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  "domain": "securities",
  "title": "Japan market maker and liquidity provider landscape",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Japan market maker and liquidity provider landscape",
    "aliases": [
      "japan-market-maker-and-liquidity-provider-landscape",
      "Japan HFT firms",
      "Japan equity market making",
      "Japan designated market maker",
      "JPX market maker scheme",
      "Citadel Securities Optiver Japan",
      "Jane Street IMC Japan",
      "日本 マーケットメイカー landscape",
      "Japan ETF AP liquidity provider"
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    "created": "2026-05-25",
    "last_updated": "2026-07-30",
    "last_tended": "2026-07-30",
    "review_by": "2026-11-25",
    "confidence": "likely",
    "tags": [
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      "market-structure",
      "market-maker",
      "HFT",
      "liquidity-provider",
      "JPX",
      "designated-market-maker"
    ],
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    "sources": [
      "https://www.jpx.co.jp/markets/derivatives/market-maker/index.html",
      "https://www.jpx.co.jp/english/markets/derivatives/market-maker/index.html",
      "https://www.jpx.co.jp/equities/listing-on-tse/etf/etf-market-maker/index.html",
      "https://www.fsa.go.jp/menkyo/menkyoj/kinyushohin.xlsx",
      "https://www.jsda.or.jp/",
      "https://www.citadelsecurities.com/",
      "https://www.optiver.com/",
      "https://www.virtu.com/",
      "https://www.janestreet.com/",
      "https://www.imc.com/",
      "https://sig.com/",
      "https://www.jpx.co.jp/english/markets/statistics-equities/index.html"
    ]
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  "summary": "This page sits inside securities index as the liquidity-provision peer of Japan best execution, SOR, and PTS, Japannext PTS SOR routing deep dive, and PTS liquidity data guide. It is the supply-side companion to the routing-side narrative: SOR routes the order, the market maker quotes the other side",
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    "TL;DR",
    "Why this ecosystem matters",
    "Osaka Exchange derivatives market-maker scheme",
    "TSE ETF market-maker scheme",
    "TSE cash-equity DMM",
    "Domestic broker market making",
    "Citadel Securities Japan",
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