arrowhead Square

Pamphlet

Update : Jan. 04, 2010

The TSE has compiled a leaflet and pamphlet containing information which includes a summary of arrowhead and changes to trading rules upon its launch. There are separate pamphlets for institutional investors and individual investors available at the bottom of this page.
There are separate pamphlets for institutional investors and individual investors available at the bottom of this page.
Furthermore, after the launch of arrowhead, there is a significant increase in order matching (execution) speed from the previous trading system.
We have prepared a Flash movie to illustrate activities in the order book from the point when an order is placed to its execution.For example, through this movie, viewers can gain firsthand experience of the execution speed of the new system, and an understanding of the risks involved with "placing orders while monitoring the order book".

(1) Leaflet

arrowhead Leaflet

(2) Pamphlet

arrowhead Pamphlet (Detailed Version for Individual Investors)

arrowhead ~ Next-Generation Trading System (for individual investors):(5.91MB)

* As this file is large, it might take a while to display. If you are unable to see the above file, please try the files divided into separate sections below.

1. Introduction/2. Summary of arrowhead:(1.70MB)
2. Summary of arrowhead/3. Change of trading rules/4. Expansion of market data:(2.7MB)
4. Expansion of market data/5. Points to note when placing orders/6. Conclusion:(1.9MB)

arrowhead Pamphlet (Detailed Version for Institutional Investors)

arrowhead ~ Next-Generation Trading System (for institutional investors):(5.43MB)

* As this file is large, it might take a while to display. If you are unable to see the above file, please try the files divided into separate sections below.

1. Introduction/2. Summary of arrowhead:(1.94MB)
2. Summary of arrowhead/3. Change of trading rules/4. Expansion of market data:(2.7MB)
4. Expansion of market data/5. Working towards lower latency/6. Conclusion:(1.2MB)

(3) Order Book Activity after arrowhead Launch (simulation)

Previous system	arrowhead	arrowhead (Sequential Trade Quote)
flash	flash	flash
You can gain firsthand experience of the difference in the speed of immediate order matching and execution between the previous system and arrowhead when a market order is entered into the order book.		The sequential trade quote is a new quote stipulated by a new trading rule that was introduced at the time of arrowhead launch. For details, please refer to the (1) leaflet and (2) pamphlet above.