Order Types

Limit Order

An order matched at the price specified or better.

Market Order

An order submitted without a specified price, and sequentially matched at the best available price in the market. Any unmatched volume will be automatically pulled.
During the pre-open period, a market order should always be submitted with an "on-open" modifier.

Available Conditions (Modifiers) to be Added to Orders

Good Till Cancelled ("GTC")

A modifier to make the order valid until the end of the day session of a specified business day.

Good In Session ("GIS")

A modifier to make the order valid until the end of the day session, if the order is submitted during the pre-open period or such day session, or until the end of the evening session, if the order is submitted during such evening session.

On-Open

A modifier to be added to a market order that is submitted during the pre-open period. At the start of the day session, it will be matched against market orders at the uncrossing price. Any unfiled volume will be converted into a limit order at the relevant uncrossing price. However, an order of contract month or series that an uncrossing price is not calculated from the uncrossing process will automatically be pulled at the end of the pre-open period.
∗ Uncrossing price means price at which the bids and offer can be matched at the start of the day session. Specifically, it refers to one specific price which is calculated, by matching up limit orders (sum of limit orders submitted during the pre-open period and ones with GTC), to generate maximum order volume if executed.

Utilizing Various Order Methods

Limit Order + GTC

A type of Limit Order that remains effective until the end of the trading period on the designated business day. It is automatically carried over to the next day up until the designated day. If no date is specified, the order will remain effective until the last trading day of the relevant month or series.

Limit Order + GIS

The Limit Order with GIS designation only remains in effect for the designated session (day or evening) in which it is submitted. If the order is submitted in the day session, it is canceled when the market switches over to the evening session i.e. at 15:30.

Market Order + On-Open

During the pre-open period, a market order should always be submitted with "on-open" modifier. At the start of the day session, it will be matched against market orders at the uncrossing price. Any unfiled volume will be converted into a limit order at the relevant uncrossing price. However, if there is no uncrossing price available, order will automatically be pulled at the end of the pre-open period.

Matching Algorithm at the Market Open

Click here (PDF 289KB) to see the matching algorithm at the Market Open.

Matching Algorithm at the Market Open(PDF 289KB)

What is "Strategy Trading" ?

The Strategy Trading allows you to submit a combination of multiple orders as a single Strategy order. This facility reduces the administrative burden of submitting each order separately as well as the risk of partial order executions known as legging risk. TFX currently supports "Pack", "Bundle", "Calendar spread" strategy with the implied function that increases the liquidity and matching opportunity by linking outright markets and strategy markets. For Three-month TONA futures only Calendar Spread is allowed as strategy trade.

What is "Implied Function" ?

This is a function that links the outright markets and the strategy markets to make the most of their liquidity and enhance the matching opportunity of both Strategy and outright orders. There are two types of implied functions: Implied-in and Implied-out.

∗Implied-out
The function to derive outright orders from the explicit strategy orders. This function is not available in Pack and Bundle.

∗Implied-in
The function to derive strategy orders from the explicit outright orders.

Listed Months for Futures Contracts

Three-month TONA futures: 20 months.
Options on Three-month TONA futures: 5 quarterly months (1 1/4 years).

Three-month Euroyen futures: 22 months (2 serial months + 20 quarterly months (5 years)).
TFX suspended the trading in the existing far-distant contract months for “Three-month Euroyen futures (i.e. January 2025 and beyond) and the trading in the entire contract months for “Three-month Euroyen futures option contracts”, as of 20 March 2023.

-The months listed for Three-month Euroyen futures are typically quarterly months, i.e., March, June, September, and December. Serial months mean the months other than these quarterly months. TFX has introduced the listing of the two nearest serial months for Three-month Euroyen futures contract.

Example of listed serial months
∗Serial months as of April 1, 20XX
: April & May, 20XX (June is listed as a regular quarterly month)
∗Serial months as of May 1, 20XX
: May & July, 20XX (June is listed as a regular quarterly month)
∗Serial months as of June 1, 20XX
: July & August, 20XX (June is listed as a regular quarterly month)

Publication of Futures Settlement Price

TFX will calculate and publish the settlement prices of all listed months for the day irrespective of whether or not the month is traded or has open interest. This is expected to enhance the role of the settlement prices as an interest rate benchmark.

Calculation of Options Settlement Price

TFX will calculate and publish the settlement prices of options on all listed contracts for the day irrespective of whether the contract is traded or has open interest or not. Also, the settlement price is calculated as the theoretical value based on the expected volatility for each series set by the Exchange.

Options Strike Price

For a new contract month, thirteen strike prices, each notched by 0.125, will be created (6 upper⁄6 lower prices from an ATS). The number of strike prices may increase as the market develops. Principally, once strike prices are created, they remain in the central order book until contract expires.

What is "Price Control" ?

Price Control is the system in which TFX rejects orders submitted by Members with prices exceeding a certain price range (higher bid⁄lower offer, a.k.a. price control range).

∗Remarks
The price control is only applied at the time of order submission. There may be cases in which, at the pre-open period or during the trading session, TFX modifies the width of the Price Control Range or suspends the Price Control without prior notice.

What is "Block Trade" ?

Block trade is a trade, executed outside of the competitive auction, in which the "corresponding sales and purchase contracts" are made simultaneously for a specific contract month or series in the volume larger than the amount designated by TFX. A block trade can be made by one Member covering the corresponding sales and purchase contracts, or by two bilateral Members. A prerequisite of block trades is to gain approval from TFX prior to execution.
To see details on Block Trades, click here (PDF 192KB).

Block Trade Schemes(PDF 192KB)