Click365

Exchange FX Margin Contract

Key Features :

-          Click365 is the world’s first listed FX margin contracts with over 9 years’ successful history

-          Transparent pricing mechanism supported by 6 Market Makers (MMs) of major global FX players

-          Trade execution at the best price offered by MMs

-          No matching among Investors nor MMs  (i.e.  X Investors vs. Investors, MMs vs. MMs)

-          Attractive Liquidity

-          Leverage Ratio based on volatility

-          No Counterparty Risk

-          23 Currency-pairs (12 Yen / 11 cross)

Contract Specifications :

Currency Pair

Yen pairs :  USD, EUR, GBP, AUD, CHF, CAS, NZD, ZAR, NOK, SEK, HKD, PLN

Cross currency pairs :  EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/CAD, GBP/CHF, USD/CHF,          EUR/CHF, EUR/AUD, GBP/AUD, EUR/GBP

Trading Unit  :  Cross currency pairs (excluding ZAR, NOK, SEK,                                     HKD) =  10,000 currency units

                            ZAR, NOK, SEK, and HKD (Yen pairs)  =  100,000                                   currency units

Tick Size  :  USD, EUR, AUD (Yen pairs)  =  0.005

                      GBP, CHF, CAD, NZD, PLN (Yen pairs)  =  0.01

                       ZAR, HKD, NOK, SEK (Yen pairs)  =  0.005

                       Cross Currency pairs =  0.0001

Last Trading Day  :  None

Rolling Spot Trading  :  Positions not closed out at the end of the day will automatically be rolled over to the next trading day.

Settlement Price  :  Decided by the exchange based on the last traded price at the end of the day’s trading.

Settlement Method  :  Offsetting transaction only (Cash Settlement)

Swap Point  :  Single Price (¥ denominated)

Attractive Liquidity & Transparency Of Click365

-           High Liquidity  (i.e. USD/JPY pairs,  Approx. USD 10-20mil

-          Transparent Pricing (Market-Making-Method)  Click365 is a market based on “Market Making Method” in which the investors execute their transactions at the best available price offered by the Market Makers.

-          Market Makers  :  The Bank of Tokyo-Mitsubishi  UFJ, Ltd. , Barclays Bank PLC, COMMERZBANK AKTIENGELLSCHAFT,  Deutsche Securities Inc., Goldman Sachs Japan Co., Ltd., Nomura Securities Co., Ltd.

Leverage Ratio Based On Volatility

  Margin amount calculation method based on historical volatility (HV): calculated from past market fluctuation.

-           HV is calculated from the standard deviation of the change in the daily settlement price during the preceding 24 weeks of the base calculation date.

-          Margin reference amount shall be reviewed every week.

No Counter Party Risk

-           As a clearing house, TFX will be counterparty to all transactions made by investors.

-          Funds of the investors will be separately kept and fully protected.

-          TFX keeps the client margins separate from the member’s in-house margins.

-          In case of member’s default, all client margins are deposited to TFX would be protected and returned to investors in principal.



Nissan Century Securities is the only broker who can provide Click365 to overseas customers at the present stage.

Nissan Century Securities

Start trading Click365 and other global markets.


Trade Restriction For HFT

Trade restriction for HFT who enters into Click365 market

1.       Purpose of the trade restriction

-           Click365 is the originally the market for Japanese investors.

-          Market Makers have an obligation to quote prices continuously so that retail investors are able to trade any time.

-          TFX needs to maintain the fair and orderly market.  Therefore they are always seeking Win-Win relationship for 3 parties (retail, investors, professional investors, and MMs)

2.        Contents of trade restriction

-           Currency Pairs : USD/JPY, EUR/USD, EUR/JPY, AUD/JPY, GBP/JPY

-          Orders  limit per sec.  :  20 orders per second

-          Volume limit per sec.  :  50 contracts per order

-          Order limit per day  :  10,000 orders including cancel and replace orders

 

·          These restrictions are subject to change.

Cost For Entry To The Market

-           TFX needs to prepare trading environment in exchange system for each HFT investors.

-          It costs approximately 4.2 million Yen (about 39,000 USD)

-          If you need tick data (price data) for investigation of market profitability, TFX can provide as follows.

·          Period  :  1 month

·         Currencies  :  all currencies

·         Cost  :  10 thousand Yen (less 100 USD)

  • •The descriptions in this website are only intended for commentary and none of them aims to provide investment or asset management advice. The statements and calculations posted on this website are examples for explanation and TFX will assume no responsibility for their use.
  • •While every effort has been taken to ensure the information contained on this website is correct, TFX makes no warranty as to the accuracy or correctness of the information.
  • •TFX assumes no responsibility for any judgment users may make on the basis of such information.




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