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

TSE Tokyo Price Index TOPIX / Equity Derivatives

<ul><li>The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks.</li><li>The TPNBNK/TOPIX ratio has returned to its 2013 level.</li><li>The TSEREIT/TOPIX ratio is now trading at a 15-year low.</li></ul>

The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks.The TPNBNK/TOPIX ratio has returned to its 2013 level.The TSEREIT/TOPIX ratio is now trading at a 15-year low.

Macroeconomics

<ul><li>Japanese Equities flat vs. World +1.73% and US +2.98%, Japan +5.56%, Europe +1.56%</li><li>Japan Sectors: Nonferrous Metals +8.26%, Electric Appliances +5.97%, Machinery +5.37% while Mining -5.23% and Real Estate -1.11%</li><li>JPY 5Y Rates up 1bp, ITRAXX Japan 5Y down 1.73 at 61.45</li></ul>

Japanese Equities flat vs. World +1.73% and US +2.98%, Japan +5.56%, Europe +1.56%Japan Sectors: Nonferrous Metals +8.26%, Electric Appliances +5.97%, Machinery +5.37% while Mining -5.23% and Real Estate -1.11%JPY 5Y Rates up 1bp, ITRAXX Japan 5Y down 1.73 at 61.45

Weekly Macroeconomic Report (2025, July 1st)

<ul>
<li>Global equities slightly lower last week: World -0.47%, Japan +0.21%, Europe -2.57% and S&amp;P 500 -0.39%, Korea +1.17%</li>
<li>Japan Sectors Performers: Mining +8.08%, Marine Transportation +4.04%, Oil &amp; Coal Products +4.09% vs. Ai Transportation -4.90%, Insurance -3.73% and Non-Ferrous Metals -2.69%</li>
<li>JPY 5Y Rates were stable down 3bps, ITRAXX Japan 5Y softening up 3.71 at 64.71</li>
</ul>


Global equities slightly lower last week: World -0.47%, Japan +0.21%, Europe -2.57% and S&amp;P 500 -0.39%, Korea +1.17%
Japan Sectors Performers: Mining +8.08%, Marine Transportation +4.04%, Oil &amp; Coal Products +4.09% vs. Ai Transportation -4.90%, Insurance -3.73% and Non-Ferrous Metals -2.69%
JPY 5Y Rates were stable down 3bps, ITRAXX Japan 5Y softening up 3.71 at 64.71


Weekly Macroeconomic Report (June 16th, 2025)

<ul>
<li>2 business days before Jun25 SQ on Nikkei and Topix Futures &amp; Options</li>
<li>Both NK and TP rolls have been very stable compared to the past SQs.</li>
<li>Current Roll Levels: NK JUN25/SEP25 ROLL -21/-20, TP JUN25/SEP25 ROLL -0.4/-0.3</li>
</ul>


2 business days before Jun25 SQ on Nikkei and Topix Futures &amp; Options
Both NK and TP rolls have been very stable compared to the past SQs.
Current Roll Levels: NK JUN25/SEP25 ROLL -21/-20, TP JUN25/SEP25 ROLL -0.4/-0.3


Nikkei & Topix Future Roll Update (Jun 11th, 2025)

<ul><li>Japanese Equities down 9.77% vs. World -2.81% and US -5.21%.</li><li>Japan Sectors: Nonferrous Metal down 20.0%, Oil &amp; Coal Products -17.89%, Banks 22.29%</li><li>JPY 10Y Rates down 40bps, ITRAXX Japan 5Y going up 9.64pt at 65.80</li></ul>

Japanese Equities down 9.77% vs. World -2.81% and US -5.21%.Japan Sectors: Nonferrous Metal down 20.0%, Oil &amp; Coal Products -17.89%, Banks 22.29%JPY 10Y Rates down 40bps, ITRAXX Japan 5Y going up 9.64pt at 65.80

Weekly Macroeconomic Report (April 4th, 2025)

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)

Japan Equity Indices Vs. TOPIX Ratios

The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks. The TPNBNK/TOPIX ratio has returned to its 2013 level.

Vantage Capital Markets Japan

Weekly Macroeconomic Report (2025, July 1st)

Japanese Equities flat vs. World +1.73% and US +2.98%, Japan +5.56%, Europe +1.56%. Japan Sectors: Nonferrous Metals +8.26%, Electric Appliances...

Vantage Capital Markets Japan

Weekly Macroeconomic Report (June 16th, 2025)

Global equities slightly lower last week: World -0.47%, Japan +0.21%, Europe -2.57% and S&P 500 -0.39%, Korea +1.17%. Japan Sectors Performers:...

Vantage Capital Markets Japan

Nikkei & Topix Future Roll Update (Jun 11th, 2025)

2 business days before Jun25 SQ on Nikkei and Topix Futures & Options Both NK and TP rolls have been very stable compared to the past...

Vantage Capital Markets Japan

Weekly Macroeconomic Report (April 4th, 2025)

Japanese Equities down 9.77% vs. World -2.81% and US -5.21%. Japan Sectors: Nonferrous Metal down 20.0%, Oil & Coal Products -17.89%, Banks 22.29%

Vantage Capital Markets Japan