SBI Japannext Sees Substantial Volume Increase in July
SBI Japannext, Japan’s largest Proprietary Trading System (PTS) operator, saw notional value traded increase nearly 75% approaching pre-Arrowhead levels.
“It is largely due to reduction in our commission rate from 0.4 bps to 0.2 bps.” cited Chuck Chon, CTO SBI Japannext. Despite average daily turnover on the TSE down in July “our participants started ramping up more volume at JNX” continued Mr. Chon.
Average daily turnover was around 5.5 Billion Yen (~55 Million USd) with the largest day seeing 9 Billion Yen (~90 Million USD) change hands. All values are single counted.
Equal and better execution were realized on 97.7% of all trades. Despite the increased turnover, however, price improvement on both purchases and sales slipped to 14bps and 15 bps respectively. Worse prices cost 8bps on purchases and 11.75bps on sales. Price Improvements are compared against the Primary Exchange prices.
Top Names By Turnover
Trading volume momentum is expected to increase further as the Japan Securities Clearing Corporation (JSCC) began clearing trades for PTS operators late last month. Mr. Chon said “Another catalyst is that JSCC went into effect for all PTS venues further reducing settlement costs.”
SBI Japannext operates a day and night session is fix 4.2 complaint and recently supported Fidessa.