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ToSTNeT Market

Types of Trading Single Stock Basket Closing Price Off-Auction Own Share Repurchase
VWAP Guarantee Trading*1 / VWAP Target Trading*2 / VWAP Trading between agency orders*3
Eligible Stocks Domestic stocks, foreign stocks, ETFs, REITs and CBs Domestic stocks, foreign stocks, ETFs, REITs and CBs Domestic stocks, foreign stocks, ETFs, REITs and CBs Domestic stocks, foreign stocks, ETFs, REITs and CBs Domestic stocks, foreign stocks and REITs
Hours 8:20am-5:30pm

(*) Until 0:30pm for T+1		 8:20am-9:00am
Previous day VWAP
(VWAP target N/A)

11:30am-0:30pm
Morning session VWAP 

3:00pm-5:30pm
Afternoon session/All day VWAP

(*) Until 0:30pm for T+1		 8:20am-5:30pm

(*) Until 0:30pm for T+1		 8:20am-8:45am

11:30am-0:15pm

3:00pm-4:00pm

(Orders are accepted from 8:20am to 4:00pm)		 8:45am
(Sell orders are accepted from 8:00am to 8:45am)
Minimum Trading Unit Same as the regular trading session Same as the regular trading session Minimum of 15 stocks valued at least JPY100 million Same as the regular trading session Same as the regular trading session
Price Within 7% above or below the last price (or last special quote price or last sequential trade quote price) in the regular trading session VWAP Guarantee:Pre-arranged net price of VWAP

VWAP Target:VWAP-aimed VWAP of execution result that targets VWAP at the regular trading session(net price incl. brokerage commissions is also available)

VWAP Trading between agency orders:VWAP designated for each trading time zone 		Within 5% above or below the last prices of the designated stocks in the regular trading session 8:20am-8:45am
  • Closing price of previous day (*or last special quote price or last sequential trade quote price. If neither is available, the base price of that day)
  • Previous day VWAP

11:30am-00:15pm
  • Morning session closing price(*)
  • Morning session VWAP 

3:00pm-4:00pm
  • Closing price of that day(*)
  • Afternoon session VWAP or that day's VWAP
 Closing price of previous day (or last special quote price or last sequential trade quote price. If neither is available, base price of that day)
Quote Stocks:integral multiple of 1/10000 JPY
CB:integral multiple of 1/100 times JPY0.01 per JPY100 in par value
Trade between same or different participants		 Stocks:integral multiple of 1/10000 JPY
CB:integral multiple of 1/100 times JPY0.01 per JPY100 in par value
Cross trading between the same participant Only		 Stocks:integral multiple of 1/10000 JPY
Trade between same or different participants 		 Closing Price:Same as the regular trading session

market VWAP:VWAP released by TSE

VWAP For cross orders between the same participant only		 Same as the regular trading session

Allocation priority 1st:Agency
Order 2nd:Principal Order

allocate per trading participant
Trading Method Specify matching condition such as the matching counterpart (Trading Participant name), name of the stock, number of stocks and settlement date, and orders are matched when the quoted prices of each order match. Cross orders by the same participant are matched at the quoted price. Time Priority basis
(Cross orders between the same participant have highest priority)
  • Agency orders have highest priority
  • Allocate the minimum trading unit per trading participant in descending order according to the amount of orders. Multiply the balancing amount of each participant by the allotment ratio (buy order balance/total sell order balance) and allocate the integral result (dropping decimals). Allocate minimum trading unit in descending order according to the number after the decimal is dropped.
Settlement
  • T+1~T+9
  • T+0(Transaction between the same participant only)
T+2
Margin Trading/Stock Lending Types of transactions eligible for margin trading at ToSTNeT are:

・A margin transaction conducted between a participant's clients at a price (including a price calculated according to a fixed formula based on published data such as a VWAP) and quantity predetermined by the parties involved
・A margin transaction in which an order from a participant's client is matched against an order made on the participant's proprietary account at a price and quantity predetermined by the parties involved
・A margin transaction matching a bid and an offer from the same client
・A margin transaction matching a bid and an offer from the same participant's proprietary account
*Any transaction for which a bid or an offer is placed via an internal trading system is not permitted. 		No

  • VWAP guarantee trading... A type of transaction that aims to guarantee VWAP-based executions. Cross-match with clients' sell or buy order at the pre-arranged VWAP net price (brokerage commissions included).
  • VWAP target trading…Aiming for VWAP, traders execute transactions in the auction market in which the name/number of stocks are pre-arranged, and cross-match with clients' sell or buy orders at the VWAP of the execution result. Transactions at the VWAP net price of clients' execution results (brokerage commissions included) are also available.
  • VWAP Trading between agency orders･･･Agency cross orders within the same participant for VWAP transactions