Equities Trading Services


"arrowhead" launched on January 4, 2010 as a cash equity trading system that combined low latency, high reliability, and scalability of the highest global standard. Upgraded on September 24, 2015 to handle a growing number of orders and spikes in order traffic, constant system development ensures that arrowhead continues to accommodate investors' changing needs and developments in the market environment.
The system handles auction trading of all cash products such as stocks and CBs.

arrowhead renewal icon-pdf
Movie of arrowhead renewal(FUJITSU LIMITED)icon-block

System features

Low latency

Items Processing Capabilities
Order Response Time Approximately 0.3 milliseconds
Information Dissemination Time Approximately 1 millisecond


Processes trading information such as orders, executions, and order books on synchronized 3-node data servers.


System capacity is flexibly and swiftly scalable to accommodate an increase in the number of orders.

New Functions

In response to the risks posed on markets by growing use of electronic / high-speed trading, the following risk management functions were introduced at the time of the arrowhead renewal in September 2015.

Function Expected Scenario Outline
Order Cancellation on Abnormal Disconnection
(Cancel on Disconnect)
Triggered by abnormal disconnection from the TSE trading system When the connection between a trading participant and the TSE trading system is abnormally lost, the TSE trading system automatically cancels orders that were placed by the trading participant.
Order Suspension/Cancellation
(Kill Switch)
Used in situations such as irregular order placement due to faulty algorithm In accordance with an instruction from a trading participant, order placements from a specified server are suspended, and orders that were placed via the server are automatically canceled.
User-designated Hard Limit Used to suspend order placement when pre-determined limits are reached A limiter function with which a trading participant can set threshold values (order value per single order, cumulative order/execution value per unit time) for each server to suspend further order placement.
Issues for Testing
(Dummy Symbol)
Used in confirmation tests after a trading participant modifies its order placement system After modifying the system, such as changing setting values, a trading participant can place orders for issues for testing (dummy symbols) in the production environment of the trading system before placing actual orders.

System Name and Logo

"arrow" symbolizes speed, emphasizing high-speed response and processing capability.
"head" focuses the image on a trusted tip honed to penetrate any barrier, emphasizing robustness and reliability. Lowercase expresses system scalability.

arrowhead Logo

ToSTNeT System

ToSTNeT System (Tokyo Stock Exchange Trading NeTwork System) is a system for off-auction trading. Similar to the auction market, ToSTNeT System is recently handling an increasing number of orders. ToSTNeT System was replaced on March 21, 2017 to improve processing capabilities and convenience. This replacement provides a faster and more secure environment for off-auction trading of cash products.

ToSTNeT System Replacement icon-pdf