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  "domain": "securities",
  "title": "Japan best execution, SOR, and PTS",
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  "frontmatter": {
    "title": "Japan best execution, SOR, and PTS",
    "aliases": [
      "japan-best-execution-sor-pts",
      "Japan best execution",
      "SOR and PTS Japan",
      "最良執行 SOR PTS"
    ],
    "domain": "securities",
    "type": null,
    "created": "2026-05-22",
    "last_updated": "2026-07-30",
    "last_tended": "2026-07-30",
    "review_by": "2026-11-22",
    "confidence": "likely",
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      "best-execution",
      "SOR",
      "PTS",
      "brokerage",
      "market-infrastructure"
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    "sources": [
      "https://www.fsa.go.jp/common/law/guide/kinyushohin/",
      "https://www.fsa.go.jp/common/law/guide/kinyushohin.pdf",
      "https://www.fsa.go.jp/policy/kokyakuhoni/kokyakuhoni.html",
      "https://www.jsda.or.jp/shiryoshitsu/toukei/pts_toukei.html",
      "https://www.jsda.or.jp/about/kisoku/index.html",
      "https://www.japannext.co.jp/",
      "https://www.odx.co.jp/",
      "https://www.jpx.co.jp/equities/clearing-settlement/outline/index.html"
    ]
  },
  "summary": "Best execution in Japan is the control layer behind retail stock-fee competition. A broker's \"zero commission\" message does not by itself explain whether a customer order is routed to Tokyo Stock Exchange, a proprietary trading system (PTS), or another execution path, nor whether price, cost, speed,",
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    "SOR Is Not A Magic Word",
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    "JapanFG Relevance",
    "Risks and Caveats",
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