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.

Equity Derivatives

<ul>
<li>Volumes increased sharply as dealers roll from Mar25 to Jun25 before Friday’s SQ.</li>
<li>NK &amp; TP Rolls collapsed following indices cash spot</li>
<li>Current Roll Levels: NK MAR25/JUN25 ROLL -252/-251, TP MAR25/JUN25 ROLL -26.8/-26.7</li>
</ul>


Volumes increased sharply as dealers roll from Mar25 to Jun25 before Friday’s SQ.
NK &amp; TP Rolls collapsed following indices cash spot
Current Roll Levels: NK MAR25/JUN25 ROLL -252/-251, TP MAR25/JUN25 ROLL -26.8/-26.7


Nikkei & Topix Future Roll Update: 12 March 2025

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>Recently, IT-solutions company <a href="https://www.smartkarma.com/entities/baudroie-inc" target="_blank" data-smartkarma-citation="entities:44459:1" rel="noopener">Baudroie (4413 JP)</a> announced a move to the Prime Market. This would result in a TOPIX Inclusion event for the stock at the end of April 2025.</li>
<li>Separately, the TOPIX Liquidity factor removal event will take place in April 2025 and there could be some positive index flows for <a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a> during this event.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
Recently, IT-solutions company Baudroie (4413 JP) announced a move to the Prime Market. This would result in a TOPIX Inclusion event for the stock at the end of April 2025.
Separately, the TOPIX Liquidity factor removal event will take place in April 2025 and there could be some positive index flows for Tokyo Metro (9023 JP) during this event.


TOPIX Inclusions: Who Is Ready (Mar 2025)

Derivatives and Quantitative Strategist

Gaudenz Schneider

Korea Stock Exchange KOSPI 200 / Equity Derivatives

<ul>
<li>
US steel and aluminum tariffs (effective 12 March US time) will take effect on March 13 across the Asia-Pacific region. Volatility can be expected in Japan, South Korea, India, China.</li>
<li>Major quarterly derivatives expirations will occur on March 13 in Japan (Nikkei 225, TOPIX, Stocks), South Korea (KOSPI 200, KOSDAQ 150, Stocks), and India (BSE Stock Futures and Options).</li>
<li>Earnings announcements for <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group (1299 HK)</a> and <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK/LI US)</a> are scheduled for March 14, while India's markets will be closed that day for the Holi holiday.</li>
</ul>



US steel and aluminum tariffs (effective 12 March US time) will take effect on March 13 across the Asia-Pacific region. Volatility can be expected in Japan, South Korea, India, China.
Major quarterly derivatives expirations will occur on March 13 in Japan (Nikkei 225, TOPIX, Stocks), South Korea (KOSPI 200, KOSDAQ 150, Stocks), and India (BSE Stock Futures and Options).
Earnings announcements for AIA Group (1299 HK) and Li Auto (2015 HK/LI US) are scheduled for March 14, while India's markets will be closed that day for the Holi holiday.


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>The weak USD, as US growth peaks and yields decline, is helping  international markets</li>
<li>Can Hong Kong and China stock markets decouple from a US bear market?</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
The weak USD, as US growth peaks and yields decline, is helping  international markets
Can Hong Kong and China stock markets decouple from a US bear market?


Overview #18 - Tipping Point Arrived for Major Trend Changes?

<ul>
<li>6 business days before Mar25 SQ on Nikkei and Topix Futures &amp; Options</li>
<li>Volumes are slowly going up and expected to increase in the next 3 business days</li>
<li>Current Roll Levels: NK MAR25/JUN25 ROLL -236/-235, TP MAR25/JUN25 ROLL -25.1/-25.0</li>
</ul>


6 business days before Mar25 SQ on Nikkei and Topix Futures &amp; Options
Volumes are slowly going up and expected to increase in the next 3 business days
Current Roll Levels: NK MAR25/JUN25 ROLL -236/-235, TP MAR25/JUN25 ROLL -25.1/-25.0


Japan

The TOPIX, also known as the Tokyo Stock Price Index, is a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. The index is supplemented by the subindices of the 33 industry sectors. The index calculation excludes temporary issues and preferred stocks, and has a base value of 100 as of January 4, 1968.

TSE Tokyo Price Index TOPIX (TPX INDEX)

Nikkei & Topix Future Roll Update: 12 March 2025

Volumes increased sharply as dealers roll from Mar25 to Jun25 before Friday’s SQ. NK & TP Rolls collapsed following indices cash spot Current...

Vantage Capital Markets Japan

TOPIX Inclusions: Who Is Ready (Mar 2025)

There are currently 100 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 133 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

The Week Ahead in Options - 10 March

US steel and aluminum tariffs to impact Asia-Pacific markets on March 13. Quarterly derivatives expirations in Japan, South Korea, and India....

Gaudenz Schneider

Overview #18 - Tipping Point Arrived for Major Trend Changes?

A review of recent events/data impacting our investment themes and outlook. Can HK/China stockmarkets decouple from a US bear market

Rikki Malik

Nikkei & Topix Future Roll Update

6 business days before Mar25 SQ on Nikkei and Topix Futures & Options. Volumes are slowly going up and expected to increase in the next 3 business...

Vantage Capital Markets Japan

Nikkei & Topix Future Roll Update: 12 March 2025

Volumes increased sharply as dealers roll from Mar25 to Jun25 before Friday’s SQ. NK & TP Rolls collapsed following indices cash spot Current...

Vantage Capital Markets Japan

TOPIX Inclusions: Who Is Ready (Mar 2025)

There are currently 100 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 133 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

The Week Ahead in Options - 10 March

​US steel and aluminum tariffs to impact Asia-Pacific markets on March 13. Quarterly derivatives expirations in Japan, South Korea, and India....

Gaudenz Schneider

Overview #18 - Tipping Point Arrived for Major Trend Changes?

A review of recent events/data impacting our investment themes and outlook. Can HK/China stockmarkets decouple from a US bear market

Rikki Malik

Nikkei & Topix Future Roll Update

6 business days before Mar25 SQ on Nikkei and Topix Futures & Options. Volumes are slowly going up and expected to increase in the next 3 business...

Vantage Capital Markets Japan

US steel and aluminum tariffs to impact Asia-Pacific markets on March 13. Quarterly derivatives expirations in Japan, South Korea, and India....