FAQ (System-related)

General

Q1. What procedures are required to participate in trading?
A1. The following process is required to start trading as a trading participant on the TSE and the OSE market.
- Obtain trading qualification
- Connect network
- Connect trading system
For details, please refer to the following link.
Equities Trading Services - How to start trading on JPX
Derivatives Trading Services - How to start trading on JPX
Q2. How long will it take to connect to the live trading environment?
A2. The required processes and time period before starting to trade on the TSE and the OSE market can be found at the following link.
Equities Trading Services - How to start trading on JPX
Derivatives Trading Services - How to start trading on JPX
Q3. What is the fee structure for trading system usage?
A3. Fees to be paid by trading participants to TSE and OSE include, other than the basic fees, trading fees, trading system facility usage fees, and access fees.For details, please refer to the following link.
Trading Participation Fees
Q4. What is a virtual server?
A4. A virtual server is a logical device that needs to be installed in a trading participant's system for a trading participant to send/receive data to/from a trading system (such as arrowhead).
A single TCP connection is established between a virtual server and a trading system.

Market Information System

Q1. How many lines do I need to receive market data feeds from the Market Information System?
A1. You will need to construct a 100Mbps line each for FLEX Standard and FLEX Full, and a 2M line for FLEX Light. To ensure high quality and reliability, a 2-line configuration is a basic requirement for each service.

arrownet

Q1. What is "arrownet"?
A1. It is the network connecting TSE and OSE systems to market participants. In additon to connecting to JPX, "arrownet" connects market participants to other marketing organizations. As an unified and common network in securities markets, "arrownet" provides convenient and effective accessibility to the markets with market participants. TSE and OSE will consider to collaborate with oversea network service vendors.
For details, please refer to the following link.
Network Servies (Overview)
Q2. What is an Access Point?
A2. They are the points of access to and from a customer data center to the arrownet systems(TSE and OSE). In other words, they are the entrances and exits to arrownet.
Q3. Are we required to arrange for the line from our data center to an Access Point?
A3. Users connect to Access Points via carrier lines provided by Tosho System Service, a TSE group company. Please contact JPX Service Desk for inquiries on constructing lines and related assistance.

Connectivity Services

Q1. What is the Co-Location Service?
A1. It is the service that users can install their order placement devices and systems in the area in the data center where the TSE and OSE systems (arrowhead, J-GATE,ToSTNeT, and Market Information system) are located.
While the conventional method of connection is via the Access Points, customers can connect directly to the TSE and the OSE systems from the Co-Location Area.
Q2. What is the Proximity Service?
A2. It is the service that users can install their order placement devices and systems at the data centers located at the Access Point or at data centers of proximity vendors located in the neighborhood of the JPX Primary Site.
For details, please refer to the following link.
Connectivity Services
Q3. Can we connect to other markets and external data centers from the Co-Location Area or the Proximity Area?
A3. Connection to the external environment from the Co-Location Area will be through the Access Points. For the Proximity Area, since it is outside the Access Point, direct connection is possible.
Q4. Have TSE and OSE received some kind of response on the issue of Permanent Establishment for tax purposes?
A4. TSE and OSE have received a response from the National Tax Agency (NTA) which states that specified forms of use in the Co-Location Area and the Proximity Area will not be deemed a domestic PE.
Please be informed that NTA has the final authority on whether an entity is subject to tax.
Q5. Can we receive market information from TSE and OSE and set up a PTS in the Co-Location Area and the Proximity Area?
A5. PTS cannot be established in the Co-Location Area and the Proximity Area.
Q6. What is Support Provider(s)?
A6. Support Provider(s) provides a Trading Participant(s) with an order placement environment , or other services, by using a device(s) installed in the Co-Location Area or in the Proximity Area.