---
title: "ジャパンネクスト証券 (Japannext)"
aliases: ["Japannext", "Japannext PTS", "ジャパンネクスト証券", "J-Market", "X-Market"]
domain: securities
created: 2026-05-20
last_updated: 2026-07-30
last_tended: 2026-07-30
review_by: 2026-11-20
confidence: likely
tags: [securities, pts, trading-venue, market-infrastructure]
status: active
sources:
  - "https://www.japannext.co.jp/ja/aboutus"
  - "https://www.fsa.go.jp/menkyo/menkyoj/kinyushohin.xlsx"
---

# ジャパンネクスト証券 (Japannext)

## Wiki route

This entry sits under [[securities/INDEX|securities index]]. Read it with [[securities/financial-instruments-business-operators-japan-index|financial instruments business operators japan index]] for adjacent context and [[financial-licenses/INDEX|JapanFG index]] for the broader system boundary.

## TL;DR

Japannext Securities operates Japannext PTS, a proprietary trading system for Japanese equities. Its official site states that it is a registered financial instruments business operator and PTS operator, with Japan Securities Dealers Association membership.

For FinWiki, Japannext is the main private-venue counterpoint to [[securities/tokyo-stock-exchange|TSE]] cash-equity execution.

## System Map

The following table is scoped to public primary sources (japannext.co.jp, fsa.go.jp). It restates licence / structure / product boundaries from those materials and does not invent market share, ranking, or unstated numerical claims. ^[source:japannext.co.jp; fsa.go.jp]

| Layer | Reading |
|---|---|
| Legal name | ジャパンネクスト証券株式会社 |
| Registration | Kanto Local Finance Bureau FIBO No.45 |
| Association | Japan Securities Dealers Association |
| Venue | Japannext PTS |
| Origin | Established in 2006 as SBI Japannext; PTS license approved in 2007. |

## Venue Map

The following table is scoped to public primary sources (japannext.co.jp, fsa.go.jp). It restates licence / structure / product boundaries from those materials and does not invent market share, ranking, or unstated numerical claims. ^[source:japannext.co.jp; fsa.go.jp]

| Venue / feature | Reading |
|---|---|
| Daytime PTS | Alternative execution venue for listed shares. |
| Nighttime session | Provides trading time outside ordinary exchange sessions. |
| Best execution | Important in SOR and broker order-routing analysis. |
| HFT / institutional flow | Private venue design creates different liquidity and latency incentives. |

## Strategic Reading

Japannext matters because it tests whether Japanese equity execution is a single-exchange world or a routed market. Watch:

- retail broker SOR adoption (e.g. routing into [[securities-firms/rakuten-securities|Rakuten Securities]] / [[securities-firms/sbi-securities|SBI 証券]]);
- best-execution policy revisions ([[securities/financial-instruments-business-operators-japan-index|FIBO index]] tracks the registered operators);
- spread / tick-size differences;
- nighttime liquidity;
- ownership and strategic alignment with [[megabanks/sbi-hd|SBI HD]] / Cboe-related market structure (peer venues are [[securities/osaka-digital-exchange|ODX]] and the parent [[securities/tokyo-stock-exchange|TSE]]).

## Related

- [[securities/tokyo-stock-exchange]]
- [[securities/osaka-digital-exchange]]
- [[megabanks/sbi-hd]]
- [[securities-firms/rakuten-securities]]
- [[financial-regulators/japan-securities-finance]]
- [[securities/nisa-2024-flow]]

## Sources

- Japannext: About Us.
- FSA: Financial instruments business operator list.