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
