arrowhead Square

What is arrowhead?

Update : Sep. 04, 2012



What is arrowhead?

"arrowhead" is the next generation trading system, which combines low latency, high reliability, and scalability, was launched on Monday, January 4, 2010. This system will handle the auction trading of all cash products such as stocks and CBs.

Characteristics of arrowhead

Low latency:

(1) 1 millisecond Order Response(average)
Lower response time for order acceptance notices
(2) 2.5 millisecond Information Distribution
Reduced latency for distribution of stock prices, quote information, etc.


Highly Reliable System built with State-of-the-Art Technology
Process trading information such as orders, executions, and order books on synchronized 3-node data servers.


Constantly ensure twice the maximum processing capacity of actual conditions. In concrete terms, when the maximum system processing value under actual conditions for a whole day or the number of orders per minute reaches 1/2 of the predetermined system threshold value, scale up accordingly to secure twice the maximum actual processing value. Accommodate within a week in the case where such scalability criteria were exceeded.

Differences between Previous System and arrowhead

Matching speed

The previous system conducted matching once every few seconds; matching in arrowhead is immediate.


Sufficient arrangements have been made for capacity based on the market estimate for arrowhead calculated based on the current amount of orders, etc.

Revision of trading rules

Various trading rules were revised with the launch of arrowhead. For details, please refer to "Revision of Trading Rules".

Expand market data

With the launch of arrowhead, the TSE has significantly expanded the content of data provided. With respect to market information distributed to investors, the TSE provides all data in the order book through FLEX Full. For an overview, please refer to the pamphlet.

Co-Location Service

Tokyo Stock Exchange, Inc. (TSE) is providing "(TSE) Co-Location Service" at the TSE Primary Site. This service is designed to further enhance market convenience for investors and trading participants with the fastest access to the TSE systems.

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