Our History

The introduction of Proprietary Trading System (PTS) regulation in 1998 encouraged innovation and competition among exchange venue operators in Japan. SBI Japannext Co., Ltd. was established in November 2006 with the support of Japan’s top 4 on-line brokers (SBI Securities, Rakuten Securities, Orix Securities, and Click Securities) to create a full-fledged PTS venue to replicate ECNs (Electronic Connection Networks) in the US, serving as an after-hours market for on-line users.

In August 2007, SBI Japannext launched a nighttime market with a system licensed from Atos Euronext Market Solutions (AEMS) which was used by the Euronext exchange in Europe. Later, Goldman Sachs Japan joined as a shareholder and liquidity provider to promote and develop the nighttime ECN market in Japan.

Subsequently, in October 2008, SBI Japannext launched a daytime market to cater to the needs of global brokerage houses to create competition and bring about innovations in the Japanese equity market. To this effect, SBI Japannext willingly responded with the introduction of new features such as IOC (Immediate or Cancel), FOK (Fill or Kill), and Iceberg (Reserved) order types, as well as decimal tick sizes, all readily used in the US and European exchanges. The daytime market became a first of its kind side-by-side market running along with the incumbent exchanges including TSE (Tokyo Stock Exchange) and OSE (Osaka Securities Exchange). As a result of ongoing innovations, many visionary global brokerage houses enthusiastically joined Japannext PTS as both participants and shareholders.

Today, SBI Japannext is the oldest thriving PTS venue with 24 active members (local and global brokerage houses) in Japan with 4 to 5% market share. It has firmly established a basis for contributing actively to public forums, seminars, and private discussions – and endeavors to spearhead and drive innovations in the Japanese capital market.

Company Profile

Date of Incorporation

November 8, 2006

Company Capital

1,400 million JPY

Shareholders

SBI Group
Virtu Financial Group
The Goldman Sachs Group Inc.
Others

Board of Directors

Representative Director: Chung Sok Chon
Director: Yoshitaka Kitao
Director: Kentaro Nakanishi
Director: Masakatsu Yamada
Director: Douglas A. Cifu
Director: Hiroshi Yamazaki
Auditor: Masaomi Sogabe
External Auditor: Masanobu Kotake
External Auditor: Takanobu Yamaguchi

Regulatory Registration

March 9, 2007
Registration under the Securities and Exchange Law

June 6, 2007
Authorization to operate a Proprietary Trading System (PTS) under the Securities and Exchange Law

September 30, 2007
Registration as a Financial Instrument Business Operator under the Financial Instruments and Exchange Act (FIEA) (including authorization to operate a Proprietary Trading System (PTS)), Director of Kanto Local Finance Bureau (Kinsho) No.45

Registered Membership

Japan Securities Dealers Association (JSDA)
Japan Investor Protection Fund (JIPF)

Disclosed Information

Capital Adequacy Ratio (Japanese)

Latest News

Date Title
2018-08-30 Japannext PTS welcomes new trading member kabu.com
2018-03-19 Japannext PTS welcomes new trading member Matsui Securities
2018-02-06 Night market volumes hits a 15 month high of 3.9 billion JPY
2018-02-06 Daily turnover hits 31 month high of 165.9 billion JPY (1.51 billion USD)
2017-11-02 Japannext PTS welcomes new trading member Rakuten Securities
2017-10-26 Revisions to Trading Rules in Connection with Shortening of Stock Settlement Cycle
2017-10-10 Announcement of PTS Launch for B-Market
2017-04-21 Establishment of Proprietary Trading System (PTS) for Japanese Government Bonds
2016-11-10 Revised trading hours of Japannext's Night time market starting Feb 1st 2017
2016-10-13 Revision of U-Market Tick Size
2016-07-06 SBI Japannext Announcement of Stock Transfer Agreement
2016-05-23 SBI Japannext Announces Successful System Upgrade
2016-04-25 SBI Japannext Announces System Enhancement
2016-03-23 SBI Japannext Announces Service Suspension of VWAP market
2016-01-29 SBI Japannext Announces Management Changes
Last updated at JST. Data may be delayed by up to 10 minutes
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Date Title
2018-02-06 Night market volumes hits a 15 month high of 3.9 billion JPY
2018-02-06 Daily turnover hits 31 month high of 165.9 billion JPY (1.51 billion USD)
2016-05-23 Successful upgrade of X-stream INET matching engine
2015-08-25 Daily turnover hits new record of 193.4 billion JPY (1.62 billion USD)
2015-08-25 U-Market turnover hits new record of 2.0 billion JPY (16.8 million USD)
2015-07-09 U-Market turnover hits new record of 1.1 billion JPY (9 million USD)
2014-01-06 Daily turnover hits new record of 190.4 billion JPY (1.83 billion USD)
2013-05-27 Launch of the VWAP market
2013-04-10 Daily turnover hits new record of 163.6 billion JPY (1.7 billion USD)
2013-03-31 Monthly daytime turnover hits double record of 1.8 trillion JPY with a daily average of 90.4 billion JPY
2013-02-12 Start supporting the OUCH order entry protocol, becoming the fastest exchange in Asia
2013-02-06 Daily turnover hits new record of 120.8 billion JPY (1.29 billion USD)
2013-01-04 Daily turnover hits new record of 99.5 billion JPY (1.14 billion USD)
2012-12-28 Ended the year with a record turnover of 10.6 trillion JPY (85% increase over previous year of 5.7 trillion JPY)
2012-12-28 Monthly daytime turnover hits double record of 1.3 trillion JPY with a daily average of 66.5 billion JPY
Last updated at JST. Data may be delayed by up to 10 minutes
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