Other Trading Rules

Order to Trade Ratio (OTR)

Osaka Exchange, Inc. and Tokyo Commodity Exchange, Inc. (hereinafter collectively referred to as'the Exchanges') started calculation of Order to Trade Ratio (OTR) and related operations after the launch of current J-GATE (September 21, 2021) to enforce efficient ordering practices for trading participants which send a significantly large number of orders, and therefore conserve the exchange's system capacity.

Definition of OTR

The Exchanges define OTR in the following way.

OTR Measurement Units

OTR shall be measured, for all sub-participant codes (SPC) of all trading participants of the Exchanges, per J-GATE partition.

Regulatory Approach

Note: While OTR has been calculated since the launch of current J-GATE, regulatory measures based on OTR will not be implemented for the time being.

The Exchanges' regulatory measures based on OTR will be implemented through monitoring on a daily basis (Checks #1and #2) and a monthly basis (Check #3) based as a general rule on the approach described below.