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.

Connectivity Options

Refer to TT Access for more details about your connectivity options for connecting to TT.