News File

TIFFE to disclose market depth information with ITA Wave

(October 25,2000)

We are very delighted to announce that TIFFE takes big steps forwards on disclosure of market depth information with "ITA Wave"(*1).

TIFFE has decided to develop "ITA Wave", which makes it possible to access TIFFE's market depth information to our customers as well as our members. The launch date is scheduled in April 2001.

Currently, market depth information is accessible exclusively to TIFFE members through our trading terminals. With ITA Wave, investors all over the world can get various market information which is as follows:

-market depth , not only best bids/offers but all of the bids/offers
-opening, high, low, closing, settlement prices
-trading volume, open interest
-contract specifications, etc.

With ITA Wave, TIFFE members will be able to provide market real time information to their domestic or overseas offices, affiliates, and customers. In addition, combined with API(*2), it will also become possible for our members to provide their customers with direct access and executions on TIFFE.

Investors can connect ITA Wave by two ways; through TIFFE members' network, or through various major information venders.

We are sure ITA Wave, with existing API and Give-ups(*3), will support investors' smooth access to our Euroyen market.

Editor's Note

(*1) In Japanese, "ITA" means order books on exchanges.

(*2)API is Application Program Interface. API connects exchange's trading system and members' internal network system. API makes it possible to place orders via members' network systems.

(*3)Give-ups allow customers to divide execution and clearing on futures trading, which means a customer may instruct one member to execute an order and another to clear the trade respectively.