Matching Algorithm at the opening of Market Trading PeriodStart①① By matching among limit orders (not generated from Implied function) ,calculating one specific price (Uncrossing price) to generate maximum ordervolume if executed and executing limit orders at such Uncrossing price.

Matching among limit orders②
Matching among market orders with On
open modifier/ Convert unmatched partof a Market order to a Limit order② For contract month or series where Uncrossing price is available, if marketorders with On open modifier are on the both bid and offer sides, these orders
are matched at the Uncrossing price and any unmatched orders are converted toLimit Orders at the said Uncrossing price. (Market orders with On open modifier
for contract month or series that were not filled in the process ① will be pulled）③

Re-Matching among limit orders③ Re-Matching among limit orders (unmatched orders in the proccess ① andorders converted to the limit orders in the process ②), and executing them at theUncrossing price.

④

Matching Strategy Orders⑤

Generating bid or offer from Impliedin function④ By matching among strategy orders (not generated from Implied-in function),
calculating one specific price to generate maximum order volume if executed andexecuting strategy orders at such one specific price.
⑤ Bid or offer is generated from Implied-in function.

⑥ Re-matching among strategy orders (unmatched orders in the process ④andorders generating from implied-in function), and executing at the price of the Bidor offer generated from Implied-in function.

⑥Re-Matching Strategy Orders⑦⑧Re-Matching bid or offer generated
from Implied-Out function/
Outright contract month or series⑦Repeat ⑤ and ⑥ if bid or offer can be generated from implied-in function.
(When a bid or offer from implied-in function cannot be generated in acertain strategy, move to match other strategy orders.)⑧ Generating a bid or offer from Implied-out function and matching among
these orders (generally, at the mid-price between a best bid and a best offer
generating from implied-out function).

⑨End⑨ Repeat ⑧ until all outright contract months and series are matched. Stop
repeating the process if a bid or offer cannnot be generated from Implied-out
function anymore. (⑧ should be repeated if even one bid or offer from implied out function can be matched.）【Process】①〜③ ： Repeat ①～③ in all contracts or series by the contracts or series Unit.
(After processing a leading contract month, the process is handled in the order of nearest to farthest month.)④〜⑦ ： Repeat ④～⑦ in all strategies by the strategy unit.
(After processing a leading contract month, the process is handled in the order of nearest to farthest month.)
In generating bid and offer from implied-in function,executing trades at the price of the Bid or offer generated from Implied-in function.
⑧〜⑨ ： In generating bid and offer from implied-out function,
executing trades at the mid-price between a best bid and a best offer generated from Implied-out function.
（ Odd price is given to the Bid or Offer including far month）
・ The original of this publication has been prepared in the Japanese language only and the Japanese language texts shall govern for all purposes
and in all respects. Accordingly, all questions that may arise shall be decided in accordance with the Japanese language texts.
・ Whilst reasonable care has been taken to ensure that this translation is accurate and free from errors, no liability is accepted by TFX in anycircumstances.

The way of calculating uncrossing price
1. Narrowing down the range of possible matching by calculating accumulated total ofcorresponding bids（ Bid accumulation） and corresponding offers（ Offer accumulation）＜Condition1＞(1) Narrowing down the range of price by determining the highest price in which Bid accumulation
exceeds Offer accumulation.
(2) Narrowing down the range of price by determining the lowest price in which Offer accumulation
exceeds Bid accumulation.
offer
60603030
10030
20
10Mar
price
99.01099.00599.00098.99598.99098.985bid

Bid Accumulation(1)The higest price in which Bid0accumulation exceeds offer accumulation is
20 20
98.99510 30(2)The lowest price in which Offer
20 50
accumulation exceeds Bid accumulation is50
99.00550⇒98.995、99.000、99.005

Offer Accumulation
2. Specifying the price at which either the volume of Offers or the volume of Bids
can be completely executed.
＜Condition2＞
Among the prices that satisfies requirement of condition 1, determining the price that satisfies
the following requirements（（1）and（2））.
（1）Bid accumulation of the said price ≧ Offer accumulation of the one-tick-size lower price than
the said priceand（2）Offer accumulation of the said price ≧Bid accumulation of the one-tick-size higher price than
the said priceMar
Bid Accumulation
offer
price
bid
(1) Prices that satisfies condition 2（1）60
99.010
0is60
30 99.005
20 20
99.000～98.995(2) Prices that satisfies condition 2（2）30
99.000
10 30
is30
20 98.995
20 5099.005～98.995
1010 98.990
50⇒98.995、99.000
098.985
50
Offer Accumulation
3. Specifying the price that coincides with or nearest to the reference price.
＜Condition3＞
If there is more than one price specified in the condition 2, uncrossing price will be either;（1）the reference price when there is the same price among the said prices as the reference price,or（2）the closest price to the reference price when there is not.
MarBid Accumulation
offer
price
bid60
99.010060
30 99.005
20 20
When the reference price（the Official30
99.000
10 30
Closing Price on the previous business day
oｒ the price designated by the Exchange）
3020 98.995
20 50
is 98.995,uncrossing price is 98.995.
1010 98.990
50
098.985
50
Offer Accumulation
As stated above, 30 lots traded at a price of 98.995.（Shaded areas show Traded orders）
・The original of this publication has been prepared in the Japanese language only and the Japanese language texts shallgovern for all purposes and in all respects. Accordingly, all questions that may arise shall be decided in accordance with theJapanese language texts.
・Whilst reasonable care has been taken to ensure that this translation is accurate and free from errors, no liability isaccepted by TFX in any circumstances.