Chi-Match 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 Chi-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.

Trading Fees

0.7 bps of execution value