tokyo_stock_exchange
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| tokyo_stock_exchange [2018/02/13 15:49] – [Basic Market Rules] maya | tokyo_stock_exchange [2023/03/16 08:58] (current) – [Available PTS] hammed | ||
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| ====== Tokyo Stock Exchange (TSE) ====== | ====== Tokyo Stock Exchange (TSE) ====== | ||
| - | The Tokyo Stock Exchange, part of the Japan Exchange Group, is the primary capital market in Japan and has three listing groups: | + | |
| + | The Tokyo Stock Exchange | ||
| * First Section: large companies | * First Section: large companies | ||
| * Second Section: mid-sized companies | * Second Section: mid-sized companies | ||
| - | * Mothers: market of the high-growth and emerging stocks | + | * Mothers: market of high-growth and emerging stocks |
| For more information on listing requirements, | For more information on listing requirements, | ||
| Line 13: | Line 14: | ||
| Currency: Japanese Yen (JPY) | Currency: Japanese Yen (JPY) | ||
| - | [[http:// | + | * [[https:// |
| - | [[http:// | + | |
| ==== Order Types ==== | ==== Order Types ==== | ||
| - | * CHIJ Limit Buy/ | + | * CHIJ Limit Buy/ |
| - | * SBIJ Limit Buy/ | + | * SBIJ Limit Buy/ |
| * TSE Funari Buy/ | * TSE Funari Buy/ | ||
| * TSE Limit Buy/ | * TSE Limit Buy/ | ||
| Line 25: | Line 27: | ||
| * TSE Market-on-Close (MOC) & Market-on-Open (MOO) Buy/ | * TSE Market-on-Close (MOC) & Market-on-Open (MOO) Buy/ | ||
| + | ==== Available PTS ==== | ||
| + | |||
| + | * __[[https:// | ||
| + | * __[[https:// | ||
| + | |||
| + | ===Chi-X Japan=== | ||
| + | |||
| + | Chi-X Japan is a leading PTS (Proprietary Trading System) for Japanese equities, providing members and investors with better trading opportunities at lower cost under highly transparent rules. | ||
| + | |||
| + | Orders received from traders concerning Listed Stocks, etc. shall be executed on the PTS according to their internal rules. The orders will not be routed to financial instrument exchanges or other PTS brokers, unless expressly specified. | ||
| + | |||
| + | Orders received from traders shall only be executed when they match with other orders in the PTS. Orders which did not match shall become unexecuted orders. | ||
| + | |||
| + | **Note:** to avoid order rejection errors, please note that there is a 10% price range limit on Chi-X Japan. Thus, the price needs to be within 10% of the last traded price on TSE to be accepted. | ||
| + | |||
| + | ===SBI Japannext=== | ||
| + | |||
| + | SBI Japannext strives to facilitate and improve the Japanese capital market structure to benefit all market participants. As their original shareholders were online securities houses in Japan, their focus is to enhance the trading experiences of, and create economic benefits for, all those who participate in our venue. | ||
| ==== Basic Market Rules ==== | ==== Basic Market Rules ==== | ||
| - | | + | |
| - | * Tick Size: found in official Tick Size tables in the respective venues: | + | |
| + | * Tick Size: found in official Tick Size tables in the respective venues: [[http:// | ||
| * 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. | * 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 [[http:// | * Circuit Breakers: the TSE has [[http:// | ||
| Line 38: | Line 59: | ||
| In addition to limit orders, market orders which are used to buy or sell regardless of price are available on TSE. Based on the principle of price priority, market orders take precedence over all limit orders. | In addition to limit orders, market orders which are used to buy or sell regardless of price are available on TSE. Based on the principle of price priority, market orders take precedence over all limit orders. | ||
| - | ===Time | + | ===Time |
| - | The principal | + | The principle |
| ===Simultaneous Orders=== | ===Simultaneous Orders=== | ||
| - | As previously mentioned, the principles of price priority and time priority are the main methodology of the TSE market. In some circumstances, | + | As previously mentioned, the principles of price priority and time priority are the main methodology of the TSE market. In some circumstances, |
| + | |||
| + | **Please note:** not only before the morning session but before the opening price of the afternoon trading session is determined, all orders are regarded as simultaneous orders. | ||
| ==== Auction Mechanisms ==== | ==== Auction Mechanisms ==== | ||
| Line 50: | Line 74: | ||
| === Open === | === 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. Orders can be entered only after 08:00:00. | 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. Orders can be entered only after 08:00:00. | ||
| === Close === | === Close === | ||
| - | Normally, the closing auction execution follows the Itayose method where all orders reaching the order book are treated as simultaneous orders; in other words, there is no time priority. Bids and offers are matched at a single price according to the principle of price priority. | + | Normally, the closing auction execution follows the Itayose method, where all orders reaching the order book are treated as simultaneous orders. In other words, there is no time priority. Bids and offers are matched at a single price according to the principle of price priority. |
| Orders are executed as follows: | Orders are executed as follows: | ||
| Line 80: | Line 105: | ||
| | 4000 | 3000 | 498 | 500 | 3000 | | | 4000 | 3000 | 498 | 500 | 3000 | | ||
| - | This is an example of the book before the closing auction. Suppose the daily lower limit price is 498. Due to large sell sentiment in the market, there are excessive sell orders on the book. In other words, there’s no price where the aggregate of sell and buy order amount inverses. Itayose method does not apply as we cannot find a price level where all limit orders priced better than the selected price will be executed. We use Closing at the Limit Price mechanism, and treat the 1000 share market sell order and 100 share market buy order as limit order priced at the daily lower limit 498. The closing price is set at the daily lower limit 498. The executed amount is 3000 shares (aggregate total buy order). The executed shares will be allocated to all security companies one unit at a time in the order of aggregate order size per company until all shares are allocated. | + | This is an example of the book before the closing auction. Suppose the daily lower limit price is 498. Due to large sell sentiment in the market, there are excessive sell orders on the book. In other words, there’s no price where the aggregate of the sell and buy order amount inverses. |
| **Auction Periods** | **Auction Periods** | ||
| - | The morning closing auction is scheduled at the end of morning session (11:30). Market, Limit, Limit to Market On Close (Funari), and Limit on Close orders are accepted until the beginning of the auction. | + | The morning closing auction is scheduled at the end of the morning session (11:30). Market, Limit, Limit to Market On Close (Funari), and Limit on Close orders are accepted until the beginning of the auction. |
| The afternoon closing auction is scheduled at the end of the afternoon session (15:00). Market, Limit, Limit to Market On Close (Funari), and Limit on Close orders are accepted until the beginning of the auction. | The afternoon closing auction is scheduled at the end of the afternoon session (15:00). Market, Limit, Limit to Market On Close (Funari), and Limit on Close orders are accepted until the beginning of the auction. | ||
| Line 90: | Line 115: | ||
| **Order Types** | **Order Types** | ||
| - | Limit Order with TIF set to DAY | + | * Limit Order with TIF set to DAY |
| - | + | | |
| - | Market Order with TIF set to DAY | + | * **Market On Close order:** JAPN Gateway |
| - | + | * **Limit on Close order:** such order will be executed only during either the morning closing auction or the afternoon closing auction. If the order was sent with an instruction to be executed during the morning closing auction and it wasn’t executed, the order will not be brought over to the afternoon session. The validity period for a TSE order is one day, so if an order is not executed in the afternoon closing auction, it will become void. | |
| - | Market On Close Order: JAPN Gateway | + | * **Limit to Market for Close order (Funari order):** Limit orders that are effective until the end of the auction session. If they are not executed during continuous trading, they become market orders during the closing auction of the morning or afternoon session. |
| - | + | ||
| - | Limit on Close order: such order will be executed only during either the morning closing auction or the afternoon closing auction. If the order was sent with instruction to be executed during the morning closing auction and wasn’t executed, the order will not be brought over to the afternoon session. The validity period for a TSE order is one day, so if an order is not executed in the afternoon closing auction, it will become void. | + | |
| - | + | ||
| - | Limit to Market for Close order (Funari order): Limit orders that are effective until the end of the the auction session. If they are not executed during continuous trading, they become market orders during the closing auction of the morning or afternoon session. | + | |
| **Closing Auction at the Limit Price** | **Closing Auction at the Limit Price** | ||
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| For more information on the auction mechanisms on the TSE, see the [[ http:// | For more information on the auction mechanisms on the TSE, see the [[ http:// | ||
| + | |||
| ===== See Also ===== | ===== See Also ===== | ||
| * [[market_guides|Market Guides]] | * [[market_guides|Market Guides]] | ||
tokyo_stock_exchange.1518554990.txt.gz · Last modified: 2018/02/13 15:49 by maya