Table of Contents

Questions and Answers

What is a PTS?

A Proprietary Trading System (PTS) is an actual trading market system operated by a securities firm. A PTS allows investors and brokers to trade securities through electronic trading systems outside of the exchanges.

Where can I find information about PTSs?

Please refer to the PTS Information Network website established by JSDA (Japan Securities Dealers Association).

What securities are traded at Japannext PTS?

Please refer to the Securities page for the complete list of the tradable securities.

Can non-members get raw market data directly from Japannext PTS?

Yes. Although some conditions may apply. Please contact us for details.

Does Japannext PTS have a co-location facility?

Yes. Our co-location facility is in the same datacenter as other trading venues.

What are the trading hours at Japannext PTS?

Please refer to the Trading Hours section.

What is the schedule for the testing environment at Japannext PTS?

Please refer to the Testing Schedule section.

How can I know when trading is halted at Japannext PTS?

Please refer to the Trading Halt page (Japanese only).

Do the stock prices at Japannext PTS differ from other PTSs?

On a PTS, trading rules and operations are executed individually by each of the operating firms.
Therefore yes, Japannext PTS’s stock prices may differ from other firms.

Does Japannext PTS have stock daily upper and lower limits like the primary exchanges?

Yes. We set our price ranges to the same as the primary exchanges.

Do the stock lot sizes at Japannext PTS differ from the primary exchange?

Our stock lot sizes are never smaller than at the primary exchange and may differ as follows:
  • Trading lot becomes 10 if the original trading lot is less than 10 and its base price is equal to or less than 5,000 JPY.
  • Trading lot becomes 10 if the original trading lot is less than 10 and its base price is above 5,000 JPY but its lower limit price
    of the day is equal to or less than 5,000 JPY.

What is the matching process used at Japannext PTS?

All our markets are order driven. Prices are determined by the publication of orders to buy or sell shares.

The matching process is defined as follows:

  • When a new order's limit price matches with orders already resting in the order book of the PTS, it will be executed at the limit price of the book.
  • Matching will continue until all of the crossed quantity is executed in full.
  • The remaining shares will be processed according to the order’s instructions.

Order prioritization is done on the price-time basis:

  1. For the sell order an order at a lower price has higher priority than an order at a higher price.
  2. For the buy order an order at a higher price has higher priority than an order at a lower price.
  3. When there are orders with the same limit price, the order accepted earlier has higher priority.

Does Japannext PTS support market orders?

No. We only allow limit orders.

What type of limit orders are supported at Japannext PTS?

Please refer to the Supported Order Types section.

Does Japannext PTS support short sell trading?

Yes. We do support short sell trading. Please refer to the Supported Order Types section.

What is the definition of the Japannext PTS short selling rule?

The Japannext PTS short selling rule is defined as follows:
  • In a down tick short selling is allowed only at a price higher than the last traded price.
  • In an up tick short selling is allowed at a price higher than or equal to the last traded price.
  • Tick state changes only when the trade price differs from the last traded price.
  • At the beginning of the day all securities are considered to be in the down tick and the last traded price is assumed to be equal to the base price.
For more details please refer to the Japannext PTS Trading Rules.

Is margin trading allowed at Japannext PTS?

No. We only accept cash transactions.

What kind of order restrictions are there at Japannext PTS, and are they the same for all participants?

Please refer to the Risk Management section, noting that the restrictions apply to all participants.

When are the contract and settlement dates at Japannext PTS?

Contract date T is on the day that the transaction is made. Settlement date is as follows:
  • Daytime market: T + 3 business days
  • Nighttime market: T + 4 business days

What is the procedure for clearing and settlement at Japannext PTS?

Please refer to the Industry Standard Clearing and Settlement section.