The launch of a new trading system at the Tokyo Stock Exchange (TSE) has dragged Japan's equity market into the 21st century, albeit a decade late.
After years of nagging reliability problems, stone-age connection speeds and capacity constraints that limited direct access to the exchange, the TSE has at last upgraded its technology to reduce trading costs and offer real-time access for any broker or asset manager that wants it.
The project, dubbed Arrowhead, went live on Monday and introduced a range of long overdue improvements, most important of which is the reduction ...