Update : Oct. 28, 2013
The Market Maker Scheme is a scheme that creates a trading environment where market makers continuousely place bids and offers for issues designated in advance so that investors can trade them at any time.
The Market Maker Scheme was implemented with the aim of facilitating smooth transactions in the market.
Market makers for futures trading are classified into two types, PMM (Primary Market Maker) and LP (Liquidity Provider).
Please refer to the table below for their respective roles, etc.
|Role||Incentive||Issues subject to Market Maker Scheme|
|Market Makers for Futures Trading||PMM
|Continuously place bids and offers for issues subject to the Market Maker Scheme||Discount on trading fees||Mini futures (*2)
Sector index futures
Dividend index futures
|No obligations||Discount on trading fees according to amount of trading||Mini futures (*3)|
Since there is a large number of listed options, market makers have two obligations.
Please refer to the table below for the roles of market makers, etc.
Issues subject to
Market Maker Scheme
Market Makers for
(1) Continuously place bids and offers
Place bids and offers continuously for issues subject to the Market Maker Scheme
(2) Respond to request for quote (RFQ)
Place bids and offers when receiving an RFQ for issues other than those subject to the Market Maker Scheme
|Discount on trading fees according to rate of performance of its roles||
Options on JGB futures
Individual securities options
Tokyo Stock Exchange, Inc.
Business Development Derivatives