JPX market structure
Reference content, not a quiz. This page supports the Markets quiz, where microstructure is tested.
| Venue | JPX (TSE) (JP) |
|---|---|
| Trading hours (SGT) | 08:00–10:30 and 11:30–14:30 |
| Lunch break | 10:30–11:30 |
| Market close | 14:30 SGT |
| Settlement | T+2, delivery versus payment |
| Clearing | JSCC (single CCP for cash and derivatives) |
| Depository | JSCC via Japan Securities Settlement |
| Scripless | Yes, book-entry only |
| Stamp duty | none on exchange trades |
Sessions and auctions
Auctions.
- 14:30 — Closing auction (Itayose)
What this means for hedging
The session window determines when a barrier or a fixing can be observed and when a hedge can be adjusted. Where the fixing source is not the instrument being hedged, the position carries a basis risk that no single-venue model will show. The non-cancel and random-end windows matter for the same reason: they limit when a level can be influenced, which is a structural difference between these markets.
Practise this. The Markets quiz tests session times, clearing and stamp duty across the venues, drawn from this dataset so the quiz and this page cannot disagree.
Source: src/data/sessions.json, derived from src/content/sgx-market-structure.md and the exchange rulebooks it cites. Verify against the exchange before relying on any figure here.