Tokyo Stock Exchange reviews CAS, liquidity-driven tick sizes

6th August, 2026

Aravind Bulusu
Trading screen displaying stock charts with buy, sell, and neutral indicators.

The Japan Exchange Group (JPX) subsidiary plans to improve price discovery via closing auction session (CAS) with a 30-second ‘random closing period’, while tick sizes will be set based on liquidity of each security rather than index categories.

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ABN AMRO
Bank of America
CBOE
Citi
Goldman Sachs
DRW Holdings
HSBC
J.P Morgan
Marex
Morgan Stanley
SGX
SocGen
Susquehanna
MUFG Investor Services
TP ICAP
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