Market Maker Program
Index Futures
From the viewpoint of ensuring the smooth trading opportunity, Market Maker Program is applied to some products.
1. Market Maker List
(As of March 11, 2013)
| Market Maker | Nikkei 225 mini | Nikkei 225VI Futures | OSE DJIA Futures | |
|---|---|---|---|---|
| Transaction Participant | Proprietary/Brokerage(*) | |||
| ABN AMRO Clearing Tokyo Co., Ltd. | Brokerage | 1 | - | - |
| Newedge Japan Inc. | Brokerage | 4 | 1 | 1 |
| Nomura Securities Co., Ltd. | Proprietary | - | 1 | - |
| Barclays Capital Japan Limited | Brokerage | 1 | - | - |
| BNP Paribas Securities (Japan) Limited | Brokerage | 1 | 1 | - |
| Mitsubishi UFJ Morgan Stanley Securities Co.,Ltd. | Proprietary | 1 | - | - |
| Total | 8 | 3 | 1 | |
- (*) The Transaction Participant that is described as "Brokerage" in the "Proprietary/Brokerage" category conducts market making with the customer's support. In this case, the number of company represents the number of customers, as the designation of Market Maker is made per customer account.
2. Quoting by Market Maker
Quoting by market maker is conducted according to the following standard. However, please note that there are some cases where quoting according to the said standard will not be conducted depending on market conditions.
(As of May 1, 2012)
| Standard of Quoting | Nikkei 225 mini | OSE DJIA Futures | Nikkei 225 VI Futures | |
|---|---|---|---|---|
| Type 1 | Type 2 | |||
| The issues for Continuous Quoting | The nearest contract month of Monthly contract months(*1) | All contract months | The nearest 2 contract months | |
| The time for Continuous Quoting | 60% or more of trading hours for the regular market(*2) (excluding Night Session) |
60% or more of trading hours for the regular market(*2) | 60% or more of trading hours for the regular market(*2) | |
| Maximum Spread | 6 ticks | The nearest contract month: 10 ticks The 2nd - 4th contract month: 20 ticks |
The nearest contract month: 10 ticks The 2nd contract month: 20 ticks |
The nearest contract month: 3 ticks The 2nd contract month: 3 ticks |
| Minimum Quote Size | 10 units | The nearest contract month: 20 units The 2nd - 4th contract month: 10 units |
The nearest contract month: 200 units The 2nd contract month: 100 units |
The nearest contract month: 10 units The 2nd contract month: 10 units |
- (*1) Monthly contract months (also called "serial contract months") have been introduced for Nikkei 225 mini. Monthly contract months mean the nearest 3 contract months excluding contract months of March, June, September and December.
- (*2) OSE may exempt the role of quoting for market maker when OSE deems it difficult to conduct market making such as the period when Circuit-Breaker is triggered etc.
Request for Quote Function(*) are introduced to enhance the opportunity for transactions to be matched.
- (*) It is a function provided for Transaction Participants, which enables them to indicate their intention to request the quotes from other Transaction Participants on the issues which they intend to trade through J-GATE.
3. Outline
Futures Trading
Please refer to the following files.
