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, and foreign banks and securities operating in Japan. Varieties of participants show our market's openness towards a wide range of customers.
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 |
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Euroyen Futures 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. |
Euroyen Futures Remote Trading Membership | |
Yen Interest rate Swap Futures Trading Membership | TFX suspended Yen Interest Rate Swap Futures (¥ Swapnote™) as of 20 March 2007. |
FX Daily Futures Trading Membership | FX Daily Futures contracts can be traded. |
Equity Index Daily Futures Trading Membership | Equity Index Daily Futures contracts can be traded |
Equity Index Daily Futures Remote Trading Membership |
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. This framework considerably reduces Clearing Members' counterparty risks which tend to become issues in OTC transactions.
Our Clearing Members are composed of banks, securities firms, central cooperative financial institutions, credit associations, and foreign banks and securities firms who satisfy the specified financial requirements.
Types of Trading Qualifications | Trading Registration Fee |
---|---|
Euroyen Futures Trading Member | 10,000,000 yen(∗2) |
Yen Interest rate Swap Futures Trading Member(∗1) | 5,000,000 yen |
FX Daily Futures Trading Member | (∗3) |
Equity Index Daily Futures Trading Member | (∗3) |
Equity Index Daily Futures Remote Trading Member |
With regard to system set-up costs of Euroyen futures trading and exchange forex/equity index Daily Futures Trading, please contact Wholesale Business Department and Retail Business Marketing Department respectively.
For details, please see Article 12 of "Trading Member Regulations".
Trading Members who conduct Interest Rate Futures transactions based on their Customers' orders | Other Members |
---|---|
10,000,000 yen | 3,000,000 yen |
Types of Trading Qualification | Fee(monthly) |
---|---|
Euroyen Futures Trading Member | 300,000 yen |
Euroyen Futures Remote Trading Member | |
Yen Interest rate Swap Futures Trading Member | |
FX Daily Futures Trading Member | 50,000 yen |
Equity Index Daily Futures Trading Member | 50,000 yen |
Equity Index Daily Futures Remote Trading Member |
Per contract Exchange fee varies depending on trading volume.
For details,please see Article 4 of "Regulations for Trading Registration Fees and Other Charges".
With regard to market entry deposits of FX Daily Futures contracts and Equity Index Daily Futures contracts, please contact Retail Business Marketing Department.