News File

Legal Permission for Discretionary Orders on TIFFE

(November 30,2000)

A revised version of Financial Futures Trading Law, which becomes effective on 1st December 2000, will provide for a permission for some kind of discretionary orders on TIFFE.
Discretionary orders enables customers to put their orders with leaving one or two of elements - such as sell or buy, contract month, trading volume, prices-to their futures broker*s discretion. Currently, TIFFE members are not allowed to accept such discretionary orders.
For example, non-resident customers having a time difference from Japan are allowed to ask TIFFE members to determine prices of orders within a designated price range. This revision will increase convenience and flexibility on trading Euroyen futures.