B-Market utilizes the NASDAQ matching engine, creating a market that allows for:

  • Real Time Executions
  • Narrower bid/offer spreads
  • Price transparency
  • Low Transaction Fees
  • Minimal development work for connectivity
    Supports FIX 4.2, OUCH, and ITCH


  • Order driven continuous matching with yield, time matching priority
  • Product universe of fixed coupon JGBs (2-Year, 5-Year, 10-Year, 20-Year, 30-Year, 40-Year)
  • Supports several order types including limit, IOC, FOK and post-only
  • Execution report with counterparty information available real-time for intraday risk management
  • Electronic Trading Platform designed to facilitate broader participation, with focus on introducing international players to the market


  • Trading Hours : 8:20 am – 11:05 am, 12:25 pm- 6:00 pm
  • Matching Engine : Nasdaq
  • Tick size : 0.001% simple yield
  • Minimum quantity : JPY 100 Million
  • Lot size : JPY 100 Million
  • Transaction Fee : 0.01 bps for all issues

JGB Base Price

The B-Market JGB Base Price is the closing price of Japanese Government Bonds (JGBs), which is calculated based on the prices at which JGBs have been actually sold or purchased around the B-Market day session closing time. It consists of the clean prices for all the JGBs tradable in B-Market. The closing time is 18:00 JST.

Market Data Providers