At TFX, trading (order execution etc) and clearing (Trade
splitting, Give-up/Take-up, Offsetting etc) transactions are
processed by the two separate systems.
(For more information about the trading system, see
Trading System)
Post-trade operations for Interest Rate Futures contracts
will be done by accessing the TFX Clearing System through either：
1. Seisan Web, a web based clearing /settlement application
developed by TFX (“seisan” means “clearing” in
Japanese), or
2. a back-office application developed either by the Trading
Member or ISV/third party vendors.
1.Seisan Web (for Trading Members only)
Seisan Web is a web based clearing/settlement application
available to all Trading Members.
If a Trading Member wishes to use Seisan Web, the Trading
Member must provision the necessary hardware, such as PC, which
meets specifications designated by TFX.
2. Accessing CLIP
CLIP (CLEARING INTERFACE PROTCOL) acts as an interface between
the TFX Clearing System and the back-office systems of trading
members and facilitates their interaction. With CLIP, a Trading
Member is able to develop a proprietary back office system
for its post trade execution management.
-List of ISVs/Subcontractors (Back System)
1. For members’ in-house developers/subcontractors
A Trading Member is able to develop its own proprietary back-office
system(Back Office System) that accesses the TFX Clearing System
either (1) developing in-house or (2) by subcontracting (with
a subcontractor).
In both cases, a Trading Member will be the main party to
contracts, applications, and communications relating to systems
development with TFX.
Prior to starting operations with the developed system, a
Trading member must take and pass conformance tests as well
as a market entry test in the Test environment.
- For the development procedures for Trading Members in-house
developers/ subcontractors
(Back Office System)
A Trading Member who subcontracts the system development to
a third party must complete the document, “Application
on Authorization for Disclosure of Confidential Information” and
send to TFX before disclosing confidential information with
the subcontractor.
- List of Subcontractors (Back Office System)
2. For ISVs
To become a registered ISV of TFX, an applicant must enter
into contractual agreements relating to systems development
with TFX.
After completing all the necessary processes, TFX will list name and contact
information oｆ an applicant on TFX’s website, if requested.
- For the development procedures for ISVs (Back Office System)
- List of TFX ISVs (Back Office System)
