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Exchange Information

Exchange Background

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.


You can find the preceding information on the TFX website.

Time and Time Zone

Set the machine that hosts the TFX Gateway to run in (GMT+09:00) Japan Standard Time zone and time (Tokyo time). Do not enable Daylight Savings Time.

Required Connection Information

TFX will be migrating to a new API on Feb 3rd 2014. All previous versions of TT TFX Gateway will no longer be supported from this date.

All customers must upgrade to TT TFX Gateway 7.17.X by Feb 3rd 2014.

The exchange requires users to request new trading credentials to access the upgraded platform. This includes the following:

  • ITC: Individual trader credentials (ITCs) are provided by the exchange and must be unique for each session listed in the hostinfo.cfg file.
  • SenderCompID: provided by the exchange as an identifier for the firm and appears in the each session listed in the hostinfo.cfg file. This value may be the same in all order sessions.
  • Primary and Backup IP addresses and Port Assignments: provided by the exchange as connectivity information.

Exchange API Interface

TFX Gateways connect to the exchange through the following APIs:

  • Market Data: ITA Wave interface specification which uses UDP Multicast for real time prices and TCP for price recovery.
  • Orders and Fills: FIX 5.0 protocol.

Unlike previous versions, TFX Gateways no longer require additional exchange-provided servers to establish a connection.

Clearing Information

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.

Matching Algorithms

The exchange accepts only Limit and Market on Open (MOO) orders during the 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:

  1. Between Limit Orders
  2. Between Market on Open orders at the base price
  3. between 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.

Supported Products

TFX offers trading of the following products:

  • Three-month Euroyen futures (EY)
  • Six-month Euroyen LIBOR Futures (EL)
  • Over-Night Call Rate futures (ON)
  • Options on Three-month Euroyen futures (EYO)
  • Calendar Spreads for Futures

Asset Classes

TFX offers products in the following asset classes:

  • Futures
  • Options
  • Spreads

Trading Hours

Trading Sessions and Market States

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).

TFX Trading Hours

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

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

TFX Contract States

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. During this time, X_TRADER displays the market state as Unknown.

Supported Exchange Functionality

The following lists exchange functionality that TT currently supports:

  • Intra-day settlement publishing
  • Displaying 1st Generation Implied-Out Prices
  • Futures spreads
  • Give-ups
  • Block trades (requires X_TRADER 7.17 or higher)
  • Standard order types and time in force restrictions
  • Option prices display the correct decimal places when providing strike prices.
  • Revising orders to increase volume

    TFX does not natively support revising order to increase volume, however the TT TFX Order Server will synthetically support such attempts by performing a Cancel/Replace action.

    Please note that the submitting a cancel/replace causes the original order to lose it’s position in queue.

Unsupported Exchange Functionality

TFX Gateways do not support the following exchange functionality:

  • Exchange Forex Margin Contracts
  • Click Kabu 365 Contracts
  • ITC Password Change
  • Copy Notification
  • Open, High, Low, Close prices for Block trades
  • Open Interest
  • Order Inquiry

The new platform does not support the following functionality that was available on the Liffe Connect platform:

  • Contingent Multiple Orders (CMO)
  • Master Trader Mnemonic (MTM) functionality
  • Revising orders for increasing volume
  • Withdrawing orders based on trading ID
  • Withdrawing all orders
  • Batch Orders
  • Transferring orders
  • Market Maker Protection
  • Request for Quote (RFQ)
  • Cabinet Order
  • AMR code in product download

In addition, the following TT-specific changes will occur:

  • Round-Robin functionality: the new gateway will not support round-robin order routing. However, the new platform uses transaction limits much higher than the previous platform.
  • Series Key: TFX products will be assigned a new series key (FIX Adapter Tag 48).
  • Option Prices: The option prices from the new Gateway now display the correct decimal places when providing strike prices.