Market Participants

In order to participate in Carbon Credit Market, applicants must register as a Market Participants in Tokyo Stock Exchange.
The list of Carbon Credit Market Participants is published on this website.
Market participants must designate the credits (J-Credits and GX credits) they wish to trade.

Registration Requirements

  • Applicants must meet the following a. through f. to register as a Market Participant.
a Being a corporation, government or local government, or nin-i dantai (voluntary organization)
b Having a system in place to ensure stable operations*1
c Having sound management, including having sufficient social credibility to be a TSE trading participant and not being subject to the control or influence of any party lacking social credibility or any other party considered inappropriate in light of the objectives of TSE and its operation of the markets
d Not being insolvent
e Having established a bank account and a credit account in the applicant's own name*2 and being registered as a qualified invoice issuer (see next page for details)
f Not having representatives, directors, or important employees that fall under any of the following items:

(a) A person who does not have the appropriate recognition, judgement, or two-way communication abilities that are needed to carry out their business due to a mental disorder;
(b) A person for whom a decision of commencement of bankruptcy proceedings has been made and who has not obtained restoration of rights, or a person who is treated in the same manner under foreign laws and regulations; or
(c) A person who has been sentenced to a punishment at least as severe as imprisonment (including equivalent punishment under foreign laws and regulations), or fines under the provisions of the Commodity Derivatives Transaction Act or equivalent foreign laws and regulations (including equivalent punishment under foreign laws and regulations), where less than five years have passed since the date of completion or cancellation of said punishment.
  • Tokyo Stock Exchange requires applicants to nominate at least two (2) executives or employees in order to ensure stable operations.
  • A Credit Account shall refer to an account opened by the account owner to hold Carbon Credits.
    In the case of J-Credits, it means an account for “account holders” opened in the J-Credit Registry system. In the case of GX credits, it means the “GX credits corporate holding account” opened on the GX credits Registry.
 
Registration Requirement
Having established a bank account and a credit account in the applicant's own name and being registered as a qualified invoice issuer

Please note the following points.

  • The bank account must be in your own name and be a Japan-based account (i.e., provided by a branch in Japan).
  • The J-Credit Scheme Registry and GX credits Registry account must be in your own name.
  • Qualified invoice issuers (as a general rule):
    • In response to the introduction of the new invoicing system in October 2023, TSE will provide qualified invoices and related documents.
    • Because checking to see whether a customer is a qualified invoice issuer is difficult, Participants may not act as agents for orders from others.
    • For foreign corporations, there are additional procedures to be a qualified invoice issuer.

Application for New Market Participant Registration

Applicants must fill out the required documents listed below and submit them to carbon_sankasha@jpx.co.jp.
(*) Due to the capacity of our mail server, we may not be able to receive your e-mail if the size of the file attached to the e-mail is too large. Please compress or split the attached file into 10M or less before sending.

    Form Governement, Local Municipality, Local Public Entity Listed Company in TSE Trading Participant in TSE, OSE or TOCOM, Clearing Participant in JSCC Others
Application Form Registration Application Form of Carbon Credit Market Participant *2 icon-doc
Appendix 1 Company Profile -*3 - - -
Appendix 2 Financial Documents (BL, PL etc.) - - - -
Appendix 3 Bank Account and Credit Account information icon-xls
Appendix 4 Proof of Account Holder for Credit Account -*4
Appendix 5 Documents proving that you are a qualified invoice issuer -*5
Appendix 6 Contact information of people in charge icon-xls
  • For lists of Trading Participants and Clearing Participants of JPX, see the below pages.
    List of Trading Participants
    Clearing Participants
  • For the documents referred to in the Application Form, see the below page.
    Rulebooks
  • There is no specified format. For example, a screenshot or PDF of the company website are acceptable.
  • For J-Credit, please submit a screenshot of your J-Credit Scheme Registry System (page that reflects the applicant’s account number and account holder information, such as “Account Information Reference Results”).
    For GX credits, please submit the Account Opening Completion Notice sent by the GX League secretariat (Main body of the e-mail from GX League secretariat converted to PDF format).
  • There is no specified format. For example, a screenshot or PDF of the search result of the applicant on the qualified invoice issuer publication website or National Tax Agency of Japan are acceptable. For your reference, please refer to the “Revisions by Invoice System” page below for how foreign entities should deal with the new consumption tax system in Japan regarding physically delivered futures transactions involving the transfer of consumption taxes.
    Revisions in Line with Introduction of New Invoice System

Designation of additional GX credits

For current Carbon Credit Market Participants who wish to designate GX Credits, please submit the following documents with the required information to carbon_sankasha@jpx.co.jp.

Application for Change of Designated Credit icon-doc
Information on Savings and Credit Accounts icon-xls
Proof of Account Holder for Credit Account -
  • Please submit the Account Opening Completion Notice sent by the GX League secretariat (Main body of the e-mail from GX League secretariat converted to PDF format).

Cancellation of registration, change of registration details, etc.

If you wish to cancel your registration as a Carbon Credit Market Participant or change your registration details, please complete the following notification form and submit it to carbon_sankasha@jpx.co.jp.

Application for Termination of Carbon Credit Market Registration icon-doc
Application for Change of Company Name, Representative, etc. icon-doc
Application for Change of Information on Savings and Credit Accounts icon-xls
Application for Change of List of contact persons icon-xls
Application for Change of Designated Credit icon-doc
Report Form icon-doc

Application Process for Registration

The process for registering as a “Carbon Credit Market Participant”, from application to the start of trading, is as follows.
Applications for participant registration are accepted at any time.
The registration application deadline is set at the end of each month, and transactions become available approximately one month after the deadline, following steps ② through ④ below.
(e.g., for October, the deadline is October 31, and transactions can be made as early as December 1)

(*) invoiceAgent: WingArc 1st Corporation's system that delivers qualified invoices for the Carbon Credit Market.