How do you trade TOKYO AIM securities?
The trading, clearing and settlement systems for TOKYO AIM are largely based on those of the Tokyo Stock Exchange. An outline is presented below:
On floor trading
- Operates every day except Saturday, Sunday, national holidays and 31 December to 3 January
- Trading hours: 9:00am – 11:00am (morning session), 12:30pm – 3:00pm (afternoon session)
- Method of transaction completion: Individual auction trading
- TOKYO AIM securities will be traded on Tokyo Stock Exchange’s current equity trading system
- Stocks listed on TOKYO AIM are not subject to standardised margin transactions
Off floor trading
- Trading hours: 8:20am – 5:00pm (order acceptance also limited to these hours)
- Method of transaction completion: Transaction completes when a buy order matches a sell order
- Method of bid/ask quoting: Done by fax; bid/ask prices to be within 7% of price of previous on-floor trade
Clearing and settlement
As on Tokyo Stock Exchange markets:
- TOKYO AIM is a centrally cleared market and settlement will be conducted between clearing participants and the clearing house (the Japanese Securities Clearing Corporation).
- TOKYO AIM securities settlements will be handled by the Japanese Securities Depositary Center (JASDEC) with the book entry transfer system.
- Cash settlements will be handled by the Bank of Japan or a fund-settling bank (a city bank designated by the Japan Securities Clearing Corporation).