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Overview of Specifications

Backgraound

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.

Note: Carbon Credit Market is different from Tokyo Stock Exchange's financial instruments markets such as cash equity market, etc.

Overview

  Overview
Items Eligible for Trading J-Credits
Trading Method Call auction
11:30 a.m. and 15:00 p.m.
(based on price priority)
Settlement Date Fifth business
day from day of execution (T+5)
Type of Orders Limit orders
(market orders will not be accepted)
Trading Categories 6 categories sorted by project type
（for J-Credits）
Order Acceptance Hours 9:00 – 11:29 / 12:30 – 14:59
Tick Size JPY 1
Trading Unit 1t-CO2
Price Limits ±90% of the reference price
Base Prices 1. Final execution price of last auction
2. Base price of last auction
Settlement Transfer of cash and credits between buyer and seller
Outline of Specifications for the Carbon Credit Market icon-pdf
Overview of Carbon Credit Market icon-pdf