MAINS (MArket INformation System)

Monthly market information fees

Update : Mar. 24, 2014

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Market information fees vary as follows, depending on the type of lines and the data in use. Subscribers receiving data directly from the Market Information System (MAINS) will incur additional fees for communication lines and connection equipment. Market Information Fee will be amended with the market consolidation with Osaka Securities Exchange (Cash Equities Markets and Derivatives Markets). Please refer this web page (http://www.tse.or.jp/english/market/mkinfo/mains.html).

* Market information fees are composed of License Fee and Usage Classification Fee as follows. Japanese consumption tax will be added for domestic users.
* For TSE Co-Location Facility, please refer to the below page for details.
TSE Connectivity Services

Monthly Fee Table

License Fee

The license fee is determined according to the type of line. Applicants can establish a direct connection to the MAINS and obtain the data directly from the TSE (direct use). Alternatively, they can acquire the data from other subscribers to the MAINS (indirect use). License Fee for indirect users receiving real-time data depends on the information Licensee distributes.

(Direct use)

(Unit:Yen)
  General Trading Participant Non-Trading Participant
(ⅰ)FLEX Standard 700,000 1,250,000
(ⅱ)FLEX Light 680,000 1,230,000
(ⅲ)Not using pre-opening nor depth Info*1 600,000 1,100,000
(ⅳ)FLEX Full 600,000 1,000,000
(ⅴ)FLEX Full (FLEX User rate)*2 130,000 200,000

  • (*1)Applied when using only BBO5(excluding pre-opening Informatio and from the 2nd to the 5th best bid/ask prices and sizes).
  • (*2)Applied when paying License Fee for above (ⅰ),(ⅱ)or(ⅲ)for FLEX Standard/FLEX Light.
  • (*3)Applied when paying License Fee for above (ⅰ),(ⅱ)or(ⅲ)for FLEX Standard/FLEX Light.

(Indirect use)

If multiple usages are applicable, only the highest rate shall apply.

(Unit:Yen)
    General Trading Participant Non-Trading Participant
Real-Time Information Full-Depth 830,000 1,450,000
Up to BBO8 700,000 1,250,000
Not using pre-opening nor depth Info 600,000 1,100,000
Last Sales Price Only 310,000 570,000
For Originally Created Works Only 
570,000
Delayed Information*1 Delayed Details Information 200,000 280,000
Delayed Last Sales Information 140,000 190,000
Closing Information*2 80,000 140,000
TSE Index Information Only 60,000

  • (*1)"Delayed Information" must be delayed by at least 20 minutes from the origination of the information. (Excluding Base Price of Daily Price Limit Information). "Delayed Last Sales Information" is delayed information excluding quotation information (bid/ask) etc. "Delayed Details Information" is delayed information which does not fall under "Delayed Last Sales Information".
  • (*2)"Closing Information" includes open/high/low/close prices, and statistical information such as trading volume."Closing Information" must be published at least 20 minutes after the close of each market session.

Usage Classification Fee

(1) Internal Usage Fee
An Internal Usage Fee is charged to brokers and other organizations which perform direct use of real time data for in-house operations (support for dealing activities, position/risk control, etc).
Internal Usage Fee consists of Internal Usage Basic Fee and Internal Usage Terminal Fees.
(a) Internal Usage Basic Fee
Internal Usage Basic Fee is 260,000 yen.
(b) Internal Usage Terminal fee

(Unit:Yen)
Number of terminals Internal Usage Fee
BBO5 BBO8 Full-Depth
Up to 300th units 300 2,500 3,300
Applied to 301st to 600th units 700 2,300 3,000
Applied to 601st to 1,200th units 500 2,050 2,700
Applied to 1,201st to 2,400th units 200 1,600 2,200
Applied to 2,401st to 4,800thunits 150 1,200 1,600
Applied to more than 4,800th units 100

(2) External Distribution Fee
External Distribution Fee consists of External Distribution Basic Fee and External Distribution Terminal Fees.
For definition of "Personal Usage" and unit of count, please refer to "Policies Regarding Usage of Market Information."
(a) External Distribution Basic Fee
External Distribution Basic Fee depends on the information to be distributed.

(Unit:Yen)
    General Trading Participant Non-Trading Participant
Real-Time
Information
Full-Depth 830,000 1,450,000
Up to BBO8 700,000 1,250,000
Not using pre-opening nor depth Info 600,000 1,100,000
Last Sales Prices Only 310,000 570,000
Delayed
Information
Delayed Details Information 200,000 280,000
Delayed Last Sales Information 140,000 190,000
Closing Information 80,000 140,000
TSE Index Information Only 60,000
TV/Radio Broadcasting/Information Provision with Printed Medium Only 110,000

(b) External Distribution Terminal Fee

    General Usage*1 Personal Usage*2
Real-Time Information BBO5 2,300 yen / terminal 140 yen / terminal
BBO8 2,500 yen / terminal 150 yen / terminal
Full-Depth 3,300 yen / terminal 190 yen / terminal
Real-Time Information
(Applicable to"Open Access Terminal Service")
Last Sales Price Only 5,500,000 yen
Delayed & Closing Information
(Applicable to"Open Access Terminal Service")
Delayed Details Information 150,000 yen
Delayed Last Sales Information 100,000yen
Closing Information 50,000 yen

Vendors reporting large number of terminals may receive the large volume discounts outlined below.

*1 Discount for General Usage

No. of
Terminals
3,001st to
5,000th
5,001st to
10,000th
10,001st to
20,000th
20,001st to 4,000th After 4,000st
BBO5 2,100 yen 1,900 yen 1,500 yen 1,100 yen 1,100 yen
BBO8 2,300 yen 2,050 yen 1,600 yen 1,200 yen 1,100 yen
Full-Depth 3,000 yen 2,700 yen 2,200 yen 1,600 yen 1,500 yen

*2 Discount for Personal Usage

No. of
Terminals
50,001st to
100,000th
100,001st to
200,000th
200,001st to
400,000th
After 400,001st
BBO5 110 yen 85 yen 55 yen 40 yen
BBO8 120 yen 95 yen 65 yen 50 yen
Full-Depth 150 yen 115 yen 85 yen 60 yen

(3) Information Usage for Off-Exchange Transaction Fee
Electronic Communications Networks (ECNs) or off-exchange market makers utilizing data from the MAINS for off-exchange transaction shall pay the following fees.

Real Time Data Full-Depth 2,000,000 yen
Real Time Data BBO8 1,500,000 yen
Real Time Data BBO5 1,350,000 yen
Real Time Data Not using pre-opening nor depth info 1,200,000 yen
Delayed Data Delayed Details Information 600,000 yen
Delayed Data Delayed Last Sales Information 400,000 yen
Closing Data   300,000 yen

(4) Index Information Usage Fee
Subscribers to the MAINS calculating and publishing their own indices on a real time or delayed basis, or offering tradable index derivatives are subject to the following fees.

Index Information External Dissemination Fee 200,000 yen
Index Information Usage for Off-Exchange Transaction Fee 100,000 yen per product per listed exchange

(5) Base Price of Daily Price Limit Information Usage Fee
The following amount of Base Price of Daily Price Limit Information Usage Fee is charged to subscribers using Base Price of Daily Price Limit Information

General Trading Participant 30,000 yen
Non-Trading Participant 100,000 yen

Remarks

The fee table above is presented as a simplified version of the official Fee Table. Please refer to the "Policies Regarding Usage of Market Information" for the official Fee Table.

*For an example of payment please click "Q & A - Market information fees"

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