Market Making Incentive Scheme
Awards for outstanding ETF market makers
The Tokyo Stock Exchange, in an effort to improve liquidity in the ETF market, introduced a market making scheme in the ETF market and has been operating it while making improvements. Since 2021, the Best Market Makers Award has been given to market makers who have contributed to the improvement of market liquidity through continuous quoting, and the role of market makers in the market has been widely communicated. We are pleased to announce that this year's award winners have been selected.
The following companies have been selected as winner of each award in March 2025.
The Best Market Maker
Top four market makers that shown excellent performance in a very large number of ETFs or recorded very large trading value on screen. (in Japanese alphabetical order)

IMC Pacific Pty Ltd

Optiver Australia Pty Limited

Jane Street Asia Trading Limited

Flow Traders Hong Kong Ltd
The Best Market Makers for CONNEQTOR
Top three market makers that shown excellent performance on CONNEQTOR. (in Japanese alphabetical order)

Optiver Australia Pty Limited

Jane Street Asia Trading Limited

Flow Traders Hong Kong Ltd
The Good Market Makers
The four market makers that left stable performance in many ETFs on screen. (in Japanese alphabetical order)

Susquehanna Pacific Pty Ltd

Nomura Securities Co., Ltd.

Virtu Financial Singapore Pte Ltd

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
- ・Period covered by performance measurement: February 2024 to January 2025
- ・Awardees: Market makers who participated in the scheme before January 2024.
Contact
Equities Department, Tokyo Stock Exchange, Inc.
TEL:+81-3-3666-0141 (Switchboard)
E-mail:kabuso-kaigi@jpx.co.jp