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Trading Member SHIP

Outline of Trading Member System

What is a Trading Member?

A Trading Member is a TFX market participant that has been approved Trading Qualifications from TFX, and trades financial futures on the TFX market. Trading Members can directly trade on TFX without the brokerage of another party. TFX's current Trading Members are from a wide range of areas, including banks, securities firms, central cooperative financial institutions, insurance companies,and foreign banks and securities operating in Japan. Varieties of participants show our market's openness towards a wide range of customers.

Types of Trading Members

There are six types of trading qualifications.
When a new product is listed, TFX will either expand the types of futures products tradable within the existing qualifications, or create a new qualification, depending on the necessities of the new product.

Types of Trading
Qualifications
Tradable Products

・Euroyen Futures Trading Membership
・Euroyen Futures Remote Trading Membership

Three-month Euroyen futures, Options on Three-month Euroyen futures, Six-month Euroyen LIBOR futures,Over-Night Call Rate futures can be traded.

Yen Interest rate Swap
Futures Trading Membership(*)

5 year ¥ Swapnote™ and 10 year ¥ Swapnote™ can be traded.

FX Margin Trading Membership

Exchange forex margin contracts can be traded.

・Equity Index Margin Trading Membership
・Equity Index Margin
Remote Trading Membership

Exchange Equity Index Margin contracts can be traded

With regard to trading qualifications of exchange forex margin contracts and exchange equity index margin contracts, please contact FX Products Retail Marketing Group and Equity Index Products Retail Marketing Group respectively.
(*)TFX suspended Yen Interest Rate Swap Futures (¥ SwapnoteTM) as of 20 March 2007.

For a list of Our Products, click here.
To start trading at TFX, click here.

How a trade is executed
  1. A trading member places orders on the TFX market through the TFX trading system. For brokering of customers' trades, the trading member must be a licensed financial futures broker.
  2. Offset notification is made when the executed trade is for settling an existing open interest position.
  3. Mark-to-market on open interest is carried out daily using each day's settlement price, and the difference is paid/received between the clearing members and TFX. The required margin amount is also calculated daily, and deposits are added to or withdrawn between the clearing members and TFX.
Clearing Members

At present, Clearing Members are Trading Members who hold clearing qualifications and become TFX's counterparties for financial futures clearing businesses. Specifically, Clearing Members go into a direct credit-debt relationship with TFX upon a financial futures trading execution, and settle funds and pay/receive margins with TFX.
Trading members which do not possess clearing qualifications ("Non-Clearing Members") designates a Clearing Member ("Designated Clearing Member"), which in place of the Trading Member undertakes the above clearing operations with TFX.

Our Clearing Members are composed of banks, securities firms, central cooperative financial institutions, credit associations, and foreign banks and securities who satisfy the specified financial requirements.

  • To see our Clearing and Settlement System, click here.
  • For Clearing Member System, click here.

How to Become a Trading Member

Process of obtaining trading qualification
  1. Please contact TFX for procedures to obtain trading qualification. TFX will explain the necessary procedures and requirements, as well as the necessary technical environment for trading.
  2. Turn in a Trading Qualification Application Form to TFX.
  3. TFX will examine the application based on the specified qualification.
    Trading Qualification Requirements
    • A corporation having a principal or liaison office in Japan.
    • Having human resources capable of financial futures trading.
    • Having good financial standing.
  4. If the trading qualification applicant does not obtain clearing qualification, a Clearing Agreement must be entered into with a Designated Clearing Member.
  5. After trading qualification is approved, the necessary procedures (system set-up, payment of trading registration fee, etc.)are to be taken, after which trading becomes possible on the TFX market.
Costs to be a trading member

Trading Registration Fee

Types of Trading Qualifications Trading Registration Fee

・Euroyen Futures Trading Member
・Euroyen Futures Remote Trading Member

20,000,000 yen(*2)

Yen Interest rate Swap
Futures Trading Member(*1)

5,000,000 yen

FX Margin Trading Member

(*3)

・Equity Index Margin Trading Member
・Equity Index Margin Remote Trading Member

(*4)

(*1)TFX suspended Yen Interest Rate Swap futures (¥ SwapnoteTM) as of 20 March 2007.
(*2)Trading members who have a license to trade Exchange forex margin contracts will be required to submit 15,000,000 yen as the trading registration fees of Euroyen futures if they seek a license to trade Euroyen futures. For the trading registration fee of the Euroyen Futures Remote Trading Membership, please contract Fixed Income Group.
(*3) Please contract FX Products Retail Marketing Group
(*4) Please contract Equity Index Products Retail Marketing Group.

 

System Set-Up Costs
With regard to sytem set-up costs of exchange forex margin contracts and exchange equity index margin contracts, please contact FX Products Retail Marketing Group and Equity Index Products Retail Marketing Group respectively.
Terminals/Server Utility Costs Data Line Costs
approx. 1,600,000 yen approx. 170,000 yen

*Terminals and printers can be independently purchased if they fulfill required specifications.
*LAN and power outlet construction expenses are not included.

Running Costs
Below is the fee for the most basic set-up.

Data Line Fee Terminal/Server Utility Fee
approx. 45,000 yen approx. 17,000 yen

*The above running costs are not applicable in case of self-purchased terminals.

Exchange Fee

Monthly Exchange Fee Per-contract Exchange Fee
50,000 yen
(For Interest Rate Futures Contracts 300,000 yen)
Amount due to trading volume
* Additional fee may be charged for Interest Rate Futures Contracts. For more information, please contact Fixed Income Group.
Market Entry Deposit: Deposit to TFX in case of Trading Member's default.
With regard to market entry deposits of exchange forex margin contracts and exchange equity index margin contracts, please contact FX Products Retail Marketing Group and Equity Index Products Retail Marketing Group respectively.
Trading Members who conduct Interest Rate Futures transactions based on their Customers' orders Other Members
10,000,000 yen 3,000,000 yen
Trading Information

ON TRADING

  • TRADING (Interest Rate Futures Contracts)
  • TRADING CALENDAR (Interest Rate Futures Contracts)
  • EXCHANGE HOLIDAYS (Interest Rate Futures Contracts)
  • TRADING MEMBERSHIP (Interest Rate Futures Contracts)

ON CLEARING

  • CLEARING (Interest Rate Futures Contracts)
  • CLEARING MEMBERSHIP (Interest Rate Futures Contracts)

TFX TRADING MEMBER

  • LIST OF INTEREST RATE  FUTURES TRADING MEMBERS
  • LIST OF FOREX MARGIN TRADING MEMBERS
  • LIST OF EQUITY INDEX MARGIN TRADING MEMBERS

MARKET DATA SERVICE

  • MARKET DATA SERVICES (Interest Rate Futures Contracts)
  • LIST OF QUOTE VENDORS

SYSTEM INFORMATION

  • TRADING SYSTEM OVERVIEW (Interest Rate Futures Contracts)
  • CLEARING SYSTEM OVERVIEW (Interest Rate Futures Contracts)
  • LIST OF ISVs/SUBCONTRACTORS (Interest Rate Futures Contracts)

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