Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-inc" target="_blank" data-smartkarma-citation="entities:7266:1" rel="noopener">Shift Inc (3697 JP)</a> will replace <a href="https://www.smartkarma.com/entities/citizen-watch-co-ltd" target="_blank" data-smartkarma-citation="entities:8571:1" rel="noopener">Citizen Watch (7762 JP)</a> in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> after the close of trading on 30 September.</li>
<li>
<a href="https://www.smartkarma.com/entities/baycurrent-consulting-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">BayCurrent Consulting</a>'s PAF will double from 0.5 to 1 and <a href="https://www.smartkarma.com/entities/sony-financial-holdings-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial Holdings (8729 JP)</a> will be deleted from the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">NKY INDEX</a> following the spin-off from <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a>. </li>
<li>The index committee has decided not to add <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric</a> to the index despite the stock ranking within the top 75. The deletion of <a href="https://www.smartkarma.com/entities/citizen-watch-co-ltd" target="_blank" data-smartkarma-citation="entities:8571:1" rel="noopener">Citizen Watch</a> points to sector balance.</li>
</ul>



Shift Inc (3697 JP) will replace Citizen Watch (7762 JP) in the Nikkei 225 (NKY INDEX) after the close of trading on 30 September.

BayCurrent Consulting's PAF will double from 0.5 to 1 and Sony Financial Holdings (8729 JP) will be deleted from the NKY INDEX following the spin-off from Sony Corp (6758 JP). 
The index committee has decided not to add Kokusai Electric to the index despite the stock ranking within the top 75. The deletion of Citizen Watch points to sector balance.


Nikkei 225 Index Rebalance: Shift (3697) Replaces Citizen Watch (7762); Kokusai Electric (6525)👎

<ul>
<li>The changes to the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> as part of the September rebalance should be announced in just over 2 weeks. We expect 2 changes at the review.</li>
<li>
<a href="https://www.smartkarma.com/entities/baycurrent-consulting-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">BayCurrent Consulting</a>'s PAF will double, <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing</a>'s CPAF will stay the same, and Sony Financial Group will be deleted from the index following its spinoff from <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/sanrio-co-ltd" target="_blank" data-smartkarma-citation="entities:16476:1" rel="noopener">Sanrio (8136 JP)</a>'s improved liquidity increases the probability of index inclusion, and the stock could be added to the index at the next rebalance if it misses in September.</li>
</ul>


The changes to the Nikkei 225 (NKY INDEX) as part of the September rebalance should be announced in just over 2 weeks. We expect 2 changes at the review.

BayCurrent Consulting's PAF will double, Fast Retailing's CPAF will stay the same, and Sony Financial Group will be deleted from the index following its spinoff from Sony Corp (6758 JP). 

Sanrio (8136 JP)'s improved liquidity increases the probability of index inclusion, and the stock could be added to the index at the next rebalance if it misses in September.


Nikkei 225 Index Rebalance Sep25: Performance of Potential Adds/Deletes & Positioning

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The five year data period for the September 2025 Nikkei 225 rebalance is now over (as of 31 July). First obvious news? No <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> capping.</li>
<li>That was obvious a couple months ago, and the <a href="https://www.smartkarma.com/entities/baycurrent-consulting-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">BayCurrent Consulting (6532 JP)</a> buying to come has been known for five months.</li>
<li>The <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> Offering last month makes it more likely an ADD than it was in June (when it didn't replace NTT Data), but not a done deal.</li>
</ul>


The five year data period for the September 2025 Nikkei 225 rebalance is now over (as of 31 July). First obvious news? No Fast Retailing (9983 JP) capping.
That was obvious a couple months ago, and the BayCurrent Consulting (6532 JP) buying to come has been known for five months.
The Kokusai Electric (6525 JP) Offering last month makes it more likely an ADD than it was in June (when it didn't replace NTT Data), but not a done deal.


[Quiddity Index] Nikkei 225 Sep25 Rebal: Final Liquidity Rankings

<ul>
<li>The review period for the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> September rebalance ends in 4 weeks. There could be one outright change and one or two others driven by sector balance.</li>
<li>There will be passive buying in <a href="https://www.smartkarma.com/entities/baycurrent-consulting-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">BayCurrent Consulting</a> as the PAF moves from 0.5 to 1. <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>'s index weight is below the 10% cap for now. </li>
<li>
<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> replaces <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> later this week and there will be a lot of focus on those names.</li>
</ul>


The review period for the Nikkei 225 (NKY INDEX) September rebalance ends in 4 weeks. There could be one outright change and one or two others driven by sector balance.
There will be passive buying in BayCurrent Consulting as the PAF moves from 0.5 to 1. Fast Retailing (9983 JP)'s index weight is below the 10% cap for now. 

ROHM Co Ltd (6963 JP) replaces NTT Data Corp (9613 JP) later this week and there will be a lot of focus on those names.


Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes

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.

<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

Japan

Tokuyama Corp produces inorganic and organic industrial chemicals, synthetic res ins, cement, and construction materials.  The Company's product lines include Portland cement, soda chemicals, and polycrystalline silicon.

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Tokuyama Corp (4043 JP)

Nikkei 225 Index Rebalance: Shift (3697) Replaces Citizen Watch (7762); Kokusai Electric (6525)👎

SHIFT will replace Citizen Watch in the NKY at the close on 30 Sep. Baycurrent's PAF increases from 0.5 to 1. Sony Financial will be sold on 29...

Brian Freitas

Nikkei 225 Index Rebalance Sep25: Performance of Potential Adds/Deletes & Positioning

A week or so to go for the announcement of changes to the NKY in September. The forecast adds have dropped a bit over the last week and there will...

Brian Freitas

[Quiddity Index] Nikkei 225 Sep25 Rebal: Final Liquidity Rankings

The Nikkei 225 rebalance for September 2025 is now finalised as regards liquidity data and capping. But we don't know what sensitivity the index...

Travis Lundy

Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes

With the review period nearly complete, we expect 1-2 changes for the NKY in September. The Kokusai Electric placement improves inclusion odds. No...

Brian Freitas

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

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