Match (“Cboe Match” or “Chi-Match” as the full name) provides a non-displayed environment to trade at TSE’s VWAP (Volume Weighted Average Price) prior to the TSE open, helping reduce trading risk during the TSE auction.

Tradable Stock Universe

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

Trading Unit

The same units used in TSE are applied.

Trading Rules

Orders accepted in Match are periodically matched at pre-determined times in such a way as to maximize the matches.

There are 3 types of VWAP available and each type is matched at various times as below.

Type Match Times(JST)
VWAP(Full Day) 8:33, 8:45, 8:52, 8:56
VWAP(AM) 8:45, 8:52
VWAP(PM) 12:15, 12:25

Participants receive confirmations on fills immediately after the match, minimizing the opportunity cost of participating. The pre-match becomes the execution upon the confirmation of VWAP on TSE.