Equities Trading Services
ToSTNeT System
ToSTNeT System (Tokyo Stock Exchange Trading NeTwork System) is the off-auction trading system for TSE.
ToSTNeT system supports the following trading.
- Single Stock Trading (ToSTNeT-1)
- Basket Trading (ToSTNeT-1)
- Closing Price Trading (ToSTNeT-2)
- Off-Auction Own Share Repurchase Trading (ToSTNeT-3)
- Off-Auction Distribution
For further information, please refer to the following page.
Overview
ToSTNeT system processes orders, etc. in the following manner.
- Accepting orders from a wide range of domestic and foreign investors (securities companies), executing trades, and returning the results.
- Execution prices are distributed to the market as market information.
Main Functionality
Partipants' Connection
| Function | Example | Explanation |
| Connectivity | - Order/Notice Function - Query Request/Response Function |
As the basic function of the off-auction trading system, ToSTNeT receives orders from trading participants and sends back notice messages. It also provides a Query Request/Response function to respond to inquiries. |
Matching Engine
| Function | Example | Explamation |
| Matching Engine | - Single Stock Trading - Basket Trading - Closing Price Trading - Off-Auction Own Share Repurchase Trading - Off-Auction Distribution |
Matching engine is the core of the off-auction trading system and it determines prices based on orders from trading participants. This function provides matching processing for variety orders such as cross orders and named counterparty orders, etc. The time available for placing orders differs depending on the type of transaction. For further information, please refer to the following page. ToSTNeT Market |
Market Information Distribution
| Function | Example | Explanation |
| Market Information Distribution | - ToSTNeT by-issue information - ToSTNeT market information |
This function distributes market information whenever an execution occurs for each issue or a trading halt is conducted in the off-auction trading system. The following three types of transactions are subject for the distribution. - Single-issue transaction - Basket transaction - Closing price transaction |
Market Monitoring
| Function | Example | Explanation |
| Market Monitoring | - Real-time monitoring - Maintenance of issue data - Data Analysis |
ToSTNeT'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. |