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Margin Deposited by Participants | Japan Exchange Group Margin Deposited by Participants What's Margin? Margin Deposited by Customers Margin Deposited by Participants 　 Margin Requirement For Proprietary Position Clearing Margin requirement for proprietary position shall be equal to or larger amount calculated based on VaR method based on open positions of futures and options. For Customer Accounts Clearing Margin requirement for customer account shall be equal to or larger amount calculated by totaling Margin Requirement for each customer. Deposit of margin in foreign currency A participant may deposit margin in foreign currency. Deposit of margin in securities in lieu of cash A participant may deposit margin in securities in lieu of cash. Clearing Margin Direct Deposit /Substitution of Direct Deposit (Direct Deposit) A participant shall deposit all cash and/or securities, which are originally deposited by a customer as Clearing Margin, acting as the customer's agent. (Substitution of direct deposit) ...

Order Types, etc. | Tokyo Commodity Exchange | Japan Exchange Group Tokyo Commodity Exchange Osaka Exchange Tokyo Commodity Exchange 　 Order Types Order Types Outline Limit Order (LO) An order submitted with a specified limit price and to be executed at the specified price or better price. Market Order (MO) An order submitted without the specified limit price and to be executed against the best bid or the best offer in order. Standard Combination Order (SCO) An order that corresponds to a combination of two contract months of buy and sell orders simultaneously executed in the same quantity. Order Conditions Conditions Outline FaS (Fill and Store) In the case where there is unfilled volume after the order is partially executed, the unfilled volumes are remained. FaK (Fill and Kill) In the case where there is unfilled volume after the order is partially executed, the unfilled volume is cancelled. FoK (Fill or Kill) In ...

Non‐Cancel Period (NCP) | Japan Exchange Group Non‐Cancel Period (NCP) Outline On-demand strike prices Non‐Cancel Period (NCP) 　 Order to Trade Ratio (OTR) Hard Block To prevent excessive price fluctuation due to order modifications/cancellations just before Itayose, OSE introduces one‐minute periods during which investors cannot change or cancel their orders for certain products. Products All contract months of the products below. Nikkei 225 Futures Nikkei 225 mini Nikkei 225 micro Futures TOPIX Futures (excluding mini-TOPIX Futures） Gold Standard Futures Gold Mini Futures Gold Rolling-Spot Futures Options on Gold Futures Silver Futures Platinum Standard Futures Platinum Mini Futures Platinum Rolling-Spot Futures Palladium Futures CME Group Petroleum Index Futures Soybean Futures Azuki (Red Bean) Futures Corn Futures Platts Dubai Crude Oil Futures Gasoline Futures Kerosene Futures Gas Oil Futures Chukyo Gasoline Futures Chukyo Kerosene Futures East Area Baseload Electricity Futures West Area Baseload Electricity Futures...

Order to Trade Ratio (OTR) | Japan Exchange Group Order to Trade Ratio (OTR) On-demand strike prices Non‐Cancel Period (NCP) Order to Trade Ratio (OTR) 　 Hard Block Osaka Exchange, Inc. and Tokyo Commodity Exchange, Inc. (hereinafter collectively referred to as'the Exchanges') started calculation of Order to Trade Ratio (OTR) and related operations after the launch of current J-GATE (September 21, 2021) to enforce efficient ordering practices for trading participants which send a significantly large number of orders, and therefore conserve the exchange's system capacity. Definition of OTR The Exchanges define OTR in the following way. OTR Measurement Units OTR shall be measured, for all sub-participant codes (SPC) of all trading participants of the Exchanges, per J-GATE partition. Regulatory Approach The Exchanges' regulatory measures based on OTR is implemented through monitoring on a daily basis (Checks #1and #2) and a monthly basis (Check #3) based ...

Hard Block | Japan Exchange Group Order Reception Restrictions (Hard Block) On-demand strike prices Non‐Cancel Period (NCP) Order to Trade Ratio (OTR) Hard Block 　 J-GATE has implemented a hard block function to prevent erroneous orders. The order acceptance restriction is a function that sets the maximum orderable quantity per order determined by the Exchange in J-GATE and does not accept (rejects) orders exceeding the set value. This maximum orderable quantity applies to all Trading Participants in common. Please refer to the attached file for actual parameter applied to each product. * Hard Block Values by Product (Last update: 2025/05/30) * Please refer to the following pages on the setting values about J-NET trading for securities options Contract Specifications...

Night Session | Derivatives | Japan Exchange Group Advantages Outline Trading Hours Night Session 　 Available to respond promptly to company’s financial statements or news announced after the close of stock market Available to trade responding to the European, U.S. and other overseas markets since the night session covers their business hours. Provide trading opportunities outside the intraday period Products Index Futures (excluding TAIEX Futures) / Index Options Nikkei 225 Futures Nikkei 225 mini Nikkei 225 micro Futures TOPIX Futures mini-TOPIX Futures JPX-Nikkei 400 Futures JPX Prime 150 Index Futures TSE Growth Market 250 Index Futures TOPIX Core30 Futures RN Prime Index Futures TOPIX Banks Index Futures S&P/JPX 500 ESG Score Tilted Index Futures FTSE JPX Net Zero Japan 500 Index Futures Nikkei 225 Climate Change 1.5℃ Target Index Futures DJIA Futures FTSE China 50 Index Futures Nikkei Stock Average Dividend Point Index Nikkei 225 VI Futures...

Initiatives at TSE toward IFRS Reporting | Japan Exchange Group Disclosure of basic views on selection of accounting standards JPX-Nikkei Index 400 Corporate Activity Award Sectional Committee on Corporate Disclosure under the Advisory Group on Improvements to TSE Listing System What is IFRS? Voluntary Application of IFRS (Current and scheduled) Initiatives at TSE toward IFRS Reporting 　 As IFRS becomes more widely accepted worldwide, moves toward its adoption in Japan to raise international competitiveness and ensure coherent financial reporting are also gaining momentum. At TSE, we are also actively encouraging listed companies to adopt IFRS. TSE requires listed companies to disclose their basic views on selection of accounting standards (i.e. JGAAP or other standards) in their earnings reports. The requirement is first applied to the earning releases for the fiscal year ending on or after March 31, 2015. This initiative is in line with the recommendation on "Promotion of an ...

Voluntary Application of IFRS (Current and scheduled) | Japan Exchange Group List of Companies (Current and Scheduled as of July 31, 2025) Posting of Earnings Reports at the Time of First-time Adoption of IFRS, Including Explanation of Transition to IFRS What is IFRS? Voluntary Application of IFRS (Current and scheduled) 　 Initiatives at TSE toward IFRS Reporting Figures for companies for voluntary application of IFRS 1 288 Figures for companies scheduled for voluntary application of IFRS 2 9 Total 297 "Figures for companies for voluntary application of IFRS" are the sum of "Earnings reports and quarterly earnings reports of first-time adopters" and "IFRS-based securities reports for initial listing application (Part I) by upcoming listings". Figures for companies scheduled for voluntary application of IFRS were compiled based on the number of listed companies that made press releases on IFRS adoption. Earnings reports and Quarterly earnings reports of first-time adopters...

Overview of Market Restructuring | Market Restructuring | Japan Exchange Group Background Concepts and listing criteria of the new market segments Revision to Japan's Corporate Governance Code Process of transition to the new market segments Overview of Market Restructuring 　 Review of TSE Cash Equity Market Structure Tokyo Stock Exchange (TSE) had four market divisions: 1st Section, 2nd Section, Mothers, and JASDAQ (Standard and Growth). The reason for this was that when TSE and Osaka Securities Exchange integrated their cash equity markets in 2013, TSE maintained the existing market divisions of each one in order to avoid impact on listed companies and investors. However, there were two issues regarding these market divisions as indicated below. The concept of each market division was ambiguous, which reduces convenience for many investors: Specifically, as well as there being overlap between the intended uses of the 2nd Section, Mothers, and JASDAQ markets, the concept of the ...

Past Initiatives | Standardization of Trading Unit | Japan Exchange Group Determination of the Deadline for the Transition to 100-Share Trading Units (announced on Dec. 17, 2015) Progress in Standardization to 100-Share Trading Units (announced on Apr. 24, 2015) Partial Amendments to Securities Listing Regulations, etc. for Standardization of Trading Units (announced on June 26, 2014) End of the Period of Consolidation to Two Types of Trading Units (100 Shares and 1,000 Shares) and Start of the Transition Period for the Standardization to 100 Shares (announced on Mar. 17, 2014) Determination of the Deadline for the Transition to Trading Units of 100 and 1,000 Shares (announced on Jan. 19, 2012) Postponement of Deadline for Transition to Trading Units of 100 and 1,000 Shares (announced on Apr. 28, 2011) Request for Standardization of Trading Units (announced on Nov. 24, 2010) Action Plan for Consolidation of Trading Units (announced ...