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 pages.
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 pages.
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 page.
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.

Q1. How many lines do I need to receive market data feeds from the Market Information System?: A1. To use FLEX Standard or FLEX MBO, you will need to install either a 10G or 1G line.
(Please note that there are some restrictions on the combinations of services available for each line.)
To ensure high quality and reliability of service, a 2-line configuration is a basic requirement.

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 page.
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 JPX Market Innovation & Research, Inc., a JPX group company. Please contact JPX Service Desk for inquiries on constructing lines and related assistance.

Q1. What is the Co-Location Service?: A1. The Co-Location service provides trading participants, information vendors, independent software vendors (ISVs), and others with space to install devices equipped with programs for trading, clearing, and related purposes, as well as network infrastructure, at the JPX Primary Site.
While the conventional method of connection is via the Access Points, customers can connect directly to the TSE and the OSE systems (arrowhead, J-GATE, ToSTNeT, and Market Information system) from the Co-Location Area.
Connectivity Services (Overview)

Q2. What is the Kansai Proximity Service?: A2. JPX provides the network services for the Kansai Proximity Area where is operated by the designated data center operator adjacent to AP4.
They provide trading participants, information vendors and ISVs, among others, with spaces to install devices with trading programs, etc., in the area.
For details, please refer to the following page.
Connectivity Services (Overview)

Q3. Can we connect to external data centers from the Co-Location Area or the Kansai Proximity Area?: A3. It is not possible to establish or operate a PTS in either the Co-Location Area or the Kansai Proximity Area.

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 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 Kansai Proximity Area?: A5. PTS cannot be established in the Co-Location Area and the Kansai Proximity Area.

Q6. What is Support Provider(s)?: A6. A Co-Location Service Support Provider (CSP) is an entity (other than a Trading Participant) that uses Co-Location racks to provide services to its clients that enhance convenience for trading and other activities on the TSE markets, such as providing server equipment for sending orders to the TSE market and receiving messages from the TSE market such as matches, executions, and market data.
In addition to the above CSPs that contract directly with JPX Co-Location and provide services to their clients, the “JPX Ecosystem” also includes service providers that can indirectly offer various solutions on an elective basis to improve the convenience of Co-Location users.
We publish a list of the Ecosystem Members on our website to further enhance convenience for investors.
JPX Ecosystem
Ecosystem Member List