevia Corp. (7004.T), Tokuyama Corp (4043.T)</li><li>Capping Ratio: Fast Retailing Co Ltd (9983.T)’s NKY weight is currently 9.65% below 10% weight cap threshold.</li></ul>

Rebalancing Candidates ADD: Kokusai Electric (6525 JP): High Liquidity Group TOP 75, Shift Inc (3697 JP) Consumer Goods, Pan Pacific International (7532.T) Consumer GoodsRebalancing Candidates DEL: Okuma Corp (6103 JP): Low Liquidity Group &lt; 450, Kanadevia Corp. (7004.T), Tokuyama Corp (4043.T)Capping Ratio: Fast Retailing Co Ltd (9983.T)’s NKY weight is currently 9.65% below 10% weight cap threshold.

Nikkei 225 Stock Average Rebalancing – June 2025

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Masayoshi Son is floating a $1trn AI factory in Arizona in exchange for tax breaks.</li>
<li>NTT Data out, Rohm in. Downside for Ibiden, but also small buying for Fasty, Terumo, Konami and others.</li>
<li>Renesas announces details of its Wolfspeed restructuring deal which includes kitchen sinking the losses this year.</li>
</ul>


Masayoshi Son is floating a $1trn AI factory in Arizona in exchange for tax breaks.
NTT Data out, Rohm in. Downside for Ibiden, but also small buying for Fasty, Terumo, Konami and others.
Renesas announces details of its Wolfspeed restructuring deal which includes kitchen sinking the losses this year.


Japan Morning Connection: US Directly Attacks Iran and Requests Japan to Spend 5% of GDP on Defense

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>I published a Sep25 Nikkei 225 prediction list last Wednesday. By Friday, we had a new paradigm due to an ad hoc change. That new paradigm informs the September selection. </li>
<li>As it is, I expect one (1) ADD (<a href="https://www.smartkarma.com/entities/shift-inc" target="_blank" data-smartkarma-citation="entities:7266:1" rel="noopener">Shift Inc (3697 JP)</a>) and one (1) DELETE (<a href="https://www.smartkarma.com/entities/tokuyama-corp" target="_blank" data-smartkarma-citation="entities:14781:1" rel="noopener">Tokuyama Corp (4043 JP)</a>) - a prediction which change on a corporate announcement.</li>
<li>My confidence on the ADD is a little lower due to the implications of the choice of Rohm. And the interesting ECM trade for September remains Sony Financial. </li>
</ul>


I published a Sep25 Nikkei 225 prediction list last Wednesday. By Friday, we had a new paradigm due to an ad hoc change. That new paradigm informs the September selection. 
As it is, I expect one (1) ADD (Shift Inc (3697 JP)) and one (1) DELETE (Tokuyama Corp (4043 JP)) - a prediction which change on a corporate announcement.
My confidence on the ADD is a little lower due to the implications of the choice of Rohm. And the interesting ECM trade for September remains Sony Financial. 


[Quiddity Index] Nikkei 225 Sep25 Rebal: One ADD/DEL, Less Certain Than Before

<ul>
<li>Today the results of the <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a> Tender Offer came out. NTT has 81.75%. I warned of lack of liquidity at that level yesterday <a href="https://www.smartkarma.com/insights/japan-event-potentially-interesting-dynamics-of-post-tender-ntt-data-9613-trading-8bn-one-way" target="_blank" rel="noopener">here</a>. </li>
<li>Yesterday I proposed that <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> would replace NTT Data in the Nikkei 225 and that the likely timing was the last couple of days of August.</li>
<li>Today, the Nikkei used the June 2020 rule change to announce NTT Data's near-term deletion. Rohm goes in 3 July. 7.5x ADV to buy. $3.8bn a side to trade.</li>
</ul>


Today the results of the NTT Data Corp (9613 JP) Tender Offer came out. NTT has 81.75%. I warned of lack of liquidity at that level yesterday here. 
Yesterday I proposed that ROHM Co Ltd (6963 JP) would replace NTT Data in the Nikkei 225 and that the likely timing was the last couple of days of August.
Today, the Nikkei used the June 2020 rule change to announce NTT Data's near-term deletion. Rohm goes in 3 July. 7.5x ADV to buy. $3.8bn a side to trade.


[Quiddity Index] Nikkei 225 Boots NTT Data (9613) Early, Rohm (6963) IN 3 July; $3.8bn a Side

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a> Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful. </li>
<li>That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months. </li>
<li>And there are some very interesting dynamics to consider in the meantime. </li>
</ul>


The NTT Data Corp (9613 JP) Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful. 
That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months. 
And there are some very interesting dynamics to consider in the meantime. 


[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way

Japan

Kokusai Electric Corporation manufactures and distributes semiconductor manufacturing systems. The Company produces batch processing systems, single wafer processing systems, and other systems. Kokusai Electric also operates advanced thermal process technology development, training, and other businesses.

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Kokusai Electric (6525 JP)

Nikkei 225 Stock Average Rebalancing – June 2025

Rebalancing Candidates ADD: Kokusai Electric (6525 JP): High Liquidity Group TOP 75, Shift Inc (3697 JP) Consumer Goods, Pan Pacific International...

Vantage Capital Markets Japan

Japan Morning Connection: US Directly Attacks Iran and Requests Japan to Spend 5% of GDP on Defense

Defense related should be supported by reports on GDP defense spending along with Trump's move to directly bomb Iranian nuclear sites. Masayoshi...

Andrew Jackson

[Quiddity Index] Nikkei 225 Sep25 Rebal: One ADD/DEL, Less Certain Than Before

The early Nikkei 225 replacement action for NTT Data introduced a new paradigm for cash takeovers and set a limit for float. That makes the Sep...

Travis Lundy

[Quiddity Index] Nikkei 225 Boots NTT Data (9613) Early, Rohm (6963) IN 3 July; $3.8bn a Side

The Nikkei has used June 2020 rule change language to boot NTT Data earlier than expected. It makes sense. Expect this is new precedent. Rohm is...

Travis Lundy

[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way

The NTT Data TOB closed today. Results out tomorrow should trigger index downweights/deletions from next week to end-Sep, every 4 weeks. Depending...

Travis Lundy

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