Chi-Alpha & Chi-Select

Chi-Alpha is the largest and longest operating among venues run by Chi-X Japan, providing 29 broker participants and onshore/offshore investors with trading opportunities. Stocks listed on Tokyo Stock Exchange (TSE) are available for trading during and outside the TSE auction hours.

 

Chi-Select adopts the same trading hours and rules, while sets a different rules around conditions for participation, tick size, and trading fees so that PTS trading becomes more accessible for retail focused brokers and their retail clients.

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 applie.

*exception: 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 Chi-X Japan determines to be close to that level, will have their trading unit changed to 10 shares.

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 Chi-Alpha Chi-Select
Pegged Order(Primary, Mid, Market)
Iceberg Order
Post-Only Order

Trading Hours

8:00~16:00(JST)on business days (same as TSE).

Tick Size

Stock Price(JPY) Chi-Alpha Chi-Select
All Symbols(JPY) TOPIX100(JPY) Others(JPY)
~1,000 0.1 0.1 0.2
~3,000 0.5 0.2
~5,000 1 1
~10,000 1 1 2
~30,000 5 2
~50,000 10 10
~100,000 10 20
~300,000 10 50 20
~500,000 100 100
~1,000,000 100 200
~3,000,000 500 200
~5,000,000 1,000 1,000
~10,000,000 1,000 2,000
~30,000,000 5,000 2,000
~50,000,000 10,000 10,000
50,000,000~ 10,000 20,000

Trading Fees

Maker/Taker pricing model is employed as follows.

Chi-Alpha Chi-Select
Taker Fees 0.2 bps of execution value Free
Maker Fees 0.1 bps of execution value 0.5 bps of execution value

Note: a different fee model is applied to a broker-dealer with its headquarters located outside Tokyo. Please see our Market Guide for details.

Risk Control

Various pre-trade risk checks are conducted on participant brokers’ orders before they enter into Chi-X 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 Chi-X develops pre-trade risk control software that can be installed on hardware owned by a broker participant