News Releases

 
TSE launches “New Tdex+ System”
- A New Dawn for the TSE Derivatives Market -

Tokyo Stock Exchange, Inc. (“TSE”) is pleased to announce today the successful launch of “New Tdex+ System”, a new trading platform for derivative products. The New Tdex+ System is an advanced electronic trading system based on the technology platform developed by NYSE Technologies and used by NYSE Liffe in London, one of the largest derivatives exchanges in Europe and NYSE Liffe U.S. in New York. It is highly regarded for its superb performance and state-of-art functionality by investors worldwide. Options trading has been conducted on the existing Tdex+ System since October 2009, but this migration of futures to New Tdex+ System will integrate both trading platforms of the TSE derivatives market and greatly increase system efficiency.

With the introduction of the system, order processing performance is dramatically improved to an average order response of 5 milliseconds* and 36 thousand* orders processed per second. In addition to this, user convenience is greatly enhanced through advances such as the introduction of strategy trading.  

In conjunction with the system launch, TSE introduced a Market Maker Scheme for futures products today. Currently, we have the participation of 25 market makers for mini-10 year JGB futures and 35 market makers for mini-TOPIX futures. In addition to highly liquid 10-year JGB futures and TOPIX futures, the Market Maker Scheme is expected to significantly increase liquidity in the overall TSE derivatives market, particularly mini futures.

Furthermore, aiming to provide more trading opportunities to a wide range of investors, TSE shortened the noon recess to extend the trading hours for index futures/options and individual securities options as well as the evening session of futures/options to 23:30.

Atsushi Saito, President and CEO of Tokyo Stock Exchange Group, Inc. said “Today, the replacement of TSE's full line of trading systems was completed with the launch of the New Tdex+ System. This will allow us to provide all our listed products on the world’s highest-level of trading systems. In addition, the introduction of the Market Maker Scheme and the expansion of trading hours will dramatically improve the convenience of futures and options trading in a highly transparent exchange market. I strongly believe that these improvements to the derivatives market will broaden the investment options of our diverse investors at home and abroad and contribute to the further development of the Japanese financial market. TSE will continue to make every effort to establish an efficient and convenient market for investors around the globe.”

Duncan L. Niederauer, CEO, NYSE Euronext said, “Today’s launch of the Tdex+ system for futures is an exciting step for Japan’s growing derivatives market and our partners at the Tokyo Stock Exchange. TSE will offer its customers a proven, world-class trading platform that has already demonstrated exceptional performance and reliability in trading options and futures on NYSE Euronext’s markets throughout the world. We are proud to continue our strong relationship with the dedicated team at the TSE in working together to deliver Tdex+, which is the culmination of two years of close collaboration and teamwork .

* Actual performance which has been measured in test phase

(Contact)

Tokyo Stock Exchange Group, Inc.
Corporate Strategy (Press)
Kazuhiko Yoshimatsu
TEL: +81-3-3665-1220
E-mail: k-yoshimatsu@tse.or.jp

 

 

About Tokyo Stock Exchange, Inc.
Tokyo Stock Exchange, Inc. is the premier exchange for Japanese cash equities and derivative products from the perspective of investors both in Japan  and abroad. In 2010, TSE recorded an average daily trading volume of 2,123 million shares, and daily average trading value of JPY 1,466 billion. This has positioned TSE as the central market of Japan . In addition to its core Japanese equity market, TSE provides markets for derivatives products such as long-term Japanese Government Bond (JGB) futures and TOPIX index futures. JGB futures trading, the cornerstone of TSE's fixed income derivatives market and the benchmark of the Japanese bond market, continues to thrive on investor demand from across the globe. The JGB futures contract is one of the most active long-term interest rate futures contracts in the world, with its annual trading volume in 2010 reaching 8,021 thousand contracts. The TOPIX futures contract, with its underlying index used as Japanese economic benchmark throughout the world, is the leading stock index futures product in Japan , with the largest open interests among Japanese stock index futures products. The annual trading volume of TOPIX Futures in 2010 reached to 14,541 thousand contracts.

Disclaimer
NYSE Euronext and its affiliates do not recommend or make any representation as to possible benefits from any securities or investments, or third-party products or services. Investors should undertake their own due diligence regarding their securities and investment practices. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.



Contact: Eric Ryan
Phone: 212.656.2411
Email:  eryan@nyx.com