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  "domain": "securities",
  "title": "Japannext PTS SOR routing deep dive",
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  "frontmatter": {
    "title": "Japannext PTS SOR routing deep dive",
    "aliases": [
      "japannext-sor-routing-deep-dive",
      "Japannext SOR deep dive",
      "Japannext PTS routing",
      "Japannext order types and routing",
      "PTS SOR fragmentation Japan",
      "ジャパンネクスト SOR 詳細",
      "Japannext dark vs lit pool",
      "Japannext execution quality"
    ],
    "domain": "securities",
    "type": null,
    "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",
      "PTS",
      "SOR",
      "japannext",
      "best-execution"
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      "https://www.japannext.co.jp/en/regulations",
      "https://www.japannext.co.jp/en/about",
      "https://www.japannext.co.jp/en/market",
      "https://www.jsda.or.jp/shiryoshitsu/toukei/pts_toukei.html",
      "https://www.jsda.or.jp/en/statistics/pts-for-equity/files/explanatory_ptsforequity.pdf",
      "https://www.fsa.go.jp/common/law/guide/kinyushohin/",
      "https://www.fsa.go.jp/policy/kokyakuhoni/kokyakuhoni.html",
      "https://www.jpx.co.jp/english/markets/statistics-equities/index.html"
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  "summary": "This page sits inside securities index as the venue-mechanics deepening of Japannext and the routing-mechanics deepening of Japan best execution, SOR, and PTS. Read it with PTS liquidity data guide for the data layer, Japan market infrastructure map for where Japannext fits between TSE / OSE and JSC",
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    "Wiki route",
    "TL;DR",
    "Venue identity",
    "Session structure",
    "Order types",
    "SOR routing decision logic",
    "Fragmentation: TSE / OSE / Japannext / ODX",
    "Dark vs lit pool routing",
    "Broker preferencing and conflicts"
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