MISSION

Japannext is committed to providing choices that enrich investor experience.

VISION

We aim to become a significant and integral piece of the Japanese market.
We will accomplish this by improving the overall liquidity of the market by increasing trading activity in our PTS, introducing new trading capabilities, and leading innovation through technology.

The introduction of Proprietary Trading System (PTS) regulation in 1998 encouraged innovation and competition among exchange venue operators in Japan. 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, 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, 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, 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, Japannext is the oldest thriving PTS venue with 33 active members (local and global brokerage houses) in Japan with 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.

Date of Incorporation

November 8, 2006

Company Capital

1,400 million JPY

Shareholders

SBI Group
Virtu Financial Group
Cboe Worldwide Holdings Limited
Others

Board of Directors

Representative Director CEO: Masakatsu Yamada
Director: Yoshitaka Kitao
Director: Kentaro Nakanishi
Director: Douglas A. Cifu
Director: Satoe Kusakabe
Director: Jiro Eguchi
Director: Yasuyuki Ogawa
Auditor: Shizuka Hirayama

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 as of 30 September 2024 (Japanese Only)

Information Security Management System

ISO/IEC 27001:2022