Strengthening the Functions of the Cash Equity Market
Tokyo Stock Exchange, Inc. (TSE) recognizes the need to respond to changes in the market environment and the diversifying needs of investors, while also further improving convenience for market users, international competitiveness, and resilience. To tackle these issues, in May 2021, TSE established the Working Group for Strengthening the Functions of the Cash Equity Market. Based on the discussions of the Working Group, TSE then published the Action Program for Strengthening the Functions of the Cash Equity Market in October 2021.
As described in the Action Program, to strengthen the functions of the cash equity market, TSE extended trading hours by 30 minutes and introduced a closing auction in conjunction with the launch of the upgraded cash equity trading system (arrowhead) on November 5, 2024.
Furthermore, in October 2025, TSE established the Working Group on Trading Rules, comprising a diverse range of market participants, to evaluate the effects of these rule changes and consider potential improvements. Based on the Working Group's discussions, TSE published the Report From the Working Group on Trading Rules on April 22, 2026.
To further enhance the transparency and reliability of closing price formation, TSE plans to introduce a random closing mechanism on October 12, 2027. The introduction of a random closing mechanism is expected to deter gaming behavior (market manipulation) and excessive price volatility, as well as to promote earlier order submission, thereby facilitating earlier formation of the closing price.
- ･Random closing is a system where the time of the afternoon close Itayose is randomly determined within a certain period on each business day.
- ･For details on the "Further Optimization of Tick Sizes" discussed by the Working Group, please refer to "Tick Size".
| 2023/11/24 | Guidelines Concerning Focused Monitoring of Order Changes in Closing Auction |  |
| 2024/08/30 | Guide to TSE Trading Methodology (After November 5, 2024) | |
| 2026/08/06 | Guidelines Concerning Focused Monitoring of Order Changes in Closing Auction (Effective from October 12, 2027) (Amendments in Connection with the Introduction of the Random Closing Mechanism) |
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- ･Please refer to the links at the end of the page for information published by various industries in connection with the extension of trading hours.
（Reference）Trading Hours of Markets After Extension
Cash Equity Market
Derivatives Market
（Reference）Outline of Closing Auction (from November 5, 2024 to October 8, 2027)
（Reference）Outline of Random Closing (from October 12, 2027)
Information on Revision of Rules
Changes in Publication Time of JPX Website
Please refer to the following for the list of changes in publication time of JPX Website, etc. in connection with the extension of trading hours.
(note)
・As for Japan Securities Clearing Corporation, please click here.
Links
Please refer to the following links for information published by various industries in connection with the extension of trading hours.
