TSE News

Revisions to Trading Rules for Futures Contracts in Connection with Migration to Tdex+ System

Update : Sep. 24, 2010

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[Tokyo Stock Exchange, Inc.]

 Tokyo Stock Exchange, Inc. (TSE) has decided to make partial revisions to its trading rules related to Futures Contracts (JGB futures and Index futures), such as the introduction of a market maker scheme. The revisions are to be made in connection with the migration of Futures Contracts to Tdex+ System, which is already being used for Options Contracts, from the viewpoint of further enhancing investor convenience and expanding the liquidity of the futures market. The migration will be implemented in the autumn of 2011.

Tdex+ System is an advanced electronic trading system based on LIFFE CONNECT® which has been long employed by NYSE Liffe, a NYSE Euronext subsidiary, and highly rated for its performance and functionality by investors worldwide.

With the migration of Futures Contracts to Tdex+ System, a dramatic improvement in latency of order processing will be brought about, as compared with current system. With this move, TSE will finish the renovation of all trading systems, and investors will be able to enjoy the user-friendliness provided by TSE’s world-class trading systems. In addition, TSE aims to further improvement of market liquidity by making revisions to its trading rules in response to global standards, such as the introduction of the market maker scheme and the implied function in connection with such migration.

<Main points of revisions to trading rules>
・Introduction of the Market Maker scheme
・Introduction of the Implied Function
・Revisions to the trading rules in response to global standards
(Revisions to matching rules, diversification of order conditions, introduction of the Dynamic Price Limit, etc.)

Revisions to Trading Rules for Futures Contracts in Connection with Migration to Tdex+ System PDF

These rule revisions are scheduled to be implemented in the autumn of 2011, at the same time as the migration to the new system.
TSE will solicit public comments regarding these matters until October 24, 2010.

DISCLAIMER: This translation may be used only for reference purposes. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. Tokyo Stock Exchange, Inc., Tokyo Stock Exchange Group, Inc., and/or Tokyo Stock Exchange Regulation shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation.

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TEL : +81-3-3666-0141
e-mail:tdex-biz@tse.or.jp

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