Market Data Services (for trading members)
Overview ⁄ Market Data Services (Interest Rate Futures Contracts)
TFX offers its Interest rate futures trading members the following services for their use of market data: (1) Internal usage service and (2) External usage service.
(1) What is "Internal usage"
It means use of market data within a contractor company and its consolidated, affiliates companies (excluding partially consolidated companies) approved by TFX.
User of this service shall be neither charged nor required to conclude an agreement with TFX.
(2)What is "External usage (third party distribution)"
It means any use of market data outside the "Internal usage" above. For example, if a trading member redistributes market data to (a) third party, this will be considered as an external use.
This is a charged service which is further divided into the following two categories;
(1) Redistribution of market data to end users who trade or intend to trade the Interest rate futures contracts of TFX. (trading purpose)
(2) Redistribution of market data to end users for non-trading purposes.
- * Prior to starting the redistribution of market data, a trading member ("distributor") must enter into necessary contractual agreements with TFX. Also a distributor will be required to report TFX semiannually how many end users there are.
Data and Contents
Data
| Three-month TONA Futures | Product info. |
|---|---|
| Options on Three-month TONA Futures | Product info. |
| Three-month Euroyen Futures | Product info. |
| Option on Three-manth Euroyen Futures (trading suspended) |
----- |
TFX will suspend trading in the existing far-distant contract months for “Three-month Euroyen Futures (i.e. January 2025 and beyond)", due to the possible cessation of Euroyen TIBOR publication scheduled at the end of December 2024.
Contents
| Best Bid ⁄ Offer | Best Bid ⁄ Best Offer (Price, Volume) |
|---|---|
| Market Depth | Bid ⁄ Offer (Price, Volume) |
| Open ⁄ High ⁄ Low ⁄ Close Price | Opening price ⁄ Highest price ⁄ Lowest price ⁄ Last traded price ⁄ Indicative opening price ⁄ All-Time high ⁄ All-Time low ⁄ Change from previous day ⁄ Trading volume |
| Settlement Price | Settlement price ⁄ Intraday settlement price ⁄ Final settlement price ⁄ Official closing price |
| Open Interest | Open interest |
| Exercised Volume | Exercised volume |
Fees
1.Fee schedule
- ∗1 A flat monthly fee. The fee will not vary due to the increase ⁄ decrease of end users.
2.Third party distribution (for non-trading purpose)
When redistributing market data to third party for non-trading purpose, following monthly "basic fees" and "purpose specific usage fees" will be applied.
Internal or external distribution of Derived Data (information derived from the market data with member's unique knowhow and cannot be restored to its original format) will not be subject for market data agreement with TFX. TFX assumes no responsibility for anything in connection with Derived Data.
(1) Basic fees (monthly)
It will be determined by number of network line that directly connects to ITA Wave.
| Usage type | 1st Line | 2nd Line (per line) |
|---|---|---|
| Direct Usage | JPY 400,000 | JPY 200,000 |
| Indirect Usage ∗2 | JPY 400,000 | - |
- ∗2 For indirect usage, it will only be charged for 1st line.
(2) Purpose specific usage fees (monthly)
The following fee schedule will be applied both for direct and indirect usage.
- ∗3 In the case of internet users, one user ID should be counted as one terminal above.
- ∗4 Real-time Information means the information provided within a period of less than ten minutes following to the actual occurrence of such Information.
- ∗5 Delayed Information means the information provided after a lapse of ten minutes following the actual occurrence of such Information.
(In order to avoid erroneous orders, delayed bid-offer quotes are prohibited to be used.)
Procedures
Explained in the following is a basic entry procedure for a trading member's internal ⁄ external usage of market data.
However, in the case of redistributing market data which is supplied through a direct user (such as a quote vendor) to end users for their non-trading purposes, its entry procedures will vary depending on policy of such direct user.
Please enquire for details to a direct user of your choosing or here.
1. Contract procedure
(1) Internal Usage
No contractual agreement will be required.
(2) External Usage ⁄ for trading purpose (charged service)
A trading member needs to sign legal contracts with TFX. Based on this contract, TFX will charge monthly market data usage fee to a trading member.
(3) External Usage ⁄ for non-trading purpose (third party distribution/charged service)
trading member needs to sign legal contracts∗ with TFX and will be charged market data usage fees in relation to the third party distribution of market data. A trading member will also be required to report TFX semiannually how many end users there are etc.
∗ Terms and conditions will be different from the ones applied for (2) above.
2. Technical procedure
Unless you are an indirect user, it is necessary for you to undertake system development and system conformance test for accessing ITA Wave. For details, please contact here.
