Tokyo Stock Exchange launches “New Tdex+ system”

Tokyo Stock Exchange launches “New Tdex+ system”

21/11/2011

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