Alpha & Select

Alpha market (“Cboe Alpha” or “Chi-Alpha” as the full name) 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 a different rules around conditions for participation so that PTS trading becomes more accessible for retail focused brokers.

Market structures and rules listed below includes excerpts from the Market Guide. Please see the Market Guide listed under Document Library in Get Connected Page.

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-primary listed common stocks, ETFs and REITs (excluding foreign stocks and foreign ETFs).

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

8:20~16:00(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 Alpha Select
Pegged Order(Primary, Mid, Market)
Iceberg Order
Post-Only Order
Good Till Day

Risk Control

Various pre-trade risk checks are conducted on participant brokers’ orders before they enter into Cboe Japan matching engine.

Risk Control Items Details
Size Limit Check Limit of maximum number of lots per order(set by participant)
Notional Limit Check Limit of maximum value per order(set by participant)
Price Range Check Price limit at 10% above (for buy orders) or below (for sell orders) the most recent price from the primary exchange
Short Sell Check Uptick/downtick check when Short Sell Rule is triggered.

In addition, the following risk control functions are available on demand.

Risk Control Items Details
Cancel on Disconnect All open orders from a given session will be cancelled when the session disconnects.
Dropcopy Real-time copy of messages including order acknowledgements/trades are available for participants for their own risk management
Self-Trade Prevention It prevents orders which are sent from the same participant from executing against each other
Pre-Trade Risk Control Software Cboe Japan develops pre-trade risk control software that can be installed on hardware owned by a broker participant

Trading participants (as of February 2022)

ABN AMRO Clearing Tokyo
au Kabucom Securities
Barclays Securities Japan
BNP Paribas Securities (Japan)
Citigroup Global Markets Japan
CLSA Securities Japan
Credit Suisse Securities (Japan)
Daiko Securities
Daiwa Securities
Goldman Sachs Japan
Ichiyoshi Securities
Interactive Brokers Securities Japan
JP Morgan Securities Japan
Macquarie Capital Securities (Japan)
Marusan Securities
Merrill Lynch Japan Securities
Mitsubishi UFJ Morgan Stanley Securities
Mizuho Securities
Morgan Stanley MUFG Securities
Nomura Securities
Okasan Securities
Rakuten Securities
SMBC Nikko Securities
Societe Generale Securities Japan
Tachibana Securities
Tokai Tokyo Securities
UBS Securities Japan
Yamawa Securities
Yutaka Securities

(Alphabetical Order)

Service provider

Activ Financial


Colt Global Markets (MarketPrizm)





Refinitiv (Thomson Reuters)

Tosho Computer Systems


(Alphabetical Order)