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Revised on : 2024-11-05
Trading on ODX PTS
ODX PTS offers both cash and PTS margin trading of domestic equities.
In aiming to provide investors with sufficient trade opportunities, ODX designates the liquidity providers which provide liquidity in ODX PTS. In addition, in order to ensure that the provided liquidity contributes to the trade opportunities of investors, we prevent the matching of orders between the designated liquidity providers.
Requirements for Trading Participants
Trading Participants must meet all of the following requirements
- a registered Type 1 Financial Instruments Business Operator.
- a cash clearing participant of the Japan Securities Clearing Corporation, or if not a cash clearing participant, an entity which has designated a cash clearing participant to carry out brokerage of clearing of trading of securities, etc.
- Trading participants that are qualified to trade securities on the Tokyo Stock Exchange.
*Trading participants are requested not to route orders from high-speed traders (excluding liquidity provisioning orders by the designated liquidity providers) to ODX PTS. This is to ensure the effectiveness of the measure of order matching prevention between the designated liquidity providers and to improve trade opportunities for investors.
Business Days and Trading Hours
Business Days
ODX PTS business days are the same as those of the TSE.
Trading Hours
Cash transactions:
- 8:20 a.m. - 4:00 p.m.
PTS Margin Trading:
- 9:00 a.m. - 11:30 a.m.
- 0:30 p.m. - 3:30 p.m.
Securities handled
Of the stocks and other securities (ETF etc.) listed on the TSE, those selected by the ODX PTS can be traded.
IPO securities are eligible for trading after they are listed and the first price is determined on the TSE.
*Securities eligible for PTS Standardized Margin Trading are those selected by ODX PTS for Standardized Margin Trading.
Trading Rules
Pricing Method
ODX PTS continues to match limit orders based on price priority and time priority; ODX PTS uses the "customer order matching method" whereby if the limit price quoted by a customer matches the limit price quoted by another customer who is the counterparty to the trade, the trade is executed using that limit price.
Order Execution Conditions
ODX PTS supports the following order execution conditions.
- IOC（Immediate Or Cancel）
- FOK（Fill Or Kill）
- POST-ONLY
*Designated Liquidity Provider orders are limited to POST-ONLY orders.
Tick Size
Price Level | Tick Size | |||
|---|---|---|---|---|
TOPIX100 | TOPIX Mid400 | Other | ||
--- | JPY 3,000 or less | 0.1 | 0.1 | 0.1 |
More than JPY 3,000 | JPY 5,000 or less | 0.1 | 0.1 | 0.5 |
More than JPY 5,000 | JPY 10,000 or less | 0.1 | 0.1 | 1 |
More than JPY 10,000 | JPY 30,000 or less | 0.1 | 0.5 | 1 |
More than JPY 30,000 | JPY 50,000 or less | 0.1 | 1 | 5 |
More than JPY 50,000 | JPY 100,000 or less | 1 | 1 | 10 |
More than JPY 100,000 | JPY 300,000 or less | 1 | 5 | 10 |
More than JPY 300,000 | JPY 500,000 or less | 1 | 10 | 50 |
More than JPY 500,000 | JPY 1,000,000 or less | 1 | 10 | 100 |
More than JPY 1,000,000 | --- | 1 | 100 | 100 |
Price Limit
In principle, ODX PTS will adopt the base price and price limit range of the TSE. If the TSE implements measures to expand the price limits, ODX PTS will also implement the same measures to expand the price limits as the TSE.
Clearing and Settlement Methods
Settlement of transactions executed on the ODX PTS will be conducted between the trading participants and JSCC in accordance with the method prescribed in JSCC's Business Procedures.
Hard limits
ODX PTS sets hard limits on order quantity and amount to prevent erroneous orders. In addition, we monitor abnormal orders at all times during trading hours.
Cancellation of Contracts
As a general rule, we do not accept cancellation of trades.
For other rules and details, please refer to the Trading Manual for the Listed Stocks, etc. Proprietary Trading System.