The Tokyo Stock Exchange,
abbreviated as the TSE, is one of the key financial trading markets in Asia and
a major volume mover on the Banc
De Binary trading platform. It sees in excess of 2.9 billion
shares of many major Asian corporations exchanging hands every trading day.
This exchange is not only important in the trade of equities, but is also an
important bond and derivatives market. It is also one of the largest financial
trading markets, with its listings including more than 3,000 listed companies,
which have a combined market capitalization of over $4 trillion, which places
the TSE in third place in the world by using this measure. This is the home
exchange of some of the world’s best known brands, including Mitsubishi, Toyota
and Honda. It is important that, when quoting the Tokyo Stock Exchange, its
acronym, TSE, is not confused with that of the Toronto Stock Exchange in
Canada, which is abbreviated as TSX.
A
History of the Tokyo Stock Exchange
History of the Tokyo Stock Exchange
The Tokyo Stock Exchange’s
history dates back to the 1870s, when Japan first established a formal system
of public negotiation of bonds. The exchange itself was officially opened for
business on May 15, 1878, with trading commencing in June of that year.
history dates back to the 1870s, when Japan first established a formal system
of public negotiation of bonds. The exchange itself was officially opened for
business on May 15, 1878, with trading commencing in June of that year.
Due to the Second World
War disrupting many businesses in Japan, trading on the TSE was suspended
between August 1945 and April 1949. Following the war, there were several
reorganizations of the investment markets in Japan, which resulted in the
emergence of the Tokyo
Stock Exchange as the largest of the existing stock
exchanges. The other key stock markets were the Osaka Securities Exchange, the
Fukuoka Stock Exchange, the Sapporo Securities Exchange and the Nagoya Stock
Exchange.
War disrupting many businesses in Japan, trading on the TSE was suspended
between August 1945 and April 1949. Following the war, there were several
reorganizations of the investment markets in Japan, which resulted in the
emergence of the Tokyo
Stock Exchange as the largest of the existing stock
exchanges. The other key stock markets were the Osaka Securities Exchange, the
Fukuoka Stock Exchange, the Sapporo Securities Exchange and the Nagoya Stock
Exchange.
In July of 1969, the Tokyo
Stock Exchange introduced the Tokyo Stock Price Index (TOPIX), as a composite market index of all the domestic
stocks that are listed on the TSE. For many traders, TOPIX is widely considered
to be the key indicator of the state of the Japanese securities market.
Stock Exchange introduced the Tokyo Stock Price Index (TOPIX), as a composite market index of all the domestic
stocks that are listed on the TSE. For many traders, TOPIX is widely considered
to be the key indicator of the state of the Japanese securities market.
The Tokyo Stock Exchange
is a member of the Japan Exchange Group. This is a holding company that has
several subsidiaries including the Tokyo Stock Exchange Regulation, the Osaka
Securities Exchange Co. and the Japan Securities Clearing Corporation.
is a member of the Japan Exchange Group. This is a holding company that has
several subsidiaries including the Tokyo Stock Exchange Regulation, the Osaka
Securities Exchange Co. and the Japan Securities Clearing Corporation.
The
Main Facts And Figures
Main Facts And Figures
The latest financial
report released by the Tokyo Stock Exchange showed that there are about 3,470
firms listed on the TSE. Other facts and figures that were included in the
report include:
report released by the Tokyo Stock Exchange showed that there are about 3,470
firms listed on the TSE. Other facts and figures that were included in the
report include:
·
Cumulatively, the Tokyo Stock Exchange’s
3,470 listed companies have a market capitalization of over $4.4 trillion.
Cumulatively, the Tokyo Stock Exchange’s
3,470 listed companies have a market capitalization of over $4.4 trillion.
·
Almost 750 million trades of various stocks
are completed every year on the TSE.
Almost 750 million trades of various stocks
are completed every year on the TSE.
·
In July this year, the stock exchange moved
average volumes of 2.9 billion shares every day. These trades totaled to a
daily average of $25.8 million.
In July this year, the stock exchange moved
average volumes of 2.9 billion shares every day. These trades totaled to a
daily average of $25.8 million.
The TOPIX (Tokyo Stock
Price Index) is the exchange’s most important market index. The index includes
sub-indices such as the TOPIX, TOPIX Core 30, TOPIX 500, TOPIX 1000, TOPIX Mid
and the TOPIX Large 70. Another key index based on this market is the Nikkei
225, which is considered as one of the world’s most important stock market
indices.
Price Index) is the exchange’s most important market index. The index includes
sub-indices such as the TOPIX, TOPIX Core 30, TOPIX 500, TOPIX 1000, TOPIX Mid
and the TOPIX Large 70. Another key index based on this market is the Nikkei
225, which is considered as one of the world’s most important stock market
indices.
In December 1989, when the
asset price bubble in Japan was at its peak, and the Nikkei 225 was indicated
at a record high, the Tokyo Stock Exchange was accountable for nearly 60% of
the market capitalization of the world’s stock markets. However, over the next
two decades, the combined capitalization of the companies listed on the TSE has
dropped dramatically. This is down to the Japanese economy experiencing a
downturn in a recessionary environment, which caused a plunge in the value of
the Nikkei.
asset price bubble in Japan was at its peak, and the Nikkei 225 was indicated
at a record high, the Tokyo Stock Exchange was accountable for nearly 60% of
the market capitalization of the world’s stock markets. However, over the next
two decades, the combined capitalization of the companies listed on the TSE has
dropped dramatically. This is down to the Japanese economy experiencing a
downturn in a recessionary environment, which caused a plunge in the value of
the Nikkei.
Understanding
the Tdex+ Trading System
the Tdex+ Trading System
In late 2011, the Tokyo
Stock Exchange launched its Tdex+ system. This is a platform that is used in
the trade of options and futures. This system of trading stock derivatives
forms a vital part of the TSE’s plan to drive up trading volumes while
increasing the numbers of traders, especially those who trade make
high-frequency trades within short time frames.
Stock Exchange launched its Tdex+ system. This is a platform that is used in
the trade of options and futures. This system of trading stock derivatives
forms a vital part of the TSE’s plan to drive up trading volumes while
increasing the numbers of traders, especially those who trade make
high-frequency trades within short time frames.
The Tdex+ is a unique
trading system that is built on the Liffe Connect trading system developed by
London’s NYSE Liffe. This new platform has quickly become one of the most
important cogs in the TSE machine, since it places trade in futures in line
with options trading. Because of the new system, placing futures orders when
trading on the Tokyo Stock Exchange can be completed in record time, with
orders processed in as little as 5 milliseconds, and the system has a capacity
to process as many as 36,000 orders every second.
trading system that is built on the Liffe Connect trading system developed by
London’s NYSE Liffe. This new platform has quickly become one of the most
important cogs in the TSE machine, since it places trade in futures in line
with options trading. Because of the new system, placing futures orders when
trading on the Tokyo Stock Exchange can be completed in record time, with
orders processed in as little as 5 milliseconds, and the system has a capacity
to process as many as 36,000 orders every second.
In addition to the launch
of theTdex+ system, the Tokyo Stock Exchange also introduced a new market
marker scheme targeting futures products. The TSE currently features 35 markers
covering TOPIX mini futures as well as 25 market markers which cover 10 year
JGB futures. The aim of the market markers is to increase the level of
liquidity seen in the Tokyo Stock Exchange’s derivatives markets, with
particular emphasis on the mini futures sector.
of theTdex+ system, the Tokyo Stock Exchange also introduced a new market
marker scheme targeting futures products. The TSE currently features 35 markers
covering TOPIX mini futures as well as 25 market markers which cover 10 year
JGB futures. The aim of the market markers is to increase the level of
liquidity seen in the Tokyo Stock Exchange’s derivatives markets, with
particular emphasis on the mini futures sector.
Hours
of Operation of the TSE
of Operation of the TSE
As with all other stock
markets, the Tokyo Stock Exchange has fixed trading times. For most of the
securities and financial instruments that are traded on the exchange, the
trading hours fall between 9.00 a.m. and 11.00 a.m. for the morning session and
12.30 p.m. and 3.00 p.m.
markets, the Tokyo Stock Exchange has fixed trading times. For most of the
securities and financial instruments that are traded on the exchange, the
trading hours fall between 9.00 a.m. and 11.00 a.m. for the morning session and
12.30 p.m. and 3.00 p.m.
· Government bonds from the Japanese government
(JGBs) 1.00 p.m. to 1.30 p.m.
(JGBs) 1.00 p.m. to 1.30 p.m.
·
Foreign currency bonds 1.30 p.m. to 2.00
p.m.
Foreign currency bonds 1.30 p.m. to 2.00
p.m.
·
Straight bonds 10.00 a.m. to 11.00 a.m.
Straight bonds 10.00 a.m. to 11.00 a.m.
·
Options and other stock derivatives 9.00
a.m. to 11.oo a.m. and 12.30 p.m. to 3.10 p.m.
Options and other stock derivatives 9.00
a.m. to 11.oo a.m. and 12.30 p.m. to 3.10 p.m.
·
Government bond derivatives 9.00 a.m. to
11.00 a.m. and 12.30 p.m. to 3.00 p.m.
Government bond derivatives 9.00 a.m. to
11.00 a.m. and 12.30 p.m. to 3.00 p.m.
It is important to note that
the times quoted above are in the local time of Tokyo, Japan which falls in the
GMT +9 time zone.
the times quoted above are in the local time of Tokyo, Japan which falls in the
GMT +9 time zone.
Visiting the Tokyo Stock Exchange
The Tokyo Stock Exchange, Japan’s largest
trading center and a market that moves a large part of business in Asia, is at
the heartbeat of the economy of Japan. The stock exchange allows visitors as
well, and traders as well as other interested parties can view the trading
floor, the Market center, which monitors all trading as well as the media
center that houses studios for both local and overseas news agencies that cover
the Asian financial markets.
trading center and a market that moves a large part of business in Asia, is at
the heartbeat of the economy of Japan. The stock exchange allows visitors as
well, and traders as well as other interested parties can view the trading
floor, the Market center, which monitors all trading as well as the media
center that houses studios for both local and overseas news agencies that cover
the Asian financial markets.
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