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Table of Contents
Tokyo Stock Exchange (TSE)
<description of market>
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Currency: Japanese Yen (JPY)
Trading Hours & 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 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 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
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 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.
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 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.