Sorting out Nikkei futures

[donny]

Hi Quantnet,

I need any Nikkei futures to sort out my questions. Basically, I'm doing some research on using the most relevant Nikkei futures price as a form of market sentiment. I understand that there are multiple contracts listed on multiple exchanges. Answers to my questions would be helpful.

1. For the same contract on the same exchange, is there a price difference between Nikkei 225 Yen and Nikkei 225 Dollar futures?
2. Is it true that Nikkei 225 contracts are traded on three exchanges - OSE, TSE and CME?
3. For the same contract, with the same denomination Yen or Dollar, is there a price difference between one listed in OSE and one listed in CME?
4. Is it true that OSE trading hours are 9am to 3am and CME are 24 hours?
5. Finally, which contract, Yen or dollar, on which exchange OSE, TSE and CME, trades with the highest volume?

I just realized that studying the nature of just one futures contract can be so depth. In short, I'm asking for your opinion on which specific contract on which exchange should I be basing my market sentiment on.

Sincerely Yours,
Donny

 

[donny]

I'll have a go at my own question, then others can add their comments. I did some digging in Bbg.

There are 4 Nikkei futures contracts.
NKA, Yen denominated, traded on OSE as symbol NK225. Local trading hours. 9am to 3am.
NIA, Yen denominated, traded on SGX as symbol NK. Local trading hours. 9am to 3am.
NHA, Yen denominated, traded on CME as symbol NKY. 24 hours.
NXA, US dollar denominated, traded on CME as symbol NKD. 24 hours.

By volume for current contract:
NKA - 0.45M.
NIA - 0.19M.
NHA - 66,000.
NXA - 32,000.

Prices of each contract are NOT exactly the same.

Thus, should I look at doing my analysis on NKA, Yen denominated on OSE?