Weighted toward Japanese financial terms but covering international trading terminology as well. Definitions written by our desk — not by a marketing team.
Tokutei Kouza
A tax-designated Japanese brokerage account where the broker prepares the annual tax statement on the investor's behalf. The "with withholding" option adds automatic tax remittance and direct NTA reconciliation.
Ippan Kouza
The "general" account — the investor calculates all taxes and files the return themselves. Suited to advanced users.
NISA
Japan's tax-advantaged savings-investment account, refreshed for 2024. KiShisanMyaku supports the new NISA General (¥1,200,000/year) and Tsumitate (¥1,200,000/year) allocations via partner brokers.
Act on Prevention of Transfer of Criminal Proceeds
Japan's AML/CFT law. Imposes strict KYC, record-keeping and suspicious-activity reporting.
FSA (金融庁)
The Financial Services Agency — Japan's primary regulator for financial services. Supervises every registered financial-instruments business operator.
JSDA
Japan Securities Dealers Association — the industry self-regulatory body. KiShisanMyaku's execution partners are members.
JIPF
Japan Investor Protection Fund — protects up to ¥10,000,000 per client in the event of a broker insolvency.
JPX
Japan Exchange Group — parent of the Tokyo Stock Exchange (TSE), Osaka Exchange (OSE), Tokyo Commodity Exchange (TOCOM), and Japan Securities Clearing Corp (JSCC).
PTS
Proprietary Trading System — Japan's alternative execution venue. KiShisanMyaku runs parallel dark routing via PTS.
Slippage
The gap between expected price at order entry and actual fill price. Median slippage is the headline execution-quality metric for a broker.
NBBO+
National Best Bid and Offer plus — for U.S. equities, the price improvement past the reference venues, including internal dark pools and IEX.
VWAP
Volume-Weighted Average Price — an algorithmic order type and a benchmark. KiShisanMyaku discloses the VWAP benchmark on every fill.
TWAP
Time-Weighted Average Price — an order type executed flat and even over a specified period.
POV
Percent of Volume — a participation algo executed as a specified % of the matching market volume.
Dark pool
An alternative liquidity venue where orders are not publicly displayed before execution. Used by large orders to minimise market impact.
Funding cost
The daily interest expense on margin and overnight positions. KiShisanMyaku displays the estimate before order entry.
SOFR
Secured Overnight Financing Rate — the collateralised overnight rate used as a benchmark for USD margin.
TIBOR
Tokyo Interbank Offered Rate — the Tokyo interbank rate used as a benchmark for JPY margin.
W-8BEN
The U.S. tax form filed by non-U.S. residents to reduce U.S. withholding to the treaty rate (typically 10% or 15%).
My Number
Japan's 12-digit individual taxpayer ID. Required by brokers for annual tax reporting.