Release: 4757-03
For Release: February 14, 2003

CFTC Staff Allows the Osaka Securities Exchange’s Futures Contracts Based on the FTSE Japan Index and the MSCI Japan Index, and the Singapore Exchange Derivatives Trading Limited’s Futures Contract Based on the MSCI Japan Index, to be Offered and Sold in the United States

WASHINGTON. D.C. -- The Commodity Futures Trading Commission's (CFTC) Office of General Counsel issued no-action letters on February 13, 2003, permitting the offer and sale in the United States of the Osaka Securities Exchange’s (OSE) futures contracts based on the FTSE Japan Index and the MSCI Japan Index, and the Singapore Exchange Derivatives Trading Limited’s (SGX-DT) futures contract based on the MSCI Japan Index.

The FTSE Japan Index is a broad-based, modified capitalization-weighted composite security index maintained by FTSE International Limited. As of May 14, 2002, the FTSE Japan Index consisted of 330 stocks traded in Japan. Based on data supplied by OSE, the total free-float adjusted market capitalization of the FTSE Japan Index was US$1.335 trillion as of that date.

The MSCI Japan Index is a broad-based, modified capitalization-weighted composite security index maintained by Morgan Stanley Capital International, Inc. As of July 3, 2002, the MSCI Japan consisted of 321 stocks traded in Japan. Based on data supplied by SGX-DT, the total market capitalization of the MSCI Japan was approximately US$1.990 trillion as of July 3, 2002.

• For information on foreign exchange-traded security index futures contracts pending no-action approval with the CFTC's OGC, see the Foreign Instrument Approvals & Exemptions Backgrounder at www.cftc.gov/opa/backgrounder/opapart30.htm.

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