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, credit associations, insurance companies, commodities brokers, and foreign banks and securities operating in Japan. Varieties of participants shows our market's openness towards a wide range of customers.

There are three types of trading qualifications.
When a new product is listed, TFX plans to 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.

With regard to our trading systems on exchange forex margin contracts, please contact our promotion group.
(*)TFX suspended Yen Interest Rate Swap Futures (¥ Swapnote^TM) as of 20 March 2007.

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

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 The required margin amount is also calculated daily, and deposits are added to or withdrawn between the clearing members and TFX.

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.

1. Please contact TFX for procedures to obtain trading qualification. TFX will explain the necessary procedures and requirements, as well as the necessary systematic 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.
   • Has human resources capable of financial futures trading.
   • Has 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.

Trading Registration Fee

(*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.
(*3)Trading members are exempted from the trading registration fees of Exchange forex margin contracts if one of following conditions were met:
i. Trading members have a license to trade Euroyen futures.
ii. Trading members seek to license both Euroyen futures and Exchange forex margin contracts simultaneously.

System Set-Up Costs

With regard to our trading systems on exchange forex margin contracts, please contact our promotion group.
Below is an example estimate of the system set-up costs for the most basic functionality

*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.

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

Exchange Fee: Summoned upon trading on the TFX market.

Market Entry Deposit: Deposit to TFX in case of Trading Member's default.

With regard to our trading systems on exchange forex margin contracts, please contact our promotion group.