The Tokyo Stock Exchange (TSE) hereby announces that it has decided to launch “arrowhead”, the new equity/CB trading system held to the world’s highest standards of speed and reliability, on January 4, 2010 as planned.
“arrowhead” is the next trading system developed by the TSE for the next generation cash market in order to meet the needs of investors such as high speed order placement and execution processing and to respond to reductions in sizes of orders and rapid increases in the number of transactions. The new system is used for auction trading of stocks and CBs, and supports the Tokyo Market as an exchange system of the highest global standard for low latency, high reliability, and scalability .
Speed
(1) 5 millisecond Order Response(i)
The response time for order acceptance notices has been accelerated.
(2) 3 millisecond Information Distribution(i)
The latency for distribution of stock prices and quote information has been reduced.
Reliability
Highly Reliable System built with State-of-the-Art Technology
Trading information such as orders, executions, and order books processed on synchronized 3-node data servers.
Scalability
Quick Resonse to Rapid Changes in the Number of Transactions
The system is capable of being expanded within approximately 1 week when needs surpass the current capacity.(ii)
Expansion of Data Distribution
Large Expansion of Market Information
In addition to accelerated market information, the TSE will also significantly expand the content of market data provided to market users in connection. For example, the number of quotes disseminated will increase from 5 to 8 above and below the central price. All order data in the order book will be provided in real-time through the new service named FLEX Full.
Furthermore, various trading rules are to be revised in conjunction with the launch of arrowhead. (i.e. partial revision of tick sizes, price limits, special quote parameters, etc.) In doing so, the TSE hopes to promote smooth execution, and improve price discovery functions and market liquidity.
Source: MondoVision, 03.11.2009
Finetik Recomends:
Mexican Stock and Derivatives Exchanges BMV & MexDer launch Co-location
Filed under: Asia, Data Management, Exchanges, Japan, Market Data, News, Trading Technology , Japan, MetaBit, TSE Tokyo Stock Exchange, Exchanges, Market Data, DMA Direct Market Access, Algo Trading, Low Latency, Co-Location, Trading System, NGTS New Generation Trading Systems
