Order Types, etc.

Order Types

Order Types Outline Example
  1. Limit Order
An order submitted with a specified limit price and to be executed at the specified price or better price. icon-pdf
  1. Market Order
An order submitted without the specified limit price and to be executed against the best bid or the best offer in order.*1 icon-pdf
  1. Market to Limit Order
A limit order submitted without the specified limit price and to be executed against the best bid or the best offer at the time.*2 icon-pdf
  • The unfilled part of a market order cannot be stored on the order book (the unfilled part is forced to be cancelled).
  • A buy(sell) market to limit order becomes invalid if there is no best offer(bid).

Conditions for Validity Period and Executed Volume

It is required to specify any of the following conditions at the submission of an order.

Conditions Outline
Good for Day (GFD) Valid until the end of the Day Session of the day (or, until the end of the Night Session if the order is submitted at the Night Session.).
Good till Date/ Good till Cancel (GTD/GTC) Valid until the end of the Day Session on the date the specified period ends.
Selectable from either GTD (valid until the end of the day session on the date the specified period ends) or GTC (valid until the cancellation. (If not cancelled, it is valid until the end of the day session on the last trading day.)).
Fill and Kill (FAK) In the case where there is unfilled volume after the order is partially executed, cancel the unfilled volume.
Fill or Kill (FOK) In the case where all the volume is not executed immediately, cancel all the volume.

Period Allowed for Submitting Order by each Order Type and Condition for Execution

Order Types Order Acceptance Period before Itayose Zaraba
GFD GTD GTC FAK FOK GFD GTD GTC FAK FOK
  1. Limit Order
A A A A NA A A A A A
  1. Market Order
NA NA NA A NA NA NA NA A A
  1. Market to Limit Order
NA NA NA NA NA A A A A A

(note)
  • ・"A" = "available" "NA" = "not available"
  • ・Market Order is not Available in case of Dividend Index Futures.

For Strategy trades

Order Types Order Acceptance Period before Itayose Zaraba
GFD GTD GTC FAK FOK GFD GTD GTC FAK FOK
  1. Limit Order
A A A A NA A A A A A
  1. Market Order
NA NA NA A NA NA NA NA A A
  1. Market to Limit Order
NA NA NA NA NA A A A A A

(note)
  • ・"A" = "available" "NA" = "not available"
  • ・Market Order is not Available in case of Dividend Index Futures.

Orders with closing conditions

Orders with closing conditions are available. Such orders are registered to the order book for a pre-closing session.
Please note the following points.

  • Investors must specify the pre-closing session. Please note that the available pre-closing sessions vary depending on the product.
  • The validity period of the order in the closing session will be based on that of the order with closing condition.
  • During a trading halt, orders with closing conditions will not be registered to order book even if it is in the nearest pre-closing session. In this case, orders with closing conditions with FAK or GFD will expire at the end of the session. If used with GTD/GTC, any remaining validity period will be carried over to the next day.
  • Closing condition orders that are sent during the pre-closing session, excluding NCP, converts immediately upon order acceptance.

Actual conditions available to investors depends on the broker. Please consult your broker for more information.

Strategy Trading

Futures

Calendar Spreads are available.

Products Tick Size Combinations
Nikkei 225 Futures ¥1
  • 1st contract month and the farther contract month
    (The farther contract month:2nd - 5th contract month)
   
TOPIX Futures 0.1 pt
JPX-Nikkei 400 Futures 1 pt
TSE Mothers Index Futures 0.1 pt
RN Prime Index Futures 0.1 pt
Nikkei 225 mini Futures ¥1
  • 1st contract month and the farther contract month
  • 2nd contract month and 4th/5th contract month
  • 3rd contract month and 5th contract month
    (The farther contract month:2nd - 5th contract month)
   
mini-TOPIX Futures 0.05 pt
  • 1st contract month and 2nd contract month
  • 1st contract month and 3nd contract month
   
TOPIX Core30 Futures 0.1 pt
TSE REIT Index Futures 0.1 pt
TOPIX Banks Index Futures 0.1 pt
DJIA Futures 1 pt
  • 1st contract month and the farther contract month
    (The farther contract month:2nd - 4th contract month)
   
India Nifty50 Futures 1 pt
  • 1st contract month and 2nd contract month
  • 1st contract month and 3nd contract month
   
TAIEX Futures 1 pt
  • 1st contract month and the farther contract month
    (The farther contract month:2nd - 5th contract month)
   
FTSE China 50 Index Futures 1 pt
  • 1st contract month and the farther contract month
    (The farther contract month:2nd - 4th contract month)
   
Nikkei 225 VI Futers 0.01 pt
  • 1st contract month and the farther contract month
    (The farther contract month:2nd - 8th contract month)
   
Nikkei 225 Dividend Index Futures ¥0.1
  • 1st contract month and the farther contract month
    (The farther contract month:2nd - 5th contract month)
   
TOPIX Dividend Index Futures
TOPIX Core30 Dividend Index Futures
0.01 pt
5-year JGB Futures
10-year JGB Futures
¥0.01
  • 1st contract month and 2nd contract month
  • 1st contract month and 3nd contract month
  • 2nd contract month and 3nd contract month
   
mini-10year JGB Futures ¥0.005
20-year JGB Futures ¥0.01

Product Transaction Effected by Strategy Buy Order Strategy Price
Index Futures Sell 1 unit of a nearer contract month and buy 1 unit of a farther contract month Price of the farther contract month - Price of the nearer contract month
JGB Futures Buy 1 unit of a nearer contract month and sell 1 unit of a farther contract month Price of the nearer contact month - Price of the farther contract month

Options

Tailor made combination

Tailor Made Combination allows participants to create and trade strategy instrument, constructed from up to four contracts from the same product group. The created strategy instrument has flexibility in side, price, and size, where participants are able to apply trading strategies similar to those practiced in the OTC market.

Products Tick Size Combinations
Nikkei 225 Options ¥1 Constructed on demand
(certain restrictions may be applied)
TOPIX Options 0.1 pt
JPX-Nikkei Index 400 Options 1 pt
Options on 10-year JGB Futures ¥0.01
Securities Options ¥0.1 *

  • ¥1 (In case where the trading unit of underlying is 1.)
 

Limitations

Combo Class legs Max ratio Buy/Sell
One defined "Combo Class"
for TMC per underlying
Up to 4 legs 2* Buy/Sell
  • Max ratio is restricted to 1 for the time being.

Implied-out Function

Implied-out function will be available for JGB Options and TOPIX Options, which allows both strategy instrument and individual contracts constructing the strategy instrument to supplement each other's liquidity by connecting their order book.

(Note) This function is currently not available.

For more details, please refer to "Business Regulations and Related Rules" in the following page.

Rules (Osaka Exchange)