Equities Trading Services


Tokyo Stock Exchange, Inc. (TSE) plans to upgrade its cash equity trading system, “arrowhead” on November 5, 2024, in response to changes in the market environment and diversifying needs of investors, and in order to further improve convenience for market users, global competitiveness, and resilience (ability to recover from a failure). The upgraded system is called “arrowhead4.0” because it will be the fourth system upgrade since the first system launched on January 4, 2010.

Logo Renewal

The logo has been upgraded with a geometrical typeface to create a rhythm of straight lines and curves in the spelling, expressing further "stability" and "innovative spirit," while maintaining the current logo’s key concepts of “low latency,” “robustness,” “high reliability,” and “scalability.”

Upgrade Points

Improve user convenience

TSE plans to introduce the following functions to improve convenience for securities companies and investors.

Function Explanation
Market by Order The current market information services (FLEX Standard and FLEX Full) distribute aggregated information by price level, but TSE will provide a Market by Order type market information service that distributes more detailed market information "by order".
Mass Cancellation A new function will be introduced to cancel orders in bulk for institutional investors and other users who have accounts for arrowhead.
Response to the revision of the trading rules * ・Introduction of Closing Auction
-In order to improve the predictability of the closing price formation, a 5-minute order acceptance period (pre-closing) will be provided after continuous trading (Zaraba) ends for the afternoon session (15:25). Itayose will be conducted at 15:30, after the pre-closing. At the Closing Auction, even when orders are not executed under the current Itayose method conditions, they will be executed within the upper and lower limit of the executable price range based on time priority (Introduction of a special execution method).

Maximize trading opportunities

TSE plans to implement measures to maximize trading opportunities for investors.

Function Explanation
Strengthen resilience TSE will continue to make improvements so trading can continue even in the event of system failure.
In addition, TSE will secure trading opportunities through initiatives aimed at recovering from such system failures quicker and more efficiently than ever before.
Response to the revision of the trading rules * ・Extension of trading hours
-The closing time of the afternoon session (second half) of TSE will be extended by 30 minutes, from 3:00 p.m. to 3:30 p.m.
  • The trading rules will be revised in response to “Action Program for Strengthening the Functions of the Cash Equity Market " announced in October 2021. This system upgrade will correspond with these rule revisions.
Strengthening the Functions of the Cash Equity Market

Upcoming Events

Around May, 2024 Start of testing for users that connect to arrowhead such as securities companies and system vendors
November 5, 2024 New system launch (expected date)