Domestic stocks, convertible bonds, Venture Funds, REITs, ETFs, ETNs and covered warrants listed on the OSE 1st & 2nd Sections and JASDAQ
2. Division of Trading
Divided into single issue trading (including VWAP guarantee and VWAP target), basket trading, closing price trading, and company share repurchase trading(*)
(*) Referring to the reacquiring of own shares by a listed company
3. Trading Unit
- Single issue trading: Minimum trading unit or more
- Single issue trading (VWAP guarantee and VWAP target): Minimum trading unit or more
- Basket trading: 15 issues or more, and 100 million yen or more in total trading value
- Closing price trading: Minimum trading unit or more
- Company share repurchase trading: Minimum trading unit or more
4. Trading Hours
- Single issue trading: 8:20 - 16:30
- Single issue trading (VWAP guarantee and VWAP target): 8:20 - 9:00, 11:30 - 12:30, 15:10 - 16:30
- Basket trading: 8:20 - 9:00, 11:30 - 12:30, 15:10 - 16:30
- Closing price trading: Transaction time 8:50, 16:30
Order entry starts from 8:00
- Company share repurchase trading: Transaction Time 8:45
Order entry during 8:00-8:45
5. Type of Transactions
Regular way transactions(T+3) and cash transactions(T+0). Cash transactions are limited to cross trades.
VWAP guarantee and VWAP target of single issue trading are also limited to cross trades.
6. Tradable Price
Single issue trading
Within ±7% of the most recent price(*1) made in the auction market of OSE or the Tokyo Stock Exchange (TSE)
Single issue trading (VWAP Guarantee)
Traded at the VWAP price calculated by OSE or TSE after adjusting the commission agreed upon with the client(*2)
Single issue trading (VWAP Target)
Traded at the weighted average price of trades carried out by the transaction participant in the auction market aiming for VWAP on an issue and volume agreed upon with the client. The transaction participant then acts as counter-party to the client at this price.(*3)
Within ±5% of the total trading value calculated based on closing prices made in the auction market of OSE or TSE(*1)
Closing price trading(*1) (*4)
- Closing price of the previous day
- Closing price of the current day
- VWAP of the previous whole day
- VWAP of the current whole day
Company share repurchase trading
The closing price of the day when the application for trading is accepted.(*5)
|(*1)|| Concerning the trading price
(Single issue trading, Basket trading, Closing price trading)
When there is a special quote as designated by the OSE or the TSE, a sequential trade quote as designated by the TSE or any other indicated quote as designated by the OSE, the most recent quote price will be the trading price. If not, the exchange shall determine the trading price for each case.
7. Minimum Price Fluctuation
8. Trading Suspension
J-NET Trading may be suspended when the trading on the auction market is suspended, etc.
9. Disclosure of Contents of Trade
After an order is executed, contents of the trade shall be disclosed immediately. However, as for single issue trading (excluding executions between brokers for their customers) in cases that the trading value is more than 5 billion yen, the contents of the trade shall be disclosed after 16:00 on the business day following the day of trade.
- Regular way transactions: T+3
- Cash transactions: T+0 (the day of trade)
- Combined netting settlement between trades made in the J-NET and other OSE markets
11. Margin and Loan Transactions
J-NET can be carried out by standardized margin transactions, negotiable margin transactions and loan transactions. (Exceptions: company share repurchase trading ).