Overview of Specifications
Background
In order to achieve its goal of carbon neutrality by 2050, in February 2023, the Japanese government announced the introduction of an "emissions trading system" as part of the carbon pricing system design in its "Basic Policy for the Realization of GX." Trial trading is scheduled to begin in FY2023 and full-scale operation in FY2026, so as part of this, there are expectations for a Carbon Credit Market to be created in FY2023.
Based on the knowledge and market operation experience gained from the "Technical Demonstration Project for Carbon Credit Market" commissioned by the Ministry of Economy, Trade and Industry (METI) in FY2022, Tokyo Stock Exchange, Inc. (TSE) has established a Carbon Credit Market.
As part of METI's green transformation project for FY2025 (operation of the GX League secretariat and development of frameworks to support voluntary emissions trading by companies participating in the GX League), TSE will conduct trading of GX credits on the Market from November 7, 2025.
Note: Carbon Credit Market is different from Tokyo Stock Exchange's financial instruments markets such as cash equity market, etc.
Overview
| Overview | Overview (from November 7, 2025) | |
| Items Eligible for Trading | J-Credits | GX Credits |
| Trading Method | Call auction 11:30 a.m. and 15:00 p.m. (based on price priority) |
Call auction 15:00 p.m. (based on price priority) |
| Settlement Date | Sixth business day from day of execution (T+5) |
Sixth business day from day of execution (T+5) |
| Type of Orders | Limit orders (market orders will not be accepted) |
Limit orders (market orders will not be accepted) |
| Trading Categories | 7 categories sorted by project type （for J-Credits） |
1 category |
| Order Acceptance Hours | 8:00 – 11:29 / 12:30 – 14:59 | 8:00 – 14:59 ※Trading Days are Every Fridays (from November 2025 through December 2025) |
| Tick Size | JPY 1 | JPY 1 |
| Trading Unit | 1t-CO2 | 1t-CO2 |
| Price Limits | ±90% of the reference price | ±90% of the reference price |
| Base Prices | 1. Final execution price of last auction 2. Base price of last auction |
1. Final execution price of last auction 2. Base price of last auction |
| Settlement | Transfer of cash and credits between buyer and seller | Transfer of cash and credits between buyer and seller |
| Overview of Carbon Credit Market |  |
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