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Summary of the Rules | Canceling Executed Transactions | Japan Exchange Group An outline of the whole process of the Rules for Canceling Executed Transactions Placement of an Erroneous Order Temporary Suspension of Matching Orders Trading Halt Disclosure of Information on the Erroneous Order Application for Canceling Executed Transactions Examination Regarding the Application for Canceling Executed Transactions Decision on the Cancellation of Executed Transactions Trading after the Decision on Whether or Not to Cancel a Transaction and make a Public Announcement Trading Reinstatement Outline Summary of the Rules 　 Points to Consider with Regard If TSE identifies an order that is for more than 5% but 30% or less of the number of listed shares, TSE will confirm the details of the order with the trading participant who has placed the order. TSE's trading system is designed to reject any orders exceeding 30% of the listed shares. In the event that such ...

Points to Consider with Regard | Canceling Executed Transactions | Japan Exchange Group If the placement of a large scale erroneous order is discovered, there is a possibility that executed transactions of a stock may be canceled. When an executed transaction is cancelled, the trading participant's rights and duties to the customer related to the cancelled trade will be terminated. Cases where the reinstatement of cancelled executed transactions may be conducted Please pay attention to information including statistical data in cases of cancellations [For trading participants] When a transaction is canceled, the order-placing participant must pay the cancellation fees. Outline Summary of the Rules Points to Consider with Regard 　 Executed transactions may be canceled if all of the following conditions are met. [ Conditions for possible cancellation of executed transactions ] The erroneous order has led to execution of transactions exceeding 20% of the number of listed shares. (note) TSE recognizes that ...

Trading Hours | Trading Rules of Domestic Stocks | Japan Exchange Group Overview Trading Hours 　 Types of Transactions Trading Unit Transaction Methods Special Quotes Parameters Daily Price Limits Tick Size Auction trading period is divided into morning session and afternoon session. Morning session is from 9:00 am to 11:30 am, while afternoon session is from 12:30 pm to 3:30 pm. Orders are accepted from 8:00 am and 12:05 pm for each session. 8 9 10 11 12 13 14 15 Trading Hours Morning Session 9:00 am - 11:30 am Afternoon Session 12:30 pm - 3:30 pm Morning Session Afternoon Session Order acceptance period 8:00 am - 11:30 am 12:05 pm - 3:30 pm Order acceptance period Order acceptance period Following days are holidays. TSE market is closed and no trade is conducted on these days. Saturdays Sundays National holidays From January 1 ...

Types of Transactions | Trading Rules of Domestic Stocks | Japan Exchange Group Overview Trading Hours Types of Transactions 　 Trading Unit Transaction Methods Special Quotes Parameters Daily Price Limits Tick Size There are three types of transactions for domestic stocks, regular transactions, cash transactions and when issued transactions. Regular transactions are the most basic and occupy more than 99% of trades. "Regular" Transactions Settlement shall be made on the third business day after the day of transaction (T+2). "Cash" Transactions Settlement shall be made on the day of transaction. "Cash" transactions are available to cross trading only. "When issued" Transactions "When issued" transactions are used for new shares issued by companies in capital increases and stock splits. When-issued transactions are available from the ex-dividend day to 2 days before the issuance of new shares. They are all settled 2 days after the last trading day of when-issued transactions ...

Trading Unit | Trading Rules of Domestic Stocks | Japan Exchange Group Overview Trading Hours Types of Transactions Trading Unit 　 Transaction Methods Special Quotes Parameters Daily Price Limits Tick Size Trading units of domestic stocks are determined pursuant to a unit prescribed in articles of incorporation of each listed company. Now trading units are 100 shares for domestic stocks. TSE was making effort to unite the units to 100 shares in order to establish easy-to-understand and useful market for investors. Finally, trading units of domestic stocks were normalized to 100 shares on Oct. 1, 2018. Please refer to the link below for more information on our efforts to consolidate trading units. Standardization of Trading Units...

Transaction Methods | Trading Rules of Domestic Stocks | Japan Exchange Group Order types Principle of price priority and time priority Methodology of Individual auctions Closing auction session Overview Trading Hours Types of Transactions Trading Unit Transaction Methods 　 Special Quotes Parameters Daily Price Limits Tick Size Basically there are two types of orders available on the TSE equities market: limit orders and market orders. Market Orders Market orders are orders by investors who want to "sell or buy at any available price" Limit orders Limit orders are orders at specific prices, meaning that investors have stated that they want to "buy at not more than XX yen, or sell at not less than XX yen". There are some specific execution conditions which may be attached to orders. On open Orders to be executed only during the opening auction On close Orders to be executed only during the closing auction Funari Limit orders ...

Special Quotes Parameters | Trading Rules of Domestic Stocks | Japan Exchange Group Overview Trading Hours Types of Transactions Trading Unit Transaction Methods Special Quotes Parameters 　 Daily Price Limits Tick Size A special quote is indicated whenever prices look likely to jump beyond a certain price range (special quote parameter) from the last execution price, to prevent short-term wild price fluctuations. For more details about "Special Quote", please refer "Transaction Methods" Transaction Methods Last Special Quote (yen) Parameters (yen) Less than 200 ±5 Less than 500 8 Less than 700 10 Less than 1,000 15 Less than 1,500 30 Less than 2,000 40 Less than 3,000 50 Less than 5,000 70 Less than 7,000 100 Less than 10,000 150 Less than 15,000 300 Less than 20,000 400 Less than 30,000 500 Less than 50,000 700 Less than 70,000 1,...

Daily Price Limits | Trading Rules of Domestic Stocks | Japan Exchange Group Overview Trading Hours Types of Transactions Trading Unit Transaction Methods Special Quotes Parameters Daily Price Limits 　 Tick Size TSE sets a price range, known as the "Daily Price Limit", within which price fluctuations are limited in a single day. Daily Price Limits are set in absolute yen basically according to prices such as the previous day's closing price (Base Price). Under the current TSE rules, daily price limits are, in principle, broadened on the following business day (the third business day) if either of the following conditions is met for two consecutive business days: (1) The price reaches the upper (or lower) limit, no "closing auction at the limit price"* is carried out and trading volume remains zero; or (2) There are no shares traded until the end of the afternoon session, but some shares are traded at ...

Tick Size | Trading Rules of Domestic Stocks | Japan Exchange Group TOPIX500 Constituents (TOPIX100 and TOPIX Mid400 Constituents) ETFs, etc. with a trading unit of one unit (ETFs, ETNs, and leveraged products) Other Issues Overview Trading Hours Types of Transactions Trading Unit Transaction Methods Special Quotes Parameters Daily Price Limits Tick Size 　 The price increment at which an order to buy or sell is placed is called the tick size. Tick sizes are shown in the table below, depending on the issue to be traded and the price level of the issue. Price per share (yen) Tick Size (yen) up to 1,000 0.1 up to 3,000 0.5 up to 10,000 1 up to 30,000 5 up to 100,000 10 up to 300,000 50 up to 1,000,000 100 up to 3,000,000 500 up to 10 million 1,000 up to ...

Margin Trading Restrictions | Restrictions on Trading | Japan Exchange Group Administrative Restrictions Margin Trading Restrictions 　 Short Selling Restrictions Please refer to the following page for regulations on margin trading. Regulatory Measures, etc., Concerning Margin Trading...