Japan Exchange Group (JPX) announced that the significant revamped “arrowhead” system will be officially launched on September 24, 2015 as scheduled.
Japan Exchange Group was established via the business combination between Tokyo Stock Exchange Group and Osaka Securities Exchange on January 1, 2013, and in the group’s medium-term management plan for FY2013 to FY2015 announced on March 26, 2013 included the further improvement of latency and reinforcing risk management functions to maintain the world-class competitive edge of the system at Tokyo Stock Exchange.
Since the current arrowhead was released on January, 2010, and the market environment has been changed such as developments in electronic trading, increased order flow, cash market integration and new users’ needs. To respond to the changes and the demands, the arrowhead revamp has been carried out based on 3 fundamental principles of improving reliability, convenience, capabilities.
The new functions will include additional condition for displaying Sequential Trade Quotes (STQ) and new risk management functions for trading participants.The first function will work if there is sequential execution by multiple order entries which is likely to go beyond the STQ price range within a given time interval, an STQ will be displayed. The risk management functions will include cancel and disconnect, Kill Switch, Dummy Symbols (Issues for Test), and User-Designated Hard-Limit. The detailed information of those new functions can be seen at the website.
(Source: Japan Exchange Group)