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-====== Tokyo Stock Exchange (TSE) ======
-The Tokyo Stock Exchange is the primary capital market in Japan and has three different listing groups - Main Markets, Mothers and JASDAQ.
-[[http://www.tse.or.jp/english/index.html | Homepage]]\\
-Currency: Japanese Yen (JPY)
-===== Trading Hours & Calendar =====
-[[http://www.tse.or.jp/english/rules/equities/dstocks/index.html | Trading Hours]]\\
-[[http://www.tse.or.jp/english/about/calendar.html | Holiday Calendar]]
-===== Trading Summary =====
-The Tokyo Stock Exchange uses a next generation trading system named 'arrowhead'. Introduced on Monday, January 4, 2010 more information can be found [[http://www.tse.or.jp/english/rules/equities/arrowhead/info.html | here]].
-The Tokyo Stock Exchange consists of three separate listing markets, each with it's own distinct listing criteria:
-  * Main Markets
-  * Mothers
-  * JASDAQ
-More information on the differences in listing requirements can be found [[http://www.tse.or.jp/english/rules/listcriteria/index.html | here]].
-==== Lit Order-types ====
-  * TSE Limit Buy/Sell/Short (DAY)
-  * TSE Market Buy/Sell/Short (DAY)
-  * TSE Funari Buy/Sell/Short (DAY)
-  * TSE Limit on Open (LOO) Buy/Sell/Short (DAY)
-  * TSE Market on Open (MOO) Buy/Sell/Short (DAY)
-  * TSE Limit on Close (LOC) Buy/Sell/Short (DAY)
-  * TSE Market on Close (MOC) Buy/Sell/Short (DAY)
-==== Dark Order-types ====
-  * JP Dark Limit Buy/Sell/Short (DAY)
-  * JP Dark Market Buy/Sell/Short (DAY)
-==== Available ATS ====
-  * [[chixjapan|Chi-X Japan]]
-  * [[sbijapannext|SBI Japannext]]
-==== Basic Market Rules ====
-  * Lot Size is set by the listed company and as a result there is no cohesive definition. However, individual trade units are defined in the exchange's daily report found [[http://www.tse.or.jp/english/market/data/daily/index.html | here]].
-  * Tick Size is set by price as follows:
-^ Price Range (Yen) ^ Tick Size (Yen) ^
-| up to 3,000 | ±1 |
-| up to 5,000 | 5 |
-| up to 30,000 | 10 |
-| up to 50,000 | 50 |
-| up to 300,000 | 100 |
-| up to 500,000 | 500 |
-| up to 3 million | 1,000 |
-| up to 5 million | 5,000 |
-| up to 30 million | 10,000 |
-| up to 50 million | 50,000 |
-| over 50 million | 100,000 |
-  * Short Sale Rules - Short Sell orders must be marked; naked short selling is prohibited; short sales are subject to an uptick rule where the price of the security must be 1 tick higher than the last sale price.
-  * Circuit Breakers - The TSE has in place quote parameters described [[http://www.tse.or.jp/english/faq/list/stockprice/p_f.html | here]], which serve to minimize price jumps. In addition they apply daily limit prices to stocks, which once reached cannot be exceeded - these are described [[http://www.tse.or.jp/english/faq/list/stockprice/p_g.html | here]].
-==== Auction Mechanisms ====
-TSE opening and closing prices, as well as the initial price after a trading halt and following a special quote are determined using the 'Itayose' method which is described [[http://www.tse.or.jp/english/faq/list/stockprice/p_b.html | here]].
-=== Open ===
-The opening auction occurs at 09:00:00 (morning session) and 12:30:00 (afternoon session) with the matching of all orders entered prior to the auction being matched using the Itayose method.
-=== Close ===
-The closing auction occurs at 15:00:00 with the matching of all orders in the order book at the time using the Itayose method.
-===== Additional Info =====
-===== See Also =====
-  * [[equity_markets|Equity Markets]]
-===== References =====