The Osaka Securities Exchange is the leading Derivatives Exchange in Japan. The Exchange was originally established in 1878 as Osaka Stock Exchange Co., Ltd; by 1949, Osaka Securities Exchange was established.
The Nikkei 225 Futures and Options, based on Japan’s leading stock index, the Nikkei 225, are OSE’s flagship products. OSE launched the Nikkei 225 mini in July 2006, creating investment opportunities for retail investors.
OSE continues to improve its services for both local and overseas traders. In February of 2011, OSE introduced a new derivatives trading platform, J-GATE, which reduced processing speed and simplified trading. In 2016, OSE introduced the Next Generation Derivatives Trading System (Next J-GATE) platform, which includes a new ITCH price feed in addition to OM API changes.
TT connects only to the OSE Derivative platform (J-GATE). OSE Cash products are not be available to trade through the TT OSE Gateway.
Time and Time Zone
Set the machine that hosts the OSE Gateway to run in (GMT+9:00) Japan Standard Time zone.
Required Connection Information
Users must work with the Exchange to acquire the following connection information:
- User IDs
- OSE Network Gateway IP address and port
Exchange API Interface
OSE uses the Next Generation Derivatives Trading System (Next J-GATE) ITCH price feed for real-time prices, and the OM API interface for connectivity. For a list of required broadcasts, refer to the section called Exchange API Text Fields.
The OSE matching engine is located in Tokyo.
Prices at OSE are determined through Price/Time Priority, called Zaraba. To accomodate transactions conducted at closing price, OSE has introduced a Closing Auction system, referred to as Itayose, which is also present during Pre-Open and determines the opening price. In the Closing Auction system, matching is made at the same time as the closing of the order acceptance period.
Previously, OSE implemented Douji-Yobine, a simultaneous bid/offer rule. This rule no longer applies in the Next Generation Derivatives Trading System, J-GATE. All prices are determined via Price/Time Priority.
The traded products at OSE are:
- Nikkei 225 Futures
- Nikkei 225 Mini Futures
- Nikkei 300 Futures
- RN Prime Index Futures
- Nikkei 225 Options
- Equity Options
- Tokyo Stock Exchange Mothers Index Futures
- JPX-Nikkei Index 400 Options
- TWSE Capitalization Weighted Stock Index Futures
- FTSE China 50 Futures
For a complete list of products, please see the Exchange website.
OSE offers products in the following classes:
- Strategies (Currently, strategy product types are not listed in the OSE production environment.)
- Index (Prices only, not tradable)
OSE offers different trading hours for their securities and derivatives markets.
OSE trading hours for derivatives vary by contract. As part of the API upgrade to Next J-Gate, OSE trading hours are changed as follows:
- OSE’s extended trading hours:
- Day Session of Index Futures begins at 8:45am
- Night Session is extended to 5:30am
- OSE Night Session for the Nikkei VI Futures is from 16:30 to 19:00
- Equity Options are only available for trading during the Night Session.
Supported Exchange Functionality
The OSE Gateway supports all products available for trading through the J-GATE trading platform.
In addition to your regular order session credentials, Market Maker User IDs and Highly-Frequent Market Maker User IDs can also be used as TTOs for regular order routing.
OSE Gateways support both J-Net One-Sided and J-Net Cross trades.