Equities Trading Services


arrowhead Logo

"arrowhead" launched on January 4, 2010 as a cash equity trading system that combined low latency, high reliability, and scalability of the highest global standard. Upgraded on November 5, 2019 to handle a growing number of orders and spikes in order traffic, constant system development ensures that arrowhead continues to accommodate investors' changing needs and developments in the market environment.
The system handles auction trading of all cash products such as stocks and CBs.

"arrow" symbolizes speed, emphasizing high-speed processing capability.
"head" focuses the image on a trusted tip honed to penetrate any barrier, emphasizing robustness and reliability. Lowercase expresses system scalability.

System features

Low latency

Items Processing Capabilities
Order Response Time Approximately 0.2 milliseconds
Information Dissemination Time Approximately 0.5 milliseconds


Processes trading information such as orders, executions, and order books on synchronized 3-node data servers.


System capacity is flexibly and swiftly scalable to accommodate an increase in the number of orders.

Main Functions

arrowhead is an integrated trading platform offering the functions below.

Function Example Explanation
Connectivity -Order/Notice Function supporting various types of orders
-Query Function
-Drop Copy
As the basic function of an exchange trading system, arrowhead receives orders from trading participants and sends back notice messages. It also provides drop copy function which enables trading participants to let arrowhead send the same notices to multiple addresses.
arrowhead supports multiple order types such as IOC (Immediate or Cancel) and those only executed at the opening auction or at the closing auction.
Risk Management -Cancel on disconnect
-Kill Switch
-User designated hard limit
Cancel on disconnect enables immediate and automatic order cancellation and prevention upon detection of abnormal disconnection of the network between arrowhead and trading participants' systems.
User designated hard limit enables trading participants to manage trading or ordering capacity by setting the threshold values (order value per single order, cumulative order/execution value per unit time) for each virtual server or virtual server group.
Matching Engine -Itayose method
-Zaraba method
Matching engine is the core of the trading system and it determines prices based on orders from trading participants. Itayose method is applied when the market opens and closes and Zaraba method is applied for the rest of trading hours.
Market Information Distribution -Quote/Execution Info.
-Open/High/Low/Close Prices
-Trading Volume/Value
arrowhead distributes market information when an order comes or an execution occurs. It also distributes the opening price, the highest price, the lowest price, and the closing price of the day for each issue as well as the trading volume and value.
Market Monitoring -Real-time monitoring
-Maintenance of issue data
-Data Analysis
arrowhead's real-time monitoring function enables the market administrator to gain and comprehend what is going on in the market from various perspectives.
It also offers data analysis function to further drill down the market activities.
Testing Environment -Test mode for users
-Putting orders for test
arrowhead offers testing environment to trading participants and ISVs. TSE can put orders in the testing environment so that users can test in a more realistic market situation.
Self-Trade Prevention (STP) ・STP-O (Cancel Old)
・STP-N (Cancel New)

Self-Trade Prevention function prevents the execution of orders placed by the same user. arrowhead identifies the user of an order with STP account information. When matched orders are placed by users with the same STP account, STP function is triggered. Two types of STP are available.

 STP-O …… cancel resting orders when STP is triggered
 STP-N …… cancel the incoming order when STP is triggered

STP is applied only to Zaraba session (excluding the execution of simultaneous orders).
Users have to register "STP account information" to use STP.

arrowhead Upgrade

Upgrade arrowhead (including Market Information System and ToSTNeT) to meet environmental changes by IT progress and algorithmic trading or the like and various user's needs go-lived on November 5, 2019.

Press Release about arrowhead Upgrade

Improvement of trading rules

Contents System Outline
Revision of sequential trade quote arrowhead /
Market Information System
The executable price range does not change for the given monitoring period (60sec) to control rapid price changes. The reference execution price for STQ will be distributed in FLEX Full.
Facilitating the formation of closing prices arrowhead The executable price range is expanded to double when the closing auction at the only afternoon session.
Details about Improvement of trading rules icon-pdf

Improvement of system functionalities

Contents System Outline
Enhancement of processing capabilities arrowhead /
Market Information System
Improve the order acceptance and execution throughput performance. Similarly, improve performance of FLEX service.
Enhancement of Risk Management functions arrowhead Enhance risk management functions for the Virtual Server Group to enable batch control and set up thresholds per group.
Target functionality : Order Suspension/Cancellation (Kill Switch), the User-designated Hard-limit Setup (for only setting the maximum threshold of cumulative execution value)
Expansion of User test environment arrowhead /
Market Information System /
Conduct more user tests than ever to meet various participants' needs including developing abroad. (Basically a test environment opens from early morning to late night on every business day.)


Time Events
January 4, 2010 arrowhead (First generation) went live
August 16, 2010 Awarded at IT Japan Award 2010 Grand Prix (Minister of Economy, Trade and Industry Award)
July 16, 2013 Cash equity market of Osaka Securities Exchange (OSE) was integrated into Tokyo Stock Exchange (TSE)
September 24, 2015 arrowhead renewal (Second generation) went live
November 5, 2019 arrowhead upgrade (Third generation) went live

ToSTNeT System

ToSTNeT System (Tokyo Stock Exchange Trading NeTwork System) is the off-auction trading system for TSE. Similar to the auction market, ToSTNeT System is recently handling an increasing number of orders. ToSTNeT System underwent a major upgrade on March 21, 2017 to improve processing capabilities and convenience. This replacement provides a faster and more secure environment for off-auction trading of cash products. The servers of ToSTNeT were replaced in accordance with arrowhead upgrade on November 5, 2019.



The RFQ platform CONNEQTOR was developed for instituional investors wishing to trade ETFs with RFQ(Request For Quote). It was developed from November 2019, and launched in February 2021. We adopted the lean agile development for building this platform to keep improving it with rapid cycles of research and development.
Further information on CONNEQTOR can be found in the following page.

RFQ Platform