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Trader and Firm Identification

Obtaining Exchange Credentials/Membership

TFX offers membership for both Trading Members and Clearing Members.

Direct Trading Members

For TFX, Trading Members are market participants that have obtained Trading Qualifications from the exchange, and trades financial futures on the TFX market. Trading Members can engage in direct trading without the brokerage of another party.

Prospective Trading Members can begin the process as explained in the following steps:

  1. Contact TFX for procedures to obtain trading qualification.
  2. Complete a Trading Qualification Application Form and forward to TFX.
  3. Satisfy the following trading qualification requirements:
    • A corporation having a principal or liaison office in Japan.
    • Has personnel available for financial futures trading.
    • Has good financial standing.
    Note

    For complete information on obtaining TFX membership, refer to the exchange website.

  4. If the trading qualification applicant does not obtain clearing qualification, a Clearing Agreement must be entered into with a Designated Clearing Member.
  5. After trading qualification is approved and the necessary procedures (system set-up, payment of trading registration fee, etc.) complete, traders can begin accessing the TFX market.

Remote Trading Members

TFX also offers a Remote Trading Member program which is currently approved by the Financial Services Authority (FSA) in the United Kingdom, the Commodity Futures Trading Commission (CFTC) in the United States, and the Monetary Authority of Singapore (MAS) in Singapore.

The program allows overseas investors, who have no offices in Japan, to become members of the exchange and obtain direct access to the TFX market. Remote members must clear through an existing TFX clearing member in Japan and must register as a Category Two Financial Instruments Business with a legal representative based in Japan.

Clearing Members

Clearing Members are Trading Members who hold clearing qualifications and become TFX's counterparties for financial futures clearing businesses. Clearing Members enter a direct credit-debt relationship with TFX and settle funds and pay/receive margins with TFX.Trading members which do not possess clearing qualifications ("Non-Clearing Members") designates a Clearing Member ("Designated Clearing Member"), which in place of the Trading Member undertakes the above clearing operations with TFX.

TT Direct Trader IDs

When entering usernames (i.e., trader logins) into TT User Setup, you must use the format: MemberGroupTraderID, where:

  • Member: a five-digit variable defined by the user
  • Group: a three-digit variable defined by the user.
  • TraderID: a three-digit variable defined by the user.

TTORD Trader IDs

The following lists how TFX Gateways use TTORD trader IDs.

  • TFX Gateways support TTORDs.
  • You can map multiple TTORDs to one direct exchange trader.

TTORD trader’s Member ID must begin with TTORD and equal a maximum of seven (7) characters (e.g., TTORD12).

TTORD traders can use any Group and Trader ID that they want as long as they are correctly mapped to the direct trader in TT User Setup. TT recommends TTORD traders use a three (3) character Trader ID for manageability purposes.

FFT2 and FFT3 Fields

Traders can use the FFT2 and FFT3 fields for account management however, the TFX Gateway does not require these fields. However, values entered into FFT2 are forwarded to the exchange as "User-Defined Data" and are present in all order and fill acknowledgments.

The gateway does not forward values entered into FFT3 to the exchange.

Exchange API Field Mapping

The following table shows how certain X_TRADER fields map to the exchange fields when using the TFX Gateway.

Exchange Field Mapping

X_TRADER Field

Exchange Tag

Description

Mandatory for Order Routing?

Account

FIX Tag 1 (Account)

Trader Identifier

No

FFT2

FIX Tag 10001 (Order Ref)

Free Text

No

Opem/Close

FIX Tag 77 (Position Effect)

No

Account Type

FIX Tag 528 (Order Capacity)

TFX Gateways support the following values by default:

  • A1-A3: Client-Agency (A)
  • P1-P3: House-Principle (P)

Yes

Give Up

FIX Tag 448 (PartyID)

For Give Up orders only.