Brief History

The introduction of Proprietary Trading System (PTS) regulation in 1998 encouraged innovation and competition among exchange venue operators in Japan. SBI Japannext Co., Ltd. was established in November 2006 with the support of Japan’s top 4 on-line brokers (SBI Securities, Rakuten Securities, Orix Securities, and Click Securities) to create a full-fledged PTS venue to replicate ECNs (Electronic Connection Networks) in the US, serving as an after-hours market for on-line users.

In August 2007, SBI Japannext launched a nighttime market with a system licensed from Atos Euronext Market Solutions (AEMS) which was used by the Euronext exchange in Europe. Later, Goldman Sachs Japan joined as a shareholder and liquidity provider to promote and develop the nighttime ECN market in Japan.

Subsequently, in October 2008, SBI Japannext launched a daytime market to cater to the needs of global brokerage houses to create competition and bring about innovations in the Japanese equity market. To this effect, SBI Japannext willingly responded with the introduction of new features such as IOC (Immediate or Cancel), FOK (Fill or Kill), and Iceberg (Reserved) order types, as well as decimal tick sizes, all readily used in the US and European exchanges. The daytime market became a first of its kind side-by-side market running along with the incumbent exchanges including TSE (Tokyo Stock Exchange) and OSE (Osaka Securities Exchange). As a result of ongoing innovations, many visionary global brokerage houses enthusiastically joined Japannext PTS as both participants and shareholders.

Today, SBI Japannext is the oldest thriving PTS venue with 24 active members (local and global brokerage houses) in Japan with 4 to 5% market share. It has firmly established a basis for contributing actively to public forums, seminars, and private discussions – and endeavors to spearhead and drive innovations in the Japanese capital market.

Our Mission

SBI Japannext strives to facilitate and improve the Japanese capital market structure to benefit all market participants. As our original shareholders were on-line securities houses in Japan, our focus is to enhance the trading experiences of, and create economic benefits for, ordinary retail investors who participate in our venue.

Corporate Profile

Date of Incorporation November 8, 2006
Capital 1,400 million JPY
Shareholders
  • SBI Group
  • Virtu Financial Group
  • The Goldman Sachs Group Inc.
  • Others
Board of Directors
Representative Director   Chung Sok Chon
Director   Yoshitaka Kitao
Director   Kentaro Nakanishi
Director   Masakatsu Yamada
Director   Douglas A. Cifu
Director   Hiroshi Yamazaki
Auditor   Masaomi Sogabe
External Auditor   Toshihide Ito
External Auditor   Takanobu Yamaguchi
Regulatory Registration
  • March 9, 2007: Registration under the Securities and Exchange Law
  • June 6, 2007: Authorization to operate a Proprietary Trading System (PTS) under the Securities and Exchange Law
  • September 30, 2007: Registration as a Financial Instrument Business Operator under the Financial Instruments and Exchange Act (FIEA) (including authorization to operate a Proprietary Trading System (PTS)), Director of Kanto Local Finance Bureau (Kinsho) No.45
Membership
  • Japan Securities Dealers Association (JSDA)
  • Japan Investor Protection Fund (JIPF)
Disclosed Information Capital Adequacy Ratio (Japanese)

Management Team

Chief Executive Officer
Chief Operating Officer
Chief Information Officer
Chief Compliance Officer
Chief Technology Officer
Chief Relationship Officer
Chief Colocation Officer