Cboe Japan

Cboe Japan operates in four markets catering to different needs of market participants. The direct participants of markets operated by Cboe Japan are registered broker-dealers in Japan. For retail investors and institutional investors, please contact your broker to see if they are connected and facilitate you to trade on our markets.

Markets operated by Cboe Japan

PTS trades ToSTNeT trades
Displayed book Non-displayed book
Limit price order TSE VWAP order (Full Day, AM, PM) Limit price order (pegged to TSE BBO)
Continuous matching 8:20-16:00 Several sessions to pre-match during pre-market hours

Trades after TSE close

Continuous matching 9:00-15:00
Participation limited to qualified market makers and retail brokers Broker neutral darkpool

Market Data

Today's Activity

Quote & Trade


Alpha market is a venue operating since the start of Cboe Japan, providing via broker participants onshore/offshore investors with trading opportunities.

Select market adopts the same trading hours and rules, while sets different rules around conditions for participation so that PTS trading becomes more accessible for retail focused brokers.

Participation Eligibility

Alpha market is operated for registered broker-dealer participants in Japan who are either members of, or have clearing arrangements for settling through, the Japan Securities Clearing Corporation (JSCC).

Select market is limited to Alpha participants who fulfill certain eligibility criteria to participate as Designated Market Maker or who are retail focused broker-dealers to participate as Designated Taker.

Tradable Stock Universe

TSE-Listed common stocks, ETFs and REITs. Trading units used in TSE are applied. However, because stocks with 1 share trading unit and a price below 7,060 Yen can potentially have settlement amount by sub-Yen digit, stocks of such condition, including ones in which Cboe Japan determines to be close to that level, will have their trading unit changed to 10 shares.

Stocks newly listed on the TSE will become tradeable on Alpha and Select only after an opening price is determined on TSE.

Trading Hours

8:20 to 16:00(JST)on business days (same as TSE). However, matching of PTS margin orders takes place only within TSE trading hours.

Trading Rules

Limit orders are matched continuously during the trading hours with price/time priority. Market order is not available and there is no “Itayose” and display of “Tokubetsu Kehai”. As variation of limit orders, the following order types are supported (available types might be different among brokers).

Order Type
Pegged Order(Primary, Mid, Market) -
Iceberg Order -
Post-Only Order
Good Till Day

Trading Participants (Alphabetical Order)

Cboe Match

Match provides a non-displayed environment to trade at TSE's VWAP (Volume Weighted Average Price) prior to the TSE open, helping reduce trading risk during the TSE auction.

Tradable Stock Universe

TSE-listed common stocks, ETFs and REITs.

Trading Unit

The same units used in TSE are applied.

Trading Rules

Orders accepted in Match are periodically matched at pre-determined times in such a way as to maximize the matches.

There are 3 types of VWAP available and each type is matched at various times as below.

Match Times (JST)
VWAP(Full Day) 8:33, 8:45, 8:52, 8:56
VWAP(AM) 8:45, 8:52
VWAP(PM) 12:15, 12:25

Participants receive confirmations on fills immediately after the match, minimizing the opportunity cost of participating. The pre-match becomes the execution upon the confirmation of VWAP on TSE.

Market Hours

Cboe BIDS Japan