TFX Overview

The Tokyo Financial Exchange (TFX) was established in April 1989 under the Financial Futures Trading Law of Japan. Following changes to the Trading and Exchange laws in Japan, TFX transformed from a “Financial Futures Exchange” into a more comprehensive “Financial Exchange” in 2007. By April 2010, TFX consisted of over 40 Interest Rates Futures members and over 20 FX Margin Trading/Clearing Members.

TFX has an in-house clearing function. For all transactions, the exchange functions as a clearing house, acts as a counter party, and ensures the performance of the obligations by the other party. TFX collects margins from market participants to secure the reliability of trading and undertakes the clearing of all the contracts made at the TFX market.

TFX Exchange API

TT® supports the following:

  • Prices: ITA Wave Multicast
  • Orders: FIX 5.0

Matching Algorithms

The exchange accepts only Limit and Market on Open (MOO) orders during Pre-Open. Accepted orders are matched simultaneously at a single price at Market Open.

At the Market Open, order matching occurs in the following priority:

  • Limit Orders
  • Market on Open orders at the base price
  • Limit Orders and Market on Open Orders at the base price

During the trading session, TFX uses a price/time priority algorithm for order matching. With the price/time priority, the higher bid (or lower offer) takes priority. When the prices are identical, the earlier order takes priority.

TFX Give-up Support on TT

To use the exchange's give-up functionality, the TFX participant code for your firm must be configured on the routing account. When a user submits an order using that account, the order is automatically given up to the firm identified by the participant code.

To configure a give-up account for TFX, refer to Adding a TFX account.

Market Depth

TT supports the exchange-provided maximum of 20 levels of aggregate depth.

TFX Trading Hours

TFX offers five trading phases: Pre-Open, Day (Morning) Session, Restricted, Day (Afternoon) Session and, for some products, an Evening Session.

The follow table shows the general trading periods available from TFX. All hours are listed in Japan Standard Time (UTC+9:00).

Market Session

Hours (in Japan Standard Time UTC+9)



Day (Morning) Session


Restricted (Pull/Volume Reduction Only) Period


Day (Afternoon) Session


Evening Session






Day End



Specific trading hours by product can be found on the TFX website at

TFX Trading Sessions and Market States

The following table lists the various contract states available at TFX:

Market State



Order Entry: During Pre-Open, no matching occurs however, traders may enter outrights and options and spreads for Limit (including GTC and GTDate) and Market On Open (MOO) orders. In addition, traders may modify and delete orders.

Market Data: Pre-open prices do not impact a product’s Last Traded Price. Also, prices seen in Pre-Open will not impact the High/Low price for the trading session.

State Changes: Pre-Open only occurs prior to the Day (Morning) Session. The exchange seamlessly transitions from Pre-Open to Open state.


Order Entry: In the Open state, normal order entry and matching occurs. Any Market On Open (MOO) orders that were entered during the Pre-Open become active according to the exchange’s opening auction execution rules.

Market Data: All filled orders update Last Traded Price and Last Traded Quantity. In addition, only prices for orders executed in the Open state affect the High/Low prices for the trading day.

State Changes: The exchange enters the Open state at the start of the Morning, Afternoon, and Evenings sessions. After the transition from the Day session to the Evening session, as well as that from the Evening session to the Closed state, the exchange deletes all Good in Session (GIS) orders that were entered in the previous session. When transitioning from Afternoon to Evening sessions, all contracts remain in the Open state.

Pre-Trade (Restricted)

Order Entry: Traders may only cancel or reduce volume of existing orders.

Market Data: Modifications to orders in the Pre-trade state do not affect market data.

State Changes: The exchange seamlessly transitions from Pre-Trade to Open state for the Afternoon session.


Order Entry: Traders cannot enter orders during the Close state. The Close state only occurs following the evening session. Following the close, the exchange halts all trading and distributes clearing data. Also, all non-GTC/GTDate orders are deleted from the exchange order book.

Market Data: Each product’s closing price is reflected in the Close column.

State Changes: The exchange issues a Pre-Close message two (2) minutes prior to entering the Close state.