Tokyo Stock Exchange – Arrowhead 2010 & Chi-Global targets Japan
In January 2010 the Tokyo Stock Exchange (TSE) will roll out a new trading interface known as Arrowhead. The TSE is facing the same data pressures as the exchanges in North America and Europe – rapidly growing number s of orders per day, smaller share/trade figures and a downward trend in the execution rate.
Arrowhead is the TSE response to ensure that they are competitive – especially against proprietary trading systems (PTS). Arrowhead will handle all cash products (i.e. stocks and convertible bonds). The goal is to have an order response period less than 10mS, combined with high reliability.
Sounds great, and in meetings with the TSE senior management, they are rightly pleased with this project.
Arrowhead should help the TSE address some of upcoming changes to the trading infrastructure in Japan. Last week Chi-X Global applied for a PTS license, and hope to be active by mid 2010. Coincidently, this is the target date for the Japan Securities Clearing Corporation to expand clearing services to PTSs.
We will be watching this market closely – it looks like there might be some major changes coming to the Japanese trading community.
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