There are two ways that you can receive market information concerning market prices on TSE's market. You can either receive the information directly from TSE through a dedicated line, or you can obtain the data indirectly from authorized information vendors etc.

When you receive data directly from TSE, you are required to execute "Information Provision and License Agreement" with TSE.

Also, you are required to execute the Agreement when you distribute the TSE market information to the third party, even if you are receiving the information indirectly from authorized vendors etc. (You may not distribute TSE market information without TSE's approval.)

Further, if you indirectly receive Real-Time Information in a manner which falls under any of the following cases (1) through (3) and use it internally, you are required to obtain approval from TSE by submitting "Application Form for License of Information Usage by End-User" by agreeing with "Terms and Conditions about Information Provision and Licensing for End-User.".

• (1) When information vendors etc. which provide Real-Time Information do not technologically control the total number of your access rights to Real-Time Information;
• (2) When you receive Real-Time Information in the TSE Co-Location Facility;
• (3) When TSE deems that you receive Real-Time Information in a manner equivalent to direct connection to TSE system (e.g. in the case that you receive Real-Time Information with TSE proprietary message format).

Please see here for the summary of the cases when you need to execute direct agreement with TSE.

Necessary agreement with TSE

For details about usage of TSE market information, please refer to the following documents:

Information Provision and License Agreement
Terms and Conditions about Information Provision and Licensing for End-User
Policies Regarding Usage of Market Information

Contractual process

The following process is normally followed when initiating a new Information Provision and License Agreement.

1. Initial hearing		About 2 weeks
2.Execution of the Information Provision and License Agreement
3. Submission of Application for Connection to TSE Network		About 2 months
4. Installation of the line
5. Commencement of the service

It takes about two weeks from the initial hearing to the execution of the contract, and then two months or so before the subscriber starts receiving data. For subscribers obtaining the data indirectly from information vendors etc., step 3 and 4 are not necessary.

Application related to Information Provision and License Agreement effective after the go-live date of arrowhead needs to be submitted via Market Information Client System (MICS) below.

TOPIX license agreement may be additionally required when distributing TOPIX index data.

"Application Form for License of Information Usage by End-User" needs to be submitted via Market Information Client System (MICS) below. (It takes about two weeks to approve your application.)

For details of the process of End-User's Application, please see Flow of procedures for End-User License Agreement.

Flow of procedures for End-User License Agreement

Contents provided by MAINS

The Market Information System offers the following data.
Please also refer to the following documents,

(Reference) Summary of new TSE Information Products

			FLEX Standard	FLEX Light*1	FLEX Full
Communication Protocol			Full Duplex Communication
Issues Covered			Tokyo (all issues excluding straight bonds), other regional exchanges*3 and TOKYO AIM (all issues excluding bonds)		Tokyo (all issues excluding straight bonds and derivatives), other regional exchanges*2 and TOKYO AIM (all issues excluding bonds)
Transmitted Data	Real Time Data		open/high/low/close prices (per session),trading volume, trading value, VWAP		current price, trading volume, trading value, every quote price and size, number of orders at every price point, size and number of Conditional Close Orders at every price point
			5 last sale prices, 8 best quote prices/sizes, accumulated quote sizes beyond 8th best quotes, parity, and theoretical price for warrant bonds
	Pre-opening session		closing prices and index value on previous business day		-
	once or twice a day		open position (for derivatives)		-
	Post-afternoon session		open/high/low/close prices (per day), and settlement prices		-
	Indices	Per 15seconds	TOPIX, TOPIX New Index Series, TOPIX Sector Indices, TOPIX-17 Series, Size-based TOPIX Sub-Indices, TOPIX Style Index Series, Tokyo Stock Exchange Second Section Stock Price Index, Tokyo Stock Exchange Mothers Index, Tokyo Stock Exchange REIT Index, Ex-TOPIX, Tokyo Stock Exchange Composite Index Series		-
	Statistic data	Periodic	total trading volume and value by market section, VWAP, average stock price, market capitalization, average yield, the number of issues rising/declining, convertible bond statistics Matching ratio, 30 biggest % movers in terms of trading volume, trading value and price change		-

Enquiry

For more information

Tokyo Stock Exchange, Information Services Department
Tel: +81-3-3666-0141 (English 9:00am ∼ 17:00pm GTM+9)
Fax: +81-3-3666-5710
e-mail : mains@tse.or.jp