Osaka Exchange plans later last trading days for new JGB futures contracts

Osaka Exchange plans to shorten the period between the last trading day of Japanese government bond futures and delivery, according to a Japan Exchange Group notice dated 5 November 2026.

The change applies to contracts whose first trading days begin on or after 15 December 2026. The first contract shown in the notice is the September 2027 expiry, which starts trading on that date.

Physically delivered and cash-settled dates

For September 2027, the physically delivered contracts’ last trading day moves from 13 September to 14 September 2027. The cash-settled contract’s last trading day moves from 10 September to 13 September 2027.

The physically delivered category covers five-year and 10-year JGB futures and mini 20-year JGB futures. The cash-settled category is mini 10-year JGB futures.

For December 2027, OSE lists a move from 13 December to 14 December for physically delivered contracts and from 10 December to 13 December for the cash-settled contract. For March 2028, the dates move from 13 March to 14 March for physically delivered contracts and from 10 March to 13 March for the cash-settled contract. For June 2028, they move from 13 June to 14 June and from 12 June to 13 June respectively.

Analysis. Trading and delivery operations should apply the change by contract rather than treating the December 2026 first-trading threshold as an immediate change to all outstanding expiries. The notice describes a plan and provides specific last-trading dates; it does not announce that the change has already taken effect.