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FACT BOOK

2012

2011 TSE STATISTICAL HIGHLIGHTS


Stock Market
Listed Companies
Newly Listed Companies
Market Capitalization ( mil.)
Trading Value ( mil.)
Trading Volume
(thous. shares)
Bond Market
Listed Issues
Market Value ( mil.)
Trading Value ( mil.)
Trading Volume ( mil.)
(Par Value)
Derivatives Market
Trading Volume (contracts)

Open Interest

(contracts)

[Domestic] 2,279
[Foreign] 11
[Domestic] 50
[Foreign]
[Domestic] 255,855,334
[Domestic] 347,112,875
[Foreign] 24,664
[Domestic] 536,774,871
[Foreign] 25,584

[Domestic] 323
[Foreign]
669,041,134
245,622
238,369

[5-Year JGB Futures]


[10-Year JGB Futures] 6,802,032
[mini-10-Year JGB Futures] 7,734
[TOPIX Futures] 14,608,165
[mini-TOPIX Futures] 621,569
[TOPIX Core30 Index Futures] 91,715
[TOPIX Sector Index Futures]
[TSE REIT Index Futures] 51,457
[Dividend Index Futures] 61,050
[Options on JGB Futures] 1,853,672
[TOPIX Options] 21,342
[Individual Securities Options] 601,156
[5-Year JGB Futures]
[10-Year JGB Futures] 71,439
[mini-10-Year JGB Futures] 631
[TOPIX Futures] 366,543
[mini-TOPIX Futures] 8,792
[TOPIX Core30 Index Futures] 10,700
[TOPIX Sector Index Futures]
[TSE REIT Index Futures] 3,910
[Dividend Index Futures] 37,230
[Options on JGB Futures] 12,455
[TOPIX Options] 2,704
[Individual Securities Options] 30,565

TOPIX (Tokyo Stock Price Index)

High
Low
Year-end

974.63
706.08
728.61

February 21
November 24
(-170.19)

Disclaimer
The information contained in this FACT BOOK 2012 is not intended as investment advice, but is given as
background information to facilitate public understanding of the Japanese stock market. While every effort has
been taken to ensure that the information contained in this FACT BOOK 2012 is free of error, the Tokyo Stock
Exchange Group, the Tokyo Stock exchange, and/or Tokyo Stock Exchange Regulation shall individually or
jointly take no responsibility or liability for any losses/damages/costs which may arise from the use of the
information.

TABLE OF CONTENTS
2011 REVIEW 1
STOCK MARKET
Stock Trading Activities 3
Stock Trading Volume & Value / 50 Most Active Stocks / Stock Transactions by Investor Type / Trading
Value of Listed Stocks on Domestic Stock Exchanges / ETF / ETN / REIT / Foreign Stocks
Trading Mechanisms 14
Order-Driven Market / Trading Rules Revision Upon the Launch of arrowhead / Recent Developments /
Off-Auction Market / Index Arbitrage & Program Trading / Temporary Restriction on Index Arbitrage
Trading / Margin Transactions
Clearing & Settlement 23
Overview / Clearing, Settlement & Custody of Foreign Stocks

DERIVATIVES MARKET
TSE Derivatives Market 27
Rule Changes for TSE Derivatives Trading 29
Trading Activities & Contract Specifications 33
Index Futures / TOPIX Sector Index Futures / TOPIX Options / Individual Securities Options / JGB
Futures / Options on JGB Futures
Circuit Breaker Rule 43

BOND MARKET 44
Bond Trading Activities / TSE Convertible Bond (CB) Volume / Contract Specifications for Bond Trading /
Listing Regulations

STOCK PRICE INDEX


TOPIX (Tokyo Stock Price Index) 48
TOPIX Sub-Indices 50
TOPIX New Index Series 52
TOPIX Style Index Series 53
Tokyo Stock Exchange Mothers Index / Tokyo Stock Exchange REIT Index 54
PERPBR / Dividend Yields 55

SYSTEMS & SERVICES


Overview of IT Systems 56
"arrowhead" System 59
Connectivity Service 61
Information Services 64
Market Information Services / Other Information Services

LISTING
Listing Regulations 66
Numerical Criteria for Listing, First Section Assignment and Delisting
Mothers 69
Numerical Criteria for Listing and Delisting
Foreign Stocks 71
Numerical Criteria for Listing and First Section Assignment
ETF / ETN 73
REIT 75
Listed Companies 76
No of Listed Companies / Newly Listed, Delisted, First Section Assigned & Second Section Reassigned
Companies
Timely Disclosure Network System (TDnet) 81
Electronic Voting Platform 82
Listed Company Awards 84
Financing 85
TOKYO AIM 87

COMPLIANCE
Market Surveillance & Compliance 88
Participants Examination & Inspection 89

INVESTORS
Shareownership 90
Shareownership by Market Value / Number of Shareholders
Investment Plans 92
Employee Stock Ownership Plans
Financial Assets of Individuals 93

TRADING PARTICIPANTS
Trading Participants 94
Overview of Securities Companies 96
Income Statements of TSE Trading Participants 97

SECURITIES TAXATION
Tax on Capital Gain from Listed Stocks 98
Tax on Dividends and Interest 99

CROSS BORDER CAPITAL FLOW


Inbound and Outbound Investments in Securities 100

HISTORICAL DATA
Historical Highlights 101
Stock Trading Volume (Domestic Stocks) 103
Stock Trading Value (Domestic Stocks) 104
Stock Trading Value on All Stock Exchanges 105
Number of Listed Companies, Shares and Market Value 106
Equity Financing (All Listed Companies) 107
TSE Listed Foreign Stocks 108
TOPIX 109
10 Largest Day-to-Day Fluctuations in TOPIX 110
Nikkei 225111

GLOBAL AND REGIONAL ORGANIZATIONS


WFE 112
AOSEF 113

ORGANIZATION STRUCTURE 114


TRADING PARTICIPANT LIST 115
CONTACT 117
Remarks
1. The specific symbols in the statistical tables are as follows;
"0" Fractional or less than the unit.
"-" Nil, no figures or N/A
2. Figures less than the unit are omitted, except in cases in which a fraction of 0.5 or more is counted as
a whole number and a fraction less than that is omitted.
3. Figures for stocks are those for common stocks unless otherwise noted.
4. Figures are those for TSE unless otherwise noted.

2011 REVIEW
TSE Measures to Support Recovery in
Connection with the Great East Japan
Earthquake

orders processed per second. In addition to this, user

The Great East Japan Earthquake and subsequent

In conjunction with the system launch, TSE implemented

tsunami along the coast of the Tohoku region caused

various market reforms such as introduction of Market

extensive human and material damage, in addition to

Maker Scheme for futures contracts and expansion of

significantly affecting corporate activities and performance

trading hours.

both in the afflicted regions and the surrounding areas.

* Actual performance which has been measured in test

convenience is greatly enhanced through advances


such as the introduction of strategy trading.

phase

TSE, as the central market of Japan, is dedicated to


supporting the recovery of the affected companies and

Launch of TSE High-Speed Index Service

regions and contributing to the revitalization of the


Japanese economy. To this end, TSE implmented

TSE launched a new "High-Speed Index Service" on

varouis measures such as fexible handling of listing

February 28 in addition to the current service in which

rules, postponennt of trading hours expansion and

the TOPIX and other indices are disseminated every

donations.

second. The indices in the new service will be


calculated with each price change in a constituent

Agreement regarding Business Combination


with Osaka Securities Exchange Co., Ltd.

stock and disseminated on the millisecond level.

The numenr of ETF and ETN Poducts


Increasing

Tokyo Stock Exchange Group, Inc. (TSEG) and Osaka


Securities Exchange Co., Ltd. (OSE) announced that they
have agreed to conduct a business combination and

TSE attained its goal of listing 100 ETFs in March

entered into a Business Combination Agreement on

2011 and continued expanding its lineup of attractive

November 22, 2011.

investment instruments, including ETNs. Also, TSE

Significant synergies will be created by combining

begun calculating and publishing real-time Indicative

the business of TSEG and OSE, which have different

Net Asset Value (Indicative NAV) per share for ETFs

areas of specialty, respectively in the cash equities

from April 2011. As of the end of 2011, 106 ETF and 10

market

ETN are listed on TSE

and

the

derivatives

market,

and

can

complement each other by moving forward with system

Launch of CDS Clearing Services by Japan


Securities Clearing Corporation

integration and other matters.


This business combination will bring substantial
benefits, such as improved convenience, to all market

Japan Securities Clearing Corporation (JSCC), a

users. It will also contribute to the enhanced

subsidiary of TSE Group, began clearing services for

competitiveness of all the financial and capital markets

CDS (credit default swap) on July 19, 2011, becoming

of Japan.

the first financial instruments clearing organization to

In the business combination, subject to the acquisition

offer such services in Japan.

of licenses and approvals, etc. of the regulatory authorities

This will allow JSCC to expand its range of services

and others (including the Fair Trade Commission), the

from exchange transactions focused on equities to the

TSEG will conduct a tender offer for the OSEs common

new field of OTC derivatives trading.

shares, and convert the OSE into its subsidiary.

TSEG will continue to discuss further enhancement

Thereafter, an absorption-type merger is scheduled to

of clearing services, such as handling of clearing

occur on 1st Jaunuary, 2013, in which the OSE will be the

operations for IRS (interestrate swap) trading.

surviving company and the TSEG will be the absorbed

Issue of TSE Overseas PR Magazine


"Evolving Japan"

company

Launch of "New Tdex+ System"

In its support of the IR activities of listed companies

On November 21, 2011, Tokyo Stock Exchange, Inc.

and to provide the world's investors with insight into the

("TSE") announced the launch of "New Tdex+ System",

appeal of Japanese companies and the excellent

a new trading platform which integrates futures and

quality of the Japanese economy and market, TSE

options trading.

launched its overseas PR magazine "Evolving Japan"


on December 12th.

With the introduction of the system, order processing


performance is dramatically improved to an average

This PR magazine will be published on a qaurtary

order response of 5 milliseconds* and 36 thousand*

cycle and carry information on the "current situation in

Japan" including the post-quake Japanese economic


recovery and Japanese companies with world-class
technological prowess.

New Medium-Term
(FY2011 to FY2013)
TSEG

has

drawn

Management

up

new

Plan

Medium-Term

Management Plan for the next three years from


FY2011 to 2013. In the plan, TSE aims at enhancing
market

infrastructure,

expanding

the

user-base,

including individual investors, and securing a high level


of liquidity.
Specifically, TSE plans to further strengthen the
functions

of

the

financial

and

capital

market

infrastructure as a source of risk-money to companies


and a base of efficient asset management based on
the core business initiatives, "Increase IPOs" and
"Expand Derivatives/ETF markets", thereby leading the
Japanese economy's revitalization.

Establishment of Marketing and Promotion


Unit
TSE consolidated each department's sales functions
and established a "Marketing and Promotion Unit" in
April 2011. This will enable TSE to achieve the goals
including "Increase IPOs" and "Expand ETF and
Derivatives Markets" and pursue customer-oriented
services. The Marketing and Promotion Unit will be
divided into the "New Listings" and "Market Business
Development" departments. Through the Marketing
and Promotion Unit, TSE will continue working to meet
the needs of its diverse customers including companies
aiming at new listings, and trading participants, while
increasing market convenience and developing new
products and services.

Stock Trading Activities


The total trading volume in 2011 decreased to 536.7

Stock Trading Volume & Value

billion shares, with a daily average of 2,191 million

There are three kinds of stock trading methods on

shares. The total trading value and daily average

the TSE - (1) "regular" transactions settled on the third

trading value decreased to 347.1 trillion yen and 1,416

business day following the day of the contract, (2)

billion yen, respectively.

"cash" transactions settled on the day of the contract or

The turnover ratio based on volume decreased to

on the next business day, and (3) "when-issued"

138.4%, and the turnover ratio based on value fell to

transactions settled in new shares after their issuance.

122.6%.

In practice, "regular" transactions account for the


majority of trading.

Stock Trading Volume & Value (Domestic Stocks)


Volume (mil. of shares)

SYSTEM &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

DERIVATIVES
MARKET

STOCK
MARKET

STOCK MARKET

Daily
Average

Total

Daily
Average

Turnover
Ratio (%)
(based on
value)

1st section (Daily Average)


Trading
Trading
Volume
Value
(mil. of
shares) ( 100 mil.)

245

562,118

2,294

158.8

7,522,270

30,703

145.6

2,228

30,014

2008

245

555,106

2,266

155.4

5,763,191

23,523

150.2

2,211

23,206

2009

243

563,576

2,319

151.6

3,737,663

15,381

126.4

2,272

15,172

2010

245

520,052

2,123

133.3

3,591,702

14,660

116.2

2,089

14,473

2011

245

536,774

2,191

138.4

3,471,128

14,168

122.6

2,141

13,942

'11 Jan.

19

44,479

2,341

11.3

305,320

16,070

9.8

2,296

15,779

Feb.

19

48,344

2,544

12.3

342,949

18,050

10.6

2,494

17,733

Mar.

22

74,801

3,400

19.2

470,162

21,371

14.9

3,333

21,052

Apr.

20

46,442

2,322

12.0

293,438

14,672

9.8

2,266

14,432

May

19

38,941

2,050

10.0

264,672

13,930

9.0

2,008

13,695

Jun.

22

44,560

2,025

11.5

285,261

12,966

9.7

1,982

12,754

Jul.

20

39,487

1,974

10.2

257,296

12,865

8.8

1,903

12,622

Aug.

23

51,864

2,255

13.5

335,196

14,574

11.9

2,210

14,355

Sep.

20

41,103

2,055

10.7

261,254

13,063

9.8

2,006

12,884

Oct.

20

36,822

1,841

9.6

235,317

11,766

8.8

1,806

11,617

Nov.

20

35,372

1,769

9.3

217,344

10,867

8.3

1,729

10,717

Dec.

21

34,553

1,645

9.0

202,914

9,663

7.9

1,597

9,505

Note: 1. Turnover ratio (based on volume) = (trading volume / average no. of listed shares) 100.
Average no. of listed shares = (previous year (month) end no. of listed shares + present year (month) end no. of
listed shares) 2.
2. Turnover ratio (based on value) = (trading value / average market capitalization) 100.
Average market capitalization = (previous year (month) end market capitalization + present year (month) end market
capitalization) 2.

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

2007
LISTING

Total

Value ( 100 mil.)

Turnover
Ratio (%)
(based on
volume)

COMPLIANCE

No. of
Trading
Days

STOCK
MARKET

50 Most Active Stocks of 2011 (Value)


Stocks

Value
( bil.)

Rank Code

Stocks

Value
( bil.)

7733 OLYMPUS CORPORATION

2,323

27

7011 Mitsubishi Heavy Industries,Ltd.

2,247

8316 Sumitomo Mitsui Financial Group,Inc.

6,348

28

9437 NTT DOCOMO,INC.

2,187

9984 SOFTBANK CORP.

6,009

29

8591 ORIX CORPORATION

2,157

8306 Mitsubishi UFJ Financial Group,Inc.

5,989

30

6762 TDK Corporation

2,099

7267 HONDA MOTOR CO.,LTD.

5,013

31

6971 KYOCERA CORPORATION

2,036

6501 Hitachi,Ltd.

4,747

32

8308 Resona Holdings, Inc.

2,029

7751 CANON INC.

4,681

33

6752 Panasonic Corporation

2,005

8411 Mizuho Financial Group,Inc.

4,589

34

8035 Tokyo Electron Limited

2,002

10

6301 KOMATSU LTD.

4,556

35

8802 Mitsubishi Estate Company, Limited

1,974

11

6954 FANUC CORPORATION

4,538

36

4063 Shin-Etsu Chemical Co.,Ltd.

1,859

12

6502 TOSHIBA CORPORATION

4,133

37

6503 Mitsubishi Electric Corporation

1,858

13

7201 NISSAN MOTOR CO.,LTD.

3,961

38

3382 Seven & I Holdings Co.,Ltd.

1,804
1,779

8058 Mitsubishi Corporation

3,879

39

15

6758 SONY CORPORATION

3,755

40

8002 Marubeni Corporation

1,775

16

8031 MITSUI & CO.,LTD.

3,357

41

5108 BRIDGESTONE CORPORATION

1,727

17

9433 KDDI CORPORATION

3,095

42

7202 ISUZU MOTORS LIMITED

1,686
1,684

3,018

43

9432 NIPPON TELEGRAPH AND TELEPHONE CORPORATION

2,791

44

6665 Elpida Memory,Inc.

1,661

20

8604 Nomura Holdings, Inc.

2,791

45

8801 Mitsui Fudosan Co.,Ltd.

1,661

21

4502 Takeda Pharmaceutical Company Limited

2,742

46

6902 DENSO CORPORATION

1,654

22

9983 FAST RETAILING CO.,LTD.

2,715

47

5401 NIPPON STEEL CORPORATION

1,644

23

2432 DeNA Co.,Ltd.

2,709

48

8053 SUMITOMO CORPORATION (SUMITOMO SHOJI KAISHA,LTD.)

1,603

24

2914 JAPAN TOBACCO INC.

2,401

49

4751 CyberAgent,Inc.

1,599

25

1605 INPEX CORPORATION

2,391

50

6988 NITTO DENKO CORPORATION

1,582

Total trading value of 50 most active stocks (A)

151,398

Total trading value of all listed domestic stocks (B)

347,112

Ratio(A/B)

43.62%

Note: Total trading value includes all stocks listed on the 1st Section, 2nd Section, and Mothers (excluding foreign stocks).

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

3632 Gree,Inc.

19

INVESTORS

18

9020 East Japan Railway Company

COMPLIANCE

14

8001 ITOCHU Corporation

LISTING

26

7,243

SYSTEMS &
SERVICES

7,290

9501 The Tokyo Electric Power Company,Incorporated

STOCK PRICE
INDEX

7203 TOYOTA MOTOR CORPORATION

BOND
MARKET

DERIVATIVES
MARKET

Rank Code

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

Stock Transactions by Type of InvestorTokyo, Osaka & Nagoya


( bil.)

2008
Trading Participants' own accounts
Individuals
Foreigners
Insurance Companies
Banks
Investment Trusts
Business Corporations
Others
Total

Buy

Sell

144,338
88,533
249,836
1,495
25,137
10,258
4,729
9,796
534,125

140,801
89,515
246,127
1,166
29,603
10,560
6,361
10,126
534,262

2009
Trading Participants' own accounts
Individuals
Foreigners
Insurance Companies
Banks
Investment Trusts
Buisiness Corporations
Others
Total

Buy

Sell

91,079
73,534
131,406
1,340
19,216
8,101
4,042
10,774
339,495

89,091
72,668
133,183
922
20,378
8,178
3,858
11,240
339,521

2010
Trading Participants' own accounts
Individuals
Foreigners
Insurance Companies
Banks
Investment Trusts
Buisiness Corporations
Others
Total

Buy

Sell

82,696
60,771
158,252
1,564
17,054
6,863
3,464
7,787
338,456

81,397
58,494
161,463
933
17,772
6,881
3,191
8,401
338,534

2011
Trading Participants' own accounts
Individuals
Foreigners
Insurance Companies
Banks
Investment Trusts
Buisiness Corporations
Others
Total

Buy

Sell

65,851
59,875
178,649
1,496
16,406
6,309
2,790
6,440
337,820

62,701
59,881
180,622
920
17,114
6,170
3,407
6,930
337,748

Note: 1. Figures are based on domestic stock transactions at Tokyo, Osaka, and Nagoya Stock Exchanges.
2. Figures are derived from General Trading Participants with capital of 3 billion yen or more.
3. "Foreigners" indicates foreign individuals and foreign corporations.

Net
-3,537
982
-3,708
-328
4,466
301
1,632
329
136
Net
-1,987
-866
1,777
-418
1,162
76
-184
465
26
Net
-1,299
-2,277
3,210
-631
717
17
-273
613
78
Net
-3,150
5
1,972
-575
707
-138
617
490
-71

STOCK
MARKET

Trading Value of Listed Stocks on Domestic Stock Exchanges

DERIVATIVES
MARKET

BOND
MARKET

STOCK PRICE
INDEX

SYSTEMS &
SERVICES

LISTING

Nagoya

2007

8,457,660

7,522,270

311,376

5,622

2008

6,479,761

5,763,191

243,578

 975

2009

4,140,773

3,737,663

131,656

 626

2010

3,981,090

3,591,702

119,152

 797

2011

3,936,039

3,471,128

155,696

 732

Fukuoka

Sapporo

Jasdaq

Off - Exchange
Trading

2007

149

83

112,213

505,944

2008

98

44

46,208

425,663

2009

68

25

32,205

238,527

2010

79

39

42,905

226,413

2011

68

25

308,387

Note: Trading value of foreign stocks is not included.

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Osaka

INVESTORS

Tokyo

COMPLIANCE

( 100 mil.)

Total

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS

to foreign bond indices, 7 linked to commodity or


commodity

Exchange Traded Funds (ETFs) are created in a

GLOBAL AND
REGIONAL
ORGANIZATIONS

indices,

and

19

issues

linked

to

manner so that their price movements are linked to

commodities in the form of foreign investment

indicators, such as stock price indices like TOPIX or the

corporation bonds.

price of gold. These investment funds are listed on

TSE has employed a wide variety of strategies aimed

exchanges where they are traded in the same way as

at improving ETF liquidity. As a part of this effort, TSE

stocks. Trading of ETFs began on May 25, 1995, with

started the real-time calculation and dissemination of

listed issues reaching a total of 106 as of December

indicative NAVs (Net Asset Value) per ETF-unit in April

2011.

2011. Further, TSE started to publish ETF Portfolio


Composition File (PCF) in July 2011.

As far as the various ETFs offered, there are

TSE hopes to continue expansion of the ETF market

numerous issues which are linked to Japanese stock


indices, with 10 linked by market, 6 linked by scale, 38

of

linked by industry, and 5 linked by theme. In addition to

contribute to improving convenience for market

these, there are 3 which correspond to REIT indices, 1

Japan

through

various

initiatives

which

participants.

which is linked to an enhanced index, 15 which are

Date
March 7, 2008
July 17, 2008
November 10, 2008
May 11, 2009
July 1, 2009
February 24, 2010

Major Initiative
Development of Listing System for Spot Commodity ETFs
Introduction of Foreign ETF Support Member System
Development of Listing System, etc. for Company-Type Foreign ETFs
Revision of Listing System for Company-type Foreign ETFs
Development of Listing System for Money Trust-Type ETFs
Revision of Listing System for Domestic Spot Commodity ETFs

Trends of No. of Issues and Total Amount of Net Assets (ETFETN)

Note: Net Assets is the total amount of domestic ETFs.

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

linked to foreign stock price indices, 2 which are linked

ETF

will

STOCK
MARKET

Trading Volume and Trading Value (ETFs & ETNs)

'11.

Daily average

Total

Daily average

thous, unit
1,883,458
2,225,207
1,946,618
2,218,655
2,302,201

thous. unit
7,688
9,082
8,011
9,056
9,397

Yen mil.
2,630,984
2,425,142
1,876,454
2,164,784
2,713,190

Yen mil.
10,739
9,899
7,722
8,836
11,074

19
19
22
20
19
22
20
23
20
20
20
21

1,725,018
1,776,238
1,624,846
1,551,658
1,563,670
1,612,660
1,577,452
1,611,413
1,665,187
1,758,973
1,664,691
1,703,754

252,924
228,184
359,129
212,125
170,053
240,865
128,359
191,968
141,397
151,455
113,333
112,404

13,312
12,010
16,324
10,606
8,950
10,948
6,418
8,346
7,070
7,573
5,667
5,353

229,015
275,587
403,656
228,842
167,805
185,007
150,068
269,475
224,939
230,855
185,521
162,415

12,053
14,505
18,348
11,442
8,832
8,409
7,503
11,716
11,247
11,543
9,276
7,734

Note: Total amount of net assets is a total of domestic ETF issues

Code

ETF

Listing Date
Mar. 08
Mar. 09
Mar. 10
Mar. 24
May. 12
May. 12
Nov. 04
Nov. 29
Dec. 22

Newly Listed ETNs in 2011


ETN

Listing Date

iPath S&P GSCI Total Return Index JDR


iPath S&P 500 VIX Mid-Term Futures JDR
iPath S&P GSCI Precious Metals Index Total Return JDR
iPath S&P GSCI Industrial Metals Index Total Return JDR
iPath S&P GSCI Energy Index Total Return JDR
iPath S&P GSCI Agricultural Index Total Return JDR
iPath S&P GSCI Grain Index Total Return JDR
iPath S&P GSCI Softs Index Total Return JDR
iPath S&P GSCI Livestock Index Total Return JDR
iPath S&P 500 VIX Short-Term Futures JDR

ETFs Delisted in 2011


n/a

Aug. 23
Aug. 23
Sep. 06
Sep. 06
Sep. 06
Sep. 06
Sep. 06
Sep. 06
Sep. 06
Sep. 21

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Code
2021
2029
2022
2023
2024
2025
2026
2027
2028
2030

INVESTORS

Listed Index Fund World Equity (MSCI ACWI) ex Japan


Listed Index Fund Australian REIT (S&P/ASX200 A-REIT)
Listed Index Fund Nikkei China Related 50
SPDR S&P500 ETF Trust
NEXT FUNDS Thai Stock SET50 Exchange Traded Fund
NEXT FUNDS FTSE Bursa Malaysia KLCI Exchange Traded Fund
YOURMIRAI TOPIX Asia Focus ETF
TSE Mothers Core ETF
Nikkei 225 Covered Call ETF

COMPLIANCE

1554
1555
1556
1557
1559
1560
1562
1563
1565

LISTING

Newly Listed ETFs in 2011

SYSTEMS &
SERVICES

245
245
243
245
245

Yen mil.
2,525,050
1,642,612
1,449,630
1,702,915
1,703,754

STOCK PRICE
INDEX

Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

Total

Trading value

BOND
MARKET

2007
2008
2009
2010
2011

Trading volume

No. of trading Total amount of net


days
assets

DERIVATIVES
MARKET

Year/Month

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX

(As of the end of January 2012)


Foreign stock price indices

Japanese stock price and other indices


Market-based
TOPIX
Nikkei 225
Nikkei 300
S&P Japan Emerging
Equity 100
MSCI Japan
TSE Mothers Core
Sector-based
TOPIX Electric
Appliances
TOPIX Banks
TOPIX-17 (all sectors)

Enhanced Index

Size-based
TOPIX Core30 (super large cap)
TOPIX100 (large cap)
TOPIX Mid400 (mid cap)
TOPIX Small (small cap)

Theme-based
FTSE Japan Green Chip 35
(environment-related stocks)
S&P Mitsubishi Group
(Mitsubishi group)
TSE Dividend Focus 100
(high dividend stocks)
Nikkei China Related Stock 50
TOPIX Active in Asia Index

Nikkei 225 Covered


Call Index

iBoxx ABF Pan-Asia Index


(Asian bonds)
Citigroup Nonyen World Government
Bond Index (developed nation bonds)

(Commodity, Energy, Industrial Metals,


Agriculture, Grains, Natural Gas, Crude
Oil, Unleaded Gasoline, Aluminum,
Copper, Nickel, Wheat, Corn, Soybeans)

TSE REIT Index


S&P/ASX 200A-REIT

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

Foreign bond indices

Commodities prices and indices

REIT Index

GLOBAL AND
REGIONAL
ORGANIZATIONS

KOSPI200 (Korea)
CSI300, Hang Seng China Enterprises
Index (China)
Bovespa index (Brazil)
S&P CNX Nifty, S&P CNX Nifty Index
Futures (India)
SET 50 (Thai)
FTSE Bursa Malaysia KLCI (Malaysia)
NY Dow, S&P500 (US)
MSCI-KOKUSAI (developed nations)
MSCI Emerging (emerging nations)
MSCI ACWI ex Japan (World ex Japan)

Gold, Silver, Platinum, Palladium,


Precious Metals Basket
S&P GSCI Capped Commodity
35/20 Total Return Index
Nomura Crude Oil Long Index
DJ-UBS commodities indices

LISTING

SYSTEMS &
SERVICES

Category of Underlying Indices, etc. of ETFs

Japanese Depositary Receipts (JDRs) are the


Japanese version of depositary securities. Issued in

(Exchange Traded Notes) are bonds whose market

Japan under the Trust Act, they are beneficiary

prices track specified indicators such as stock price

certificates of beneficiary certificate-issuing trusts

indices and commodity prices. The tracking of such

whose trusted securities are foreign securities.


TSE established rules and systems for listing ETNs

institutions (issuers). However, unlike ETFs, ETNs do

in the form of JDRs on April 1, 2011. ETNs began

not have underlying assets.

trading on the TSE market on August 23, 2011. As of


December 31, 2011, there are 10 listed ETNs.

In addition, ETNs are listed on the TSE market using

Newly Listed ETNs (2011)


ETN

Listed
Aug. 23, 2011
Sep. 6, 2011
Sep. 6, 2011
Sep. 6, 2011
Sep. 6, 2011
Sep. 6, 2011
Sep. 6, 2011
Sep. 6, 2011
Aug. 23, 2011
Sep. 21, 2011

LISTING

iPath S&P GSCI Total Return Index JDR


iPath S&P GSCI Precious Metals Index Total Return JDR
iPath S&P GSCI Industrial Metals Index Total Return JDR
iPath S&P GSCI Energy Index Total Return JDR
iPath S&P GSCI Agricultural Index Total Return JDR
iPath S&P GSCI Grain Index Total Return JDR
iPath S&P GSCI Softs Index Total Return JDR
iPath S&P GSCI Livestock Index Total Return JDR
TM
iPath S&P 500 VIX Mid-Term Futures JDR
TM
iPathS&P 500 VIX Short-Term Futures JDR

SYSTEMS &
SERVICES

2021
2022
2023
2024
2025
2026
2027
2028
2029
2030

STOCK PRICE
INDEX

the JDR scheme. As such, ETNs are actually created

BOND
MARKET

indices is guaranteed by the credibility of the financial

DERIVATIVES
MARKET

Similar to ETFs (Exchange Traded Funds), ETNs

Code

STOCK
MARKET

and traded in the market in the form of JDRs.

ETN

COMPLIANCE
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

10

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING

TSE has pursued numerous initiatives to invigorate

REIT

the REIT market and increase the flexibility of asset

Real-Estate

Investment

Trusts

(REITs)

management.

are

These

efforts

have

included

investment trusts which primarily invest in real-estate

comprehensive revision of the REIT listing system on

and distribute the profits arising from rent and sales to

October 1, 2006 and the release of restrictions on

investors. Trading of two REITs issues began on

investment in overseas real-estate on May 12, 2008.

September 10, 2001, and as of the end of December

TSE looks forward to further expansion of the REIT

2011 which commemorates 10 years anniversary since

market, given the product's distinctive traits, such as

the inception, the market size has expanded to the

comparatively high dividend returns and diversified

listing of 34 REITs issues and market capitalization of

risks.

about 3 trillion yen. Properties subject to investment by

Furthermore, TSE began publishing the TSE REIT

REITs are diversified in its type and include rental

Index on April 1, 2003, which indicates price

housing, retail and logistics properties and hotels.

movements in the REIT market.

Total Amount of Net Assets

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

Trading Volume and Trading Value


Year/Month

2007
2008
2009
2010
2011
'11

Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

No. of
Total amount of
trading days
net assets

Trading volume
Total

Daily average

Turnover ratio
(unit based)

Trading value
Total

Daily average

245
245
243
245
245

Yen mil.
3,591,024
3,840,507
3,873,312
3,881,280
4,021,149

unit
8,107,500
7,792,205
6,180,669
8,814,949
10,577,912

unit
33,092
31,805
25,435
35,979
43,175

129.7
113.9
86.2
87.9
75.7

Yen mil.
7,442,803
3,992,564
2,242,292
2,664,521
2,866,415

Yen mil.
30,379
16,296
9,228
10,876
11,700

19
19
22
20
19
22
20
23
20
20
20
21

3,892,984
3,894,201
3,890,223
3,889,373
3,919,781
3,968,541
3,961,986
4,005,181
4,009,150
3,957,528
4,016,041
4,021,149

1,266,121
873,299
1,167,541
725,715
719,325
1,039,020
678,567
928,569
1,003,148
772,597
689,352
714,658

66,638
45,963
53,070
36,286
37,859
47,228
33,928
40,373
50,157
38,630
34,468
34,031

9.9
6.8
9.1
5.6
5.6
7.9
5.0
6.7
7.0
5.4
4.7
4.7

414,201
263,251
356,802
223,977
217,396
227,092
180,634
235,029
233,473
190,937
162,082
161,537

21,800
13,855
16,218
11,199
11,442
10,322
9,032
10,219
11,674
9,547
8,104
7,692

Note: 1. Turnover Ratio (unit base) = (Trading Volume/Average Listed Units) X 100, Average Listed Units = (Listed Units at
Previous Year's (Month's) End + Listed Units at Current Year's (Month's) End) / 2

11

STOCK
MARKET

Newly Listed REITs in 2011

DERIVATIVES
MARKET

n/a

REITs Delisted in 2011


Reason

Delisting Date

Ichigo Real Estate Investment Corporation

Merger with Ichigo Real Estate Investment Corporation


(Old Trade NameFC Residential Investment Corporation)

Oct. 27

INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Nippon Building Fund Management Ltd.


Japan Real Estate Asset Management Co.,Ltd.
Mitsubishi Corp. - UBS Realty Inc.
ORIX Asset Management Corporation
Tokyo Realty Investment Management, Inc.
Premier REIT Advisors Co.,Ltd.
Tokyu Real Estate Investment Management Inc.
Global Alliance Realty Co., Ltd.
Nomura Real Estate Asset Management Co., Ltd.
Japan REIT Advisors Co., Ltd.
MORI TRUST Asset Management Co.,Ltd.
Consonant Investment Management Co., Ltd.
Mitsui Fudosan Frontier REIT Management Inc.
HEIWA REAL ESTATE Asset Management CO., LTD.
Mitsui & Co., Logistics Partners Ltd.
Fukuoka Realty Corporation Limited
Kenedix REIT Management, Inc.
Sekisui House SI Asset Management, Ltd.
Ichigo REIT Management Co., Ltd.
Daiwa Real Estate Asset Management Co.Ltd.
Hankyu REIT Asset Management, Inc.
Starts Asset Management Co.Ltd.
Japan Hotel & Resort K.K.
Top REIT Asset Management Co.,Ltd.
DAIWA HOUSE ASSET MANAGEMENT Co.,Ltd.
Japan Hotel REIT Advisors Co.,Ltd.
Mi-Casa Asset Management Inc.
JAPAN EXCELLENT ASSET MANAGEMENT CO.,LTD.
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
MID REIT Management Co.,Ltd.
Mori Building Investment Management Co., Ltd.
Nomura Real Estate Asset Management Co., Ltd.
Mitsubishi Corp. - UBS Realty Inc.
AD Investment Management Co.,Ltd.

COMPLIANCE

Asset Management Company

Nippon Building Fund Inc.


Japan Real Estate Investment Corporation
Japan Retail Fund Investment Corporation
ORIX JREIT Inc.
Japan Prime Realty Investment Corporation
Premier Investment Corporation
TOKYU REIT,Inc.
Global One Real Estate Investment Corporation
Nomura Real Estate Office Fund,Inc.
United Urban Investment Corporation
MORI TRUST Sogo Reit,Inc.
Invincible Investment Corporation
Frontier Real Estate Investment Corporation
HEIWA REAL ESTATE REIT,Inc.
Japan Logistics Fund,Inc.
Fukuoka REIT Corporation
Kenedix Realty Investment Corporation
Sekisui House SI Investment Corporation
Ichigo Real Estate Investment Corporation
Daiwa Office Investment Corporation
Hankyu REIT,Inc.
Starts Proceed Investment Corporation
Japan Hotel and Resort, Inc.
Top REIT,Inc.
Daiwa House Residential Investment Corporation
Nippon Hotel Fund Investment Corporation
Japan Rental Housing Investments Inc.
Japan Excellent,Inc.
Nippon Accommodations Fund Inc.
MID REIT, Inc.
MORI HILLS REIT INVESTMENT CORPORATION
Nomura Real Estate Residential Fund, Inc.
Industrial & Infrastructure Fund Investment Corporation
Advance Residence Investment Corporation

LISTING

REIT

8951
8952
8953
8954
8955
8956
8957
8958
8959
8960
8961
8963
8964
8966
8967
8968
8972
8973
8975
8976
8977
8979
8981
8982
8984
8985
8986
8987
3226
3227
3234
3240
3249
3269

SYSTEMS &
SERVICES

Code

STOCK PRICE
INDEX

Listed REITs (as of the end of December 2011)

BOND
MARKET

REIT

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

12

Volume (thousand shares)


Daily
Total
Average

No. of
Listed
Companies

2007

245

25

93,256

381

323,324

1,320

2008

245

16

178,182

727

70,736

289

2009

243

15

266,487

1,097

101,144

416

2010

245

12

70,458

288

62,372

255

2011

245

11

25,584

104

24,664

101

'11 Jan.

19

12

5,150

271

5,025

265

Feb.

19

12

3,859

203

2,972

156

Mar.

22

12

5,582

254

3,478

158

Apr.

20

12

2,824

141

1,791

90

May

19

12

953

50

1,684

89

Jun.

22

12

897

41

1,567

71

Jul.

20

12

802

40

1,163

58

Aug.

23

12

1,663

72

2,371

103

Sep.

20

12

1,001

50

1,173

59

Oct.

20

12

972

49

1,121

56

Nov.

20

12

944

47

1,116

56

Dec.

21

11

931

44

1,197

57

STOCK
MARKET
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

Value (mil.)
Daily
Total
Average

No. of
Trading
Days

INVESTORS

COMPLIANCE

LISTING

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

DERIVATIVES
MARKET

Foreign Stocks

13

STOCK
MARKET

Trading Mechanisms

COMPLIANCE
INVESTORS

TSE also sets daily price limits to prevent wild


day-to-day swings in stock prices and provide a
"time-out" in the event of a sharp rise or decline in
price. Daily price limits are set in absolute yen values
according to the price of each stock (see table P16).
Bids and offers may not be placed at prices beyond the
set limits. These daily price limits also apply to special
quotes and sequential trade quotes (i.e., they cannot
be indicated outside these limits).

LISTING

(3) Daily Price Limits

SYSTEMS &
SERVICES

With the launch of "arrowhead", shares are now


traded in real-time at extremely high speed. TSE
introduced the sequential trade quote to alert investors
to sudden and instantaneous price changes. When
buying up (selling down) by a single bid (offer) causes
the stock price to exceed a certain price range (twice
the special quote renewal price interval) from the last
execution price, a sequential trade quote is displayed
for one minute. After that, the Itayose method is used to
match existing orders before normal trading resumes.

STOCK PRICE
INDEX

(2) Sequential Trade Quotes

BOND
MARKET

When there is a major order imbalance, special bid


or offer quotes are indicated. Special quotes are
disseminated publicly through the TSE market
information system. If opposing orders come into the
market and the orders are matched at that price, the
quote is withdrawn. If the imbalance continues, the
special quotes are revised within the special quote
renewal price intervals (see table P16) every three
minutes until the imbalance is resolved.

The TSE Auction Market operates as a continuous


auction, where buy and sell orders, also known as bids
and offers, interact directly with one another.
All limit and market orders are placed by broker/dealer
trading participants (see table P16 for tick size) and
matched in accordance with price priority and time
priority rules. Under the price priority rule, an offer (bid)
with the lowest (highest) price takes precedence. Under
the time priority rule, an earlier order takes precedence
over others at the same price. Since market orders are
not bound by price, they have priority over limit orders.
Besides market orders, the lowest offer and highest bid
have top priority. Bids and offers are then matched
accordingly and executed. In short, the TSE equities
market is an order-driven market with no market-makers.
There are two trading methods: Itayose and Zaraba.
The Itayose method is used mainly to decide opening
and closing prices. Under this method, time priority
does not apply and orders placed before the matching
are deemed as simultaneous orders. In other words,
offers (bid) placed at prices lower (higher) than the
opening price before the market opens will be executed
at the opening price. In contrast, under the Zaraba
method, both price priority and time priority rules apply,
and bids and offers are matched continuously.
In addition, the following unique measures at TSE
prevent wild short-term fluctuations in prices and
ensure price continuity.

DERIVATIVES
MARKET

(1) Special Quotes

An Order-Driven Equities Market

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

14

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

advanced processing capabilities for domestic and

Trading Rules Revision Upon


the Launch of arrowhead

overseas market users.


With a firm understanding of these requirements,

TSE, as the central financial and investment market

TSE launched "arrowhead", a trading platform for the

in Japan, aims to create a market capable of accepting

cash (stocks, CBs, etc.) auction market which

investment capital from all over the world and

possesses capabilities of the world's highest caliber in

contribute to the growth of the Japanese economy.

January 2010. Additionally, TSE conducted a revision

Improving the liquidity of the market is of the utmost

of trading rules, as shown below, in order to promote

importance in achieving this goal. In order to realize

execution and smooth price formation as well as

this, TSE must maintain a sophisticated trading system

simplify the overall system, upon the launch of

offering a high level of reliability, rapid scalability, and

"arrowhead".

Outline of Trading Rules Revision


http://www.tse.or.jp/english/rules/equities/arrowhead/trading.html
Item
Partial Revision of Tick Size Structure
Partial Revision of Price Limits on Bids/Offers and Special Quote Renewal Price Intervals
Revision of Itayose Matching Conditions/Matching Conditions at the time of Stop Allocation
Revision of Rules regarding Allocation of Simultaneously Placed Bids/Offers/Stop Allocation
Introduction of Sequential Trade Quote
Elimination of Half-Holidays
Additionally, with the release of "Partial Revision of

Recent Developments in 2011

Trading Hours", the following items were compiled as

Regarding the extension of trading hours, which TSE

tasks to be addressed to enhance the function of the

has received opinions from market participants, it was

TSE market and the overall Japanese securities

determined that changing the opening time of the

market. TSE continues to work to make necessary

morning auction or the closing time of the afternoon

arrangements

auction, abolishing the noon recess between the

environment in cooperation with market-related parties

morning and afternoon auction sessions, or extending

in the future. From May 9, 2011, the duration of trading

trading hours by establishing an evening trading

halts was reduced from 30 minutes to 15 minutes, and

session would have wide-ranging and serious impact,

the special quote renewal time interval was shortened

and

from 5 minutes to 3 minutes. Furthermore, laws and

many

opinions

were

expressed

that

and

related

adjustments

to

public

to

the

implementation would be difficult at present. As such,

regulations

TSE has expanded the trading hours by shortening the

implemented on December 1, 2011. It has also been

noon recess, with the close of the morning auction

determined that trading units shall be consolidated to

session being moved from 11:00AM to 11:30AM from

100 shares and 1,000 shares by April 1, 2014.

November 21, 2011 onward.

Measures to Enhance Market Functions


http://www.tse.or.jp/english/news/20/101124_a.html
Items
Shortening the Duration of a Trading Halt
Shortening the Renewal Interval of a Special Quote
Encouraging Timely Disclosure of Corporate Information
Encouraging Unification of Trading Units
Restrictions, etc. during Public Offerings
Coordination of Short-Selling Regulations with Global Standards

15

offerings

market

were

STOCK
MARKET

Tick Size

Current price

INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

16

Less than 200


5
500
8
700
10
1,000
15
1,500
30
2,000
40
3,000
50
5,000
70
7,000
100
10,000
150
15,000
300
20,000
400
30,000
500
50,000
700
70,000
1,000
100,000
1,500
150,000
3,000
200,000
4,000
300,000
5,000
500,000
7,000
700,000
10,000
1,000,000
15,000
1,500,000
30,000
2,000,000
40,000
3,000,000
50,000
5,000,000
70,000
7,000,000
100,000
10,000,000
150,000
15,000,000
300,000
20,000,000
400,000
30,000,000
500,000
50,000,000
700,000
50,000,000 or more 1,000,000

COMPLIANCE

Equal to or more than 200


500
700
1,000
1,500
2,000
3,000
5,000
7,000
10,000
15,000
20,000
30,000
50,000
70,000
100,000
150,000
200,000
300,000
500,000
700,000
1,000,000
1,500,000
2,000,000
3,000,000
5,000,000
7,000,000
10,000,000
15,000,000
20,000,000
30,000,000

Parameters ()

LISTING

Previous Day's Closing Price or


Daily Price
Special Quote
Limits ()
Less than 100
30
Equal to or more than 100
200
50
200
500
80
500
700
100
700
1,000
150
1,000
1,500
300
1,500
2,000
400
2,000
3,000
500
3,000
5,000
700
5,000
7,000
1,000
7,000
10,000
1,500
10,000
15,000
3,000
15,000
20,000
4,000
20,000
30,000
5,000
30,000
50,000
7,000
50,000
70,000
10,000
70,000
100,000
15,000
100,000
150,000
30,000
150,000
200,000
40,000
200,000
300,000
50,000
300,000
500,000
70,000
500,000
700,000
100,000
700,000
1,000,000
150,000
1,000,000
1,500,000
300,000
1,500,000
2,000,000
400,000
2,000,000
3,000,000
500,000
3,000,000
5,000,000
700,000
5,000,000
7,000,000
1,000,000
7,000,000
10,000,000
1,500,000
10,000,000
15,000,000
3,000,000
15,000,000
20,000,000
4,000,000
20,000,000
30,000,000
5,000,000
30,000,000
50,000,000
7,000,000
50,000,000 or more 10,000,000

SYSTEMS &
SERVICES

Special Quote Renewal Price Intervals

STOCK PRICE
INDEX

1
5
10
50
100
500
1,000
5,000
10,000
50,000
100,000

BOND
MARKET

Daily Price Limits

Tick Size
3,000
5,000
30,000
50,000
300,000
500,000
3,000,000
5,000,000
30,000,000
50,000,000
50,000,000

DERIVATIVES
MARKET

More than
More than
More than
More than
More than
More than
More than
More than
More than

Stock Price per Share


Up to
3,000
Up to
5,000
Up to
30,000
Up to
50,000
Up to
300,000
Up to
500,000
Up to
3,000,000
Up to
5,000,000
Up to
30,000,000
Up to
More than

STOCK
MARKET
DERIVATIVES
MARKET

flexibility have arisen along with faster and more

Off-Auction Market (ToSTNeT)

diverse trading methods.

ToSTNeT (Tokyo Stock Exchange Trading NeTwork

On January 15, 2008, trading hours were expanded

System) trading commenced on June 29, 1998 to

and ToSTNeT was re-established as a market separate

respond to block and basket trading needs, which are

from the auction market. Own share repurchase trading

difficult to execute smoothly in the auction market.

(ToSTNeT-3) was introduced and regulations were


amended to enable greater diversity in eligible

COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

products.

auction trading hours, initially only single-issue trading


(block trading until September 30, 1999) and basket

ToSTNeT system was replaced in Nov. 2011 and

trading (ToSTNeT-1) were available, with closing price

order processing capabilities were enhanced, to cope

trading (ToSTNet-2) introduced on August 7 of the

with an increase of transactions in the ToSTNeT market.

same year. However, recently needs for increased

Product
Trading Unit

LISTING

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

As a form of off-auction trading outside of normal

Trading Hours

Price Range

Tick Size
Transaction
Method

Settlement
Date

Single Issue Trading and


Trading on Closing Price
Basket Trading
(ToSTNeT-2)
(ToSTNeT-1)
Listed domestic and foreign stocks, domestic CBs
(1)Single Issue Trading
One auction trading unit
or more
(2)Basket Trading
Transaction including 15
issues or more with
trading value of 100
million yen or more
8:2017:30

One auction trading unit or


more

8:208:45
11:3012:15
15:0016:00
Orders are accepted from
8:20 to 16:00
8:208:45
Closing price or VWAP on
the previous day
11:3012:15
Closing price or VWAP of
the morning session on
the trading day
15:0016:00
Closing price on the
trading day, or VWAP of
the afternoon session or of
the trading day

Off-Auction Treasury Stock


Repurchase Trading
(ToSTNeT-3)
Listed domestic and foreign
stocks
One auction trading unit or
more

8:45
Sell orders are accepted
from 8:00 to 8:45

(1)Single Issue Trading


7% above or below the
last price formed in the
auction market (1)
Other: VWAP guarantee
or VWAP target
(2)Basket Trading
5% above or below the
trading value of the
components with the
calculation based on the
last prices from the
auction market
0.0001

Cross Trading, Specified Closing Price Trading


Counterparty Trading
Individual auction (cross
trading is matched prior to
other orders)
VWAP Trading
Cross trading

Closing price on the


previous day

T+0 or T+3

T+3

T+3

Shares are allocated in


proportion to each trading
participant's aggregate
orders, etc.

1 If the arrived price from above formula is less than 5 yen, the price range shall r 5 yen from the last price formed in the
auction market.
2 The trading system for ETFs and REITs is the same as that for equities

17

STOCK
MARKET

Trading Value in ToSTNeT Market


Total
Trading
Value

Single Issue

Basket

Off-auction repurchase
of a company's own
shares
%
%

At-Closing Price
%
3.6

6,322

0.1

2008

5,763,191

149,174

2.6

204,515

3.5

1,453

0.0

3,162

2009

3,737,663

115,033

3.1

150,364

4.0

143

0.0

2010

3,591,702

160,239

4.5

125,911

3.5

213

2011

3,471,128

188,832

5.4

116,365

3.4

'11. Jan

305,320

17,145

5.6

10,440

Feb.

342,949

19,295

5.6

Mar.

470,162

19,391

Apr.

293,438

May

1,920

0.1

358,305

6.2

1,462

2,474

0.1

268,015

7.2

1,103

0.0

1,631

0.0

287,995

8.0

1,175

79

0.0

5,746

0.2

311,023

9.0

1,269

3.4

0.0

219

0.1

27,805

9.1

1,463

11,503

3.4

0.0

218

0.1

31,021

9.0

1,633

4.1

14,760

3.1

0.0

60

0.0

34,213

7.3

1,555

14,189

4.8

8,897

3.0

0.0

51

0.0

23,139

7.9

1,157

264,672

13,476

5.1

8,146

3.1

0.0

51

0.0

21,682

8.2

1,141

Jun.

285,261

15,267

5.4

8,572

3.0

0.0

11

0.0

23,852

8.4

1,084

Jul.

257,296

15,856

6.2

8,788

3.4

0.0

2,336

0.9

26,982

10.5

1,349

Aug.

335,196

18,447

5.5

11,793

3.5

0.0

94

0.0

30,337

9.1

1,319

Sep.

261,254

14,076

5.4

10,580

4.0

0.0

62

0.0

24,720

9.5

1,236

Oct.

235,317

14,197

6.0

9,120

3.9

0.0

35

0.0

23,353

9.9

1,168

Nov.

217,344

13,682

6.3

7,012

3.2

30

0.0

2,538

1.2

23,264

10.7

1,163

Dec.

202,914

13,808

6.8

6,748

3.3

27

0.0

65

0.0

20,649

10.2

983

Note: % shows percentage of trading value as compared to total trading value.

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

6.3

INVESTORS

470,511

COMPLIANCE

272,624

LISTING

2.5

SYSTEMS &
SERVICES

191,564

STOCK PRICE
INDEX

7,522,270

BOND
MARKET

2007

Daily
Average

Total

DERIVATIVES
MARKET

Year/
Month

( 100 mil.)

ToSTNeT

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

18

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING

TSE defines "Program Trading" as sale and/ or

TSE trading participants have been required to report

purchase of a basket of 25 or more stocks. TSE trading

the volume of their stock trading involving index

participants have been required to report the daily

arbitrages and established positions on a daily basis

volume of their Program Trading since April 1, 1991.

since February 4, 1991 (volume had been reported on

Program Trading and Positions Established with Index Arbitrages


Program Trading
bil.
Sales
A

Purchases
B

Index Arbitrages
Sales

Purchases

Sales

Purchases

AB
Trading Value of
1st Section 2

57,465
52,422
25,875
26,759
24,085

57,217
53,091
26,739
27,707
23,427

13,814
12,911
7,197
8,199
7,093

13,138
12,036
7,724
8,882
6,569

0
2
10
8
197

3,406
750
1,832
2,015
948

7.8
9.3
7.1
7.7
7.0

'11 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

1,722
1,718
4,260
1,625
1,499
2,474
1,469
2,409
2,072
1,564
1,435
1,832

1,585
1,547
3,494
1,834
1,326
2,568
1,738
2,227
2,341
1,612
1,236
1,914

446
454
1,755
470
405
634
366
592
527
325
393
722

395
351
1,103
334
301
971
582
514
747
546
253
469

38
70
72
42
104
19
33
135
21
40
80
197

2,142
2,238
1,177
1,188
969
1,185
1,372
986
1,068
1,251
1,021
948

5.5
4.9
8.4
6.0
5.4
9.0
6.4
7.0
8.6
6.8
6.2
9.4

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

Positions Established
with Index Arbitrages
bil.

2007
2008
2009
2010
2011

INVESTORS

COMPLIANCE

a weekly basis since April 16, 1990).

Index Arbitrage & Program Trading

19

STOCK
MARKET

3. Timing of Restriction

Temporary Restriction on Index


Arbitrage Trading for Trading
Participant's Proprietary Account

As shown in the table below, when TOPIX moves


points from the previous day's closing price,

1. Introduction

purchases (or sales) in the cash market involved in


index arbitrage trading for trading participants

Index arbitrage transactions are expected to

DERIVATIVES
MARKET

up (or down) in excess of the predetermined index

proprietary accounts shall be restricted.

contribute to the correlation of prices between the

4. Lifting of Restriction

liquidity of both markets. However, because index

When TOPIX subsequently returns to a level

executed in one way based on the difference

within the predetermined index points from the

between futures and cash prices, in periods of

previous day's closing price, the restriction shall be

abrupt price changes it can accelerate price

lifted.

movement. In order to reduce excessive interaction


(*) "A trading participant's proprietary account" shall include

arbitrage trading for the proprietary accounts of

those of the trading participant's parent, subsidiaries, and

trading participants, who are responsible for orderly

affiliated securities business companies, as defined by the

market operation, shall be restricted under certain

Trading Participant Regulations.

circumstances.

LISTING

2. Trading Subject to Restriction

SYSTEMS &
SERVICES

between the cash and futures markets, index

STOCK PRICE
INDEX

arbitrage trading is systematically and unilaterally

BOND
MARKET

cash and futures markets and to increase the

Trading in the cash market which is involved in


index arbitrage for a trading participant's proprietary
account. (*)

[TOPIX]
Range of Fluctuations
(Restriction)
(points)

Upward or downward 70
100
130
160

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

(points)
Less than
2,000
Upward or downward100
2,000less than 3,000
150
3,000less than 4,000
200
4,000 or more
250

Range of Fluctuations
(Lifting)
(points)

INVESTORS

Previous Day's
Closing Price

COMPLIANCE

Restriction & Lifting Points

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

20

STOCK
MARKET
DERIVATIVES
MARKET

Margin Transactions
Margin transactions are purchases, and sales, of securities effected on credit extended to the customer by a
securities company.

(1) Margin

LISTING

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

Customers buying or selling stocks on margin must make a warranty deposit ("Initial Margin") equivalent to at least
30% of the transaction value or 300,000 yen (whichever is greater) with the securities company by noon of the 2nd day
following the trading day. When the rate of deposited margin to trading value drops below 20% due to price
fluctuations, the customer must deposit additional margin to increase the rate to at least 20%.

(2) There are two types of margin transactions: Standardized Margin Transactions and Negotiable Margin
Transactions
Standardized
(*1)Regulated
6 months
Selected by TSE
May be used

Lending fee
Period of settlement
Margin issues
(*2)Loan transactions

Negotiable
All conditions are negotiable
All listed issues
May not be used

(*1) The lending fee is determined in the securities finance company's auction.
(*2) Loan transactions are lending transactions between securities finance companies, which specialize in securities
financing, and securities companies.

(3) Margin issues for standardized margin transactions

execution, and (5) business results.

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

TSE selects as margin issues for standardized margin transactions those issues which meet specific criteria in the
following categories: (1) number of tradable shares (2) number of shareholders (3) trading volume (4) ratio of trading

21

STOCK
MARKET

Proportion of Margin Transactions to Regular Transactions


Year

2002

Trading
Volume (A)
(100 mil. shares)

3,778

Trading
Value (B)
( bil.)

Margin Transactions
Trading
Volume (C)
(100 mil. shares)

Trading
Value (D)
( bil.)

C/A

D/B

Rate of
Utilization by
Individual
Investors

764

54,818

20.2

16.4

36.5

68,542

20.8

15.7

46.8

2003

5,751

435,437

1,195

2004

7,015

627,643

1,462

102,411

20.8

16.3

47.1

153,780

22.4

17.1

47.5

10,483

901,025

2006

9,381

1,252,528

1,783

183,365

19.0

14.6

51.3

1,824

182,777

17.2

13.0

54.9

2007

10,585

1,410,306

2008

10,422

1,080,943

1,711

136,518

16.4

12.6

59.3

116,689

20.4

16.8

56.8

693,916

2010

9,586

660,733

1,748

94,930

18.2

14.4

58.0

9,803

632,016

1,711

86,840

17.5

13.7

58.6

'11 Jan.

811

55,502

156

8,426

19.3

15.2

59.2

Feb.

884

62,384

161

9,137

18.3

14.6

57.2

11,055

17.5

12.7

54.8

2011

Mar.

1,401

87,188

245

Apr.

860

54,059

147

7,219

17.2

13.4

58.3

6,302

16.5

13.0

58.9

716

48,597

Jun.

817

52,281

137

6,845

16.9

13.1

59.2

6,802

17.5

14.8

57.9

714

46,062

Aug.

943

60,971

146

7,727

15.5

12.7

59.2

Sep.

737

47,306

123

6,314

16.7

13.3

61.4

Oct.

658

42,392

118

6,252

18.0

14.7

62.0

5,584

17.4

14.4

60.6

5,173

19.5

14.2

59.8

Nov.

636

38,815

110

Dec.

619

36,452

120

Note: 1. Trading Volume and Trading Value are the combined totals of all sales and purchases made in the 1st Section, 2nd
Section, and Mothers, and include exercise of rights for individual options.

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

2. The Rate of Utilization by Individual Investors is the percentage of the total amount of margin transactions made by
individual investors. (Based on general trading participants with capital of 3 billion yen or more).

INVESTORS

Jul.

124

COMPLIANCE

May

118

LISTING

10,538

SYSTEMS &
SERVICES

2009

2,153

STOCK PRICE
INDEX

2005

2,345

BOND
MARKET

333,471

DERIVATIVES
MARKET

Regular Transactions

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

22

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

Clearing & Settlement


the exchange market is made on the fourth business

Overview

day starting from the transaction date (T+3).

Previously in the Japanese securities market, the

Delivery and receipt of domestic stocks and

responsibility to clear and settle trades on any

domestic convertible bonds (CBs) during settlement is

exchange had been left to the specific exchange the

made by an account transfer between JSCC's account

trade was made on. This system, however, created

and the clearing participant's account at JASDEC.

inefficiencies within the wider Japanese domestic

From January 5, 2009, all listed domestic stocks,

market. Seeking to eliminate these inefficiencies, in

listed preferred equity investment securities, listed

July 2002 all domestic stock exchanges in Japan, as

investment securities and listed CBs are dematerialized

well as the Japan Securities Dealers Association,

(the paperless share system). With the implementation

established a unified clearing organization to handle all

of the system, these certificates become invalid and

cash products traded on Japanese securities markets.

shareholder's rights are assured by electronic means in

This new organization is called Japan Securities

shareholders accounts at securities companies and

Clearing Corporation (JSCC).

other financial institutions. The paperless share system


has the following advantages:

JSCC began operations for clearing of cash

- Eliminate the risks associated with loss, theft or

transactions on all domestic exchanges on January 14,

forgery of stock certificates

2003 and expanded operations to cover futures and


options transactions on TSE on February 2, 2004. With

- Reduce the costs for printing and issuing new stocks,

the initiation of these operations, consolidated clearing

- Simplify the procedures thereof.

operations, standardized clearing procedures, a unified

Until December 2006, settlement for foreign stocks

access point for users, and settlement guarantee in

had been performed through account transfer at Japan

accordance with global standards was realized.

Securities Settlement and Custody, Inc. (JSSC),

Furthermore, starting from July 23, 2010, cash

however, JASDEC has taken over the settlement

transactions executed on proprietary trading systems

function for listed foreign stocks and carries out book

(PTSs) were also included in JSCC's clearing

entry and account transfer of those securities.

operations, which made such transactions eligible for

Transfer of funds in a settlement is carried out

settlement guarantee and netting with exchange

between the clearing participant's bank account and

transactions.

JSCC's bank account at either the Bank of Japan or a


bank JSCC designates as a fund settlement bank.

TSE utilizes the central counterparty (CCP) system


and the clearing participant system for the settlement of

Delivery versus payment (DVP) settlement is utilized

trading on its exchange. In the CCP system a clearing

via a netting basis in JSCC for all regular traded

organization

settlement

domestic stocks and CBs. In netting, only the net

counterparty to clearing participants for all trades

amount of securities bought and sold and net funds

effected on the TSE market, thereby guaranteeing

arising from these transactions are transferred between

settlement. This system eliminates the risk of trade

accounts. This system allows for efficient use of both

counterparty default.

securities and funds as well as simplified settlement

(JSCC)

acts

as

the

management.

Under the clearing participants system, four types of


clearing qualifications are available at JSCC based on

DVP settlement is also utilized for Japanese

asset class: Cash Products, Government Bond Futures

government bond transactions through the Bank of

and Futures Options, Index Futures and Options, and

Japan's financial network system (BOJ-NET).

Individual Securities Options. Participants who hold

JSCC began clearing services for CDS on July 19,

these qualifications are called clearing participants, and

2011, becoming the first clearing organization to offer

act as an actual party to a trade when conducting

such services in Asia. As such, JSCC has been

settlement with the clearing organization.

contributing to enhancing safety and transparency of

Non-clearing participants conduct settlement for trades

the OTC derivative markets, worldwide topics which

they have effected on TSE's market with a designated

have come to the forefront in the wake of the 2008

clearing participant (Agency Clearing Participant), and

financial crisis.
Further, JSCC and TSE continue dialogues with

that clearing participant then effects final settlement of the

industry practitioners regarding provision of clearing

trade with the clearing organization.

services for interest rate swaps.

Settlement for regular domestic stock transactions in

23

STOCK
MARKET

Settlement through JSCC (Average Daily Volume)


No. of
Settlement
Days

Foreign Stocks
Cleared
Volume

(B)/(A)
%

(C)
(thous.
shares)

No. of
Settled
Stocks
(D)
(thous.
shares)

Domestic CBs
Cleared
Volume

Settled
Volume

(D)/(C)
%

(E)
( mil.)

(F)
( mil.)

Overall
Overall
Settled
Settled
Volume of
Volume of
Cash
Derivatives
Transactions Transactions
(F)/(E)
( 100 mil.) ( 100 mil.)
%

245

2,728,440

790,491

29.0

395

129

33.5

1,300

753

57.9

2,139

193

2008

245

2,679,550

757,618

28.3

746

273

36.7

1,217

745

61.2

1,896

270

2009

243

2,803,566

756,736

27.0

1,165

569

48.9

2,034

1,145

56.3

1,247

112

2010

245

2,479,014

680,780

27.5

322

169

52.6

1,442

845

58.6

1,181

113

2011

245

2,614,851

672,950

25.7

152

88

57.8

975

511

52.5

1,068

114

'11 Jan.

19

2,615,374

685,647

26.2

295

170

57.9

1,434

796

55.5

969

115

Feb.

19

2,953,036

769,427

26.1

226

150

66.5

1,035

535

51.7

1,099

106

3,845,592

956,389

24.9

370

234

63.3

1,359

616

45.4

1,809

241

2,885,121

700,960

24.3

209

132

63.4

743

453

61.0

1,002

85

May.

19

2,483,020

635,266

25.6

82

44

53.5

479

325

67.8

865

92

Jun.

22

2,411,699

618,990

25.7

56

36

64.6

669

265

39.7

1,073

110

Jul.

20

2,430,292

649,676

26.7

220

65

29.5

540

353

65.3

978

105

Aug.

23

2,693,490

678,538

25.2

96

62

65.0

1,870

787

42.1

1,053

116

Sep.

20

2,470,846

643,999

26.1

81

42

51.9

928

505

54.4

1,187

127

Oct.

20

2,192,058

585,314

26.7

81

44

54.6

1,053

634

60.3

934

98

Nov.

20

2,184,823

572,501

26.2

53

34

64.6

850

515

60.6

845

98

Dec.

21

2,132,751

563,936

26.4

63

41

65.3

614

340

55.5

928

57

2. The Number of Settled Stocks for Domestic Stocks includes when-issued transactions, off-auction transactions, and loan
transactions.

INVESTORS

3. Overall Settled Volume of Derivative Transactions excludes volume of delivered settlement of JGB Futures.
Source: Japan Securities Clearing Corporation

COMPLIANCE

Note: 1. Cleared Volume is the total amount of transactions on each market (excluding cash transactions and when-issued transactions) and
loan transactions.

LISTING

22
20

SYSTEMS &
SERVICES

Mar.
Apr.

STOCK PRICE
INDEX

2007

BOND
MARKET

(A)
(thous.
shares)

No. of
Settled
Stocks
(B)
(thous.
shares)

DERIVATIVES
MARKET

Domestic Stocks
Cleared
Volume

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

24

STOCK
MARKET

BOND
MARKET

DERIVATIVES
MARKET

JSCC

STOCK PRICE
INDEX

JSCC's A/C

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEMS &
SERVICES

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

25

JSCC's A/C

STOCK
MARKET

Custody Services

Clearing, Settlement & Custody


of Foreign Stocks

The shareholder service agents (banks) and the

Clearing & Settlement

companies at the time of their listing on the TSE.


When a foreign listed company announces the
payment of dividends or allotment of new shares to its

transactions in Japan, including foreign stocks and CBs

shareholders, JASDEC receives such payment or

on all of the stock exchanges.

allotment on behalf of the beneficiary shareholders in


Japan. The dividends are remitted to beneficiary
shareholders by the dividend paying banks. The new

plays a key role as a central depository and conducts

shares are credited to beneficiary shareholders'

settlement through the book-entry transfer system.

accounts

(Previously Japan Securities Settlement and Custody,

transactions are conducted based on the beneficiary

Inc. (JSSC) had been the depository and carried out

shareholders' list compiled by the shareholder service

book-entry transfer for foreign stocks.)

agents in cooperation with JASDEC.

through

JASDEC

participants.

These

In the case of voting rights, the beneficiary

shareholders are deposited by the custodian under

shareholders give voting instructions to the shareholder

JASDEC's name in the home market, and the trading of

service agent. Then JASDEC exercises the instructions

foreign listed shares on the TSE is settled by debiting

through the custodian or standing proxy agent in the

or crediting the accounts of JASDEC participants.

home market.
LISTING

Corporate Action Processing

COMPLIANCE

INVESTORS

GLOBAL AND
REGIONAL
ORGANIZATIONS

26

HISTORICAL
DATA

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

SYSTEMS &
SERVICES

Under this system, share certificates of the beneficial

STOCK PRICE
INDEX

For the settlement of foreign stocks listed on TSE,


Japan Securities Depository Center, Inc. (JASDEC)

BOND
MARKET

Japan Securities Clearing Corporation (JSCC) acts


as the cross-market clearing organization for cash

DERIVATIVES
MARKET

dividend paying banks are designated by foreign listed

DERIVATIVES
MARKET

STOCK
MARKET

DERIVATIVES MARKET
TSE Derivatives Market
TSE's derivatives market has grown dramatically

Existing products and systems are regularly updated

over its 20-year history, and we will continuously strive

and revised to further improve the tools available to

to refine our markets to meet investors' diversifying

market operators. Below are the key developments in

needs.

our dynamic derivatives market.

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

Introduction of New Products


1985

Oct. 19

1988

Jul.

10-year Japanese Government Bond (JGB) Futures


20-year JGB Futures

1988

Sep.

TOPIX (Tokyo Stock Price Index) Futures

1989

Oct. 20

TOPIX Options

1990

May 11

Options on JGB Futures

1996

Feb. 16

5-year JGB Futures

1997

May 16

TOPIX Futures Inter-month Spread Trading

1997

Jul.

Equity Options (20 underlying stocks)

1998

Jan. 23

1998

Mar. 13

TOPIX Transportation Equipment Index Futures

1998

Apr. 10

TOPIX Banks Index Futures

18

1998

Oct.

2000

Aug. 14

First TOPIX Sector Index (TOPIX Electric Appliances Index) Futures

TOPIX Futures Off-Auction Block Trading


Inter-month Spread Trading on JGB Futures

2000

Sep. 18

Evening Session on JGB Futures and Options on JGB Futures

2000

Oct. 30

Introduction of SPAN

2000

Nov. 20

Options on 5-year JGB Futures

2001

Apr.

Off-Auction Basis and Block Trading for JGB Futures

2001

Jun. 11

S&P/TOPIX 150 Futures and S&P/TOPIX 150 Options

2007

Mar. 12

Off-Auction Block Trading for TOPIX Options, Equity Options and Options on JGB Futures

2008

Jan. 15

Introduction of Give-up system

2008

Jun. 16

New Index Futures(mini-TOPIX Futures, TOPIX Core30 Futures, TSE REIT Index Futures)

Expanding the range of underlying securities for options


Evening Session for Index Futures and Options
2009

Mar. 23

mini-10-year JGB Futures

2010

Jul.

Dividend Index Futures(Nikkei 225 Dividend Index Futures/TOPIX Dividend Index Futures/TOPIX

26

Core30 Dividend Index Futures)

Modifications
1989

Sep.

Settlement prices based on opening prices of TOPIX component stocks on day after last trading
day of each contract month

1990

Apr. 26

1993

Dec. 10

Disclosure of TOPIX Futures trading volume and open interests of Trading Participants

1994

Feb. 14

TOPIX Futures and Options "circuit breakers"

1995

Jan.

Guidelines against market manipulation and customer front-running

1997

Oct. 29

Modifications to margin and mark-to-the-market regulations, including segregation of margin

1997

Nov. 14

Underlying stocks for Equity Options increased to 30

Disclosure of Program Trading Index arbitrage information

Modifications to TOPIX Options contract specifications, including change of exercise type from
American to European
1997

Nov. 20

1998

Jan. 23

Serial contract months for Options on JGB Futures


Modifications to TOPIX Futures contract specifications, including reduction of minimum fluctuation

1998

Nov. 30

Modifications to margin and mark-to-the-market regulations, including earlier settlement and margin

1999

Mar. 12

Underlying stocks for Equity Options increased to 100

1999

Apr.

Reduction in fixed rate fees for Equity Options

deposit deadline
1

27

27

"No-Action" letter from US SEC for Equity and TOPIX Options

1999

Dec.

2000

May

2000

May 12

Underlying stocks for Equity Options increased to 170

2000

Jun.

Modifications to Off-Auction Block Trading of TOPIX Futures

2001

Jan. 29

Emergency margin on SPANo

2001

Feb.

Publication of the pre-opening and 3 best bid/ask quotes

2001

Dec.

Modification to Off-Auction Block Trading between 2 different Trading Participants for Stock Price

Earlier start to TOPIX Futures Off-Auction Block Trading


Modifications to 5-year JGB Futures (from 6% to 3%)

Index Futures
2002

Dec.

Introduction of a "Contingency Plan" for the last trading day and the S.Q. calculation day of futures
and options contacts

Feb.

2003

Sep. 16

Modification to determination method for settlement price for future contracts

Modification to delisting rule for equity options contracts

2004

Feb.

Switch derivatives clearing functions to JSCC (Japan Securities Clearing Corporation)

2004

Jul.

23

2004

Oct.

2005

Apr. 18

Decision to introduce Free Float Adjusted Indices on TOPIX and other indices
Expansion of best bid/offer quote information (from 3 to 5)
TOPIX dissemination interval change from 1 minute to 15 seconds

Oct. 19

20th Anniversary of JGB futures

2006

Apr.

Introduction of the "TSE Equity Options Supporters" system

2007

Sep. 30

2008

Jan. 15

Introduction of Rules for Canceling-Executed Transactions


Change in the strike price setting policy and extension of the number and period of contract months
Development of ToSTNeT market for off-auction trading of Cash and Derivatives products
(Abolishment of minimum trading unit)

Jun.

2008

Jun. 16

Introduction of "Index Futures Supporters System"

2008

Nov.

Modifications of daily price limit for Index Futures

Introduction of "TOPIX Options Liquidity Provider System"

Nov. 25

Modifications of daily price limit for Index Options

2008

Dec. 15

Modifications of Circuit Breaker Rule for Index Futures

2009

Oct.

Introduction of new trading platform for Options trading "Tdex+ System (LIFFE CONNECT)"

Introduction of Strategy Trading


Introduction of Market Maker scheme
Modifications of contract specifications for Options trading
Increasing the number of the strike prices for TOPIX Options
Modifications of Circuit Braker Rule for Futures and Options
2010

Oct. 18

Listing of TOPIX Futures on NYSE LIFFE as well as establishment of a position transfer


arrangement between NYSE LIFFE and TSE

2011

Jan. 24

Revision of the tick size for Dividend Index futures

2011

Nov. 11

Migrate a new futures market onto the existing options platform "Tdex+ System (LIFFE
CONNECT)"

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

2008

INVESTORS

2008

COMPLIANCE

in Stock Index Options

LISTING

2005

SYSTEMS &
SERVICES

2003

STOCK PRICE
INDEX

Relaxation of position limits for Equity Options

BOND
MARKET

More detailed exercise price scales for Options on JGB Futures

Jul.

DERIVATIVES
MARKET

May 20

1999

STOCK
MARKET

1999

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

28

STOCK
MARKET
DERIVATIVES
MARKET

(As of the end of March 2012)

In order to increase investor convenience, TSE

based on LIFFE CONNECT developed by NYSE

modified the trading rules for futures and options products

Liffe. The introduction of Tdex+ System has brought

and migrated futures trading to Tdex+ System 1 on

greater efficiency and convenience to the TSE

BOND
MARKET

Rule Changes for TSE Derivatives Trading

November 21, 2011. Tdex+ System is a trading

derivatives market. The main changes to the trading

platform boasting world-class processing capabilities

rules are as follows.

Expansion of Trading Hours


Preventing a Fat Finger (Introduce the Dynamic Price Limit)
Introduction of Market Maker Scheme
Introduction of Strategy Trading
1 Options Contracts have already been traded through the Tdex+ System since October 5, 2009.
2 Actual performance which had measured in test phase

1. Expansion of Trading Hours


The lunch break of equity futures and options was

Also, the Closing Auction was introduced in order to

shortened, and the evening session was extended to

execute uncrossing at the end of each session for only

23:30.

futures.

11:02
8:00

8:45

12:05

11:00

15:02 15:25
12:30

GLOBAL AND
REGIONAL
ORGANIZATIONS

15:00

23:30
23:25

15:30

JGB Futures
Options on
JGB Futures
8:30

11:35
9:00

8:00

11:30

11:40

15:15

11:45

16:15
16:30

15:10

Index Futures
Index Options
Individual
Securities
Options

16:20
8:40

12:05

12:30

Pre-Open: Order Acceptance Period


Open: Auction Period/Trading Period
Closing Auction: Closing Uncrossing

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEM &
SERVICES

STOCK PRICE
INDEX

Lower latency (less than 5ms

29

23:25

STOCK
MARKET

2. Preventing a Fat Finger (Introduce the Dynamic Price Limit)


sell order) that is placed at a price significantly higher
(or lower) price than the current price will not be

of erroneous orders through the non-acceptance of

executed. This allows us to prevent immediate

orders which deviate greatly from the latest execution

execution of erroneous orders which are placed at

price.

inappropriate prices.

DERIVATIVES
MARKET

The dynamic price limit ("DPL") is meant to prevent (1)


sharp price fluctuation and (2) the immediate execution

With the implementation of the DPL, a buy order (or


BOND
MARKET

Image of Dynamic Price Limit (DPL)


E.g. TOPIX futures - "Open" period

OVER

350

931.5

560

931.0

320

930.5

1,030

930.0
920.5
920.0
919.5

Sell orders
(offers)
not allowed

Base price

20

910.0

460

909.5

240

909.0

740

908.5

1330

UNDER

Dynamic Price Limit

Buy orders below


the lower limit
will be accepted.

42,750

The Market Maker Scheme is a scheme that creates a

so that investors can trade them at any time.

trading environment where market makers continuousely

The Market Maker Scheme was implemented with the

place bids and offers for issues designated in advance

aim of facilitating smooth transactions in the market.

Price

After Introduction

Buy

Sell

Price

Buy

MO

MO

Notes

OVER

OVER

900.75

900.75

900.50

900.50

900.25

900.25

900.00

900.00

- Market makers
are required to
place bids and
offers which satisfy
specified spreads
and trading
amount.

899.75

899.75

899.50

899.50

899.25

899.25

899.00

899.00

UNDER

UNDER

- This will increase


the depth of the
order book, make
spreads tighter and
increase liquidity.

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Sell

INVESTORS

Before Introduction

COMPLIANCE

3. Introduction of Market Maker Scheme

LISTING

Sell orders below


the lower limit
will not be accepted.

Upper limit

~
Lower limit

Buy orders exceeding


the upper limit
will not be accepted.

Buy orders
(bids)
not allowed

SYSTEMS &
SERVICES

80

Buy

Buy orders allowed

Sell orders allowed

Sell
81,250

STOCK PRICE
INDEX

Sell orders exceeding


the upper limit
will be accepted.

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

30

STOCK
MARKET

4. Introduction of Strategy Trading

DERIVATIVES
MARKET

Strategy Trading of Futures


respective products are available for inter-month

Strategy trading become available for futures


contracts. With this change, inter-month spread trading

spread trading.

come under strategy trading (for inter-month spread

(*)TOPIX futures, mini TOPIX futures, TOPIX Core30


futures, TSE REIT index futures, TSE sector index

trading prices, please refer to the table below).

futures, and dividend index futures.

BOND
MARKET

All combinations of listed contract months of the


Product

SYSTEM &
SERVICES

STOCK PRICE
INDEX

JGB Futures
Index Futures(*)

Transaction Effected by Strategy Buy Order


Buy 1 unit of a nearer contract month and

Price of the nearer contact month

sell 1 unit of a farther contract month

- Price of the farther contract month

Sell 1 unit of a nearer contract month and

Price of the farther contract month

buy 1 unit of a farther contract month

- Price of the nearer contract month

Strategy Trading of Options


strategy trading issues. There are two types of implied

Strategy trading of options allows market users to

functions: implied-in and implied-out.

combine transactions in multiple options and execute


them simultaneously. 30 types of strategy trading offer

Implied-in: A function that generates a specific strategy

market users an abundant choice of combinations

bid/offer from multiple bids/offers in individual issues


Implied-out: A function that, when triggered by a

investment strategies.

bid/offer in an individual issue, generates bids/offers


in other individual issues from a strategy bid/offer

Implied Function
The implied function in options trading is very useful.
This function increases the probability of order execution
by utilizing the liquidity of both individual contracts and

Individual Issue

Individual Issue
Implied-out

Strategy Issue

Implied-in

Implied-in

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

which can be used in accordance with a variety of

GLOBAL AND
REGIONAL
ORGANIZATIONS

Strategy Price

31

STOCK
MARKET

Available Strategies for Implied Function


Implied-out

Call (or Put) Spread

Available

Available

Call (or Put) Calendar Spread

Available

Available

Call (or Put) Diagonal Calendar Spread

Available

Available

Straddle

Available

Available

Available

Available

Available

Not available

Call (or Put) Ladder

Available

Not available

2x1 Ratio Call (or Put) Spread

Available

Not available

the underlying asset is executed according to the

Delta Neutral Strategy Trading

options contracts effected through strategy trading.


This characteristic allows users to easily conduct hedge

asset.

transactions or execute complex investment strategies.

When a delta neutral trade is executed, a transaction in

SYSTEMS &
SERVICES

pre-designated ratio (delta) with respect to the number of

Delta neutral trading is a type of strategy trading which


combines transactions in an option and its underlying

STOCK PRICE
INDEX

Strangle
Call (or Put) Butterfly

BOND
MARKET

Implied-in

DERIVATIVES
MARKET

Type of Strategy Trading

shall be specified
TOPIX Options

Individual Securities Options

JGB futures
(excluding mini JGB futures)

TOPIX futures
(excluding mini TOPIX futures)

Underlying securities

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Price of
Underlying Asset

Execution will be conducted at the underlying asset price designated when the order book was
generated.
However, if the underlying asset price designated when the order book was generated greatly
deviates from the actual price of the underlying asset at the time of order placement, the order will
not be accepted.

INVESTORS

Delta

Available values: 0.01-1.00 (1%-100%)


(The number of contracts to be executed are determined according to the delta value designated
here.
E.g., When 100 contracts of delta neutral trading with delta value designated as 0.50 (50%) are
executed:
50 units of the underlying asset (x trading unit) is executed.)

COMPLIANCE

Underlying Asset

Options on JGB Futures

LISTING

In a delta neutral trade, the following information on the underlying asset

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

32

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS

Index Futures Market (TOPIX Futures)


Trading Volume, Trading Value and Open Interest of Index Futures
Number of
Contracts

ToSTNeT

Daily Average

Trading Value
( bil.)

Open
Interest

2007

16,578,731

3,880,144

67,668

273,287

365,595

2008

19,268,823

3,007,358

78,648

216,278

411,427

2009

16,287,710

3,178,681

67,028

132,113

378,888

2010

15,900,256

2,773,346

64,899

129,325

420,956

2011

15,433,956

2,971,444

62,996

120,112

427,175

'11 Jan.

856,559

102,085

45,082

7,341

436,267

Feb.

862,241

99,516

45,381

7,648

483,896

Mar.

2,597,312

633,681

118,060

22,131

456,936

Apr.

842,050

71,476

42,103

6,873

465,447

May

810,589

58,421

42,663

6,426

475,847

Jun.

2,010,895

477,327

91,404

15,684

414,814

741,639

61,875

37,082

6,154

428,398

Aug.

1,177,731

115,536

51,206

8,761

455,706

Sep.

2,131,598

611,623

106,580

15,510

468,106

Oct.

817,575

74,019

40,879

5,965

469,579

Jul.

Nov.

811,406

91,200

40,570

5,489

489,470

Dec.

1,774,361

574,685

84,493

12,126

427,175

Note: Number of contracts, trading value, and open interest (year/month end) are each totals of the figures for every contract
month (including figures for inter-month spread trading).

Trading Volume by Type of Investor


Securities Companies
City & Regional Banks
Trust Banks
Insurance Companies
Others Financial Institutions
Investment Trusts
Business Corporations

GLOBAL AND
REGIONAL
ORGANIZATIONS

(contracts)

2007

2008

2009

2010

2011

14,200,055

15,650,940

12,639,748

11,938,549

11,019,403

90,600

128,710

52,851

60,287

46,399

1,144,401

1,731,154

1,796,092

1,560,615

1,797,268

135,502

308,023

303,648

167,589

180,447

11,344

6,762

3,541

3,330

2,938

410,969

449,824

389,924

334,719

326,380

49,531

17,900

2,414

8,937

2,278

2,775

7,374

3,698

1,474

2,562

Individuals

126,698

110,808

94,190

63,719

129,568

Foreigners

16,984,831

18,684,810

15,670,969

15,313,880

15,844,913

Other Corporations

Note: Figures are derived from Trading Participants with capital of 3 billion or more.

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

Trading Activities & Contract Specifications

33

STOCK
MARKET

BOND
MARKET

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

LISTING

Growth of the Index Futures Market


investors, leading to a rapid expansion in the size of the

TOPIX (Tokyo Stock Price Index) is an important


and is used as a benchmark to gauge domestic stock

TSE continues to implement a wide variety of

investment results in the management of pension funds

measures aimed at further expanding the size of the

and other such institutional investors.

TOPIX

futures

market

and

improving

investor

convenience. Specifically, TSE introduced mini TOPIX


futures which can be traded using less funds, thereby

against stock price movements from these types of

lowering the hurdle to market entry by individual

institutional investors.

investors. In addition, futures trading was migrated to


Tdex+ System in November 2011, allowing TSE to offer
a low latency trading environment on a par with the

early 90s, the market regained its growth momentum

global standard. Mechanisms to prevent erroneous

on the back of various measures to enhance the

orders and market maker schemes to enhance market

attractiveness of the product, such as the introduction

liquidity were introduced at the same time. With a view

of inter-month spread trading (1996), off-auction

to attracting new investors, the trading hours were also

trading mechanism (1998), and revision of the margin

significantly expanded by shortening the lunch break

system. In the 2000s, overseas investors actively

and extending the evening session.

in

the

market

alongside

domestic

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Since its launch, trading in TOPIX futures has been


vibrant. While it showed signs of a slowdown in the

INVESTORS

TSE established the TOPIX futures market in 1988 in


response to the increasing needs for risk hedging

COMPLIANCE

TOPIX futures market.

index which reflects trends in the overall stock market,

participated

DERIVATIVES
MARKET

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

34

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX

(As of the end of March 2011)

COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

TOPIX Dividend Index


Futures
TOPIX Core30
Dividend Index Futures

Contract:

TOPIX
TOPIX Core30 Futures
(Tokyo Stock Price mini-TOPIX Futures
TSE REIT Index Futures
Index) Futures

Nikkei 225
Dividend Index
Futures

Contract Months:

5 nearest quarterly 3 nearest quarterly months (Mar/Jun/Sep/Dec)


months
(Mar/Jun/Sep/Dec)

Dec. 8 contract months.


(9 contract months during Jan.-Mar.)

Trading Unit:

10,000 times TOPIX 1,000 times TOPIX 1,000 times TOPIX Core30
1,000 times TSE REIT Index

1,000 times Nikkei 10,000 times


225 Dividend Index Index

Minimum Fluctuation: 0.5 points

0.25 points

0.5 points

0.1 yen

Value of Minimum Move: 5,000

250

500

100

0.01 points

None

Daily Price Limit:

Base price of central contract month  Maximum Price Range (Plus/Minus)


less than 750
100 points
750~less than 1,000
150 points
1,000less than 1,250
200 points
1,250less than 1,750
300 points
1,750less than 2,250
400 points
2,250less than 2,750
500 points
2,750less than 3,250
600 points
3,250less than 3,750
700 points
more than 3,750
800 points

Last Trading Day:

Last business day prior to the 2nd Friday of the respective contract month.
The last business day of March
Trading in a new contract month begins on the business day following the last
trading day.

Final Settlement:

Cash settlement based on special quotation on the business day following the last trading day.
(special quotation of mini-TOPIX Futures is the same as TOPIX Futures)

Margin:

Margin is calculated by JSCC (SPAN)

Trading Hours:

Morning Session : 9:0011:30, 11:35 (*3)


Afternoon Session : 11:4515:10, 15:15 (*3)
Evening Session : 16:3023:25, 23:30 (*3)

LISTING

SYSTEM &
SERVICES

Contract Specifications for TOPIX Futures

10 combinations are available 3 combinations are available


Inter-month Spread
Far contract month - Near Far contract month - Near contract month (*4)
Trading: (*1)
contract month (*4)

28 combinations are available (*5)


Far contract month - Near contract month (*4)

ToSTNeT Hours:
8:2016:00, 16:2023:30
Trading
Minimum
1 contract
(*2)
Trading Size:
Minimum
0.1 points
Fluctuation:

0.05 points

0.1 points

Execution 95%105% of the last base reference price


Prices:

0.1 yen

0.01 points

90%110% of the last base reference


price

(*1) Inter-month Spread Trading: Bids/offers are placed based on the spread between two contract months, when the sale of
one and purchase of another are effected simultaneously.
(*2) ToSTNeT Trading: Simultaneous sale and purchase of Index Futures for the same contract month by Trading
Participants on the ToSTNeT market.
(*3) Uncrossing process is executed only in order to trade the closing price at the end of each session.
(*4) All combinations of listed contract months are available.
(*5) 36 combinations are available during Jan.-Mar..
(*6) Give-up is available for all index futures contracts.

35

STOCK
MARKET

TOPIX Sector Index Futures Market

(As of the end of March 2012)

Contract (*1) :

TOPIX Electric Appliances Index Futures

Contract Months:

3 nearest quarterly months (Mar./Jun./Sep./Dec.)

Trading Unit:

10,000 times the index value

Minimum Fluctuation:

0.5 points of the index value

0.1 points of the index value

Value of Minimum Fluctuation:

5,000

1,000

Daily Price Limit:

Base price of central contract month Maximum Price Range (Plus/Minus)


less than 750
100 points
750less than 1,000
150 points
1,000less than 1,250
200 points
1,250less than 1,750
300 points
1,750less than 2,250
400 points
2,250less than 2,750
500 points
2,750less than 3,250
600 points
3,250less than 3,750
700 points
more than 3,750
800 points

Last Trading Day:

Last business day prior to the 2nd Friday of the respective contract month.
Trading in a new contract month begins on the business day following the
last trading day.

Final Settlement:

Cash settlement based on special quotation on the business day following


the last trading day.

Margin:

Margin is calculated by JSCC (SPAN)

Trading Hours:

Morning Session : 9:0011:30, 11:35 (*4)


Afternoon Session : 11:4515:10, 15:15 (*4)
Evening Session : 16:3023:25, 23:30 (*4)

Inter - month Spread trading

3 combinations are available (*5)


Far contract month - Near contract month

ToSTNeT Hours:
Trading
(*2)
Minimum Trading Size:

8:2016:00, 16:2023:30

BOND
MARKET

Trading in TOPIX Transportation Equipment Index Futures has been dormant since June 2003.

(*2)

ToSTNeT Trading: available for simultaneous large sell and buy order execution in the ToSTNeT market.

(*3)

Give-up is available for all TOPIX Sector Index Futures.

(*4)

Uncrossing process is executed only in order to trade the closing price at the end of each session.

(*5)

All combinations of listed contract months are available.

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

95%105% of the last trading price

INVESTORS

Execution Prices:

COMPLIANCE

0.1 points of the index value

LISTING

Minimum Fluctuation:

SYSTEMS &
SERVICES

1 contract

STOCK PRICE
INDEX

(*1)

TOPIX Transportation
TOPIX Banks Index
Equipment Index Futures Futures

DERIVATIVES
MARKET

Contract Specifications for TOPIX Sector Index Futures

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

36

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

TOPIX Options Market


Trading Volume, Trading Value and Open Interest of TOPIX Options

2007
2008
2009
2010
2011
'11 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

Put Options
Trading
Trading Value
Open Interest
Volume
( mil.)
9,106
3,220
1,050
32,293
44,220
1,334
17,224
6,306
3,264
33,015
8,203
1,430
9,921
4,068
1,036
600
75
5,738

915

276
707
101
563
946

59
14
2,376

694

221
412
25
74
189

1,530
1,605
1,934
995
995
460
460
196
513
476
973
1,036

Call Options
Trading
Trading Value
Open Interest
Volume
( mil.)
10,449
8,644
1,000
29,752
13,075
1,329
35,299
14,565
14,344
87,025
13,384
8,247
11,421
3,630
1,668
5,401

2,330

915

276
774
167
398
1,160

1,426

1,034

226

11
387
22
52
468

9,563
8,165
975
975
975
900
900
636
1,020
982
1,244
1,668

Individual Securities Options Market


Trading Volume, Trading Value and Open Interest of Individual Securities Options

2007
2008
2009
2010
2011
'11 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

Put Options
Trading
Trading Value
Open Interest
Volume
( mil.)
84,842
843
4,393
64,030
311
40,803
462,118
3,452
70,457
243,379
3,493
5,396
112,092
1,052
10,236
9,347
16,406
3,702
1,671
6,398
6,762
16,769
13,798
9,544
8,073
12,770
6,852

64
112
25
18
43
83
93
171
180
108
110
40

11,085
11,153
4,161
2,426
6,290
7,506
13,612
13,882
9,871
8,599
11,024
10,236

37

Call Options
Trading
Trading Value
Open Interest
Volume
( mil.)
60,607
453
2,088
24,226
109
3,825
200,695
856
33,883
591,562
2,062
293,820
489,064
2,761
20,329
215,350
106,667
10,710
14,066
10,839
12,318
15,767
16,444
39,292
18,035
22,736
6,840

921
501
43
137
57
98
121
100
303
192
193
89

348,973
354,662
152,722
141,449
147,285
15,309
19,938
24,305
35,462
42,147
50,927
20,329

STOCK
MARKET

Contract Specifications for Options

(As of the end of March 2012)

Individual Securities Options

Options on JGB Futures

Call and Put options based on the First


Call and Put options based on 5-year JGB
Section listed stocks selected by the Tokyo
Futures and 10-year JGB Futures (*2)
Stock Exchange(*1)

Call and Put options based on TOPIX Index

Contract
Month

5 closest quarterly months(March, June,


4 contract months (2 nearest serial months 2 nearest quarterly months plus 1 or 2
September and December cycle) and 3 serial
plus 2 nearest quarterly months)
nearest serial months
months(non-quarterly months)

Trading
Unit

10,000 times TOPIX

First
Trading
Day

1 option contract represents an equivalent


Corresponds to the minimum trading unit of
worth of the trading unit of JGB futures
the underlying security
(100 million)
The following business day of the last trading day of the option contract month

The business day prior to the 2nd Friday of the respective contract months

Last business day of the month prior to the


respective option contract month

Trading
Hour

Morning Session : 9:00-11:30


Afternoon Session : 1145-15:10
Evening Session : 16:30-2325

Morning Session : 8:45-11:00


Afternoon Session : 12:30-15:00
Evening Session : 15:30-23:25

Option Premium
less than
50(*)
50 - less than
1,000(*)
1,000 - less than
3,000
3,000 - less than
30,000
30,000 - less than
50,000
50,000 - less than
100,000
100,000 - less than 1,000,000
More than 1,000,000

Tick size
0.1
0.5
1
5
25
50
500
5,000

0.01 per 100 face value (10,000)

(*)Base price is the Theoretical Price calculated (*)Base price is the Thoretical Price calculated
from the subjected underlying security base from the subjected underlying futures base
price.
price.

5 strikes with the intervals based on the


closing price of the underlying security will be 21strikes with 0.5 intervals. Additional
set on the first trading day. Additional strikes strikes will be set in conjunction with the
will be set in conjunction with the underlying underlying fluctuation.
fluctuation.

For contracts with 4 months trading period:


19 strikes with 25 point intervals. Additional
strikes will be set in conjunction with the
underlying fluctuation.
Any time from the first trading day to the last
trading day
(American type)

Margin

Margin is calculated by JSCC. (SPAN)

Trading
Hour

8201600
16202330

8201600

8201515
152523:30

ToSTNeT trading base price* 5% of the last


value of TOPIX
* "ToSTNeT trading base price" is the
Theoretical Price calculated from latest
execution price of the most liquid month
futures latest execution price in auction
trading.

ToSTNeT trading base price* 5% of the last


execution price of the underlying security in
auction.
* "ToSTNeT trading base price" is the
Theoretical Price calculated from the latest
execution price etc. of the subjected
underlying security in auction trading.

ToSTNeT trading base price* 0.5% of the


last base reference price of the subjected
underlying futures contract in auction.
*"ToSTNeT trading base price" is the
Theoretical Price calculated from the latest
execution price etc. of the subjected
underlying futures in auction trading.

Price
Off-Auction Range
Trading
(ToSTNeT
Trading)

Minimum
0.1 points
Fluctuation
Minimum
Trading
size

0.1
1 for the odd number of underlying trading 0.01
unit)

1 trading unit

Individual Securities Options of a certain stock will be delisted if )the underlying stock is delisted, )the underlying
stock is reassigned to the Second Section, or )there is no transaction of the contracts for one whole fiscal year and
TSE determines that continued listing is unnecessary.

(*2)

Options on 5-year JGB Futures have been dormant since the July 2002 contract.

(*3)

All in-the-money options are automatically exercised on the expiration date, unless otherwise instructed.

(*4)

Give-up is available for all options transactions.

GLOBAL AND
REGIONAL
ORGANIZATIONS

38

HISTORICAL
DATA

(*1)

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

The following business day to the last trading


Expiration
The last trading day
day
Date
(European type)
(European type)

INVESTORS

Strike
Price

For contracts with exceeding 4 months


trading period:
13 strikes with 50 point intervals. Additional
strikes will be set in conjunction with the
underlying fluctuation.
When a time to expiry is less than 4 months, 19
series or more of strikes with 25 point intervals
will be set.

Base price (Daily Price Limit of the underlying Base price (Daily Price Limit of the
security + Dynamic Price Limit)
underlying futures + Dynamic Price Limit)

COMPLIANCE

Base price (Daily Price Limit of the underlying


futures + Dynamic Price Limit)
Daily
Price Limit (*)Base price is the Theoretical Price calculated
from the most liquid contract month furtures
base price.

LISTING

(*) In cases where the option premium is less


than 1,000 and the trading unit of the
underlying security is odd, tick size will be set
as 1.

SYSTEMS &
SERVICES

Minimum
20 points or less : 0.1 points
Fluctuation More than 20 points : 0.5 points
Auction
Trading

Morning Session : 9:00-11:30


Afternoon Session : 12:30-15:10

STOCK PRICE
INDEX

Last
Trading
Day

BOND
MARKET

Contract

DERIVATIVES
MARKET

TOPIX Options

Trading Volume and Open Interest of Japanese Government Bond Futures


Number of Contracts

STOCK
MARKET
BOND
MARKET

DERIVATIVES
MARKET

Japanese Government Bond (JGB) Futures Market

10-yr.
2008

10,639,934

2009

6,765,074

2010
2011

84,375,534

53,738,606

49,335

48,058,693

71,439

631

53,623,323

60,086

4,015,259

557,933

73,647

4,334,896

677,189

51,173

4,535,244

Apr.

475,250

69,514

4,430,368

May

469,267

83,602

4,162,840

Jun.

762,483

71,124

4,745,865

Jul.

491,112

76,967

3,942,740

Aug.

577,435

84,461

4,907,506

Sep.

636,640

65,871

4,636,240

Oct.

481,520

67,307

4,293,053

Nov.

581,650

3,331

70,810

578

4,933,283

Dec.

661,929

4,402

71,439

631

4,686,029

8,021,458

6,883,210

7,734

'11 Jan.

510,802

Feb.
Mar.

STOCK PRICE
INDEX

93,351,042

45,508
55,581

SYSTEM &
SERVICES
GLOBAL AND
REGIONAL
ORGANIZATIONS

mini-10-yr.

112,392
46

LISTING
COMPLIANCE
INVESTORS

13,545,239

10-yr.

Note: The cash market volume is the total amount of sales and purchases in Japanese Government Bonds effected in the
Tokyo OTC market.

Trading Volume by Type of Investor


2007
Securities Companies
Banks
Insurance Companies
Other Financial Institutions

2008

2009

(contracts)

2,010

2,011

10,792,108

8,281,676

5,406,738

6,988,623

5,889,845

5,577,044

4,325,675

2,595,858

3,277,049

2,530,066

55,013

59,067

18,625

22,821

12,866

133,712

68,599

47,421

100,915

90,358

15,265

12,726

8,439

13,201

25,127

119,739

27,615

19,120

7,525

6,006

Other Corporations

108

4,341

596

184

Individuals

677

709

184

361

334

Foreigners

10,396,234

8,498,665

5,432,925

5,628,307

5,191,600

Investment Trusts
Business Corporations

Note: Figures are derived from Trading Participants with capital of 3 billion or more.

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

mini-10-yr.

2007

Cash Market
Volume
(100mil.)

Open Interest

39

STOCK
MARKET

fluctuation which accompanied the cumulative increase

a low interest rate environment. Following a recovery in

in public bonds and liberalization of interest rates, and

trading volume in the mid 2000's, the JGB futures

the important place assumed by futures markets in

market is again showing signs of stagnation due to

major financial and investment markets overseas,

monetary easing in the aftermath of the recent financial

momentum increased for the establishment of a bond

crisis.

futures market in Japan to provide an opportunity for

TSE has responded by trying to encourage retail

hedging against bond prices equal to that found

investors and institutional investors to enter the JGB

overseas.

futures market by listing mini JGB futures which can be


traded using small amounts of funds and settled in
cash. In addition, TSE introduced Tdex+ System in

JGB futures trading beginning in 1985 and 5-year JGB

November 2011 which offers a low latency trading

futures trading in 1996.

environment on a par with the global standard, and

The scale of the 10-year JGB futures market grew

adopted mechanisms similar to those in the equity

with the rapid increase in issuance of 10-year JGBs,

futures markets which prevent erroneous trades.

making the futures market an important indicator for

Through these efforts, TSE hopes to encourage the

interest rates.

entry of market makers, and thereby contribute to a


larger user base and greater convenience in the

While the JGB futures market has enjoyed abundant

Japanese fixed income market.

liquidity since its launch, trading volume and open

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Given this background, the first financial futures


market following WW2 was established, with 10-year

INVESTORS

interest declined in the late 90's and early 2000's due to


COMPLIANCE

Given the need for a response to bond price

LISTING

Progress in the JGB Futures Market

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

DERIVATIVES
MARKET

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

40

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

Contract Specifications for Japanese Government Bond (JGB) Futures


(As of the end of March 2012)

Contract:

mini 10-year Japanese 5-year Japanese


Government Bond
Government Bond
Futures (*1)
Futures

10-year Japanese
Government Bond
Futures

20-year Japanese
Government Bond
Futures(*2)

Underlying

Price of Standardized Standardized 3%, Standardized 6%,


6%, 10-year Japanese 5-year Japanese
10-year Japanese
Government Bond
Government Bond Government Bond

Standardized 6%,
20-year Japanese
Government Bond

Contract Months:

March, June, September, December cycle (3 contract months traded at any one
time)

Trading Unit:

10 million JPY face


value

100 million JPY face value

Minimum Fluctuation:

0.005 (500)

0.01 per 100 face value (10,000)

Daily Price Limit: (Max)

3.00 upward and downward from the previous day's settlement 4.50 upward and
price
downward from the
previous day's
settlement price

Last Trading Day:

1st business day prior to 7th business day prior to each delivery date.
the last trading day of Trading in new contract month begins on the business day
10-year JGB Futures for following the last trading day.
the same contract month

Settlement Method:

Cash settlement based Physical Delivery of JGBs


on Final Settlement Price

Final Settlement Price:

Opening Price for JGB


Futures of the same
contract month on the
last trading day

Delivery Date:

20th of each contract month

Publicly-offered
interest-bearing 5-year
JGBs with 4 or more but
less than 5 years and 3
months remaining to
maturity as of the issued
date and the delivery
date.(*3)

Deliverable Grade:

Margin:

Margin is calculated by JSCC (SPAN)

Trading Hours:

Morning Session : 8:4511:00, 11:02 (*4)


Afternoon Session : 12:3015:00, 15:02 (*4)
Evening Session : 15:3023:25, 23:30 (*4)

Publicly-offered
interest-bearing
10-year JGBs with 7 or
more but less than 11
years remaining to
maturity as of the
issued date and the
delivery date.(*3)

Inter-month Spread Trading: 3 combinations are available:


(*5)
Near month - Far month (*6)
ToSTNeT Hours:
Trading
Minimum
(*7)
Trading Size:
Excution Prices:

Publicly-offered
interest-bearing
20-year JGBs with 15
or more but less than
21 years remaining to
maturity as of the
issued date and the
delivery date.(*3)

8:2015:15, 15:2523:30
1 contract
99.5%100.5% of the last base reference price

(*1)
(*2)
(*3)
(*4)
(*5)

Launch date of mini-JGB Futures is March 23rd, 2009.


20-year JGB Futures have been dormant since the December 2002 contract.
The deliverable grade has to be issued at least 3 months prior to the delivery month.
Uncrossing process is executed only in order to trade the closing price at the end of each session.
Inter-month Spread Trading: Bids/offers are placed based on the spread between two contract months, when the sale of
one and purchase of another are effected simultaneously.
(*6) All combinations of listed contract months are available.
(*7) ToSTNeT Trading : Simultaneous sale and purchase of JGB Futures for the same contract month by Trading Participants
on the ToSTNeT market.
(*8) Give-up is available for all JGB Futures transactions.

41

STOCK
MARKET

Options on Japanese Government Bond (JGB) Futures Market

Trading
Volume

Open
Interest

Trading
Volume

Call Options
Trading
Value
( 100 mil.)

Open
Interest

3,203

6,936

2008

1,162,120

3,624

2,044

1,280,478

3,730

2,081

2009

1,215,325

2,601

2,451

1,217,892

3,128

887

2010

1,093,343

1,979

1,704

905,939

1,940

2,075

2011

1,061,935

1,775

9,018

791,737

1,652

3,437

'11 Jan.

85,411

169

3,468

69,086

142

2,863

Feb.

93,554

179

2,308

91,772

156

2,837

Mar.

58,887

127

5,313

50,076

149

1,587

Apr.

60,245

116

7,848

52,254

113

3,621

May

68,992

102

9,050

42,764

88

3,803

Jun.

91,799

137

8,966

54,124

107

3,888

Jul.

74,609

121

8,096

64,487

142

6,324

Aug.

102,591

144

3,215

64,827

139

2,417

Sep.

73,292

121

7,909

67,199

140

6,001

Oct.

114,091

182

13,504

79,220

140

10,629

Nov.

135,731

232

15,707

86,862

166

8,567

Dec.

102,733

140

9,018

69,066

164

3,437

Trading Volume by Type of Investor


2007

2008

2009

2010

2011

950,136
833,060
47,772
17,754
945
24,851

96
3,735,008

707,696
803,618
38,953
19,097
70
1,134
250
115
3,314,263

749,508
831,263
7,549
12,855

315

3,264,944

550,624
858,096
8,412
22,183

224

45
2,552,828

598,267
879,811
7,211
17,564

692

94
2,186,955

Note: Figures are derived from Trading Participants with capital of 3 billion or more.

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Securities Companies
Banks
Insurance Companies
Other Financial Institutions
Investment Trusts
Business Corporations
Other Corporations
Individuals
Foreigners

(contracts)

INVESTORS

1,345,464

COMPLIANCE

9,098

LISTING

3,140

SYSTEMS &
SERVICES

1,459,347

STOCK PRICE
INDEX

2007

BOND
MARKET

Put Options
Trading
Value
( 100 mil.)

DERIVATIVES
MARKET

Trading Volume, Trading Value and Open Interest of Options on JGB Futures

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

42

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX

Circuit Breaker Rule


1. Introduction

submitted to the central contract month


at the upper (lower) price limit, and no
opposite tradable order comes for 5 min.
(b) A trading halt will not be imposed
In case where once Daily Price Limit is
expanded to Maximum price range, and
meets the circuit breaker criteria again.
In case that criteria (i) is met between
14:50-15:15 and 23:05-23:30.
In case that criteria (ii) is met between
14:55-15:15 and 23:10-23:30.

When a price in the futures market runs excessively


ahead of the underlying stock price index, it may
adversely affect the cash market by increasing
volatility. In order to cope with such a situation,
coordinated supervision over price formation in the two
markets is needed.
In this respect, a temporary trading halt rule was
introduced in the futures and options markets. This rule
is designed to contain excessively fast price movement
in the futures market, and to lessen investors' concern
by providing them with a basis on which they can make
rational investment decisions.

(2) Duration of trading halt


15 min when a contract month meets criteria (i).
10 min when a contract month meets criteria (ii).

2. Contracts subject to the trading halt

(3) Re-opening procedures


(a) Orders placed before the trading halt will
continue to be effective after the market
reopens.
(b) When trading resumes after a trading halt,
the re-opening transaction shall be made in
the same manner as the opening transaction
in each trading session.

3. Procedures (As of the end of Feb. 2012)


(1) Situations in which temporary trading halts are
imposed
(a) Trading halt triggers
( i ) In cases where the execution price of the
central contract month reaches the
upper/lower limit of the Daily Price Limit.
(ii) In case when a buy (sell) order is

Daily Price Limit


The range of Daily Price Limit will be expanded gradually when the price hits the trigger of circuit breaker.

[Index Futures]
Base Price of the central
2nd Price Limit
[Maximum Price Limit]
1st Price Limit
contract month
(points)
(points)
(points)
(points)
Less than
750
Upward or downward 50
Upward or downward 75
Upward or downward 100
750less than 1,000
75
110
150
1,000less than 1,250
100
150
200
1,250less than 1,750
150
225
300
1,750less than 2,250
200
300
400
2,250less than 2,750
250
375
500
2,750less than 3,250
300
450
600
3,250less than 3,750
350
525
700
3,750 or more
400
600
800

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEM &
SERVICES

Index Futures, Index Options

43

BOND MARKET
STOCK
MARKET

Bond Trading Activities

Tokyo OTC
Markets
( tril.)
Total

TSE Market
( mil.)
Total

CBs

Other

10 year
JGB yield
(%)

11,288

1.163

496,458

29

8,563

1.285

346,050

7,553

1.120

238,369

7,964

0.980

27,431

27,431

592

1.209

337

20,961

20,961

611

1.253

324

28,781

28,781

656

1.249

Apr.

327

15,657

15,657

656

1.200

May

330

7,982

7,982

621

1.150

Jun.

327

14,442

14,442

711

1.131

Jul.

327

11,564

11,564

602

1.075

Aug.

329

44,131

44,131

741

1.029

Sep.

323

16,975

16,975

704

1.025

Oct.

324

23,868

23,868

658

1.045

Nov.

325

17,226

17,226

748

1.068

Dec.

323

9,351

9,351

659

0.980

2008

347

297,645

2009

329

496,487

2010

335

346,054

2011

323

238,369

'11 Jan.

335

Feb.
Mar.

INVESTORS

Note: "Tokyo OTC Markets" volume is a total of sales and purchases in all types of bonds including CBs.
Source: Tokyo OTC Markets and 10 year JGB yield is based on figures from Japan Securities Dealers Association, "OTC
Trade Volume by Bond Type" and "Tokyo OTC Markets Reference Statistics".

COMPLIANCE

297,643

306,471

LISTING

1.500

306,713

SYSTEM &
SERVICES

12,096

359

STOCK PRICE
INDEX

242

2007

BOND
MARKET

No. of
Listed
Issues

DERIVATIVES
MARKET

Total Trading Volume of Bonds (Par Value)

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

44

Net Purchases of CBs (Par Value)


Trading Participants' Own Accounts
Individuals
Investment Trusts
Business Corporations
Insurance Companies
City & Regional Banks
Trust Banks
Foreigners
Others
Total

STOCK
MARKET
GLOBAL AND
REGIONAL
ORGANIZATIONS

( 100 mil.)

2007

2008

2009

2010

2011

145
-883
1
-183
57
-9
-55
846
89
6

58
290
4
44
39
12
67
-956
430
-7

-83
-1,217
-19
-162
-182
-11
-205
1,970
-98
-9

624
-1,333
-12
-128
-43
1
-73
1,026
-50
11

395
-197
-0
82
-16
-4
56
-373
53
-3

TSE CB Trading Volume

( bil.)

During
or
End of

No. of
Listed
Companies

No. of
Listed
Issues

Amount
Listed
(par value)

Trading
Volume
(par value)

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

316
212
146
98
86
72
57
35
37
20

427
258
175
117
98
81
62
39
39
23

8,182
5,670
3,668
1,821
1,723
1,396
1,240
1,202
1,239
1,048

1,812
1,019
712
601
525
306
297
496
346
238

'11 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

37
37
29
30
30
30
30
28
22
22
21
20

39
39
31
32
32
32
32
31
25
25
24
23

1,239
1,239
1,160
1,165
1,165
1,165
1,164
1,177
1,024
1,053
1,052
1,048

27
20
28
15
7
14
11
44
16
23
17
9

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEM &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

DERIVATIVES
MARKET

TSE Convertible Bond (CB) Volume

45

STOCK
MARKET

Contract Specifications for Bond Trading

Government Bonds

12:3015:00
50,000 face value

0.01 per 100 face value

Trading Method

Auction

Daily Price Limit

1
T+3

          Cash(T+0)
          Regular (T+3)

CBs
9:00-11:30
12:30-15:00
Trading Unit

100 thousand, 500 thousand, 1million, 2million, 3million,

Minimum Fluctuation

0.5 per 100 face value

Acceptable Orders

Limit and market orders


Auction
Cash (T+0)

Settlement Day

Regular (T+3)

INVESTORS

Trading Method

COMPLIANCE

4million or 5million face value

LISTING

Trading Hours

SYSTEM &
SERVICES

Settlement Day

STOCK PRICE
INDEX

Minimum
Fluctuation

100,000, 1 million, or 10 million face value

BOND
MARKET

Trading Hours
Trading Unit

Corporate Bonds, Bank


Debentures, Municipal Bonds,
Government Guaranteed Bonds,
and Special Bonds

Yen-Denominated
Foreign Bonds

DERIVATIVES
MARKET

(As of the end of March 2012)

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

46

STOCK
MARKET
DERIVATIVES
MARKET

Bond Listing & Delisting Criteria


Government
Bonds

SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

Listing Criteria

Delisting Criteria

a. 1 bil. or more outstanding par value


b. Expected to have 1,000 bondholders or
more by the time of listing

a. Outstanding par value is less than 300


mil.
b. Arrival of maturity date
c. Acceleration of maturity

(1)Criteria regarding issuer


(1)Criteria regarding issuer
Listed company
a. Issuer falls under delisting criteria (with
(2)Criteria regarding issue
some exceptions)
a. 1 bil. or more outstanding par value
b. Breach of the lsting agreement
b. Expected to have 1,000 bondholders or (2)Criteria regarding issue
more by the time of listing
a. Outstanding par value less than 300 mil.
c. 100,000, 1,000,000, or 10,000,000 per b. Arrival of maturity date
value
c. Acceleration of maturity
d. Securities handled by JASDEC's bookd. Excluded from securities handled by
entry transfer business
JASDEC's book-entry transfer business

Other Straight
Bonds (government-guaranteed
bonds, municipal
bonds, bank
debentures, etc.)

Same criteria as (2) in Corporate Bonds


above

(1)Criteria regarding issuer


a. Suspension of business / Dissolution of
issuer
b. Breach of the listing agreement
(2)Criteria regarding issue
Same criteria as Corporate Bonds

Yen-denominated
Foreign Bonds
(SAMURAI Bonds)

(Foreign Corporate Bonds)


(1)Criteria regarding issuer
Listed company or unlisted company whose
financial
conditions
are
considered
equivalent to those of listed companies
(2)Criteria regarding issue
a. 1 bil. or more outstanding par value
b. Expected to have 1,000 bondholders or
more by the time of listing
c. 100,000, 1,000,000, or 10,000,000 in
per value
d. Securities handled by JASDEC's bookentry transfer business

(Foreign Corporate Bonds)


(1)Criteria regarding issuer
a. Issuer falls under delisting criteria with
some exceptions
b. Breach of the listing agreement
(2)Criteria regarding issue
a. Outstanding par value less than 300 mil.
b. Arrival of maturity date
c. Acceleration of maturity
d. Excluded from securities handled by
JASDEC's book-entry transfer business

(Other Yen-denominated Foreign Bonds)


Same criteria as Foreign Corporate Bonds

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

(As of the end of March 2012)

Corporate Bonds

STOCK PRICE
INDEX

BOND
MARKET

Listing Regulations

47

(Other Yen-denominated Foreign Bonds)


(1)Criteria regarding issuer
a. Suspension of business / Dissolution of
issuer
b. Breach of the listing agreement
(2)Criteria regarding issue
Same criteria as Foreign Corporate Bonds

STOCK PRICE INDEX

time to reflect only price movements resulting from


auction market activity and to eliminate the effects of

index of all domestic common stocks listed on the TSE

other factors such as new listings, delistings and new

First Section. This index provides a comprehensive

share issues (either through public offering or through

measure of market trends for investors interested in

rights offerings to shareholders).


stock splits or stock consolidation (decrease in capital
without compensation), since such corporate actions

well as three indices for large, medium, and small-sized

do not affect the current market value.


The formula for adjusting the base market value is as

stocks. Companies listed on the TSE First Section are


selected

follows:

for these indices based on free-float

adjusted market capitalization and liquidity.

In addition, TSE compiles a separate composite

Frequency of Index Computation

Stock Price Index" covering all the domestic common


stocks listed on the TSE Second Section since August

On September 13, 2010, TSE trimmed the interval of

18, 1969.

real-time dissemination of TOPIX, TOPIX Core30,

On February 1, 1999, TSE also began publishing a

SYSTEM &
SERVICES

index called "Tokyo Stock Exchange Second Section

STOCK PRICE
INDEX

This is supplemented by subindices for each of the


33 industries, 17 sectors and style (value, growth), as

BOND
MARKET

No adjustment is made, however, in the case of

general market price movements.

DERIVATIVES
MARKET

On July 1, 1969, the Tokyo Stock Exchange


introduced TOPIX (Tokyo Stock Price Index), a broad

STOCK
MARKET

TOPIX (Tokyo Stock Price Index)

TOPIX 500 and TOPIX 1000 through the Market


Information System from 15 seconds to 1 second.
Other indices are calculated and published every 15

Computation Method for Indices

seconds.
In addition, TSE has launched a new "High-Speed

in aggregate market value of domestic common stocks.

Index Service" on February 28, 2011, in which the

The base for each of the indices is the aggregate

indexes are disseminated on the millisecond level.


Historically, TOPIX has been available on a daily

close on January 4, 1968-the first trading day of that

closing basis since May 16, 1949, while the sub-indices

year. Aggregate market value is calculated by

have been available since January 4, 1968 (the base

multiplying the number of shares for index calculation

date). The Tokyo Stock Exchange Second Section

of each component stock by its respective price, then

Stock Price Index has been available on a daily closing

adding up the numbers derived therefrom.

basis since October 2, 1961, when the Second Section

Introduction of Free-Float

then multiplied by 100 (the index value on the base


date) and rounded to the nearest one hundredth for

Free-float adjustment methodology was introduced

each index.

into the calculation of TOPIX and its subindices in three

The formula is as follows:

phases. The first and second phases began after the


close of trading on October 28, 2005 and February 27,

Current Market Value (CMV)


Current index=X100
Base Market Value (BMV)

2006, and introduction was completed after the close of


trading on June 29, 2006.

For the purpose of maintaining continuity of the


indices, the base market value is adjusted from time to

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

was launched on TSE.

In calculating the indices, current aggregate market


value is divided by base market value. This number is

INVESTORS

market value of its component stocks as of the market

COMPLIANCE

The indices are basically a measure of the changes

LISTING

total return index for TOPIX and its subindices.

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

48

STOCK
MARKET

TOPIX Daily Closing Value 2011

SYSTEM &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

DERIVATIVES
MARKET

January 4, 1968=100
Month
Day

Jan.

LISTING
COMPLIANCE
INVESTORS

Mar.

913.52

963.70

929.64

942.87

927.57

948.69

935.36

955.59

911.80

911.69

924.51

926.42

Apr.

May

862.62
865.55

Jun.

Jul.

839.41

853.86

778.28

843.96

769.78

816.57

826.75

859.75

864.11

826.36

847.16

865.18

800.96

839.61

856.50

807.99

941.63

841.10

813.76

870.48

944.00

939.16

853.13

814.45

874.34

944.02

944.29

853.21

946.63

930.84

856.46

817.38

12

929.64

13

937.74

14

930.31

15

915.51

849.34

857.19

768.19

844.59

839.94

959.19

846.96

846.72

822.86

856.88

962.57

766.73

841.29

824.65

859.36

967.30

817.63

829.55

17

928.73

974.14

810.80

828.85

805.34

18

931.58

973.60

830.39

19

936.87
927.19

21

910.85

836.34

837.96

827.56

831.89

738.58

752.02
748.61
738.01

753.63

741.55

750.45

745.11

749.40

738.12

729.13

741.26

753.44

746.69

749.82

758.83

740.71

741.69

748.81

777.12

751.76

779.06

768.13

776.65

735.85

725.02

724.11

723.56

727.71

767.31

751.24

719.98

751.69

751.49
755.04

746.02

841.72

815.73

860.11

757.13

744.21

842.18

828.99

868.81

716.38
718.49
717.08

725.68

717.79

723.12

22

956.70

868.13

23

946.88

861.10

817.68

825.51

750.39

819.16

833.20

742.24

755.44

706.08

747.70

706.60

24

917.18

934.22

853.95

25

929.28

941.93

857.38

26

922.64

27

929.66

28

919.69

840.68

817.74

861.91

751.82

833.64

827.08

866.20

756.07

839.87
951.27

857.85

824.90

851.85

29

850.21

30

866.09

823.68

869.38

838.48

744.54

728.85

746.48

726.44
724.25

825.64

859.11

748.55

762.79

830.34

848.37

754.07

771.43

844.11

841.37

849.22

736.98

730.91
761.88

742.84

749.63

738.03

730.30
755.00

860.66

827.77

740.01
744.14

736.86

806.83

837.17
974.63

853.75

715.70

721.45

758.83

762.30

729.68

722.12

767.30

761.17

728.46

728.61

749.63

770.60

764.06

31

910.08

High

937.74

974.63

963.70

862.62

865.55

849.22

874.34

851.70

778.28

771.43

754.50

Low

910.08

913.52

766.73

827.56

817.68

805.34

841.37

742.24

728.85

726.25

706.08

716.38

Ave.

924.36

948.61

883.59

843.89

837.02

822.06

861.29

778.73

753.81

750.34

730.12

732.53

Note: Highest in year Lowest in year

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

860.53

754.50

741.20

776.73

838.51

812.26

736.18

755.70

770.88

Dec.

726.25

770.39

870.16

Nov.

755.82

757.41

857.62

Oct.

747.11

782.86

852.34

812.41

20

873.51

940.43

10
926.94

Sep.

851.70

812.95

11

Aug.

825.76

16

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

Feb.

49

STOCK
MARKET

TOPIX Sub-Indices

DERIVATIVES
MARKET

Size-Based TOPIX Sub-Indices

BOND
MARKET

STOCK PRICE
INDEX

SYSTEM &
SERVICES

Large
1,555.44
853.73
913.98
902.30
692.30

Medium
1,488.55
936.06
969.86
959.02
837.53

Small
1,908.66
1,298.12
1331.92
1,358.85
1,252.46

'11 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

910.08
951.27
869.38
851.85
838.48
849.22
841.37
770.60
761.17
764.06
728.46
728.61

912.04
958.49
862.55
845.25
830.59
833.91
824.27
739.67
718.76
735.61
698.13
692.30

970.85
1,004.05
938.29
924.11
912.65
934.35
927.93
871.10
881.92
862.29
824.47
837.53

1,395.09
1,453.20
1,378.01
1,325.56
1,305.48
1,356.01
1,354.52
1,308.80
1,321.63
1,280.07
1,246.84
1,252.46

Note: Large-Sized Stocks: Component stocks in TOPIX 100


Small-Sized Stocks: Component stocks in TOPIX Small

GLOBAL AND
REGIONAL
ORGANIZATIONS

50

HISTORICAL
DATA

Medium-Sized Stocks: Component stocks in TOPIX Mid400

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

TOPIX
1,475.68
859.24
907.59
898.80
728.61

INVESTORS

End of
2007
2008
2009
2010
2011

COMPLIANCE

Size-Based TOPIX Sub-Indices

LISTING

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS

Industry
Rubber Products
Foods
Retail Trade
Fishery, Agriculture & Forestry
Mining

Industry
Securities & Commodity Futures
Marine Transportation
Electric Power & Gas
Other Products
Iron & Steel
Insurance
Air Transportation
Nonferrous Metals
Real Estate
Electric Appliances
Glass & Ceramics Products
Banks
Transportation Equipment
Precision Instruments
Machinery
Chemicals
Metal Products
Oil & Coal Products
Wholesale Trade
Warehousing & Harbor Transportation Services
Textiles & Apparels
Other Financing Business
Pulp & Paper
Pharmaceutical
Services
Information & Communication
Land Transportation
Construction

Up
Stock Price Indices
End of 2010
End of 2011
(A)
(B)
1,235.54
1,323.58
752.18
761.76
508.41
512.62
239.24
239.73
341.81
342.39
Down
Stock Price Indices
End of 2010
End of 2011
(A)
(B)
278.56
139.80
520.05
274.48
613.89
345.99
1,445.40
892.36
624.64
407.99
566.62
374.06
273.26
194.84
779.50
564.72
846.95
622.30
1,361.31
1,000.96
786.52
602.01
127.28
100.17
1,652.56
1,301.76
2,610.76
2,088.54
936.95
775.03
835.60
700.44
758.79
636.47
1,004.43
856.83
864.31
744.61
1,036.67
926.36
430.67
392.02
259.48
238.88
370.84
344.79
1,319.01
1,227.06
734.28
697.12
1,317.22
1,282.40
1,002.56
981.96
425.16
422.87

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

Changes in TOPIX Sector Indices (First Section, 2011)

51

% Change
Point Change
from End of 2010 from End of 2010
((B-A)/A)
(B-A)
+7.13
+1.27
+0.83
+0.20
+0.17

% Change
from End of 2010
((B-A)/A)

49.81
47.22
43.64
38.26
34.68
33.98
28.70
27.55
26.52
26.47
23.46
21.30
21.23
20.00
17.28
16.18
16.12
14.69
13.85
10.64
8.97
7.94
7.02
6.97
5.06
2.64
2.05
0.54

+88.04
+9.58
+4.21
+0.49
+0.58

Point Change
from End 2010
(B-A)

138.76
245.57
267.90
553.04
216.65
192.56
78.42
214.78
224.65
360.35
184.51
27.11
350.80
522.22
161.92
135.16
122.32
147.60
119.70
110.31
38.65
20.60
26.05
91.95
37.16
34.82
20.60
2.29

STOCK
MARKET

TOPIX New Index Series

DERIVATIVES
MARKET

Organization

STOCK PRICE
INDEX

BOND
MARKET

Note: Figures represent free-float adjusted market capitalization as % of those in TOPIX (as of the end of December 2011).

SYSTEM &
SERVICES

Outline of Indices
index

is

free-float

adjusted

market value are the same as those of TOPIX.

market

The component stocks of the new indices are

common stocks listed on the TSE First Section

determined by free-float adjusted market capitalization

(identical to TOPIX). The base value of each index is

and liquidity. In order to accurately reflect the market,

1,000 points as of April 1, 1998 (the base value of

the component stocks are reviewed in October

TOPIX 1000 is 1000 points as of September 12, 2003)

(additions and deletions).

The index formula and adjustment in the base

Name

Code

Local

Sector

Code

(As of the end of December 2011)


Name

Sector

JAPAN TOBACCO INC.

Foods

7974

Nintendo Co.,Ltd.

Other Products

3382

Seven & I Holdings Co.,Ltd.

Retail Trade

8031

MITSUI & CO.,LTD.

Wholesale Trade

4063

Shin-Etsu Chemical Co.,Ltd.

Chemicals

8058

Mitsubishi Corporation

Wholesale Trade

4502

Takeda Pharmaceutical Company Limited

Pharmaceutical

8306

Mitsubishi UFJ Financial Group,Inc.

Banks

4503

Astellas Pharma Inc.

Pharmaceutical

8316

Sumitomo Mitsui Financial Group,Inc.

Banks

5401

NIPPON STEEL CORPORATION

Iron and Steel

8411

Mizuho Financial Group,Inc.

Banks

6301

KOMATSU LTD.

Machinery

8604

Nomura Holdings, Inc.

Securities and Commodities Futures

6502

TOSHIBA CORPORATION

Electric Appliances

8766

Tokio Marine Holdings,Inc.

Insurance

6752

Panasonic Corporation

Electric Appliances

8802

Mitsubishi Estate Company,Limited

Real Estate

6758

SONY CORPORATION

Electric Appliances

9020

East Japan Railway Company

Land Transportation

6954

FANUC CORPORATION

Electric Appliances

9432

NIPPON TELEGRAPH AND TELEPHONE CORPORATION

Information & Communication

7201

NISSAN MOTOR CO.,LTD.

Transportation Equipment

9433

KDDI CORPORATION

Information & Communication

7203

TOYOTA MOTOR CORPORATION

Transportation Equipment

9437

NTT DoCoMo,Inc.

Information & Communication

7267

HONDA MOTOR CO.,LTD.

Transportation Equipment

9503

The Kansai Electric Power Company,Incorporated

Electric Power and Gas

7751

CANON INC.

Electric Appliances

9984

SOFTBANK CORP.

Information & Communication

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

2914

INVESTORS

TOPIX Core30
Local

COMPLIANCE

capitalization weighted index that includes domestic

LISTING

Each

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

52

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET

market

The indices show the measure of current market

capitalization weighted indices, which consist of stocks

capitalization of each style on the premise that market

classified into Value or Growth based on factors such

capitalization as of the base date of November 25,

as actual PBR (consolidated basis). Its constituent

2008 is 1,000 points. The index formula and the

universe is made up of the constituents of TOPIX and

method for adjustment of the base market value are the

its related indices. TOPIX Value, TOPIX Growth,

same as those for TOPIX. In order to appropriately

TOPIX 500 Value, TOPIX 500 Growth, TOPIX Small

reflect

Value, and TOPIX Small Growth make up the series.

constituents annually in October.

The

TOPIX

LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

Style

Index

Series

are

market

movements,

TSE

reviews

Basic Concept
TOPIX Value

TOPIX Growth

SYSTEM &
SERVICES

STOCK PRICE
INDEX

TOPIX Style Index Series

TOPIX 500

TOPIX Small

53

the

TSE began calculating and publishing the index on a

domestic stocks listed on the TSE Mothers market. The

real time basis starting from September 16, 2003. The

index shows the measure of daily market capitalization

index formula and the method for adjustment of the base

on the premise that it is 1,000 points on the base date of

market value are the same as those for TOPIX.

'11


LISTING

1,000 points on the base date of March 31, 2003.

The Tokyo Stock Exchange REIT Index is a market

TSE began calculating and publishing the index on a

Real Estate Investment Trusts (REITs) listed on the

real time basis starting from September 16, 2003. The

TSE REIT market. The index shows the measure of

index formula and the method for adjustment of the base

daily market capitalization on the premise that it is

market value are the same as those for TOPIX.

Date
2009
2010
2011
'11

54

GLOBAL AND
REGIONAL
ORGANIZATIONS

1,115.71
1,107.70
1,055.18
1,073.33
1,067.76
1,027.45
997.89
985.07
928.56
902.22
847.08
834.36

HISTORICAL
DATA

Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

Tokyo Stock Exchange


REIT Index
893.19
1,130.70
834.36

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

capitalization weighted index whose constituents are all

INVESTORS

Tokyo Stock Exchange REIT Index

COMPLIANCE

460.81
501.06
460.23
473.42
463.27
455.20
453.23
451.04
402.15
413.05
381.18
396.21

SYSTEM &
SERVICES

Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

STOCK PRICE
INDEX

2009
2010
2011

Tokyo Stock Exchange


Mothers Index
416.22
433.63
396.21

BOND
MARKET

Date

DERIVATIVES
MARKET

September 12, 2003.

The Tokyo Stock Exchange Mothers Index is a market


capitalization weighted index whose constituents are all

STOCK
MARKET

Tokyo Stock Exchange Mothers Index

STOCK
MARKET
DERIVATIVES
MARKET

PERPBR/Dividend Yields

PERPBR (First Section)

Average Price Earnings &


Price Book Value Ratios

End of

The price earnings ratio (PER), calculated by


dividing the price per share by annual after-tax profit
current share price is with respect to earnings per

GLOBAL AND
REGIONAL
ORGANIZATIONS

PBR

2007
2008
2009
2010
2011

19.5
14.1
32.9
15.0

1.2
0.8
0.9
0.9
0.8

Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

33.1
33.6
29.1
27.5
26.3
16.8
16.7
15.7
15.7
15.4
14.9
15.0

0.9
0.9
0.9
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.7
0.8

share.
The price book value ratio (PBR) is calculated by

'11

dividing the price per share by shareholders' equity (net


assets) per share and indicates how high the current
share price is with respect to shareholders' equity per
share.
The PER indicates the market price level from the
standpoint of earnings, whereas the PBR indicates the
price level from the standpoint of asset value.
The formulas for PER and PBR are as follows:

Note: 1. Consolidated

2. PER is not calculated if the simple average of


after-tax earnings per share is negative.

Dividend Yields

Average Dividend Yield

Yields on stocks, obtained by dividing annual cash

(First Section Stocks)

dividends by the stock price, provide a yardstick for


measuring the rate of return in the form of dividends
from stock investment.
The simple average yield and the weighted average
yield are often used as general indicators of the
dividend return of the stock market.

Calculation method
'11

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEM &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

per share, is a yardstick for indicating how high the

PER

55

During

Simple Average (%)

2007
2008
2009
2010
2011

1.24
1.93
2.24
1.91
2.03

Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

1.76
1.72
1.85
1.89
2.01
2.07
1.99
2.16
2.19
2.19
2.26
2.24

SYSTEMS & SERVICES


STOCK
MARKET

Overview of IT Systems
to 2 access points (AP) via an optical fiber ring network.
Even in the case of a malfunction at any point in the

optimization of "business" and "IT". This initiative is

network, this redundant configuration ensures business

aimed at flexibly and swiftly responding to changes in

continuity through communications via another route.


In conjunction with the launch of the new systems in

infrastructure that sufficiently considers reliability and

2009 and 2010, TSE commenced its co-location

security.

service. This service allows trading participants to


install their automatic order placement servers in the
TSE data center, thereby reducing the physical

TSE systems can be classified into three large


namely,

"Trading

Systems",

distance from TSE Trading Systems, which in turn

"Clearing

minimizes data latency.

Systems", and "Information Systems". These backbone


systems are briefly described below. (For system

2. Market Information Systems

business contents and purpose, please see "List of

Market Information Systems serve to provide


updates of price fluctuation occurring in securities

1. Trading Systems

trading in the market. With this purpose in mind, TSE


replaced its Market Information Systems in conjunction

Trading Systems are systems which perform order

with the "arrowhead" launch in January 2010.

well as retrieve order book information. They are

The flow of information is described below.

LISTING

matching and execution, create execution notices, as


structured separately for stocks, bonds, futures, and

(1) Information entry

options on a product basis.

Market information such as execution prices,

trading participants, and execution notices can be

bid/offer prices, trading volume on TSE-listed issues

performed via a direct link between trading participants'

(including issues listed on Nagoya Stock Exchange,

internal systems and TSE Trading Systems.

Fukuoka

For stocks and CBs (convertible bonds, etc.),

Exchange,

and

Sapporo

Stock

Exchange) are sent from each exchange's trading


system

exchange trading system of the highest global

Information Systems in real-time.

through

the

network

to

TSE's

Market

standard, "arrowhead" is not only on par with the

(2) Information provision

current global standard, where high-speed order

This market information is provided to entities such

indispensable, but also combines the highest level of

as

fairness and reliability that is required by the market.

information

"ToSTNeT System" was launched to execute

securities

companies,

vendors,

news

financial
and

institutions,

communications

companies via dedicated lines on a real-time basis.

ToSTNeT (off-auction) trading on stocks and CBs in

3. Clearing Systems

November 2011. "ToSTNeT System" offers more


high-speed order execution environment as compared

Clearing Systems perform the necessary clearing

with an ex-platform.

and settlement operations (receipt and delivery of


the securities markets. The Clearing Systems were

it in November 2011. "Tdex+ System" is a system

most recently replaced in January 2006. Since January

boasting processing capability of the highest global

14, 2003, clearing operations for securities trading of

standard which was developed based on LIFFE

cash products, such as stocks, on all domestic

CONNECT, a trading platform developed by NYSE Liffe.

securities markets have been cleared by Japan

"arrownet", the communication network supporting

Securities Clearing Corporation, which was established

Trading Systems such as "arrowhead" went live in July

to fulfill the role of a central clearing institution. (On

2009. "arrownet" achieves high-speed processing

February 2, 2004, JSCC began clearing TSE-listed

through a low-latency network and large processing

futures and options transactions.) JSCC continues to

capacity. In addition, the TSE data center is connected

use TSE Clearing Systems for system processing.

56

GLOBAL AND
REGIONAL
ORGANIZATIONS

securities and cash) for securities trading conducted in

HISTORICAL
DATA

With regard to Options Trading, "Tdex+ System" was


launched in October 2009 and migrated futures trading to

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

execution and information distribution have become

INVESTORS

"arrowhead" was launched in January 2010. An

COMPLIANCE

Operations such as order information entry by

Stock

SYSTEMS &
SERVICES

Main Systems".)

STOCK PRICE
INDEX

groups,

BOND
MARKET

the market environment and providing a system

DERIVATIVES
MARKET

Tokyo Stock Exchange ("TSE") approaches system


development with the goal of achieving overall

STOCK
MARKET
DERIVATIVES
MARKET

Overview Diagram of TSE Network and Sites (as of March 2012)


Primary Site
Tokyo Stock
Exchange
(Kabuto-cho)

Dedicated Lines
VPN etc

BOND
MARKET

Market Info.

Trading

Proximity Area

Information Systems
Clearing Systems

AP 1
Securities Firms
and Other Users

Co-Location Area

arrownet
Secondary Site

Optical Ring Network

SYSTEMS &
SERVICES

Trading Systems
Securities Firms
and Other Users

LISTING

STOCK PRICE
INDEX

Trading Systems

Securities Firms
and Other Users

AP 2

Trading

Market Info.

Information Systems

COMPLIANCE

Clearing Systems
Backup Office

APAccess Point

Conceptual Diagram of Current Systems (as of March 2012)

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

arrownet
Investors, etc.

Timely disclosure
information

TSE Systems
Information Systems

Timely disclosure
information
Notification documents

TDnet
CA information, etc.
Timely disclosure info.,
CA info., etc.

Notice

CA information, etc.
Target
TMI

TSE

Notification documents
Notice

Trading
Participants
(Securities
Firms, etc.)

Market information

Order
Execution notice

Listed
Companies

Timely disclosure info.,


CA info., etc.

Information
Vendors

Master information, etc.


Trading Systems
Trading
arrowhead

Information-related
Institutions

Market Information
Market Info.

(cash trading)

Market information

ISC(index)

ToSTNeT System
(off-auction cash trading)

Media
Institutions

Market information

Tdex+ System
(futures/options trading)

Execution data, etc.


Clearing
Participants

Clearing information

Clearing Systems

Settlement data

Clearing Systems

CACorporate Action

57

External
Settlement
Systems

System Name
arrowhead

Trading

Tdex+ System

Clearing System
Clearing

TDnet
Integrated Platfrom

arrownet
Primary Center
Secondary Center

INVESTORS

Infrastructure

COMPLIANCE

Information

LISTING

Target

SYSTEMS &
SERVICES

Index Statistics Calculation

STOCK PRICE
INDEX

Market Information System

BOND
MARKET

ToSTNeT System

Summary of System Operations


Receives orders from trading participants and handles order matching.
Also distributes market data such as order conditions (quotes) and
execution prices to external parties entities and sends execution data to
the Clearing System.
[Products]
arrowhead
: Stocks (domestic, foreign, preferred shares, ETFs,
REITs, etc.), convertible bonds, etc.
ToSTNeT System : ToSTNeT transactions of stocks (domestic, foreign,
preferred shares, ETFs, REITs, etc.), convertible
bonds, etc.
Tdex+ System
: Stock price index futures, JGB futures, individual
securities options, stock price index options,
options on JGB futures
: ToSTNeT transactions of : stock price index futures,
JGB futures, individual securities options, stock price
index options, options on JGB futures
Distributes market information such as execution prices from TSE and
other exchange markets to external parties.
Receives market information from arrowhead and the Market
Information System, calculates stock price index and various statistical
data, and sends it to the Market Information System, etc.
System used by Japan Securities Clearing Corporation which provides
various exchanges and trading participants with clearing operations.
Receives execution data from each exchange, and performs clearing,
settlement instruction processing, as well as collateral management.
System which digitizes delivery/receipt of documents to/from parties
such as trading participants and listed companies.
System which digitizes timely disclosure information of listed
companies, and communicates this information to the media and
investors via the network.
System infrastructure which consolidates information system's open
system online front-end processes and the storage environment. By
sharing the system infrastructure, achieve operational efficiency and
reduce cost.
Network infrastructure which adopts cutting-edge technology, linking
various systems including arrowhead, TSE Trading and Market
Information Systems and trading participants and users
Robust data centers which fully comply with the standards described in
FISC's (The Center for Financial Industry Information Systems) "FISC
Security Guidelines on Computer Systems for Banking and Related
Financial Institutions", and also obtained ISMS (Information Security
Management System) certification.

DERIVATIVES
MARKET

Type

STOCK
MARKET

List of Main Systems

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

58

STOCK
MARKET
DERIVATIVES
MARKET

"arrowhead" System
Tokyo Stock Exchange launched a trading system for

elements of fairness and reliability demanded by the

cash equities and CBs, "arrowhead", on January 4,

market with world class high-speed order processing

2010.

and market information distribution capability* which


are indispensable in today's trading environment.

"arrowhead" is an exchange trading system of the

arrowhead Features
Reliability/
Scalability

When the number of orders, etc. exceeds predetermined scalability criteria, TSE is able to
respond swiftly within approximately 1 week. For example, when the peak number of orders
per minute exceeds half of the maximum processing capacity, TSE prepares processing
capacity equivalent to twice the peak number.

Speed

In response to high-speed order placement and execution processes, we have achieved 2


millisecond order response time (time between acknowledging receipt of an order from a
trading participant and sending an acceptance response), first acknowledgement message (of
immediate execution) response time in continuous trading of approximately 20 milliseconds,
and stock price quote information distribution of 2.5 milliseconds.

Flexibility

The system's highly flexible design allows settings to be changed easily to accommodate new
products, trading rules, and regulatory changes. In January 24, 2011, in order to increase the
convenience of market participants, TSE introduced a new service Drop Copy on

LISTING

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

highest global standard combining the essential

September 20, 2011 in arrowhead to improve convenience of trading participants. (Drop


Copy is the service that acceptance/execution notices are sent to the server from which
the corresponding order was placed and other servers simultaneously.)
"arrowhead" processes data such as order, execution, and order book data on triply redundant
servers with the aim of providing 99.999% availability (i.e., approximately 10 minutes
downtime in 5 years). In addition, even if a disaster struck the Primary Site and normal
operations cannot continue, "arrowhead" is equipped with a Secondary Site (backup center)
to resume trading operations within approximately 24 hours.

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

Robustness

59

STOCK
MARKET

"arrowhead" Conceptual Diagram

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

DERIVATIVES
MARKET

* Co-location is a service which allows trading participants to install their order placement servers at the TSE primary site.
Reducing physical distance to the TSE trading engine has the effect of minimizing the delay in information distribution and
reception. This service is used by trading participants and their clients who perform high-speed trading.

INVESTORS

* arrownet is the network linking the 2 centers to 2 access points in a ring network. TSE trading participants on external
networks connect to the TSE trading engine via these 2 access points. By adopting a fully redundant system configuration,
arrownet is equipped to provide a network of high reliability and high availability.

COMPLIANCE

* "arrowhead" has achieved, on average in continuous trading, order response time of 2 milliseconds, and data feed latency
of 2.5 milliseconds.

LISTING

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

60

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS

market information from different sources even more

Tokyo Stock Exchange (TSE) offers market users a

swiftly.

variety of services to access the TSE market through


"TSE Connectivity Services". These services are

TSE Co-Location Service is available at the primary

available to trading participants and Co-location

site where TSE trading systems and market data

Support Service Providers (CSP) (vendors who offer

systems are located, allowing users to reduce the

services such as providing an order placement

proximity between such servers and devices to the

environment for their customers through devices

various TSE systems, thereby minimizing the time lag

installed in the co-location or proximity area).

for receiving quote data and placing orders (Fig. 3).

Currently, TSE Connectivity Services are comprised

TSE Proximity Service is provided in the data center

of two services, "TSE Co-Location Service" and "TSE

where one of the access points (entry points) to

Proximity Service". The former minimizes latency (time

arrownet, the TSE network connecting TSE systems to

lag) to TSE trading and market data systems. The latter

external networks, is located. The proximity of servers

places an emphasis on connectivity (connecting) to

and devices located in the proximity area to TSE

other markets in its aim to become a hub for connection

systems is second only to the co-location service. As

to both domestic and Asian markets (Fig. 1 and 2).

such, the service offers not only reductions in time

With recent advancements in IT, we see the growing

required to obtain quote data and place orders but also

global presence of automated order placement using

the benefits of closer proximity and greater connectivity

computers known as algorithmic trading. In algorithmic

to other markets.

trading, how quickly the computer (server) is able to

The number of users of TSE Connectivity Services

obtain quotes from market information systems and

continues to grow. More than 35% of orders in the TSE

send orders to exchanges' trading systems is crucial.

cash products market (stocks, ETFs, and REITs) were

At the same time, it has become increasingly important

placed via the connectivity services (end of 2011) (Fig.

for market users, such as trading participants and

4).

investors trading across multiple markets, to obtain

Figure 1 Structure of Connectivity Services


32 microseconds

TSE Co-Location Service


Features

Devices can be installed in the same data center as TSE systems


Minimize latency to TSE systems

Target

Users who place utmost importance on latency to TSE

TSE Proximity Service

392 microseconds

Features

Devices can be installed in the data center where an access point to the TSE network is located
Emphasizes connectivity to multiple markets, hub for Asian markets

Target

Users who place orders in multiple markets and receive information from multiple sources

Standard Connection
Features

Several milliseconds

Connection via access points to the TSE network

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

Connectivity Service

61

STOCK
MARKET

Figure 2 Conceptual Diagram of Connectivity Services

Primary Site

Access Point 1

Securities
Company, etc.

10G
Backbone ring
network

Proximity
Area

Investor

Co-Location Area

Secondary Site

Information Vendor

Backup systems
Tradingsystems
Market data systems
Clearing systems

Legend:
Normal order placement flow
Order placement flow via
Co-Location Service

STOCK PRICE
INDEX

Access Point 2

BOND
MARKET

Trading systems
(Trading, market data)
Market data systems
Clearing systems

DERIVATIVES
MARKET

(Network Overview)

Order placement flow via


Proximity Service

SYSTEMS &
SERVICES

Figure 3 Example of Using Co-Location Service


Moving from floor clerks to co-location
Trading Floor

Brokers used hand signals to communicate information such as orders and quotes between dedicated communication branches
and floor clerks.
Securities Company

TSE Trading Floor

Send
Orde

order
cution
statu

r/exe

Auction traders
(floor clerks)

Ordermatching
members

With advances in IT, trading systems replaced order-matching members. The distance between securities companies' data
centers and TSE's data centers grew as a result of them moving away from the immediate vicinity of TSE, the Kabuto-cho area.

Send order
Order/execution status
Call center

Online
trading

Rise of Algorithmic
Trading

Co-Location

Trading systems
Market data systems

In-house
systems

Exchange
terminal

"How quickly quote data is obtained" is crucial for automated order placement in algorithmic trading.
As a result, there is a growing need for higher transmission speeds between TSE's and brokers' data centers.
With the activation of a high-speed trading system (10 milliseconds or 10/1000 seconds), the co-location service was
launched to allow brokers to install automated order placement servers and other devices to obtain quote data and place
orders in the TSE data center with minimum time lag (less than 1 millisecond).
TSE Data Center

Securities Company
Investor
Send order

Online
trading

Exchange
terminal

Send order
Order/execution
status

In-house
systems

Co-location area
Trading participant systems

Trading systems
Market data systems

62

GLOBAL AND
REGIONAL
ORGANIZATIONS

Brokers' order placement systems and other


devices are installed in TSE's data center to
receive quote data and send orders

HISTORICAL
DATA

Order/execution status

Call center

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

TSE Data Center

Securities Company

Investor

INVESTORS

Fully Computerized
Trading (1999)

Floor trading seat

Dedicated
communication
branch

Branch

COMPLIANCE

Investor

LISTING

From the Trading Floor to High-Speed Electronic Trading Systems

STOCK
MARKET
DERIVATIVES
MARKET

Figure 4 Order Placement via Connectivity Services


Orders placed
(mil.)

No. of orders (excluding via connectivity services) (left axis)


No. of orders via connectivity services (left axis)
% of orders via connectivity services (right axis)

Figure 5 Order Execution via Connectivity Services


No. of executions (excluding via connectivity services) (left axis)
No. of executions via connectivity services (left axis)
% of executions via connectivity services (right axis)

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

INVESTORS

Orders executed
('000)

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

COMPLIANCE

LISTING

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

63

STOCK
MARKET

Information Services
information is provided at low latency via the TSE's Market

TSE provides stock prices and other market information

Information System to meet clients' diverse business

on a real-time basis for the use of not only trading

needs. The following services are available according to

participants, but also domestic and overseas hedge funds

type and range of the information provided.

Features:

- Most recent Stock/CB prices, order information for 8 quotes above/below the
current price (BBO8), accumulated volumes for all orders beyond BBO8.
- Real-time distribution of TOPIX, high-speed indices, iNAV, and other TSE index
information
- FLEX Light provides snap-shots of market information at low-bandwidth
(maximum: 2Mbps)

FLEX Full

Features:

- Aggregated size and number of orders at each price point


- Order book information during "Itayose"
- Aggregated size and number of orders at each price point for At-The-Close orders
- Timestamp: 1 second units
- Distribution time: 2 milliseconds (measurement during live operations)

Tdex+ is the derivatives trading platform for JGB futures and individual equity
options listed on TSE. Via Tdex+'s CONNECT API, quote information, trading
value, strategy trading information and issue information are available to not only
trading participants but also non-trading participants.

Features:

- Full order book for options with aggregated volume at each price point
- Real-time distribution of strategic spread information.

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Details:

INVESTORS

Tdex+API (CONNECT API)

COMPLIANCE

FLEX Full provides all quotes, trading value, issue information, and more for all
Stocks/CBs listed on TSE. With this service, a full view of the order book is provided
in real-time.

LISTING

Contents:

SYSTEMS &
SERVICES

FLEX Standard/FLEX Light provides multiple quotes and contract prices for
Stocks/CBs. Issue information, statistics, and information on TSE indices such as
TOPIX/iNAV, are distributed via the same feed

STOCK PRICE
INDEX

Contents:

BOND
MARKET

FLEX Standard/FLEX Light

DERIVATIVES
MARKET

and information vendors. Our comprehensive market

Market Information Services

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

64

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET

various needs related to comprehensiveness, accuracy,


and timeliness.

following information services. This information is


distributed via trading participants or information vendors

Service

Details

Tokyo Market Information


(TMI)

(1) Corporate Action Information


Information on all listed companies in Japan including dividends, stock
splits, and mergers.
(2) TOPIX Data
Indices, Dividend Indices, Constituent Changes, Index Masters, etc.

STOCK PRICE
INDEX
SYSTEMS &
SERVICES

directly from its source, TSE is able to respond to

In addition to the above, TSE also provides the

(3) Reference Data


Master Issue data, Open/High/Low/Close (Stocks, Bonds, Derivatives),
Open Interest of Margin Transactions, etc.
TDNet Database Service
FLEX Historical

Timely disclosure information on all listed companies in Japan


Provision of past FLEX market information

Data Feeds/Retroactive
Data Service

(1) Execution Data


(2) Open Interest for Margin Transactions
(3) No. of Listed Shares
(4) Right Exercise Information on CBs
(5) Open/High/Low/Close Data, etc.

Data Distribution Service

Summaries of Financial Reports (Primary information)


PER/PBR Information

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

and used all over the world. By distributing data to users

Other Information Services

65

LISTING
STOCK
MARKET

Listing Regulations
or the Second Section. In addition, stocks of emerging
companies are listed on another market called Mothers

to protect investors. The major elements of the

(Market of the High-Growth and Emerging stocks).

regulations are as follows:

Newly listed stocks (except for stocks listed on

DERIVATIVES
MARKET

TSE stipulates basic matters in its securities listing


regulations to ensure fair and orderly transactions and

Mothers) are assigned to the Second Section except


under certain conditions.
TSE examines whether or not companies whose
stock is listed on the Second Section and are applying

rigorous examination of an applicant company using

for listing on the First Section meet the relevant

these criteria, with particular emphasis on whether or

assignment criteria including trading volume. Second

not fair price formation and appropriate market liquidity

Section stocks that qualify are assigned to the First

can be maintained and whether the public interest and

Section. Conversely, if First Section stocks fall under

protection of investors can be properly ensured.

any of the reassignment criteria, TSE transfers them to

based on a comprehensive examination of these

Recent revisions to the listing rules and


frameworks

factors.

Supervision of Listed Companies

In March 2011, TSE amended the listing rules and


examination standpoint and the examination period as

companies to give immediate notice to TSE of facts

well as increasing the possibility of awareness of such

that may have a significant impact on investment

standpoint and period to fulfill its fundamental functions

decisions, such as suspension of bank accounts or

of providing growing companies with fund-raising

business activities.

opportunities, in addition to increasing the reliability of

documents

are
with

also

required

TSE

on

to

file

matters

Mothers.

various

In December 2011, TSE publicized a draft system

concerning

companies.

TSE obliges listed companies to release certain facts

The outline includes revisions to listing examination

it deems necessary for public disclosure to investors at

criteria

regarding

corporate

continuity/profitability

order for TSE to properly supervise listing companies.

established based on the assumption of sustained


growth during a period of rapid economic growth and

Delisting

easing of market capitalization criteria for direct listing


to the 1st Section Market which have become

If a listed security loses listing eligibility (for example,

excessively strict in light of recent market conditions.

market liquidity of the security has become too low to


assure fair price formation or the company has gone
bankrupt), it falls under the delisting criteria and is
delisted accordingly.
If TSE discovers that a listed security may possibly
fall under the delisting criteria, TSE designates it as a
Security

Under

Supervision,

and

makes

this

designation known to the public.


If TSE decides to delist a security, TSE designates it
as a Security to Be Delisted, and allows the security to

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

an appropriate time and in an appropriate manner in

INVESTORS

outline to invigorate IPOs by medium/small-sized

shareholder rights, such as issuance of new shares.

COMPLIANCE

frameworks, including appropriate adjustment of the

LISTING

TSE has regulations for the appropriate supervision


of listed securities. These standards require listed

Companies

SYSTEMS &
SERVICES

the Second Section.

TSE decides whether or not to approve the listing

STOCK PRICE
INDEX

Companies applying for initial listing are required to


meet certain numerical listing criteria. TSE conducts a

BOND
MARKET

Initial Listing

HISTORICAL
DATA

be traded for a certain period of time before delisting (in


principle, 1 month).

Assignment of Stocks to Sections

66

GLOBAL AND
REGIONAL
ORGANIZATIONS

Listed stocks are assigned to either the First Section

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX

(As of the end of February 2012)

Criteria

A company must meet criteria (1)(7)

(1)Number of Shareholders

800 or more (or 2,200 or more *2)

(2)Tradable Shares*1

a) Number of tradable shares: 4,000 units or more *3


b) Market capitalization of tradable shares: 1 billion or more
c) Ratio of tradable shares to listed shares: 30% or more
a. 20,000 or more share units in circulation
*2
b. 35% or more of the listed shares, etc.

(3)Market Capitalization of Shares


Listed

2 billion or more (or 50 billion or more *2)

(4)Number of Years of Business


Operation

No less than 3 years under the board of directors

(5)Shareholders' Equity

1 billion or more as of the end of the fiscal year immediately preceding


the current fiscal year

(6)Pre-tax Profit / Total Market


Capitalization

Any of the following a. through c. must be satisfied.


a. Annual total pre-tax profit for each of the last two years:
1st year: 100 million or more, and
2nd (last) year: 400 million or more
b. Annual total pre-tax profit for each of the last three years:
1st year: 100 million or more,
3rd (last) year: 400 million yen or more, and
total for the three years: 600 million or more
c. Total market capitalization:
100 billion or more, except for when sales for the immediately
preceding year is less than 10 billion.

(7)False Statements or "Adverse"


Representations

a. There should be no false statements in the applicant's securities


reports for the 2 most recent fiscal years (or for the 3 most recent
fiscal years, in cases where criterion (6)b is met).
b. The opinion given by a certified public accountant in the audit reports
should be "unqualified" or "qualified fair with exceptions" for the 2
most recent fiscal years (except for the 1 most recent fiscal year).
c. An unqualified opinion is expressed by the auditor for the most
recent fiscal year.

*1 "Tradable Shares" refers to listed shares excluding shares held by parties with a special interest such as officers, shares
owned by the company itself, and shares held by persons who individually own 10% or more of listed shares.
st

*2 If listed directly on the 1 section.


*3 1 unit is the minimum number of shares necessary for 1 voting right.

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEMS &
SERVICES

Summary of Numerical Criteria for Listing (Domestic)

67

a) Number of tradable shares: 20,000 units or more


b) Market capitalization of tradable shares: 2 billion or more
c) Ratio of tradable shares to listed shares, etc.: 35% or more

(3)Average Monthly Trading Volume

For both the last 3 months and the 3 months preceding that period: 200
units or more

(4)Market Capitalization of Shares


Listed

4 billion or more

(5)Shareholders' Equity

1 billion or more as of the end of the fiscal year immediately preceding


the current fiscal year

(6)Pre-tax Profit / Total Market


Capitalization

Any of the following a. through c. must be satisfied.


a. Annual total pre-tax profit for each of the last two years:
1st year: 100 million or more, and
2nd (last) year: 400 million or more
b. Annual total pre-tax profit for each of the last three years:
1st year: 100 million or more,
3rd (last) year: 400 million yen or more, and
total for the three years: 600 million or more
c. Total market capitalization:
100 billion or more, except for when sales for the immediately
preceding year is less than 10 billion.

(7)False Statements or "Adverse"


Representations

a. There should be no false statements in the applicant's securities


reports for the 5 most recent fiscal years.
b. The opinion given by a certified public accountant in the audit reports
should be "unqualified" or "qualified fair with exceptions" for the 5
most recent fiscal years.

Summary of Numerical Criteria for Delisting (Domestic)


Should a listed company fall under any of the following criteria

Number of Shareholders

Less than 400 (A 1-year grace period applies)

Tradable Shares

a) Number of tradable shares: Less than 2,000 units (A 1-year grace


period applies)
b) Market capitalization of tradable shares: Less than 500 million (A
1-year grace period applies)
c) Ratio of tradable shares to listed shares: Less than 5% (with some
exceptions) (No grace period)

Trading Volume

(1) For the last 1 year:


Average monthly trading volume: less than 10 units, or
(2) No trades during last 3 months

Market Capitalization

Less than 1 billion during the last 3 months (or during the last 9
months if predetermined documents are submitted) or less than 2 times
the listed number of shares for the last 3 months

Liabilities

Debts exceed assets (A 1-year grace period applies)


(as a general rule, based on consolidated balance sheets)

GLOBAL AND
REGIONAL
ORGANIZATIONS

68

HISTORICAL
DATA

Criteria

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

(As of the end of February 2011)

INVESTORS

*1 "Tradable Shares" refers to listed shares excluding shares held by parties with a special interest such as officers, shares
owned by the company itself, and shares held by persons who individually own 10% or more of listed shares.

COMPLIANCE

(2)Tradable Shares*1

LISTING

2,200 or more

SYSTEMS &
SERVICES

(1)Number of Shareholders

STOCK PRICE
INDEX

A company must meet criteria (1)(7)

BOND
MARKET

Criteria

DERIVATIVES
MARKET

(As of the end of February 2012)

STOCK
MARKET

Summary of Numerical Criteria for First Section Assignment (Domestic)

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET

Summary of Listing Criteria for Mothers


Number of Shareholders
Public Offering
Tradable Shares*1

Number of Years of Business


Operation
Market Capitalization of Shares
Listed
False Statements or "Adverse"
Representations

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

Mothers

Others

The estimated market value at the time of listing must be at least 1


billion (estimated number of shares to be listed x public offering price.)
a. There should be no false statements in the applicant's securities
reports.
b. The opinion given by a certified public accountant or equivalent in the
audit report, etc. attached to the Securities Report for Listing
Application should be "unqualified" or "qualified fair with exceptions".
c. An unqualified opinion must be expressed for the most recent fiscal
year with regard to above b.
Audit by a listed company audit firm (for a domestic company). *3
Entrustment of a shareholder services agent (for a domestic company).
Restriction on share transfer, handling at the designated book-entry
transfer organization.

Delisting Criteria for Mothers


Number of Shareholders
Tradable Shares*1

Shareholders' Equity

Trading Volume

Sales Record

Market Capitalization

(As of the end of February 2012)

300 or more
*Foreign company (multiple listing): 300 or more in Japan
500 trading units or more
a) Number of tradable shares: 2,000 trading units or more*2
b) Market capitalization of tradable shares: 500 million or more
c) Ratio of tradable shares to listed shares, etc.: 25% or more
*Foreign company listed on multiple exchanges: Only above a) applies.
No less than 1 year under the board of directors

(As of the end of February 2012)

Less than 400 (Within a period of 10 years since listing, less than 150) (A
1-year grace period applies) *4
a) Number of tradable shares: Less than 2,000 trading units (Within a
period of 10 years since listing, less than 1,000 trading units) (A 1-year
grace period applies) *4
b) Market capitalization of tradable shares: Less than 500 million
(Within a period of 10 years since listing, less than 250 million) (A
1-year grace period applies) *4
c) Ratio of tradable shares to listed shares, etc.: Less than 5% (Except
for cases where predetermined documents are submitted to the TSE
by the listed company) (No grace period)
*Do not apply to foreign stocks with multiple listing
Where the company falls into liabilities in excess of assets, it fails to clear
the status of such excessive liabilities within a year. (As a general rule,
based on a consolidated balance sheet)
However, this does not apply to the first 3 fiscal years after listing.
The average monthly trading volume in the most recent year has been
less than 10 trading units of shares (for a foreign company, trading
volume equivalent to 10 times the trading unit) and/ or no transactions
have been made for three consecutive months.
*Does not apply to foreign stocks with multiple listing
Sales record for the last business year (excluding the business year in which
the company applied for listing) is less than 100 million (excluding cases in
which ordinary profits are recorded). (excluding 5 years after listing)
Less than 1 billion (Within a period of 10 years since listing, less than
500 million) during the last 3 months (or during the last 9 months if
predetermined documents are submitted) or less than 2 times the listed
value of shares for the last 3 months.*4, 5

69

INVESTORS

*5 "Market Capitalization" is the average monthly market capitalization (the average amount obtained by multiplying the
closing prices of each day in auction trading at TSE by the number of shares listed on the market for that day) or the
market capitalization at the end of the month (the amount obtained by multiplying the closing prices at the end of the
month in auction trading at TSE (if there is no closing price, the most recent closing price will be applied) by the number of
listed shares at the end of the month).

COMPLIANCE

*4 These creteria are applied to Mothers-listed companies whose listing period are over 10 years after March 31 2014.
Before that date, criteria stated in the case arc are applied to all Mothers-listed companies.

LISTING

*3 An audit firm that is registered in the registry of listed company audit firms based on the Registration System for Listed
Company Audit Firms of the Japanese Institute of Certified Public Accountants (including audit firm which is subject to
quality control reviews by the Japanese Institute of Certified Public Accountants)

SYSTEMS &
SERVICES

*2 1 unit is the minimum number of shares necessary for 1 voting right.

STOCK PRICE
INDEX

*1 "Tradable Shares" refers to listed shares excluding shares held by parties with a special interest such as officers, shares
owned by the company itself, and shares held by persons who individually own 10% or more of listed shares.

BOND
MARKET

Others

DERIVATIVES
MARKET

False Statements or
Unfair Representations

STOCK
MARKET

Stock Price

Where the stock price is below 10% of the initial public offering price
during the last 3 months (or during the last 9 months if predetermined
documents are submitted) by the point of time when 3 years have
elapsed since listing.
*This requirement shall apply only to Mothers-listed companies which are
listed on or after November 9, 2009.
1. In the case that a listed company has made "false statements" in
Annual or Semi-annual Securities Reports, etc., and, in addition, TSE
concluded that the "false statements" would have a material impact.
2. In the case that a certified public accountant states an "adverse opinion"
or includes "disclaimer of opinion" in the audit report, etc., and, in
addition, TSE concluded that the opinions would have a material
impact.
Suspension of bank transactions, bankruptcy/rehabilitation/reorganization
proceedings, suspension of business activities, inappropriate merger, etc.,
impairment of soundness of transactions with a controlling shareholder
(cases where a controlling shareholder is changed due to a third-party
allotment), delay in submission of securities reports, etc., violation, etc. of
the listing agreement, etc., restriction on stock transfer, becoming a
wholly-owned subsidiary, failure to delegate shareholder services to an
agent, failure to be subject to handling by the designated book-entry
transfer organization, unreasonable restrictions on shareholders' rights,
acquisition of all shares, involvement of anti-social influences, and others
(public interest and investor protection)

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

70

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX

Listing Criteria for Foreign Stocks*

(2)

(3)
(4)
(5)
(6)

COMPLIANCE

(7)

INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

(As of the end of February 2012)

Application
(1) Number of Shareholders in Japan

LISTING

SYSTEMS &
SERVICES

Foreign Stocks

(8)
(9)

A company must meet the following criteria, (1) to (9).


Single listing: 800 or more worldwide
Multiple listing: 800 or more in Japan
Tradable Shares
Single listing: Applicant companies must meet the following
requirements:
a) Number of tradable shares: 4,000 trading units or more
b) Market capitalization of tradable shares: 1 billion or more
c) Ratio of tradable shares to listed shares, etc.: 30% or more
Multiple listing: Only above a) applies
Market Capitalization of Shares Listed 2 billion or more
Number of Years of Business
No less than 3 years under the board of directors (3 years or more
Operation
for a privatized company)
Shareholders' Equity
1 billion or more as of the end of the last fiscal year
Pre-tax Profit / Total Market
Any of the following a. through c. must be satisfied.
Capitalization
a. Annual total pre-tax profit for each of the last two years:
1st year: 100 million or more, and
2nd (last) year: 400 million or more
b. Annual total pre-tax profit for each of the last three years:
1st year: 100 million or more,
3rd (last) year: 400 million yen or more, and
total for the three years: 600 million or more
c. Total market capitalization:
100 billion or more, except for when sales for the immediately
preceding year is less than 10 billion.
False Statements or "Adverse"
a. There should be no false statements in the applicant's
Representations
securities reports for the 2 most recent fiscal years (or for the 3
most recent fiscal years, in cases where criterion (6) b is met.
b. The opinion given by a certified public accountant in the audit
reports should be "unqualified" or "qualified fair with exceptions"
for the 2 most recent fiscal years (or for the 3 most recent fiscal
years, in cases where criterion (6) b is met).
c. An unqualified opinion is expressed by the auditor for the most
recent fiscal year.
No restrictions on Stock Transfer
There will be no restrictions on stock transfer (excluding cases
where TSE approves such transfer).
Shareholder Services, etc.
Handling at the designated book-entry transfer organization.

Note: As a general rule, the trading units of foreign stocks at TSE are classified into the following six units based on the prices
obtained by converting the average of closing prices at the main foreign financial instruments exchange(s) during one
year dating back from a day within two weeks prior to the listing application day of said stock into yen.
a) In the case of less than 500 yen: 1,000 shares per unit
b) In the case of 500 yen or more, but less than 1,000 yen: 500 shares per unit
c) In the case of 1,000 yen or more, but less than 5,000 yen: 100 shares per unit
d) In the case of 5,000 yen or more, but less than 10,000 yen: 50 shares per unit
e) In the case of 10,000 yen or more, but less than 50,000 yen: 10 shares per unit
f) In the case of 50,000 yen or more: 1 share per unit

71

(1) Number of Shareholders

Single listing: 2,200 or more worldwide


Multiple listing: 800 or more in Japan, and 2,200 or more
worldwide

(2) Tradable Shares

Single listing: Applicant companies must meet the following


requirements:
a) Number of tradable shares: 20,000 trading units or more
b) Market capitalization of tradable shares: 2 billion or more
c) Ratio of tradable shares to listed shares, etc.: 35% or more
Multiple listing: Only above a) applies.

(3) Average Monthly Trading Volume

200 trading units or more during both the last 3 months and the
3-month period preceding that

(7) False Statements or "Adverse"


Representations

Both a. and b.
a. There should be no false statements in applicant's securities
report for the 5 most recent fiscal years
b. The opinion given by a certified public accountant in the audit
reports should be "unqualified" or "qualified with exceptions"
for the 5 most recent years

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Any of the following a. through c. must be satisfied.


a. Annual total pre-tax profit for each of the last two years:
1st year: 100 million or more, and
2nd (last) year: 400 million or more
b. Annual total pre-tax profit for each of the last three years:
1st year: 100 million or more,
3rd (last) year: 400 million yen or more, and
total for the three years: 600 million or more
c. Total market capitalization:
100 billion or more, except for when sales for the immediately
preceding year is less than 10 billion.

INVESTORS

(6) Pre-tax Profit / Total Market


Capitalization

COMPLIANCE

1 billion or more as of the end of the fiscal year immediately


preceding the current fiscal year

LISTING

(5) Shareholders' Equity

SYSTEMS &
SERVICES

(4) Market Capitalization of Shares Listed 4 billion or more

STOCK PRICE
INDEX

A company must meet the following criteria, (1) to (7).

BOND
MARKET

Application

DERIVATIVES
MARKET

(As of the end of February 2012)

STOCK
MARKET

Numerical Criteria for First Section Assignment for Foreign Stocks

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

72

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

ETF/ETN
individual stocks, etc.

Exchange Traded Funds (ETFs) are funds or


investment trusts that hold portfolios of stocks, etc.

Additional ETFs may be created by depositing

which closely track the movements of a specific

portfolios of stocks, etc. ("in-kind creation") with

underlying indicator. ETFs can be bought and sold on

trustees, and they may also be redeemed for portfolios

the exchange just like stocks. As the value of ETFs are

of stocks, etc. ("in-kind redemption"). ETFs are

designed to correspond to the underlying indicators,

therefore useful arbitrage tools for broker/dealers and

investors can easily monitor ETF performance by

institutions.

following

the corresponding

indicator

This characteristic is expected to contribute to

information

greater liquidity and to help ensure efficient price

regularly disseminated by the media.

formation in both the underlying cash equities and

Since ETFs are based on broad indicators, they may

index futures markets.

offer investors relatively lower risk than investment in

Listing Criteria for ETFs

(As of the end of February 2012)

Creation & redemption in stocks


Creation in cash; redemption in stocks
Creation & redemption in cash

Eligibility
Product-related
(1) Matters to be included in contract
documents

(2) Authorized Participants


(3) Indicators
(4) Composition of assets
Correlation between Net Asset Value
and Indicators.
Other
(1) Management company
(2) False statements or "unfair"
representations2
(3) Investor protection & public interest

Fund management policy is to achieve investment performance


tracking a specific indicator
There is no specific period of validity for the fund
Investors are unable to cancel their creation during the
contracted period
The calculation period is at least 1 month
At least 2 Authorized Participants of qualified institutional
investros1
Indicators shall be calculated in an objective and fair manner etc.
Fund assets must represent at least 95% of the stocks by market
capitalization of the underlying index (if a simple average index,
then 100% coverage) etc.
A member of the Investment Trusts Association, Japan
No false statements in the applicant's securities reports during
the last 2 years, and an "unqualified" assessment by an auditor
Must be deemed eligible in terms of investor protection and
public interest (including check on fund manager's operations,
compliance & financial stability)

Note: 1. According to the Financial Instruments and Exchange Act, securities companies, banks and other organizations
qualified and experienced in securities investment, may manage funds.
2. Only applies to those funds with past securities reports.

Listing Fees and Additional Fees for ETFs


(As of the end of February 2012)

(1) Initial Listing Fee


(2) Additional Listing Fee
(3) Annual Fee

Total amount of net assets X 0.0075%


Total amount of additional trust X 0.0075%
Total amount of net assets is:
a. 1 trillion or less: 0.0075% of total amount of net assets
b. more than 1 trillion: 75 million+(total amount of net assets
1 trillion) X0.005%

Note: Japanese consumption tax will be added to the above fees.

73

SYSTEMS &
SERVICES

Other Criteria

STOCK PRICE
INDEX

Merchantability Criteria

BOND
MARKET

Financial Soundness Criteria

LISTING

The issuer is an entity equivalent to a financial instruments business


operator or registered financial institution in continuous business
operations for at least three years.
There are no false statements in the issuer's financial statements for the
two most recent years.
An unqualified opinion or qualified fair opinion with exception items is
expressed in the audit reports for the two most recent years.
The net assets (net worth) of the issuer shall be at least JPY 500 billion.
The capital adequacy ratio shall be greater than 8%.
A credit rating equivalent to "A " or above shall be given by a credit
rating agency, etc.
The sum of 1) the total outstanding amount of ETNs (including the
guaranteed redemption amount of ETNs issued by other companies)
and 2) the scheduled issuance amount at the time of initial listing shall
not exceed 25% of the net assets.
The redemption/purchase value shall be calculated based on a specific
indicator.
The ETNs shall be redeemed or purchased within five business days
upon request from a party holding at least a certain amount/value of the
securities.
The period until the final redemption date shall exceed five years.
The listing examination criteria shall be equivalent to those for foreign
ETFs or foreign ETF trust beneficiary certificates (JDRs whose
entrusted securities are foreign ETFs).

DERIVATIVES
MARKET

Issuer Criteria

STOCK
MARKET

Listing Criteria for ETNs

COMPLIANCE
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

74

STOCK
MARKET
DERIVATIVES
MARKET

REIT
In November 2000, amendments to the Investment

receives, as a share of money distributed, income such

Trust Act in Japan allowed for the creation of Real

as rental income from the real estate or the securitized

Estate Investment Trusts (REITs).

real-estate product, which the fund holds as an asset.

INVESTORS

COMPLIANCE

LISTING

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

investment

corporations

or fund

managers

benefits

and

GLOBAL AND
REGIONAL
ORGANIZATIONS

of

increased

real

estate

management

invested in real estate property, with dividend payments

efficiency for real estate holders and risk/return

to investors derived from rents and proceeds from

diversification for investors.

sales.
By investing in a REIT issued by a fund, an investor

Listing Criteria for REITs

(As of the end of February 2012)

Corporate style
Contract Style-Direct
Contract Style-Intermediated

Listed products

Characteristics of products
(1) Proportion of real estate
(2) Assets other than real estate
(3) Distribution of profits
Matter of form
(1) Fund management companies
(2) Listed shares
(3) Assets

(4) Distribution
(5) Refund
(6) Others

Over 70% of investment assets are required to be real estate and


the like.
Assets other than real estate, cash and/ or something equivalent
are required to be less than 5% of investment assets.
Continued distribution of profits is expected.
Only members of Investment Trusts Association, Japan
4,000 shares or more
Gross assets required to be 5 billion or more, net assets
required to be 1 billion or more, and net asset per share is
required to be 50,000 or more.
Large-lot investors (*) are required to hold no more than 75% of
the listed shares, and there must be 1,000 or more other
investors.
Only closed-end
False statements or unfair representations, transfer of title and so
on are treated in the same way as share stocks.

(*) Top 10 investors in terms of the number of shares held

Listing Fees and Additional Fees for REITs


(As of the end of February 2012)

(1) Initial Listing Fee


(2) Additional Listing Fee
(3) Annual Fee

Total amount of net assets X 0.09%


Total amount of money from additional listing of shares or trusts X
0.09%
Out of net assets:
(1) 500,000 for 500 million or less.
(2) 70,000 for each 250 million or fraction thereof in excess of
0.5 billion to 5 billion.
(3) 70,000 for each 2.5 billion or fraction thereof in excess of 5
billion to 50 billion.
(4) 70,000 for each 25 billion or fraction thereof in excess of 50
billion.

Note: Japanese consumption tax will be added to the above fees.

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

REITs are generally viewed as offering the potential

REITs are pools of investors money gathered by

75

STOCK
MARKET

Listed Companies

DERIVATIVES
MARKET

Number of Listed Domestic Companies and Shares

(As of the end of 2011)

Trading Units

Total
227
17
11
1,084
35
905
2,279

Number of Listed Domestic Companies by Business Year-End


(As of the end of 2011)

First Section
19
94
1,326
8
26
15
4
14
25
11
19
111
1,672

Second Section
5
18
316
3
9
10
1
5
17
8
6
33
431

Total
29
123
1,712
17
41
37
12
28
61
23
26
170
2,279

GLOBAL AND
REGIONAL
ORGANIZATIONS

76

Mothers
5
11
70
6
6
12
7
9
19
4
1
26
176

HISTORICAL
DATA

Business Year-End
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Total

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Number of Companies
Second Section
Mothers
21
125

1
1

184
47
9

216
3
431
176

INVESTORS

1 share
10 shares
50 shares
100 shares
500 shares
1000 shares
Total

First Section
81
16
10
853
26
686
1,672

COMPLIANCE

Number of Listed Domestic Companies by Trading Unit

LISTING

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

Total Market Capitalization ( tril.)

Number of Companies Listed on Multiple Stock Exchanges


(As of the end of 2011)

Listed on Listed on
Listed
Single
Multiple
5 Stock
4 Stock
3 Stock
2 Stock
Stock
Stock
Companies
Exchanges Exchanges Exchanges Exchanges
Exchanges Exchanges
2,279

1,565

714

24

11

72

607

1,672

1,033

639

24

11

71

533

Second Section

431

357

74

73

Mothers

176

175

Tokyo
First Section

1,682

1,139

543

24

11

69

439

First Section

512

29

483

24

11

68

380

Second Section

207

164

43

43

JASDAQ

963

946

17

16

329

97

232

24

10

55

143

Osaka

Nagoya
First Section

198

191

24

10

54

103

Second Section

109

68

41

40

Centrex
Fukuoka
Sapporo
Total

22

22

129

37

92

24

10

15

43

74

19

55

24

24

3,592

2,857

735

24

11

72

628

77

Delisted Companies

65(10)
54(13)
23(10)
26( 6)
50(10)

70
79
78
68
52

BOND
MARKET

*Figures do not include foreign listed companies


Note: Figures in parenthesis are number of technical new listings

Company

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

78

INVESTORS

*Domestic companies only

Jan. 27
Mar. 01
Mar. 03
Mar. 03
Mar. 10
Mar. 11
Mar. 11
Mar. 11
Mar. 15
Mar. 17
Mar. 18
Mar. 22
Mar. 23
Mar. 24
Apr. 01
Apr. 01
Jun. 01
Jun. 09
Jun. 23
Jun. 29
Jul. 11
Jul. 21
Aug. 04
Aug. 26
Sep. 05
Sep. 15
Sep. 22
Sep. 27
Sep. 27
Oct. 01
Oct. 03
Oct. 03
Oct. 03
Oct. 03
Oct. 03
Oct. 26
Oct. 28
Nov. 18
Dec. 07
Dec. 09
Dec. 14
Dec. 16
Dec. 16
Dec. 19
Dec. 20
Dec. 20
Dec. 20
Dec. 21
Dec. 22
Dec. 26

COMPLIANCE

1st=First Section, 2nd=Second Section, M=Mothers

Listing Date

LISTING

YA-MAN LTD.
Connect Holdings Corp.
Ekitan & Co.,Ltd.
DAI-ICHI SEIKO CO.,LTD.
JP-HOLDINGS,INC.
CALBEE,Inc.
AGS Corporation
Ishihara Chemical Company,Ltd.
THE SHIMANE BANK,LTD.
ARATA CORPORATION
JCR Pharmaceuticals Co.,Ltd.
Noevir Holdings Co., Ltd.
TSUKUI CORPORATION
KENKO Mayonnaise Co.,Ltd.
TOKAI Holdings Corporation
HANEDA ZENITH Co.,Ltd.
TSI HOLDINGS CO.,LTD.
Kurotani Corporation
Digital Media Professionals Inc.
Nippon Dry-Chemical CO.,LTD.
Fuji Pharma Co.,Ltd.
Morpho,Inc.
SANEI ARCHITECTURE PLANNING CO.,LTD.
BRONCO BILLY Co.,LTD.
MANI,INC.
HIGASHI TWENTY ONE CO.,LTD.
BrainPad Inc.
KLab Inc.
STEP CO.,LTD.
PARAMOUNT BED HOLDINGS CO., LTD.
Nissin Sugar Holdings Co., Ltd.
TAISHO PHARMACEUTICAL HOLDINGS CO., LTD.
Eikoh Holdings Inc.
Miyakoshi Holdings, Inc.
Financial Products Group Co.,Ltd.
Poletowin Pitcrew Holdings,Inc.
eBOOK Initiative Japan CO.,LTD.
Miraial Co.,Ltd.
Livesense Inc.
ICHIROKUDO CO.,LTD.
NEXON Co.,Ltd.
W-SCOPE Corporation
eGuarantee,Inc.
JAPAN MATERIAL Co.,Ltd.
Qol Co.,Ltd.
Chiome Bioscience Inc.
Nitta Gelatin Inc.
Star Flyer Inc.
Misawa & Co.,Ltd.
Seven Bank,Ltd.

SYSTEMS &
SERVICES

2nd
M
M
1st
2nd
1st
2nd
2nd
2nd
2nd
2nd
2nd
2nd
2nd
1st
2nd
1st
2nd
M
2nd
2nd
M
2nd
2nd
2nd
2nd
M
M
2nd
1st
2nd
1st
2nd
1st
2nd
M
M
2nd
M
2nd
1st
M
2nd
2nd
2nd
M
2nd
2nd
M
1st

STOCK PRICE
INDEX

Newly Listed Companies in 2011


Market

DERIVATIVES
MARKET

Newly Listed Companies*


2007
2008
2009
2010
2011

STOCK
MARKET

Number of Newly Listed Companies / Delisted Companies

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

Companies Delisted in 2011


Mkt.

Company

M
2nd
1st
M
1st
M
1st
2nd
1st
2nd
1st
1st
1st
1st
M
1st
1st
2nd

Institute of Applied Medicine,Inc.


JST Co.,Ltd.
SILVER SEIKO LTD.
Connect Technologies Corp.
ALOKA CO.,LTD.
RAYTEX CORPORATION
Secured Capital Japan Co., Ltd.
Noevir Co.,Ltd.
COMBI Corporation
HANEX Co.,Ltd.
SANYO Electric Co.,Ltd.
Panasonic Electric Works Co.,Ltd.
TOKAI CORPORATION
The Sumitomo Trust and Banking Company,Limited
Link One Co.,Ltd.
Cedyna Financial Corporation
RISA Partners, Inc.
KURAKI CO.,LTD.

Date of
Reason Mkt.
Delisting
Jan.
Jan.
Jan.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.

27
27
29
24
26
1
16
16
16
29
29
29
29
29
26
26
26
27

A
K
Q
A
A
I
K
A
K
A
A
A
A
A
C
A
K
A

1st
M
1st
1st
1st
2nd
1st
1st
1st
2nd
1st
1st
1st
2nd
M
1st
1st
1st

Company
INVOICE INC.
DesignEXchange Co.,Ltd.
SANEI-INTERNATIONAL CO.,LTD.
TOKYO STYLE CO.,LTD.
ART CORPORATION
SECOM TECHNO SERVICE CO.,LTD.
O-M Ltd.
ARONKASEI CO.,LTD.
Image Holdings Co.,Ltd.
MELX CO.,LTD.
Culture Convenience Club Co.,Ltd.
Kawashima Selkon Textiles Co.,Ltd.
The Fuji Fire and Marine Insurance Company,Limited
ENOTECA CO.,LTD.
LTT Bio-Pharma Co.,Ltd.
Mizuho Trust & Banking Co.,Ltd.
Mizuho Securities Co.,Ltd.
Mizuho Investors Securities Co.,Ltd.

Date of
Reason Mkt.
Delisting
Apr.
May
May
May
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jul.
Jul.
Jul.
Aug.
Aug.
Aug.
Aug.
Aug.

30
1
27
27
27
28
28
28
28
29
22
27
29
1
09
29
29
29

K
I
A
A
K
B
A
A
K
I
K
A
K
K
N
A
A
A

2nd
2nd
1st
1st
1st
1st
2nd
2nd
1st
1st
M
1st
M
1st
1st
1st

Company
Nissin Sugar Manufacturing Co.,Ltd.
AQ INTERACTIVE INC.
TAISHO PHARMACEUTICAL CO.,LTD.
MIYAKOSHI CORPORATION
PARAMOUNT BED CO.,LTD.
CSK CORPORATION
Eikoh Inc.
C&I Holdings Co.,Ltd.
Universe Co.,Ltd.
SUNCITY CO.,LTD
GABA CORPORATION
MASPRO DENKOH CORP.
Chip One Stop,Inc.
Telefonica,S.A.
Toyota Auto Body Co.,Ltd.
Kanto Auto Works,Ltd.

Date of
Reason
Delisting
Sep.
Sep.
Sep.
Sep.
Sep.
Sep.
Sep.
Oct.
Oct.
Oct.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.

28
28
28
28
28
28
28
3
18
27
30
16
22
25
28
28

A
B
A
A
A
B
A
J
A
C
A
K
K
H
A
A

The reason for delisting


A=Full Subsidization  B=Merger  C=Corporate Reorganization/Rehabilitation  D=Bankruptcy  E=Tradable Shares  F=Demerger
G=Liabilities Exceeding Assets H=Application I=Market Capitalization J=False Statement/No Audit Opinion K=Whole acquisition
L=Suspention of business activities M=Entrustment contract N=Inappropriate merger O=Breach of listing agreement P=Delay in
submission of a quarterly report Q=Suspension of bank transactions R=Others

Companies Assigned to First Section from Second Section in 2011


Date of
Assignment
Feb. 1
Feb. 14
Feb. 16
Mar. 3
Mar. 3
Mar. 10
Mar. 17
Mar. 22
Mar. 24
Apr. 27
Jun. 1
Jun. 27
Sep. 1
Sep. 9
Nov. 1
Dec. 6
Dec. 7
Dec. 9
Dec. 26
Dec. 27
Dec. 28

Company
THE TAIKO BANK,LTD.
MORESCO Corporation
Jowa Holdings Company,Limited
INNOTECH CORPORATION
Softcreate Co.,Ltd.
KUSURI NO AOKI CO.,LTD.
Orient Corporation
TOKAI Corp.
Daito Pharmaceutical Co.,Ltd.
KONDOTEC INC.
Genky Stores,Inc.
The Monogatari Corporation
TOSEI CORPORATION
SHO-BI Corporation
Relo Holdings,Inc.
Grandy House Corporation
OSAKA ORGANIC CHEMICAL INDUSTRY LTD.
Yashima Denki Co.,Ltd.
RION CO.,LTD.
AIT CORPORATION
Eidai Co.,Ltd.

Companies Reassigned to Second Section from First Section in 2011


Date of
Assignment
May. 1
Aug. 1

Company
C&I Holdings Co.,Ltd.
NIS GROUP CO.,LTD.

Companies Assigned to First or Second Section from Mothers in 2011


Date of
Assignment
Feb. 25
Feb. 25
Feb. 28
Mar. 29
Jun. 9
Dec. 9
Dec. 15

Company
DIGITAL Hearts Co.,Ltd.
AIT CORPORATION
V Technology Co.,Ltd.
WOWOW INC.
Voltage Incorporation
SMS CO.,LTD.
COOKPAD Inc.

79

Section
1st
2nd
1st
1st
1st
1st
1st

n/a

STOCK PRICE
INDEX

SYSTEMS &
SERVICES
LISTING

COMPLIANCE

INVESTORS

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

HISTORICAL
DATA

GLOBAL AND
REGIONAL
ORGANIZATIONS

80

Reason

BOND
MARKET

Foreign Companies Delisted in 2011

DERIVATIVES
MARKET

Application
Telefonica,S.A.
Dec. 15

Company
Delisting Date

Market
Company
Listing Date

STOCK
MARKET

Newly Listed Foreign Companies in 2011

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX

TSE began operating the Timely Disclosure Network

other materials of every company listed(3) on all

system (TDnet) in July 1998 with the purpose of

exchanges nation-wide. Also, in order to improve

transmitting corporate information disclosed by listed

market functions, such as investor usability through the

companies fairly, quickly, and over a broad area.

maintenance of an environment in which investors can

The flow of information disclosure is as follows: 1.

easily use earnings information, TSE introduced

Disclosure materials submitted by the listed company

XBRL( 4) into TDnet with regards to earnings

are given index indicators such as disclosure time and

information

registered in the database. 2. Registered disclosure

(consolidated earnings digests, etc.) in FY2008.

materials are then transmitted at the time of disclosure

1 URL: http://www.tse.or.jp/listing/disclosure/index.html

to monitors used exclusively by media outlets, and also

2 URL: http://www.tse.or.jp/market/service/Tdnet/index.html

entered

3 Materials registered on TDnet are also distributed

into

the

Timely

COMPLIANCE
INVESTORS

Information

GLOBAL AND
REGIONAL
ORGANIZATIONS

in

the

timely

disclosure

system

via the system.

browsed in real time through both the TDnet database

4 URL: http://www.tse.or.jp/rules/td/xbrl/about.html

service (TDnet DBS2) and the Timely Disclosure


Information Browsing Service.

Note: Only available in Japanese

TDnet is a network connecting every stock exchange


in the country, enabling access to the disclosure and

Flow of Information Disclosure through TDnet

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

Disclosure

Browsing Service (1). 3. Disclosure materials can be

LISTING

SYSTEMS &
SERVICES

Timely Disclosure Network System (TDnet)

81

STOCK
MARKET

Electronic Voting Platform


shareholder registries of listed companies. Nominee

unraveling of cross-shareholdings and the growing

shareholders and standing agents receive notices of

presence of institutional investors such as pension

general shareholders meetings and exercise voting

funds, investment trusts and non-resident investors. In

rights on their behalf. Due to this situation, institutional

March 1990, trust banks and foreign investors held

investors end up having insufficient time to examine the

14.2% of shares in the market. This figure rose to

details on the agenda of general shareholders

36.8% by March 2011.

meetings, and thus find it difficult to exercise voting


TSE holds the view that general shareholders

general shareholders meetings. However, nowadays,

meetings are significant occasions for communication

they are becoming more proactive in voting. Pension

between listed companies and their investors, and are

funds have also established their voting guidelines for

extremely important from the perspective of ensuring

fulfilling their fiduciary responsibility and they have

effective corporate governance. In order to foster an

requested parties to whom they entrust their asset

environment for the smooth exercise of voting rights by

management, such as trust banks and investment

institutional investors, TSE established ICJ in July 2004

advisory companies, to act in accordance with such

in a joint venture with Broadridge Financial Solutions,

guidelines.

Inc. and Japan Securities Dealers Association, and

general,

domestic

and

foreign

began

institutional

operating

an

electronic

voting

platform

(hereafter "platform") from the end of December 2005.

shareholders, such as master trust banks, in the

Schematic diagram of the platform


Nominee shareholders

Voting instruction

Nominee shareholders

Trust bank
trustee
divisions

INVESTORS

Listed companies
(Transfer Agents)

indicates previous information flow

Master trust banks

Provide data of
agenda

Investment
advisors, pension
funds, etc.

Non-resident
shareholders
Standing Agents

Apply to use
Provide digital
data of agenda

Custodian banks, etc.

Non-residents

Vote
Entrust
operations

Voting
instruciton

Electronic voting platform (ICJ/Broadridge)

Use
Platform

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Participate in
platform

COMPLIANCE

2. Overview of platform

LISTING

In

investors hold shares in the names of their nominee

SYSTEMS &
SERVICES

a strong interest in exercising their voting rights at

STOCK PRICE
INDEX

rights in a timely and effective manner.

Until recently, institutional investors had not indicated

BOND
MARKET

In recent years, the stock market has seen the

DERIVATIVES
MARKET

1. Background to establishing ICJ

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

82

STOCK
MARKET

their voting rights.

The flow of voting rights exercise when using the

DERIVATIVES
MARKET

platform is described below.


The benefits of participating in the electronic voting
platform and its effect on operations are described

(1) Listed companies submit the PDF file of a notice of

below.

a general shareholders meeting to the platform two

Listed companies can now (1) check daily the voting

days prior to the day of sending such notice to

situation from the day the notice of a general

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

shareholders.
(2) The platform encodes the agenda of the general

shareholders meeting is sent to the day before such

shareholders meeting based on preset agenda

meeting is held; (2) depending on the trend of votes in

type codes. Information on the agenda is provided

favor or otherwise, take flexible response measures

on the voting website on the day the notice is sent.

such as providing institutional investors with additional

(3) Information on the agenda that is registered in the

information; (3) improve shareholder services by

platform is provided through the voting website to

securing sufficient time for institutional investors who

each institutional investor which has concluded a

are beneficial shareholders to consider the agenda;

contract with a relevant participating nominee

and (4) ensure a receipt of voting results even when

shareholder or standing agent, and the platform

large scale natural disaster occurs, as a measure to

receives data on information such as institutional

strengthen BCP.
For transfer agents, the digitization of a formerly

investor shareholding situation from such nominee

paper-based voting process by institutional and other

shareholders or standing agents.

investors with the use of the platform also reduces the


burden of consolidating results.

agenda, an institutional investor exercises its

The whole range of work related to a general

voting right electronically through the voting

shareholders meeting which was formerly paper-based

website.
(5) Voting data entered by each institutional investor is

such as receiving notices of such meeting, providing

directly submitted twice a day to transfer agents

institutional investors with information, consolidating

through the platform during the period from the day

voting results, and notifying listed companies, is now

of the notice of the general shareholders meeting

digitized. With this, nominee shareholders and standing

to the day prior to the general shareholders

agents can also enjoy a significantly reduced workload

meeting.

in relation to general shareholders meetings.

(6) Nominee IDs and passwords are attached to voting

As for institutional investors, early and assured

data. Listed companies (transfer agents) use these

access to the agenda for a general shareholders

to affirm that nominee shareholders have exercised

meeting and having up till the day before the meeting to

3. State of participation in the platform


As of the end of December 2011, 390 listed
companies

(approximately

capitalization),

transfer

shareholders/standing
domestic

and

foreign

75%

of

agents,

agents

and

institutional

total
10

market

Number of listed companies participating in the platform

nominee

about

400

4,000

investors

GLOBAL AND
REGIONAL
ORGANIZATIONS

372

390

339

are

308

300

participating in the platform.

208

200

100

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

(4) After considering whether or not to support the

106

0
2006

83

07

08

09

10

11

STOCK
MARKET

Listed Company Awards


since 2009 for corporate conduct which contributes to
the adoption and enrichment of TSE's code of

establishing

companies which set an example, affect other listed

listed company awards system to recognize listed

companies' acts and create new trends through

companies which have demonstrated exceptional

pro-active corporate conduct which is part or likely to

corporate conduct from the perspective of the capital

become part of the Listing Rules' Code of Corporate

market, in order to encourage pro-active initiatives on

Conduct, in order to spread and promote listed

the part of listed companies.

company conduct

promoting

better

Year

is

desirable

Name
Award for Innovative Corporate Action
Reason: Timely provision of notice of an annual general shareholders meeting
TOKYO STEEL MANUFACTURING CO.,LTD.
Hitachi,Ltd.
YAMADA DENKI CO.,LTD.

from

the

SYSTEMS &
SERVICES

2011

which

standpoint of the market operator.

The Corporate Conduct Award has been awarded

STOCK PRICE
INDEX

corporate conduct. This award recognizes listed

and

BOND
MARKET

operational

practices. As a part of these efforts, we have created a

DERIVATIVES
MARKET

Along with planning improvements to the listing


systems, TSE has been focusing its efforts in

LISTING
COMPLIANCE
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

84

Equity Financing (All Listed Companies)


Rights Offerings
Amount
Raised
(100mil.)

No.of
Cases

Amount
Raised
(100mil.)

Preferred Stocks
and Tracking
Stocks
Amount
No.of
Raised
Cases
(100mil.)

Private
Placements
No.of
Cases

Amount
Raised
(100mil.)

Exercise of
Warrants and
Total
Stock Options
Amount Amount
No.of
Raised
Raised
Cases
(100mil.) (100mil.)
2,763

19,634

126

397

33,850

241

1,041

28,977

8,101

360

1,819

30,937

4,736

409

1,647

26,933

141

6,841

376

1,716

21,423

112

4,101

261

241

14,201

5,535

135

7,238

189

218

62,662

865

101

5,423

176

278

39,672

692

72

4,219

181

273

14,864

5,592

27

53

23

5,643

159

401

72

39

600

11

1,765

18

265

65

59

2,090

152

49

39

194

STOCK
MARKET

21

1,562

40

10,293

79

5,015

82

2003

19

40

5,726

75

25,371

103

2,335

2004

44

80

7,544

55

14,105

142

6,242

2005

42

80

6,661

52

14,312

175

2006

75

14,546

34

6,003

176

2007

80

69

4,629

13

8,155

2008

29

3,419

10

6,437

2009

52

49,668

30

2010

52

33,097

11

2011

45

9,678

'11 Jan.

Feb.

Mar.

Apr.

May

45

28

51

21

95

Jun.

307

55

51

373

Jul.

21

54

24

51

INVESTORS

Aug.

461

297

1,577

47

13

2,350

Sep.

363

350

122

50

845

Oct.

15

320

41

344

Nov.

10

41

42

54

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

COMPLIANCE

LISTING

2002

STOCK PRICE
INDEX

No.of
Cases

Public Offerings

SYSTEMS &
SERVICES

BOND
MARKET

DERIVATIVES
MARKET

Financing

Dec.

994

1,203

73

21

2,219

Note: 1. The day after payment is used as the base date and the amount raised by the companies listed on Japan's stock
exchanges (excluding the companies listed on Hercules in Osaka and JASDAQ) is aggregated by the base date.

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

2. Monthly figures in the number of cases for "Exercise of Warrants and Stock Options" are cumulative numbers.
Annual figures are the number of companies.

85

STOCK
MARKET

Issuance of Public and Corporate Bonds (Domestic Flotation)


Public Offering
Local Government
Bonds
Outstanding
Issuance
Amount

Corporate Straight
Bonds
Issuance

Outstanding
Amount

Convertible
Bonds
Issuance

Outstanding
Amount

Asset Backed
Bonds
Issuance

Outstanding
Amount

57,508

3,479

11,954

2,110

37,207

1,126

9,987

635,904

650

18,439

2,374

10,169

638,700

5,530

17,394

3,135

9,928

655,833

350

14,154

723

7,914

547,819

1,500

12,596

2,830

8,951

113,931

594,040

2,035

12,070

1,006

7,637

95,589

618,078

1,225

12,395

1,200

7,082

510,395

82,835

619,208

325

10,489

2,000

7,850

5,461

479,117

8,796

625,768

12,395

7,058

5,278

482,725

2,655

623,541

12,392

7,051

130,522 7,545,486

5,896

484,364

9,266

621,266

11,610

7,042

131,390 7,618,080

3,821

486,578

5,154

619,208

50

11,660

7,029

May

127,660 7,696,591

6,072

490,345

4,300

619,436

11,659

7,022

Jun.

159,994 7,638,366

5,062

493,492

9,033

617,669

11,657

7,016

Jul.

137,059 7,704,471

5,130

496,292

9,230

620,840

11,642

7,010

Aug.

133,786 7,782,855

4,320

498,947

1,080

618,598

275

11,779

1,800

7,905

Sep.

157,996 7,696,184

5,516

500,914

11,431

621,953

10,594

200

7,850

Oct.

131,024 7,762,638

5,724

504,324

7,640

625,130

10,532

7,850

Nov.

131,489 7,839,526

7,240

507,957

4,860

623,463

10,527

7,850

Dec.

143,926 7,734,320

7,028

510,395

9,390

619,208

10,489

7,850

2003

1,546,864 5,318,589

42,649

223,255

105,600

2004

1,752,680 5,999,137

52,515

260,250

90,488

2005

1,861,557 6,591,539

61,527

299,478

108,286

2006

1,756,838 6,725,947

60,310

335,810

100,511

2007

1,404,551 6,755,174

57,038

366,926

118,946

2008

1,257,518 6,784,916

58,736

396,504

88,428

2009

1,456,601 7,009,610

74,394

437,123

2010

1,658,235 7,495,600

76,081

477,665

2011

1,640,643 7,734,320

66,549

'11 Jan.

129,649 7,566,358

Feb.

126,143 7,642,961

Mar.
Apr.

INVESTORS

565

626,810

591,151

COMPLIANCE

614,705

92,410

LISTING

10,916

194,570

SYSTEMS &
SERVICES

5,849

25,825

STOCK PRICE
INDEX

83,484

1,478,319 4,818,024

BOND
MARKET

2,800

2002

DERIVATIVES
MARKET

( 100 mil., )

Ordinary
Government
Securities
Outstanding
Issuance
Amount

Note: Ordinary Government Securities include discount government bonds.

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Source: Japan Securities Dealers Association, "Amount of Public and Corporate Bonds Issuance and Redemption"

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

86

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

TOKYO AIM
Market Operator

Takeover bid rules and large shareholding reporting


rules also apply.

In June 2009, TSE established TOKYO AIM, a new

Nominated Advisor (J-Nomad) System

market for professional investors in collaboration with


London Stock Exchange (LSE). TOKYO AIM is

TOKYO AIM offers an orderly yet flexible market to

operated by TOKYO AIM Inc., an exchange jointly

issuers and investors by applying the regulatory

established by both exchanges (capital contribution:

framework for markets for professional investors and

51% TSE, 49% LSE).

adopting the nominated advisor (J-Nomad) system.

Market for Professional Investors

The J-Nomad system is based on the Nomad

TOKYO AIM is based on the regulatory framework

(Nominated

Advisor)

for markets for professional investors which was

(Alternative

Investment

incorporated into the amendment to the Financial

market for growth companies operated by LSE. In the

Instruments and Exchange Act of December, 2008.

nominated advisor system, the exchange approves

Only

corporations

specified

"professional

investors"

and

(mainly

system

employed

Market),

securities

an

in

AIM

international

companies)

as

non-residents are allowed to trade in such markets. In

Nomads. Nomads not only assess and confirm the

the case of stock offerings, etc. to professional

eligibility of companies seeking to list, but also continue

investors in such a market, issuers are not required to

to provide post-listing support, such as guidance on

submit a Securities Registration Statement as an

timely disclosure, to such companies.

offering disclosure document, but instead are only

The 1st listed company

required to disclose financial and such information in a

TOKYO AIM listed Mebiopharm Co., Ltd. as the 1st

form and method ("Specified Securities Information")

listed company on 15th July 2011. We expect that more

prescribed by the exchange (TOKYO AIM, Inc.).

companies will utilize TOKYO AIM hereafter.

Similarly for ongoing disclosure, issuers do not need to

Establishing a New Bond Market

submit an Annual Securities Report, and will only need

TOKYO AIM, Inc. completed preparation to launch a

to disclose financial and such information in a form and

new bond market for professional investors, the

method ("Issuer Filing Information") prescribed by the

TOKYO PRO-BOND Market, in Spring 2011. The

exchange. Legal penalties for false statements in

market is based on the regulatory framework for

financial documents and insider trading are imposed in

markets for professional investors, but does not adopt

the same way as with other domestic markets.

the nominated advisor system.

Comparison between TOKYO AIM and Other Japanese Equity Markets


Other Japanese Equity Markets

TOKYO AIM

Disclosure Language

Japanese

Japanese or English

Accounting Standards

Japanese standards
(In cases where financial documents
are not disclosed in such company's
home country, etc.)

Listing Criteria

Number of shareholders, market


capitalization, sales volume,
profits, and other numerical criteria

Japan GAAPIFRS
US GAAPOthers
(Standards deemed appropriate by
agreement between the J-Nomad and
auditing corporation, and recognized by
the Exchange)
No numerical criteria.
Assessment and confirmation of listing
qualifications by a J-Nomad

Period from Listing


Application to Listing
Acceptance

2 - 4 months

Generally 10 business days

Audit Certification

Most recent 2 years

Most recent year

Internal Control Report

Mandatory

Voluntary

Quarterly Financial
Statements

Mandatory

Voluntary

Investors

No restrictions

Professional investors and non-Japan


residents

87

COMPLIANCE
STOCK
MARKET

Market Surveillance & Compliance

Type

Examinations Investigations

Market
Manipulation

Price Movement, etc.


Short-selling
Sub-total
Other
Total

17
6
23

872

6,421

149

Notifications
745
32
22
1

Total

800

Number of Transaction Consultations


Type
Insider Trading
Share Buybacks
Tender Offers
Short Selling
Acceptance of Orders
Execution
Financing
Trading
Off-auction/Off-exchange
Margin Trading/When-Issued Transactions
Error Correction
Cross Trading
Others

Total

Consultations
936
79
32
26
20
5
16
57
20
4
1
28
19
1,243

Number of Cautionary Notices to Trading Participants


Type
Acceptance and Execution of Orders which is likely to fall under Artificial Price Formation
Short-selling
Proprietary Purchase during Stabilization Trading Period

Notices
1
6
1

Above statistics cover records during FY 2010.

88

Companies
10
2

GLOBAL AND
REGIONAL
ORGANIZATIONS

Type
Insufficient Insider Trading Prevention Systems and Frameworks
Share Purchase in Violation of Insider-Trading Regulations

HISTORICAL
DATA

Number of Cautionary Notices to Listed Companies

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Derivatives-Related

35
24
59

Type
Raising Stock Price during Closing Price Determination
Buying-Up Immediately Before Closing Price Determination
Selling-Down Immediately Before Closing Price Determination
Locking-Up Stock Price during Closing Price Determination

INVESTORS

Loss, etc. due to Business Processes


Change in Major Shareholder
Information regarding Account Settlement
Other Material Fact
Sub-total

26
0
3
1
14
1
9
11
5
15
41
126

COMPLIANCE

Formation or Cancellation of Business Partnership

134
7
213
36
1,888
13
46
801
68
1,965
319
5,490

LISTING

Insider Trading

Capital Increase
Capital Reduction
Share Buybacks
Stock Split
Dividend Revision
Merger

SYSTEM &
SERVICES

Number of Transaction Detail Notifications

STOCK PRICE
INDEX

Number of Examinations and Investigations

BOND
MARKET

likely, or in cases where internal systems and


frameworks for the prevention of insider trading have
been deemed insufficient.
Furthermore, from the perspective of preventing
unfair trading, TSER issues "Transaction Detail
Notifications" to trading participants who have
conducted trading in a manner that could be improper
trading. In addition to this, the Compliance unit (Market
Surveillance & Compliance Dept. and Participants
Examination & Inspection Dept.) provides opportunities
for market users to gain knowledge regarding laws and
regulations, etc. related to financial instrument
transactions. In order to contribute to ensuring fairness
of the market, TSE established the TSER Compliance
Learning Center (TSE COMLEC), conducts transaction
consultations and seminars for market users such as
listed companies and trading participants, and provides
training contents via such methods as e-learning.

DERIVATIVES
MARKET

Tokyo Stock Exchange Regulation ("TSER")


conducts examinations and investigations relating to
price/volume trends and trading participant trading
activities. Particularly, these examinations are
conducted in relation to issues for which important
corporate information which significantly affects
investment decisions, including capital increases or
mergers, has been released (legally, "material facts"),
or issues for which price or volume fluctuations have
been deemed unusual.
As a result of such examinations or investigations, in
cases where a trading participant's actions have
violated laws or regulations, or where such has been
deemed likely, TSER issues cautionary notices to
trading participants. Additionally, such notices are
issued to listed companies in cases where the actions
of such listed company are found to be in violation of
laws or regulations, or where such has been deemed

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES

Participants Examination & Inspection


Tokyo Stock Exchange Regulation ("TSER")
conducts inspections of trading participants for the
purpose of maintaining the transparency and public
status of the securities markets, and contributing to the
protection of the public interest and investor protection.
The following tables show the state of trading
participant inspections. These inspections involve
on-site checks on a trading participant's compliance

Trading Participant Inspections Conducted (fiscal year 2010)


Type of inspection

Conducted in the order of priority of trading participants which are


deemed to require inspection, considering past inspection results, the
content of SESC inspection results, time elapsed since the last
inspection, etc.
Simultaneously conducted on-site together with Japan Securities
Dealers Association
Conducted in collaboration with other exchanges in Japan
Conducted within 1 year, where necessary, of the last inspection to
check whether there has been improvement
Conducted with focus on a specific item based on various information

Regular inspection
Cooperative inspection
Joint inspection
Follow-up inspection

LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA

No. of
companies

Content

Special inspection

GLOBAL AND
REGIONAL
ORGANIZATIONS

with laws and regulations, as well as its business and


financial situation.
Through trading participant inspections, TSER aims
to prevent violations of laws and regulations by TSE
trading participants. When a trading participant is found
to have violated laws or regulations, TSER provides
guidance by taking appropriate measures such as
taking disciplinary action or issuing cautionary notices.

30
29
28
0
3

Measures Taken based on Inspection Results (fiscal year 2010)


No. of cases

No. of companies

Disciplinary actions

Content of cautionary notices, etc.

2 ( 2)

2 ( 2)

Recommendations

0 ( 0)

0 ( 0)

Cautionary notices

20 ( 4)

15 ( 4)

Requests

10 ( 4)

10 ( 4)

Total

32 (10)

20 ( 8)

Note: 1. Figures in parentheses show the number of cases where cautionary notices, etc. were issued and TSER also requested a business
improvement report.
2. The total number of companies does not correspond to the total number of cases as some trading participants received multiple
cautionary notices, etc. as the result of a single inspection.

Main Deficiencies (fiscal year 2010)


Deficiency items
1. Deficiency with respect to short-selling
2. Deficiency in the management system for
preventing erroneous orders
3. Deficiency in the management of corporate
information
4. Deficiency with stabilization trading
5. Deficiency in the management system for
preventing unfair transactions
6. Deficiency in the management of system-risk
7. Deficiency in books/documents
8. Deficiency related to Agreement for Setting up
Trading Account
9. Deficiency in management system for preventing
front-running

No. of
cases
20
10
9
7
6
3
3
3

Deficiency items
10. Deficiency related to margin trading
11. Deficiency in the management system for listing
suitability examination
12. Deficiency in issuer's acquisition of own-shares
13. Deficiency in correcting order executions
14. Deficiency in the management of registered
sales representatives
15. Deficiency in obligation of best execution
16. Deficiency in reports to TSE, etc.
17. Others (company rule violations, etc.)

Total

No. of
cases
1
1
1
1
1
1
1
2
72

* For details of inspection activities, please refer to the TSE homepage (http://www.tse.or.jp/english/sr/activity/kousa.html).

89

INVESTORS
STOCK
MARKET

Shareownership (Market Capitalization basis)

DERIVATIVES
MARKET

Shareownership by Market Value


Shareownership by Type of Investor

1999.3

0.2

2000.3

0.1

2001.3
2002.3

Securities Business
Foreigners Individuals
Life
Non-life
Other Fin. Companies Corps.
Insurance
Insurance
Investment Annuity
Institutions
Cos.
Cos.
Trusts
Trusts
out of a + b

13.7

13.5

1.4

4.7

9.9

3.2

0.8

0.6

25.2

14.1

18.9

36.5

11.3

13.6

2.2

5.0

8.1

2.6

0.9

0.8

26.0

18.6

18.0

0.2

39.1

10.1

17.4

2.8

5.5

8.2

2.7

0.7

0.7

21.8

18.8

19.4

0.2

39.4

8.7

19.9

3.3

6.0

7.5

2.7

0.7

0.7

21.8

18.3

19.7

2003.3

0.2

39.1

7.7

21.4

4.0

5.8

6.7

2.6

0.7

0.9

21.5

17.7

20.6

2004.3

0.2

34.5

5.9

19.6

3.7

4.5

5.7

2.4

0.9

1.2

21.8

21.8

20.5

2005.3

0.2

32.0

5.2

18.4

3.8

3.9

5.2

2.2

1.0

1.2

22.1

23.3

21.3

2006.3

0.2

30.9

4.7

18.0

4.3

3.5

5.1

2.1

1.0

1.4

21.3

26.3

19.9

2007.3

0.3

30.7

4.6

17.6

4.6

3.5

5.3

2.2

1.0

1.8

20.8

27.8

18.7

2008.3

0.4

30.5

4.7

17.3

4.8

3.5

5.4

2.2

0.9

1.5

21.4

27.4

18.7

2009.3

0.4

32.0

4.8

18.8

5.0

3.5

5.3

2.1

0.9

1.0

22.6

23.5

20.5

2010.3

0.3

30.6

4.3

18.4

4.7

3.4

5.0

2.0

0.9

1.6

21.3

26.0

20.1

2011.3

0.3

29.7

4.1

18.2

4.4

3.2

4.5

1.9

1.0

1.8

21.2

26.7

20.3

Shareownership
( 100 mil.)
2010.3

Govt. & Local Govt.


Financial Institutions

3,398,123

(100.0)

3,107,837

(100.0)

11,528

( 0.3)

9,409

( 0.3)

1,040,101

( 30.6)

921,633

( 29.7)

145,577

( 4.3)

126,635

( 4.1)

Trust Banks

626,790

( 18.4)

565,043

( 18.2)

(Investment Trusts)

159,563

( 4.7)

136,067

( 4.4)

(Annuity Trusts)

116,972

( 3.4)

99,636

( 3.2)

Life Insurance Cos.

170,032

( 5.0)

141,207

( 4.5)

Non-life Insurance Cos.

67,252

( 2.0)

58,967

( 1.9)

Other Financial Inst.

30,449

( 0.9)

29,778

( 1.0)

Securities Companies

53,413

( 1.6)

55,694

( 1.8)

Business Corporations

725,424

( 21.3)

660,317

( 21.2)

Foreigners

882,959

( 26.0)

830,372

( 26.7)

Individuals

684,695

( 20.1)

630,409

( 20.3)

GLOBAL AND
REGIONAL
ORGANIZATIONS

90

HISTORICAL
DATA

City & Regional Banks

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Total

2011.3

INVESTORS

Shareownership by Market Value (All Listed Companies)

COMPLIANCE

41.0

LISTING

b
Trust
Banks

SYSTEM &
SERVICES

a
City &
Regional
Banks

STOCK PRICE
INDEX

Govt. &
Local
Govt.

BOND
MARKET

Survey
Year

()

Financial
Institutions

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET

Number of Shareholders
Number of Individual Shareholders

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEMS &
SERVICES

STOCK PRICE
INDEX

Number of "Share Unit" Shareholders by Type of Shareholder


(All Listed Companies)
Number of People (%)
2010.3

2011.3

 Change

[% Change]

Total
Govt. & Local Govt.
Financial Institutions
City & Regional Banks
Trust Banks
(Investment Trusts)
(Annuity Trusts)
Life Insurance Cos.
Non-life Insurance Cos.

46,072,650
1,901
107,714
17,934
43,708
10,799
8,966
22,614
5,266

(100.0) 47,210,049 (100.0)


( 0.0)
1,812 ( 0.0)
( 0.2)
101,676 ( 0.2)
( 0.0)
17,139 ( 0.0)
( 0.1)
40,552 ( 0.1)
( 0.0)
8,677 ( 0.0)
( 0.0)
9,933 ( 0.0)
( 0.0)
21,252 ( 0.0)
5,011 ( 0.0)
( 0.0)

1,137,399
-89
-6,038
-795
-3,156
-2,122
967
-1,362
-255

[ 2.5]
[- 4.7]
[- 5.6]
[- 4.4]
[- 7.2]
[-19.6]
[ 10.8]
[- 6.0]
[- 4.8]

Other Financial Inst.

18,192
77,053
792,482
298,700
44,794,800

( 0.0)
( 0.2)
( 1.7)
( 0.6)
( 97.2)

17,722
75,141
813,847
298,291
45,919,282

-470
-1,912
21,365
-409
1,124,482

[- 2.6]
[- 2.5]
[ 2.7]
[- 0.1]
[ 2.5]

Securities Companies
Business Corporations
Foreigners
Individuals

Note: "Individuals & Others" include unincorporated associations.

91

( 0.0)
( 0.2)
( 1.7)
( 0.6)
( 97.3)

STOCK
MARKET

Investment Plans
provide subsidies. The total amount of money

The employee stock ownership plan in Japan is set

participants contributions and subsidies from the

up and operated by an association of employee

companyis pooled in the plan and used to purchase

volunteer participants. The participants put up a certain

shares of the company at regular intervals.

DERIVATIVES
MARKET

salaries or wages, and their respective companies

Employee Stock Ownership Plans

BOND
MARKET

amount of money, usually withheld from their monthly

2010.3
No. of Companies

2011.3

2,006

1,976

(B)

28,540

28,224

(B)/(A)

0.96

1.03

Total No.of Employees in ESOP


(10thous.persons)

(C)

462.7

499.1

Total No.of members in ESOP


(10thous.persons)

(D)

208.3

217.8

Percentage
()

(D)/(C)

45.03

43.63

Average Market Value of members in ESOP


(10 thous yen)

(B)/(D)

136.9

129.5

No. of Unit Issued by Companies with ESOP


(10 thous units)

(E)

167,853.5

180,400.6

No.of Unit owned by ESOP


(10 thous units)

(F)

1,462.6

1,657.8

Percentage
()

Percentage
()

(F)/(E)

0.87

0.92

Average No.of Unit of member


(units)

(F)/(D)

7.02

7.61

Note: The companies with the plans above, listed on the TSE, agree to allow Daiwa Securities, Daiwa Securities Capital
Markets, Nikko Cordial Securities, Nomura Securities, Mizuho Securities or Mitsubishi UFJ Morgan Stanley Securities to
handle business concerning the plans.

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Total Market Value owned by ESOP


(100mil.yen)

INVESTORS

2,747,885

COMPLIANCE

2,985,891

LISTING

(A)

SYSTEMS &
SERVICES

Total Market Value by companies with ESOP


(100mil.yen)

STOCK PRICE
INDEX

Employee Stock Ownership Plans (TSE Listed Companies)

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

92

STOCK
MARKET
DERIVATIVES
MARKET

Financial Assets of Individuals


Breakdown of Financial Assets of Individuals

BOND
MARKET

STOCK PRICE
INDEX

SYSTEMS &
SERVICES

LISTING

COMPLIANCE

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

Financial Assets of Individuals


End of

2008.12

2009.12

2010.12

2011.12

tril.

tril.

tril.

tril.

Currency & Deposits

792

( 55.2)

803

( 55.2)

820

(55.2)

838

56.5

 Cash Currency

331

( 23.1)

338

( 23.2)

356

(24.0)

373

25.2

 Time Deposits

460

( 32.1)

465

( 31.9)

463

(31.2)

464

31.3

Insurance & Pension Reserves

401

( 28.0)

397

( 27.3)

419

(28.2)

420

28.3

Securities

184

( 12.8)

192

( 13.2)

192

(12.9)

168

11.4

 Shares & Equities

55

( 3.8)

63

( 4.3)

63

(4.3)

53

3.6

 Investment Trusts

48

( 3.3)

53

( 3.6)

52

(3.5)

38

2.6

 Other Securities

81

( 5.6)

75

( 5.2)

76

(5.2)

76

5.1

Others

57

( 4.0)

64

( 4.4)

55

(3.7)

55

3.7

1,434

(100.0)

1,456

(100.0)

1,487

(100.0)

1,483

(100.0)

Total

Note: Amounts of stocks are based on market prices.


Source: Bank of Japan, Preliminary Estimates of Flow of Funds.

93

TRADING PARTICIPANTS
STOCK
MARKET

Trading Participants
Trading

participants

are

Authorized Transaction-at-Exchange Operators, or


entities

which

have

Registered Financial Institutions which pass the

qualification that allows them to conduct securities

Trading

trading or derivatives trading in the TSE market (trading

approval from TSE to become trading participants.

qualification).

Financial

Business

Qualification

Examination

may

receive

Operators,
BOND
MARKET

2. Types of Trading Qualifications


Qualification Type

DERIVATIVES
MARKET

1. Trading Participants

Eligible Entities

Trading Type

LISTING

3. Trading Qualification Examination


Criteria

SYSTEM &
SERVICES

- Type 1 Financial Instruments Business Operator Trading of all cash products and
- Authorized Transaction-at-Exchange Operator
derivatives products in the TSE
market
JGB Futures, etc.
- Type 1 Financial Instruments Business Operator Trading of JGB Futures and
Options on JGB Futures
Trading Qualification - Authorized Transaction-at-Exchange Operator
- Registered Financial Institutions
Index Futures, etc.
- Type 1 Financial Instruments Business Operator Trading of Index Futures and Index
Trading Qualification - Authorized Transaction-at-Exchange Operator
Options
Individual Securities - Type 1 Financial Instruments Business Operator Trading of Individual Securities
- Authorized Transaction-at-Exchange Operator
Options
Options Trading
Qualification

STOCK PRICE
INDEX

General Trading
Qualification

c. Registered Financial Institutions


(a) The amount of capital or total amount of capital
contribution (or, in the case of a mutual company,
the

An applicant shall maintain a sound management

total

amount

of

foundation

(including

foundation amortization reserve)) shall be at

system under which social confidence in the Exchange

least JPY 300 million.

market is expected to be ensured adequately. Said

(b) The amount of net assets shall be at least JPY 1

being controlled or affected by any party that the

billion and exceed the amount of capital or the

Exchange deems inappropriate in light of its market

total amount of capital contribution (or, in the

operations.

case of a mutual company, the total amount of


reserve)).
(c) Institutions other than insurance companies (with

An applicant shall meet the following criteria.

a. Financial Instruments Business Operators

overseas business bases):


non consolidated or consolidated Capital

(a) The amount of capital shall be at least JPY 300

Adequacy Ratio shall exceed 8%.

million.

Institutions other than Insurance Companies

(b) The amount of net assets shall be at least JPY 1

(without overseas business bases):

billion and exceed the amount of capital.

non consolidated or consolidated Capital

(c) The actual net capital regulation ratio shall be

Adequacy Ratio shall exceed 4%.

more than 200%.

Insurance Companies:

(d) In cases of special financial instruments business

Solvency Margin Ratio shall exceed 400%.

operators, the soundness of the management


prescribed in Article 57-5, Paragraph 2 of the Act

(3) Business Performance

shall be appropriate.

- Years of continuous operation as a Financial


Instruments Business Operator (In general, at least

(a) The amount of capital shall be at least JPY 300

1 year)

million.

- A certain scale of trading performance

(b) The amount of net assets shall be at least JPY 1

(4) Stable Earning Capacity

(c) The state of capital adequacy, etc. shall be


appropriate in light of owned assets, etc.

An applicant must satisfy one of the following.

94

GLOBAL AND
REGIONAL
ORGANIZATIONS

billion and exceed the amount of capital.

HISTORICAL
DATA

b. Authorized Transaction-at-Exchange Operator

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

foundation (including foundation amortization

(2) Financial Basis

INVESTORS

management system shall include such aspects as not

COMPLIANCE

(1) Management System

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

a. Ratio of current income to current expense (*) of


approximately 100%

Inspection by the exchange


Preparation of systems for trading and order
management, etc.

* Ratio of Current Income to Current Expense =


(Commissions Received + Finance Revenue) /

5. Remote Trading Participant System

(Selling and Administrative Expenses + Finance


Charges)

b. Positive current profit or net profit for the most


recent 2 business years, and positive revenue
outlook for the current business year.

(1) Remote Trading Participant System


This system allows overseas financial business
operators without offices in Japan to directly participate
in the TSE market as trading participants.

(5) System and Structure for Executing Business

Until

recently,

obtainment

of

TSE

trading

The applicant shall have an appropriate system for

qualifications was only permitted for Type 1 Financial

executing business with regard to order acceptance,

Instruments Business Operators (including some

order execution, and delivery settlement in the TSE

Registered

market, loss risk management, as well as compliance

amendment to the rules in February 2009 made it

with laws and regulations.

possible

to

Financial
expand

Institutions).
participation

However,
to

an

Authorized

Transaction-at-Exchange Operators.

4. Trading Participant Obligations

Furthermore, remote trading participants are able, as

Conclusion of the trading participant agreement


Payment of trading participation fees
Prior approval by the exchange of mergers, etc.
Notification/report to the exchange relating to
prescribed matters

a general rule, to conduct the same types of trading as


regular trading participants. However, they are not
allowed to place orders from residents in Japan and
clear

trades

by themselves.

Additionally,

TSE's

approval is required in cases where they handle


brokerage orders from overseas.

(2) 3 Criteria for Remote Trading Participants

Obtaining Trading Qualification


through TSE Examination

Approval of Firms in Such Country as


"Authorized Transaction-at-Exchange Operator"
as prescribed in the FIEA*

Receipt of Approval by TSE from Overseas Regulator


(No Action Letter, License, etc.)
Approval received from Hong Kong's regulator in Nov. 2010
*FIEA: Financial Instruments and Exchange Act

95

STOCK
MARKET

Overview of Securities Companies


of Exchanges Nationwide
General Trading Participants

Tokyo
101

Osaka
79

Nagoya
40

(8)

(6)

()

Fukuoka Sapporo TOKYO AIM


12

Official Members
(Include Foreign Corporations)

26

23

()

()

(1)
STOCK PRICE
INDEX

Number of Securities Companies, Offices,


Securities Companies

Offices

Employees

316 (30)

2,270

101,296

08.12

322 (28)

2,336

101,321

09.12

307 (25)

2,254

95,308

10.12

299 (23)

2,220

94,021

11.12

290 (22)

2,197

90,679

LISTING

2007.12

SYSTEM &
SERVICES

and Employees Nationwide


Year Ending

BOND
MARKET

Category

(As of the end of 2011)

DERIVATIVES
MARKET

Number of Trading Participants and Members

Note: Numbers in parentheses represent foreign corporations.


COMPLIANCE

Source: Japan Securities Dealers Association website

Individual
Securities
Trading
Participants

2 (1)

61

1 (1)

2 (1)

55

2 (1)

Financial
Institutions

Securities
Companies

2007.12

110 (13)

59

08.12

108 (12)

53

Year Ending

09.12

105 (11)

46

1 (0)

47

1 (0)

10.12

103 (10)

43

1 (0)

44

1 (0)

11.12

101 ( 8)

35

1 (0)

36

0 (0)

Note: Numbers in parentheses represent foreign corporations.

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Total

Index Futures
Trading
Participants

JGB Futures Trading Participants

General
Trading
Participants

INVESTORS

Numbers of TSE Trading Participant

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

96

(102 Securities Companies)


( mil.)

Total Commission Received


Brokerage Commission
Brokerage Commission on Stocks
Brokerage Commission on Bonds
Brokerage Commission on Beneficiary Certificates
Underwriting and Secondary Offering Commissions
Offering and Secondary Offering Trading Commissions
Other Commissions
Trading Profit and Loss
Trading Profit / Loss on Stocks
Trading Profit / Loss on Bonds
Trading Profit / Loss on Securities
Financial Profit
Gain on Margin Transactions
Gain on Loan Transactions
Dividends Received
Interest Received on Bonds
Interest Income
Total Operating Revenue
Financial Expenses
Margin Transaction Expenses
Gensaki Transaction Expenses
Loan Transaction Expenses
Interest Expenses
Net Operating Revenue
Selling, General and Administrative Expenses
Transaction Related Fees
Payroll Expenses
Real Estate Fees
Administrative Fees
Depreciation
Operating Profit / Loss
Non-Operating Profit / Loss
Ordinary Profit / Loss
Extraordinary Profit / Loss
Pre-tax Net Income / Loss
Corporate and Other Taxes
Corporate and Other Tax Adjustments
Net Income for the Period

STOCK
MARKET
GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEM &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

DERIVATIVES
MARKET

Income Statements of TSE Trading Participants

97

2010.3
1,970,323
508,818
490,920
5,309
10,253
233,788
421,549
806,067
747,652
147,388
599,200
1,032
410,161
57,043
99,510
90,198
101,603
30,811
3,103,600
263,638
18,744
29,080
93,971
115,557
2,839,975
2,495,435
418,952
1,092,068
282,164
385,040
166,880
344,473
28,249
335,936
41,264
324,322
180,111
85,192
229,420

2011.3
1,735,656
458,307
441,501
3,261
8,220
144,486
423,670
709,076
486,060
44,947
404,146
36,946
425,025
56,337
91,818
112,324
102,381
30,424
2,648,366
265,778
13,444
30,270
99,673
102,573
2,382,558
2,365,091
419,499
1,003,284
262,420
401,359
121,150
17,465
50,757
68,220
186,696
118,485
36,235
108,880
263,648

SECURITIES TAXATION
STOCK
MARKET

Tax on Capital Gain from Listed Stocks


Tax-Payer

Remarks

LISTING
COMPLIANCE
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
TAXATION
CAPITAL FLOW

Capital gains are taxable.


Corporation Capital losses are deductible from taxable
income.

SYSTEM &
SERVICES

[System for Deferred Deduction for Capital


Losses]
For losses incurred on sales of listed stocks,
etc. made through securities companies, the
amount may be deducted from income made
through the sale of listed stocks, unlisted
stocks, dividends of listed stocks, (only for
items taxed separately) or the amount that
could not be deducted in that year may be
carried over and deducted from capital gains
from stocks and other securities over a period
of 3 years after the following year by filing
taxes.

STOCK PRICE
INDEX

[Tax Rate]
Listed stocks and other securities include:
<Until December 31, 2013>
Exchange-listed stocks (including foreign stocks,
10% separate taxation (7% income tax, 3% listed warrants, and listed subscription warrants),
inhabitant tax).
listed warrant bonds, country funds, Bank of
Japan equity investment securities, stocks
<From January 1, 2014>
(including ADRs and company-type mutual funds)
20% separate taxation (15% income tax, 5% and warrant bonds traded on foreign markets,
inhabitant tax).
preferred equity investment securities, beneficiary
certificates of publicly-offered investment funds
[Specified Tax Account System]
(including ETFs), odd-lot shares, fractional shares
For profit or losses made on trades through a (request for repurchase) and real estate investment
tax withholding account (a special account for trusts (J-REITs), and venture funds
which an investor has chosen direct tax
withholding), the securities company collects
and submits the prescribed amount of tax, and
therefore filing by the individual is unnecessary.

BOND
MARKET

Individual

Taxation

DERIVATIVES
MARKET

(As of the end of January 2012)

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

98

Tax on Dividends
Tax-Payer

Individual

Corporation

Taxation

(As of the end of January 2012)

Remarks

<Until December 31, 2013>


(Aggregate taxation)
10% tax (7% income tax, 3% inhabitant tax) Aggregate taxation may be selected, in which
withheld at source (declaration not required).
case deduction for dividends would be applicable
(except listed foreign securities).
<From January 1, 2014>
20% tax (15% income tax, 5% inhabitant tax)
withheld at source (declaration not required).

50% of the total amount of dividend received is


not taxable.

Tax on Interest
Tax-Payer

Individual

Taxation

STOCK
MARKET
GLOBAL AND
REGIONAL
ORGANIZATIONS

(As of the end of January 2012)

Remarks

20% tax withheld at source (15% income tax, Separate withholding tax.
5% inhabitant tax).

Corporation Taxable.
() The above tax rates, etc. are based on the 2012 Tax Reform Proposal.
They are subject to change due to future tax system revisions, etc.

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
TAXATION
PARTICIPANTS

INVESTORS

COMPLIANCE

LISTING

SYSTEM &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

DERIVATIVES
MARKET

Tax on Dividends and Interest

99

CROSS BORDER CAPITAL FLOW


STOCK
MARKET

Inbound and Outbound Investments in Securities


(Sales and Purchases by Residents of Japan)
Stocks

Mid-Term Bonds
Sales

Purchases

Net
Balance

Sales

( 100 mil.)

Short-Term Bonds
Purchases

Net
Balance

Total Net
Balance
(C)

Purchases

2010

190,457

205,441

-14,984 1,351,627 1,571,055

-219,428

-234,412

58,655

60,595

-1,940

-236,352

2011

173,152

177,930

-4,779 1,316,065 1,375,085

-59,020

-63,799

60,407

54,544

5,863

-57,936

'11 Jan.

14,975

13,531

1,443

80,075

93,494

-13,419

-11,976

3,815

3,280

535

-11,441

Feb.

15,575

13,672

1,903

77,700

84,038

-6,338

-4,435

4,212

4,857

-645

-5,080

Mar.

19,168

18,333

835

94,743

121,078

-26,335

-25,500

8,446

7,860

586

-24,914
15,022

20,798

15,304

5,494

108,015

97,694

10,321

15,815

3,414

4,207

-793

15,828

17,351

-1,523

126,397

115,860

10,537

9,013

4,119

3,464

655

9,668

Jun.

11,786

15,603

-3,817

122,765

129,841

-7,076

-10,893

8,904

8,912

-8

-10,901

Jul.

14,375

16,944

-2,569

112,788

111,738

1,050

-1,519

2,963

3,239

-276

-1,795

Aug.

12,192

18,369

-6,177

177,745

174,641

3,104

-3,074

4,172

3,903

269

-2,805

Sep.

11,592

14,795

-3,203

101,313

132,426

-31,113

-34,317

7,715

5,620

2,095

-32,222

13,165

12,833

332

115,733

120,438

-4,706

-4,374

3,123

3,236

-113

-4,486

13,491

12,073

1,418

115,081

102,415

12,666

14,084

3,532

2,860

672

14,756

Dec.

10,208

9,122

1,086

83,712

91,422

-7,710

-6,624

5,991

3,105

2,886

-3,738

(Sales and Purchases by Non-residents of Japan)


Stocks
Sales

Net
Purchases
Balance

Sales

( 100 mil.)

Short-term bonds

Net
Subtotal
Net
Purchases
(B)
Balance

Sales

Total
Total
Net
Net
Net
Subtotal
Net
Balance
Balance
(A+B)
Balance
(D)
(C+D)
91,532 -209,899 -144,820

2010

1,736,099 1,717,710

18,389

695,100

688,976

6,125

24,513 1,350,786 1,283,768

67,019

2011

1,974,084 1,971,556

2,528

884,363

838,985

45,379

47,906 1,644,188 1,476,792

167,395

215,301

157,365
52,655

'11 Jan.

156,423

150,339

6,084

59,801

54,624

5,177

11,261

159,092

106,257

52,835

64,096

-715

Feb.

183,472

173,936

9,536

67,258

60,201

7,057

16,593

119,160

112,379

6,781

23,375

12,158

18,295

Mar.

282,769

270,950

11,818

83,266

78,279

4,987

16,805

97,272

120,594

-23,322

-6,518

-8,695

-31,431

Apr.

172,272

165,803

6,469

97,061

80,907

16,154

22,623

149,121

139,968

9,154

31,777

38,438

46,799

May

153,997

153,609

388

85,205

58,451

26,753

27,142

124,665

115,625

9,040

36,182

36,155

45,850

Jun.

158,132

160,310

-2,178

82,785

93,784

-10,999

-13,177

115,782

107,987

7,795

-5,382

-24,070

-16,283

Jul.

139,931

137,502

2,430

62,233

63,960

-1,727

703

144,685

133,503

11,182

11,884

-816

10,090

Aug.

197,505

212,768

-15,263

77,177

73,342

3,835

-11,429

196,525

135,732

60,793

49,365

-14,502

46,560

Sep.

156,335

165,889

-9,554

74,273

74,472

-199

-9,753

115,373

101,658

13,714

3,961

-44,070

-28,261

Oct.

137,231

136,470

761

63,800

64,018

-218

542

123,385

152,162

-28,777

-28,235

-3,831

-32,721

Nov.

124,116

127,642

-3,525

69,794

75,259

-5,465

-8,990

173,788

144,532

29,256

20,265

5,093

35,021

Dec.

111,901

116,339

-4,438

61,711

61,686

25

-4,413

125,341

106,396

18,945

14,532

-11,037

10,794

Note: Under the "net" column, both "inbound securities investment" and "outbound securities investment" are shown on a "capital-flow base"
(capital inflows are added and capital outflows are subtracted).
Source: Ministry of Finance, "Inward and Outward Portfolio Investment"

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

-15,893

INVESTORS

Purchases

Mid-term bonds

COMPLIANCE

Inbound Investment in Domestic Securities

LISTING

Oct.
Nov.

SYSTEM &
SERVICES

Apr.
May

STOCK PRICE
INDEX

Sales

BOND
MARKET

Net
Balance

Net
Subtotal
(A)

DERIVATIVES
MARKET

Outbound Investment in Foreign Securities

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

100

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEM &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

DERIVATIVES
MARKET

STOCK
MARKET

HISTORICAL DATA
Historical Highlights
1878 May
1943 Jun.
1947
1949
1951
1956
1961
1966
1967

Apr.
Apr.
Jun.
Apr.
Oct.
Oct.
Oct.

1968
1969
1970
1970
1971
1973
1973
1974
1982
1982
1985
1985
1988
1989
1989
1990
1990
1991
1997
1997
1998
1998
1998
1998

Apr.
Jul.
May
Oct.
Jul.
Apr.
Dec.
Sep.
Jan.
May
May
Oct.
Sep.
Oct.
Dec.
May
Nov.
Oct.
Jul.
Nov.
Feb.
Jun.
Jul.
Dec.

1999
1999
1999
2000
2000
2000
2000
2001
2001
2001
2002
2002
2002
2003
2003

Apr.
Oct.
Nov.
Mar.
May
Jul.
Nov.
Jul.
Sep.
Nov.
Mar.
Jun.
Jul.
Jan.
Sep.

2004 Feb.
2004
2004
2005
2005
2005
2005

Apr.
Oct.
Feb.
Mar.
Jul.
Oct.

2006
2006
2006
2006

Feb.
Jun.
Sep.
Oct.

15 Tokyo Stock Exchange Co., Ltd. established


30 Japan Securities Exchange, a quasi-governmental organization, formed through the merger of all existing
stock exchanges in Japan
16 Japan Securities Exchange dissolved
1 Tokyo Stock Exchange (TSE) in its present form founded (trading floor opened on May 16)
1 Margin transactions introduced
2 Bond trading started
2 Second Section for stocks opened
1 Government bonds listed for the first time after World War II
2 New auction process put into practice with abolition of "Baikai" trades (off-exchange trades by members
reported as Exchange contracts)
1 Licensing system for securities companies introduced in place of registration system
1 TOPIX (Tokyo Stock Price Index) inaugurated (Jan. 4, 1968=100)
11 Trading in convertible bonds commenced
15 TSE joined International Federation of Stock Exchanges (FIBV)
19 Book Entry Clearing System for stocks introduced
2 Yen-based foreign bonds listed for the first time
18 Foreign Stock Section opened
24 Market Information System (MIS) put into operation
23 Computer-assisted Order Routing & Execution System (CORES) introduced
20 East Asian and Oceanian Stock Exchanges Federation (EAOSEF) established
13 Trading in new market building started
19 Trading in 10-year Japanese government bond futures started
3 Trading in stock index futures based on TOPIX began
20 Trading in stock index options based on TOPIX commenced
1 Trading in U.S. T-Bond futures started
11 Trading in options on Japanese government bond futures began
26 Floor Order Routing and Execution System (FORES) introduced
9 Central Depository & Clearing System began its operation
18 Trading in equity options started
14 Off-auction trading commenced
6 Bond Trading Floor closed
29 ToSTNeT-1 introduced (ToSTNeT-2 began operation on Aug. 7, 1998)
1 TDnet (Timely Disclosure Network) system introduced
1 Restrictions on off-exchange trading for listed securities abolished; Registration system for securities
companies introduced in place of licensing system
30 Stock Trading Floor closed
1 Brokerage commissions fully liberalized and become negotiable; Fixed number of members abolished
11 Mothers (Market of the high-growth and emerging stocks) established (First two issues listed on Dec. 22)
1 Hiroshima Stock Exchange and Niigata Stock Exchange merged into TSE
9 TSE Arrows (a multifunction information center) opened
17 New computerized order-routing and execution system was extended to cover all listed stocks
1 Mothers allowed listing of foreign companies
13 Trading in ETF (Exchange Traded Funds) started
10 Trading in REIT (Real Estate Investment Trusts) started
1 Tokyo Stock Exchange, Inc. demutualized and converted to a stock company
1 Revisions to the Regulation for Short Selling
4 TSE and NYSE agreed to share information on market surveillance
1 Japan Securities Clearing Corporation, Inc. (JSCC) founded
14 JSCC designated as securities clearing organization for cash transactions on TSE
16 Calculation and publication of TOPIX 1000, Tokyo Stock Exchange Mothers Index, and Tokyo Stock
Exchange REIT Index on a real-time basis began
2 Clearing organization for futures and options transactions changed from TSE to Japan Securities Clearing
Corporation
21 Opening of TSE Academy
12 World Federation of Exchanges (WFE) General Assembly and Annual Meeting held in Tokyo
7 Stocks of Listed Foreign Companies (excluding Mothers listed issues) allocated to the 1st Section
15 Establishment of the corporate philosophy of the Tokyo Stock Exchange
4 TSE Information Station opened
31 Commencement of transition of TOPIX index to a floating share base (first stage of free-float weight
implementation)
28 Second stage of free-float weight implemented
30 Third stage of free-float weight implemented
7 Establishment of informal meeting on listing system maintenance
3 Change of TOPIX 1000 FLOAT Customized Index to TOPIX 1000 CSR

101

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX

2007 Jan. 31 TSE and NYSE Group entered into a strategic alliance
2007 Feb. 23 TSE and the London Stock Exchange (LSE) made a cooperative agreement to improve the international
presence of both exchanges
2007 Mar. 12 Off-auction block trading in options introduced
2007 Aug. 1 Tokyo Stock Exchange Group, Inc. established
2007 Nov. 1 Tokyo Stock Exchange Regulation established
2007 Dec. 3 Formulation of the S&P/TOPIX150 Shariah Index
2008 Jan. 15 New Derivatives Trading System introduced
2008 Jun. 16 Trading in Mini-TOPIX futures started
2008 Jun. 20 TSER set up TSE COMLEC (Compliance Learning Center)
2009 Jan. 26 Compliance WAN established
2009 Jan. 29 TSE & LSE published rulebook for Tokyo AIM
2009 Dec. 30 Final auction market of the year changed from half to full-day
2010 Jan. 4 First auction market of the year changed from half to full-day
Next generation trading system "arrowhead" launched
2011 Mar. 10 The number of ETF reaching 100 issues
2011 Nov. 21 "Tdex+", a new derivatives trading platform launched
2011 Nov. 21 Trading hours of the morning session extended by 30 minutes for cash equities
2011 Nov. 22 Agreement regarding Business Combination between Tokyo Stock Exchange Group, Inc. and Osaka
Securities Exchange Co., Ltd. announced

SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

102

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

Stock Trading Volume (Domestic Stocks)


(mil. of shares)

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

No. of
Trading
Days
192
301
300
301
299
301
300
304
302
300
299
302
301
302
302
301
301
298
299
302
297
297
299
297
287
285
284
286
286
285
286
285
285
285
286
287
285
279
274
273
249
246
246
247
246
247
249
247
245
247
245
248
246
246
245
246
245
248
245
245
243
245
245

Total
255
512
821
2,002
2,091
1,238
2,505
6,692
7,691
11,684
21,200
27,230
31,456
35,970
40,779
29,344
34,838
35,938
28,805
46,885
50,985
42,753
60,818
100,357
59,247
51,000
51,906
69,941
71,195
98,555
98,245
102,245
107,549
78,473
104,308
103,737
121,862
197,699
263,611
282,636
222,599
123,098
93,605
66,407
86,934
84,514
92,033
100,170
107,566
123,198
155,163
174,159
204,037
213,173
316,124
378,755
558,901
502,463
562,118
555,106
563,576
520,052
536,774

High

Low

Daily
Average

Value

Date

Value

Date

1
2
3
7
7
4
8
22
25
39
71
90
105
119
135
97
116
121
96
155
172
144
203
338
206
179
183
245
249
346
344
359
377
275
365
361
428
709
962
1,035
894
500
381
269
353
342
370
406
439
499
633
702
829
867
1,290
1,540
2,281
2,026
2,294
2,266
2,319
2,123
2,191

2
9
6
15
22
13
27
89
80
121
189
226
252
351
604
375
688
332
440
581
358
437
559
1,076
1,065
571
401
645
920
864
913
939
1,389
822
996
965
1,366
2,335
2,839
2,867
2,212
1,101
1,462
840
1,552
1,117
1,419
1,362
1,270
1,345
1,705
1,696
2,101
2,144
2,319
3,152
4,912
3,667
4,122
3,510
4,220
3,421
6,153

8/26
7/17
1/31
11/24
2/2
12/24
2/9
11/2
1/17
10/7
12/2
9/30
4/11
11/8
4/1
1/14
1/21
3/3
2/2
10/1
5/30
1/6
12/22
11/14
1/18
5/17
2/28
1/12
8/31
12/8
5/11
2/15
4/8
10/8
1/7
3/30
9/26
8/21
3/27
7/6
2/23
10/19
2/19
8/28
4/2
6/10
9/8
3/8
11/27
9/11
6/11
3/10
12/14
3/8
7/3
4/15
11/8
1/18
8/9
10/30
6/12
1/14
3/15

0.6
0.5
0.9
1
1
1
2
5
8
7
21
20
27
41
32
31
24
42
25
30
33
52
60
91
48
47
62
90
101
148
138
140
114
108
121
123
162
141
210
186
275
195
138
116
81
120
82
154
165
130
120
262
367
271
343
716
863
1,033
944
891
1,176
1,235
936

11/26
2/4
1/4
3/29
7/4
8/7
5/28
1/28
11/16
1/4
4/25
1/4
10/28
5/19
7/27
9/19
6/12
8/22
11/18
1/4
8/23
5/23
10/23
4/22
9/10
9/28
8/23
7/19
5/28
5/27
6/9
6/9
12/26
5/31
11/5
5/26
12/21
1/4
1/5
1/4
7/17
12/28
12/ 9
12/30
1/4
1/4
1/4
12/30
1/6
12/30
1/4
12/29
1/4
12/30
1/6
12/30
1/4
12/29
12/28
12/30
1/5
12/28
12/27

Turnover
Ratio (%)
18.4
25.6
30.4
52.4
36.6
15.8
26.0
52.2
45.5
58.5
89.8
92.4
75.5
64.8
63.2
39.8
43.9
44.1
33.8
51.7
52.0
39.4
51.4
79.0
43.0
34.4
32.6
40.9
39.4
52.1
50.2
50.2
50.0
34.6
44.3
42.5
48.0
75.1
96.1
98.1
73.1
38.4
28.4
19.9
25.9
24.9
26.8
28.9
30.7
35.2
44.1
49.2
59.2
64.7
97.0
113.6
166.0
146.8
158.8
155.4
151.6
133.3
138.4

Note: Turnover ratio = (Yearly trading volume / Average number of listed shares for year) x 100.
Average number of listed shares for year = (No. of shares listed at end of previous year + No. of shares listed at end
of current year) / 2.

103

STOCK
MARKET

Stock Trading Value (Domestic Stocks)


Total

8/26
7/17
10/26
12/16
3/5
12/24
11/1
11/2
1/17
10/7
10/14
3/31
4/3
11/12
4/1
1/14
1/21
2/9
2/2
10/1
11/17
1/6
4/14
11/14
1/23
5/17
5/16
12/17
8/31
3/29
10/1
10/3
5/1
10/8
6/21
3/28
9/26
9/26
3/27
10/28
2/23
6/27
2/19
9/4
4/2
2/1
9/8
3/8
6/13
10/22
12/10
4/21
6/8
3/8
9/12
3/12
12/9
6/9
8/9
6/13
6/12
12/10
3/16

0.6
0.4
0.7
1
4
1
2
5
8
9
34
36
45
63
41
36
20
52
37
46
86
102
107
189
118
114
142
289
304
450
442
537
502
484
678
836
1,105
1,152
2,212
1,927
3,923
2,182
1,515
976
617
1,239
818
1,448
1,290
985
914
2,799
3,341
1,935
2,732
5,939
6,567
11,648
11,661
5,843
7,888
7,638
5,235

11/26
1/28
1/4
3/29
7/4
8/7
5/28
1/28
7/27
1/4
4/25
1/4
11/18
4/21
10/14
4/4
6/12
10/22
12/28
1/20
8/23
12/26
1/4
4/22
9/10
9/28
1/11
7/31
5/28
5/27
6/9
3/29
12/26
5/31
11/5
7/21
8/5
1/4
12/5
1/4
7/17
12/28
12/9
12/30
1/4
1/4
1/4
12/30
12/30
12/30
1/4
12/29
12/28
12/30
1/6
12/30
1/4
12/29
12/28
12/30
1/5
1/4
12/27

26.7
34.3
43.4
78.5
63.6
23.1
31.5
60.5
59.2
79.0
121.6
126.3
109.8
99.3
76.2
46.2
50.3
58.8
46.2
76.9
89.6
52.9
71.8
60.6
34.4
33.2
39.3
49.2
41.1
55.2
51.5
49.9
58.4
38.5
48.8
47.1
44.7
67.2
80.6
70.2
61.1
37.7
29.3
18.0
28.3
25.6
23.1
28.6
34.5
35.0
50.7
60.8
61.5
71.0
85.9
100.8
108.8
123.7
145.6
150.2
126.4
116.2
122.6

104

GLOBAL AND
REGIONAL
ORGANIZATIONS

Note: Turnover ratio = (Yearly trading value / Average market capitalization for year) x 100.
Average market capitalization for year = (Market capitalization at end of previous year + Market capitalization at end
of current year) / 2.

HISTORICAL
DATA

4
8
9
45
48
17
34
96
99
173
318
460
622
544
831
421
820
575
435
930
1,249
854
1,313
2,023
2,533
1,375
1,542
2,169
1,939
2,651
3,054
2,475
4,723
5,795
4,961
5,756
7,273
16,820
23,821
27,688
27,969
14,649
15,310
6,867
14,227
11,142
13,379
12,962
8,957
10,088
17,799
24,923
19,191
23,289
20,516
24,758
49,363
45,310
56,308
42,401
31,198
26,921
33,298

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

2
2
3
12
16
6
9
27
33
53
124
192
211
227
190
114
133
177
144
279
468
308
468
722
519
435
548
827
752
1,142
1,221
1,280
1,732
1,283
1,918
2,368
2,762
5,729
9,151
10,459
13,358
7,588
4,508
2,434
3,532
3,537
3,356
4,125
4,429
3,943
7,573
10,027
8,222
7,860
9,893
13,948
20,072
27,168
30,703
23,523
15,381
14,660
14,168

Turnover
Ratio (%)

INVESTORS

Date

COMPLIANCE

Value

LISTING

Date

SYSTEM &
SERVICES

Value

STOCK PRICE
INDEX

367
499
924
3,522
4,731
1,837
2,839
8,158
9,816
15,797
37,081
58,035
63,427
68,492
57,484
34,297
40,045
52,665
43,110
84,336
138,913
91,524
139,803
214,352
149,044
123,903
155,660
236,621
215,000
325,343
349,112
364,895
493,645
365,714
548,447
679,740
787,110
1,598,362
2,507,369
2,855,212
3,326,165
1,866,668
1,108,974
601,103
868,890
873,555
835,639
1,018,926
1,085,002
973,915
1,855,417
2,486,629
2,022,615
1,933,545
2,423,712
3,431,211
4,917,723
6,737,624
7,522,270
5,763,191
3,737,663
3,591,702
3,471,128

Daily
Average

BOND
MARKET

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

Low

DERIVATIVES
MARKET

( 100 mil.)

High

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

Stock Trading Value on All Stock Exchanges


( 100 mil., %)

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Note: 1.
2.

3.
4.

Tokyo
Osaka
Nagoya
Other Exchanges
All Exchanges
38 ( 6.3)
37 ( 6.1)
612
367 (60.1)
168 (27.6)
60 ( 6.7)
95 (10.6)
905
499 (55.2)
249 (27.6)
101 ( 6.4)
169 (10.6)
1,605
924 (57.6)
409 (25.5)
577 ( 8.3)
1,096 (15.8)
6,924
3,522 (50.9)
1,728 (25.0)
852 ( 8.5)
1,511 (15.0)
10,046
4,731 (47.1)
2,951 (29.4)
280 ( 7.5)
489 (13.1)
3,749
1,837 (49.0)
1,142 (30.5)
242 ( 5.5)
348 ( 7.9)
4,421
2,839 (64.2)
992 (22.4)
717 ( 5.4)
930 ( 6.9)
13,404
8,158 (60.9)
3,597 (26.8)
933 ( 5.9)
797 ( 5.1)
15,787
9,816 (62.2)
4,239 (26.9)
1,176 ( 4.9)
1,019 ( 4.3)
23,903
15,797 (66.1)
5,909 (24.7)
2,126 ( 3.8)
2,356 ( 4.2)
55,889
37,081 (66.4)
14,325 (25.6)
4,273 ( 4.6)
3,623 ( 3.9)
93,343
58,035 (62.2)
27,410 (29.4)
3,970 ( 4.1)
3,323 ( 3.4)
98,072
63,427 (64.7)
27,350 (27.9)
3,579 ( 3.6)
2,527 ( 2.6)
98,933
68,492 (69.2)
24,334 (24.6)
3,198 ( 3.9)
2,557 ( 3.1)
82,335
57,484 (69.8)
19,094 (23.2)
1,738 ( 3.6)
1,296 ( 2.7)
48,295
34,297 (71.0)
10,962 (22.7)
1,744 ( 3.0)
1,788 ( 3.1)
57,829
40,045 (69.3)
14,251 (24.6)
2,487 ( 3.3)
2,234 ( 3.0)
75,705
52,665 (69.6)
18,318 (24.2)
2,522 ( 4.0)
1,637 ( 2.6)
62,814
43,110 (68.6)
15,543 (24.8)
3,936 ( 3.4)
1,801 ( 1.5)
117,231
84,336 (71.9)
27,156 (23.2)
5,827 ( 3.1)
2,131 ( 1.1)
186,748
138,913 (74.4)
39,876 (21.4)
3,483 ( 2.9)
1,321 ( 1.1)
120,302
91,524 (76.1)
23,973 (19.9)
4,058 ( 2.2)
1,823 ( 1.0)
188,511
139,803 (74.2)
42,826 (22.7)
6,997 ( 2.4)
3,111 ( 1.1)
288,137
214,352 (74.4)
63,676 (22.1)
5,210 ( 2.6)
2,758 ( 1.4)
201,385
149,044 (74.0)
44,372 (22.0)
4,429 ( 2.8)
1,836 ( 1.2)
159,332
123,903 (77.8)
29,163 (18.3)
4,496 ( 2.4)
1,689 ( 0.9)
189,762
155,660 (82.0)
27,915 (14.7)
7,131 ( 2.6)
2,187 ( 0.8)
279,298
236,621 (84.7)
33,357 (11.9)
6,822 ( 2.7)
2,110 ( 0.8)
255,270
215,000 (84.2)
31,337 (12.3)
10,008 ( 2.6)
2,403 ( 0.6)
388,800
325,343 (83.7)
51,045 (13.1)
10,847 ( 2.7)
3,645 ( 0.9)
408,785
349,112 (85.4)
45,179 (11.1)
9,951 ( 2.4)
3,063 ( 0.7)
421,610
364,895 (86.6)
43,699 (10.4)
19,415 ( 3.3)
4,109 ( 0.7)
587,468
493,645 (84.0)
70,297 (12.0)
11,484 ( 2.7)
3,716 ( 0.9)
426,679
365,714 (85.7)
45,764 (10.7)
16,654 ( 2.6)
4,730 ( 0.7)
653,333
548,447 (84.0)
83,500 (12.8)
20,971 ( 2.5)
6,031 ( 0.7)
831,219
679,740 (81.8)
124,476 (15.0)
28,845 ( 3.1)
5,079 ( 0.5)
946,398
787,110 (83.2)
125,364 (13.3)
73,071 ( 3.8)
7,347 ( 0.4)
1,930,589
1,598,362 (82.8)
251,809 (13.0)
95,029 ( 3.2)
12,010 ( 0.4)
2,961,105
2,507,369 (84.7)
346,695 (11.7)
113,488 ( 3.4)
13,826 ( 0.4)
3,327,572
2,855,212 (85.8)
345,044 (10.4)
103,954 ( 2.7)
17,035 ( 0.4)
3,863,950
3,326,165 (86.1)
416,794 (10.8)
73,011 ( 3.2)
20,565 ( 0.9)
2,318,371
1,866,668 (80.5)
358,126 (15.5)
35,861 ( 2.7)
9,536 ( 0.7)
1,341,599
1,108,974 (82.7)
187,226 (14.0)
38,762 ( 4.8)
8,943 ( 1.1)
804,557
601,103 (74.7)
155,748 (19.4)
34,590 ( 3.3)
11,396 ( 1.1)
1,061,227
868,890 (81.9)
146,349 (13.8)
57,798 ( 5.0)
21,375 ( 1.9)
1,146,221
873,555 (76.2)
193,491 (16.9)
54,620 ( 4.7)
20,943 ( 1.8)
1,158,398
835,639 (72.1)
247,194 (21.3)
53,913 ( 4.0)
16,055 ( 1.2)
1,361,698
1,018,926 (74.8)
272,802 (20.0)
127,583 ( 8.4)
31,620 ( 2.1)
1,514,450
1,085,002 (71.6)
270,244 (17.8)
59,857 ( 4.8)
1,922 ( 0.2)
1,241,017
973,915 (78.5)
205,320 (16.5)
23,716 ( 1.1)
2,178 ( 0.1)
2,102,363
1,855,417 (88.3)
221,051 (10.5)
68,761 ( 2.4)
1,161 ( 0.0)
2,903,252
2,486,629 (85.6)
346,699 (11.9)
21,126 ( 0.9)
855 ( 0.0)
2,252,387
2,022,615 (89.8)
207,789 ( 9.2)
10,654 ( 0.5)
817 ( 0.0)
2,092,294
1,933,545 (92.4)
147,276 ( 7.0)
5,352 ( 0.2)
795 ( 0.0)
2,553,421
2,423,712 (94.9)
123,560 ( 4.8)
6,591 ( 0.2)
340 ( 0.0)
3,572,860
3,431,211 (96.0)
134,717 ( 3.8)
7,355 ( 0.1)
199,532 ( 3.7)
5,351,181
4,917,723 (91.9)
226,568 ( 4.2)
8,850 ( 0.1)
236,283 ( 3.3)
7,267,131
6,737,624 (92.7)
284,372 ( 3.9)
5,622 ( 0.1)
112,445 ( 1.4)
7,951,715
7,522,270 (94.6)
311,376 ( 3.9)
975 ( 0.0)
46,351 ( 0.8)
6,054,097
5,763,191 (95.2)
243,578 ( 4.0)
626 ( 0.0)
32,299 ( 0.8)
3,902,246
3,737,663 (95.8)
131,656 ( 3.4)
797 ( 0.0)
43,204 ( 1.1)
3,754,677
3,591,702 (95.7)
119,152 ( 3.2)
732 ( 0.0)
94 ( 0.0)
3,627,651
3,471,128 (95.7)
155,696 ( 4.3)
Figures in parentheses indicate percentage of total.
"Other Exchanges" include Kyoto, Hiroshima, Fukuoka, Niigata, Sapporo, JASDAQ (from 2005 to 2010) and
Kobe (which was dissolved on October 31, 1967). TSE inherited companies listed on Hiroshima and Niigata Stock
Exchanges in March 2000.
The Osaka Securities Exchange inherited companies listed on Kyoto Stock Exchange in March 2001.
Excludes foreign stocks.
Trading value of JASDAQ in 2010, which is included in "Other Exchanges" is a total of the former JASDAQ trades
and Osaka JASDAQ trades from October 12, 2010.

105

No. of Cos. Listed

No. of Shares Listed


100 mil. of Shares

Market Value
100 mil.

SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

1,287
1,793
2,728
6,750
8,936
7,822
11,019
17,047
17,456
24,091
39,289
56,435
64,296
80,029
77,175
76,943
88,044
97,369
96,391
131,338
190,302
168,247
235,200
495,481
400,340
374,690
447,798
549,225
536,381
690,647
720,237
799,523
948,615
1,012,416
1,312,309
1,674,957
1,962,216
2,930,279
3,456,044
4,880,651
6,301,219
3,935,949
3,919,855
2,992,757
3,355,227
3,710,242
3,782,995
3,585,382
2,882,262
2,815,214
4,662,153
3,647,473
3,006,308
2,510,008
3,200,718
3,688,967
5,458,941
5,547,487
4,878,953
2,859,382
3,101,957
3,127,174
2,581,574

STOCK PRICE
INDEX

106

All Japan

BOND
MARKET

Tokyo
All Japan
Tokyo
All Japan
Tokyo
1949
529
681
16
16
1,220
1950
583
764
23
25
1,688
1951
554
729
30
31
2,568
1952
575
758
45
47
6,408
1953
587
784
68
71
8,467
1954
599
782
88
91
7,432
1955
596
783
103
107
10,576
1956
596
786
152
146
16,404
1957
602
789
185
191
16,748
1958
601
786
213
222
23,226
1959
603
792
258
257
37,770
1960
599
785
330
334
54,113
1961
1,007
1,265
502
499
61,401
1962
1,183
1,455
603
621
76,612
1963
1,258
1,574
687
714
74,275
1964
1,270
1,591
786
815
74,251
1965
1,255
1,577
801
834
85,109
1966
1,246
1,562
828
862
93,896
1967
1,248
1,561
878
916
92,706
1968
1,242
1,552
936
976
126,645
1969
1,250
1,556
1,026
1,069
183,534
1970
1,280
1,580
1,144
1,189
162,355
1971
1,303
1,606
1,223
1,274
227,149
1972
1,323
1,627
1,316
1,368
480,545
1973
1,372
1,680
1,440
1,496
385,564
1974
1,390
1,709
1,524
1,585
360,421
1975
1,398
1,713
1,664
1,729
432,448
1976
1,401
1,716
1,752
1,818
529,939
1977
1,407
1,724
1,857
1,927
515,738
1978
1,389
1,709
1,923
1,994
663,414
1979
1,398
1,723
1,993
2,068
693,029
1980
1,402
1,729
2,081
2,160
770,747
1981
1,412
1,745
2,223
2,306
919,056
1982
1,427
1,769
2,313
2,401
980,902
1983
1,441
1,789
2,397
2,490
1,267,459
1984
1,444
1,802
2,488
2,585
1,618,118
1985
1,476
1,829
2,586
2,681
1,901,266
1986
1,499
1,866
2,676
2,775
2,854,714
1987
1,532
1,912
2,807
2,905
3,367,066
1988
1,571
1,967
2,954
3,056
4,768,497
1989
1,597
2,019
3,138
3,244
6,111,518
1990
1,627
2,071
3,271
3,382
3,792,311
1991
1,641
2,107
3,324
3,442
3,779,243
1992
1,651
2,118
3,348
3,466
2,894,834
1993
1,667
2,155
3,374
3,496
3,243,574
1994
1,689
2,205
3,422
3,547
3,583,924
1995
1,714
2,263
3,452
3,584
3,657,160
1996
1,766
2,334
3,485
3,618
3,475,783
1997
1,805
2,387
3,516
3,649
2,809,300
1998
1,838
2,416
3,477
3,608
2,751,811
1999
1,892
2,472
3,562
3,691
4,568,408
2000
2,055
2,560
3,512
3,624
3,605,547
2001
2,103
2,591
3,376
3,492
2,967,890
2002
2,119
2,576
3,218
3,330
2,478,606
2003
2,174
2,596
3,298
3,407
3,164,835
2004
2,276
2,691
3,372
3,484
3,645,548
2005
2,323
2,735
3,361
3,468
5,397,395
2006
2,391
2,811
3,485
3,590
5,497,893
2007
2,389
2,809
3,592
3,694
4,838,289
2008
2,373
2,787
3,553
3,653
2,834,602
2009
2,319
2,710
3,880
3,985
3,077,797
2010
2,280
2,659
3,923
4,040
3,104,516
2011
2,279
2,646
3,833
3,956
2,558,553
Note: 1. Excludes foreign companies
2. Figures do not include the Hercules and JASDAQ markets of the Osaka Securities Exchange.

DERIVATIVES
MARKET

End
of
Year

STOCK
MARKET

Number of Listed Companies, Shares and Market Value

STOCK
MARKET
GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEM &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

DERIVATIVES
MARKET

Equity Financing (All Listed Companies)


Rights Offerings
No. of
Cases
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

126
294
292
147
158
275
465
554
508
434
95
173
190
201
300
316
220
180
177
214
166
102
120
66
54
34
67
45
18
23
40
27
26
40
32
39
40
20
9
2
12
9
9
1

2
3

3
4
3

1
1
1
1

Amount
Raised
(100mil.)
641
1,570
1,992
1,596
1,526
3,313
6,318
5,867
4,096
5,247
1,145
2,022
1,936
3,029
4,467
5,380
4,092
2,838
3,440
2,436
7,713
1,795
2,905
2,674
2,618
903
4,935
2,237
1,347
908
1,826
694
4,363
7,873
7,262
8,248
2,180
1,106
478
95
956
3,373
729
3

82
320

19
44
42

80
1
1
6

Public Offerings
No. of
Cases
4
36
40
30
50
100
223
171
157
85
19
34
58
80
145
203
147
275
256
193
103
180
238
195
229
218
249
208
72
127
103
76
99
157
227
121
27
3
4
17
8
36
26
12
35
36
18
21
40
80
80
75
69
29
52
52
45

Amount
Raised
(100mil.)
4
43
53
49
103
346
795
195
360
35
1
13
48
95
549
1,380
835
6,651
5,650
2,774
2,215
4,884
6,035
5,653
6,287
8,808
13,962
10,725
4,715
8,150
5,057
3,999
13,937
25,820
58,302
19,753
1,258
40
73
1,366
330
3,054
1,280
2,842
3,709
5,728
12,014
1,562
5,726
7,544
6,661
14,546
4,629
3,419
49,668
33,097
9,678

Preferred Stocks
No. of
Cases

1
1
5
2
5
27
5
6
40
75
55
52
34
13
10
30
11
7

Amount
Raised
(100mil.)

120

300

59

1,000
500
5,390
2,236
4,710
70,122
1,373
2,281
10,293
25,371
14,105
14,312
6,003
8,155
6,437
5,535
865
692

Private
Placements
No. of
Cases
11
11
10
3
3
4
6
9
8
14
8
24
13
12
14
18
24
43
45
31
16
11
48
52
42
28
20
14
23
18
18
16
22
23
22
21
19
22
14
8
19
20
19
35
86
56
71
79
103
142
175
176
141
112
135
101
72

Amount
Raised
(100mil.)
1
21
5
0
1
6
5
27
72
30
26
79
35
23
47
51
441
924
301
228
82
87
285
637
627
808
366
205
1,651
658
334
304
1,092
1,039
1,022
3,146
1,035
1,021
1,504
2,388
1,602
2,186
3,696
6,963
24,448
9,720
5,671
5,015
2,335
6,242
8,101
4,736
6,841
4,101
7,238
5,423
4,219

Exercise of
Warrants
No. of
Cases

4
18
39
70
116
241
316
435
397
309
127
184
180
118
187
88
35
74
94
92
82
126
241
360
409
376
261
189
176
181

Amount
Raised
(100mil.)

24
303
655
1,372
3,726
10,737
13,090
21,898
6,775
3,603
2,030
6,171
4,507
2,994
6,735
3,680
883
2,624
1,077
380
2,763
397
1,041
1,819
1,647
1,716
241
218
278
273

Total
No. of
Cases
141
341
342
180
211
379
695
734
673
533
122
231
261
293
459
537
391
498
478
438
285
294
406
313
325
280
336
272
131
208
231
235
388
536
716
578
395
172
211
208
158
257
144
88
222
193
190
222
347
522
670
694
600
413
407
341
305

Amount
Raised
(100mil.)
647
1,635
2,051
1,645
1,631
3,667
7,123
6,091
4,529
5,314
1,173
2,116
2,021
3,147
5,064
6,812
5,369
10,414
9,392
5,440
10,011
6,887
9,226
8,966
9,534
10,520
19,264
13,493
8,017
10,431
8,591
8,725
30,130
47,823
88,486
37,924
8,077
4,199
8,227
9,357
6,384
20,739
11,623
15,403
100,904
17,982
20,668
19,634
33,850
28,977
30,937
26,933
21,423
14,201
62,662
39,672
14,864

Note: Amount raised excludes companies listed on the Hercules and JASDAQ markets of the Osaka Securities Exchange.

107

STOCK
MARKET

TSE Listed Foreign Stocks


Trading Volume (thousand shares)
Total

Daily Average

Trading Value ( mil.)


Total

Daily Average

16

2,367

28,553

100

1976

17

2,120

29,164

101

1977

15

1,234

15,040

52

1978

15

846

9,096

31

1979

15

1,477

20,226

70

1980

15

670

7,948

27

1981

15

594

6,351

22

1982

12

1,271

18,257

64

1983

11

4,974

17

126,857

443

1984

11

4,522

15

93,117

324

1985

21

131,423

461

853,336

2,994

1986

52

309,700

1,110

1,151,863

4,128

1987

88

755,203

2,756

3,469,227

12,661

1988

112

216,331

792

795,251

2,913

1989

119

480,193

1,928

2,797,627

11,235

1990

125

256,251

1,041

2,015,601

8,193

1991

125

150,958

613

520,571

2,116

1992

119

86,239

349

157,011

635

1993

110

59,561

242

103,517

420

1994

93

43,746

177

75,148

304

1995

77

39,309

157

97,636

392

1996

67

63,452

256

167,434

677

1997

60

62,655

255

168,819

689

1998

52

22,131

89

88,686

359

1999

43

19,861

81

82,304

336

2000

41

13,407

54

67,614

273

2001

38

11,720

48

47,786

194

2002

34

13,364

54

53,593

217

2003

32

6,419

26

24,386

99

2004

30

8,016

33

62,931

256

2005

28

13,082

53

312,796

1,277

2006

25

14,667

59

153,788

620

2007

25

93,256

381

323,324

1,320

2008

16

178,182

727

70,736

289

2009

15

266,487

1,097

101,144

416

2010

12

70,458

288

62,372

255

2011

11

25,584

104

24,664

101

GLOBAL AND
REGIONAL
ORGANIZATIONS

108

HISTORICAL
DATA

1975

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

105

INVESTORS

467

30,037

COMPLIANCE

4,676

LISTING

35

2,307

SYSTEM &
SERVICES

359

14

STOCK PRICE
INDEX

1974

BOND
MARKET

1973

DERIVATIVES
MARKET

No. of
Listed Companies

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

TOPIX (Tokyo Stock Price Index)


(Jan. 4, 1968=100)

Year-end
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

12.85
11.57
16.94
33.35
33.30
30.27
39.06
51.21
43.40
60.95
80.00
109.18
101.66
99.67
92.87
90.68
105.68
111.41
100.89
131.31
179.30
148.35
199.45
401.70
306.44
278.34
323.43
383.88
364.08
449.55
459.61
494.10
570.31
593.72
731.82
913.37
1,049.40
1,556.37
1,725.83
2,357.03
2,881.37
1,733.83
1,714.68
1,307.66
1,439.31
1,559.09
1,577.70
1,470.94
1,175.03
1,086.99
1,722.20
1,283.67
1,032.14
843.29
1,043.69
1,149.63
1,649.76
1,681.07
1,475.68
859,24
907.59
898.80
728.61

High
Index
22.06
13.24
17.11
33.55
42.18
33.22
39.06
52.95
54.82
60.95
90.14
112.53
126.59
111.45
122.96
103.77
105.68
114.51
117.60
142.95
179.30
185.70
209.00
401.70
422.48
342.47
333.11
383.88
390.93
452.60
465.24
497.96
603.92
593.72
731.82
913.37
1,058.35
1,583.35
2,258.56
2,357.03
2,884.80
2,867.70
2,028.85
1,763.43
1,698.67
1,712.73
1,585.87
1,722.13
1,560.28
1,300.30
1,722.20
1,754.78
1,440.97
1,139.43
1,105.59
1,217.87
1,663.75
1,783.72
1,816.97
1,430.47
975.59
998.90
974.63

Low
Date
5/16
8/21
10/20
11/22
2/4
1/11
12/28
12/6
1/21
12/27
11/30
11/15
7/14
2/14
5/10
7/3
12/28
3/24
5/31
10/2
12/27
4/8
8/14
12/28
1/24
6/5
7/2
12/28
9/29
12/13
9/29
10/20
8/17
12/28
12/28
12/28
7/27
8/20
6/11
12/28
12/18
1/4
3/18
1/6
9/3
6/13
12/27
6/26
6/26
2/10
12/30
2/7
5/7
5/24
10/20
4/14
12/29
4/7
2/26
6/4
8/26
4/15
2/21

109

Index
11.95
9.59
11.58
17.07
28.46
26.79
30.00
38.81
43.18
43.48
61.11
79.46
90.86
83.39
91.21
87.94
81.29
105.21
99.17
100.00
132.62
147.08
148.05
199.93
284.69
251.96
268.24
326.28
350.49
364.04
435.13
449.01
495.79
511.52
574.51
735.45
916.93
1,025.85
1,557.46
1,690.44
2,364.33
1,523.43
1,638.06
1,102.50
1,250.06
1,445.97
1,193.16
1,448.45
1,130.00
980.11
1,048.33
1,255.16
988.98
815.74
770.62
1,022.61
1,109.19
1,458.30
1,437.38
746.46
700.93
803.12
706.08

Date
12/14
7/3
1/4
1/8
4/1
11/13
3/28
1/25
12/27
1/4
1/9
1/4
12/19
10/30
12/18
11/11
7/15
1/19
12/11
1/4
1/4
12/9
1/6
1/4
12/18
10/9
1/10
1/5
11/24
1/4
7/13
3/10
1/5
8/17
1/25
1/4
1/4
1/21
1/13
1/4
3/27
10/1
12/24
8/18
1/25
1/4
6/13
12/24
12/22
10/15
1/5
12/21
12/17
12/18
3/11
2/4
5/18
6/13
11/22
10/27
3/12
11/2
11/24

Rank Advance %

Date

Closing Index Value

Background
The central banks of US, Europe and Japan
simultaneously
announce
emergency
measures in response to financial crisis.

9.54

1990 Oct. 2

1,668.83

MOF announces emergency measures to


support the market.

9.39

1987 Oct. 21

1,962.41

Rebound from the worldwide market crash

8.32

2008 Oct. 30

899.37

Lowering interest rates prevail world wide.

7.56

1992 Aug. 21

1,251.70

MOF announces measures to reactivate the


market.

7.36

1949 Dec. 15

12.83

Heavy buyings by life insurance companies


and city banks

7.22

1992 Apr. 10

1,282.56

Monetary relaxation in the U.S.

6.82

1997 Nov. 17

1,257.85

Expectation of introduction of public funds to


stabilize the financial sector

6.64

1994 Jan. 31

1,629.22

Approval of political reform bill

10

6.64

2011 Mar. 16

817.63

10 Largest Declines in TOPIX


Date

Closing Index Value

14.62

1987 Oct. 20

1,793.90

9.52

2008 Oct. 16

864.52

Concerns about financial crisis and recession


due to New York stock market depression

9.47

2011 Mar. 15

766.73

Unease caused by the Great East Japan


Earthquake and fear of radioactive fallout from
nuclear plants.

8.75

1953 Mar. 5

32.32

8.04

2008 Oct. 8

899.01

Progression of strong yen and New York stock


market crash due to concerns of recession of
US economy

7.52

2008 Oct. 24

806.11

Downward revision of earnings forecasts of


major exporters in the manufacturing and
high-tech sectors

7.49

2011 Mar. 14

846.96

Concern over the direction of the Japanese


economy following the Great East Japan
Earthquake.

7.47

1970 Apr. 30

159.33

Worldwide stock market depression, IOS


scandal

7.40

2008 Oct. 27

746.46

Strong yen and downward revision of earnings


forecasts

10

7.10

1990 Apr. 2

2,069.33

Fear of heavy selling by insurance companies

New York stock market crash

Stalin seriously ill

HISTORICAL
DATA

GLOBAL AND
REGIONAL
ORGANIZATIONS

110

Background

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

Decline %

INVESTORS

Rank

COMPLIANCE

Sharp rebound following the Great East Japan


Earthquake.

LISTING

956.30

SYSTEM &
SERVICES

2008 Oct. 14

STOCK PRICE
INDEX

13.73

BOND
MARKET

DERIVATIVES
MARKET

10 Largest Advances in TOPIX

STOCK
MARKET

10 Largest Day-to-Day Fluctuations in TOPIX

STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

Nikkei 225
(yen)

Year-end
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

101.91
166.06
362.64
377.95
356.09
425.69
549.14
474.55
666.54
874.88
1,356.71
1,432.60
1,420.43
1,225.10
1,216.55
1,417.83
1,452.10
1,283.47
1,714.89
2,358.96
1,987.14
2,713.74
5,207.94
4,306.80
3,817.22
4,358.60
4,990.85
4,865.60
6,001.85
6,569.47
7,116.38
7,681.84
8,016.67
9,893.82
11,542.60
13,113.32
18,701.30
21,564.00
30,159.00
38,915.87
23,848.71
22,983.77
16,924.95
17,417.24
19,723.06
19,868.15
19,361.35
15,258.74
13,842.17
18,934.34
13,785.69
10,542.62
8,578.95
10,676.64
11,488.76
16,111.43
17,225.83
15,307.78
8,859.56
10,546.44
10,228.92
8,455.35

High
Index
114.99
170.32
370.55
474.43
377.27
425.69
566.30
595.46
666.54
976.93
1,356.71
1,829.74
1,589.76
1,634.37
1,369.00
1,417.83
1,588.73
1,506.27
1,851.49
2,358.96
2,534.45
2,740.98
5,207.94
5,359.74
4,787.54
4,564.52
4,990.85
5,287.65
6,097.26
6,590.69
7,188.28
8,019.14
8,026.99
9,893.82
11,577.44
13,128.94
18,936.24
26,646.43
30,159.00
38,915.87
38,712.88
27,146.91
23,801.18
21,148.11
21,552.81
20,011.76
22,666.80
20,681.07
17,264.34
18,934.34
20,833.21
14,529.41
11,979.85
11,161.71
12,163.89
16,344.20
17,563.37
18,261.98
14,691.41
10,639.71
11,339.30
10,857.53

Date(mm/dd)
08/21
10/27
12/15
02/04
01/11
12/28
12/06
05/04
12/27
11/30
12/28
07/18
02/14
04/05
07/03
12/28
04/01
03/01
10/02
12/27
04/06
08/14
12/28
01/24
06/01
05/12
12/28
09/05
12/13
09/29
11/06
08/17
12/07
12/28
12/04
12/17
08/20
10/14
12/28
12/29
01/04
03/18
01/06
09/13
06/13
12/27
06/26
06/16
03/02
12/30
04/12
05/07
05/23
10/20
04/26
12/29
04/07
07/09
01/04
08/26
04/05
02/21

Low
Index
85.25
102.10
167.80
295.18
314.08
345.89
420.14
471.53
475.20
664.69
869.34
1,258.00
1,216.04
1,200.64
1,202.69
1,020.49
1,364.34
1,250.14
1,266.27
1,733.64
1,929.64
1,981.74
2,712.31
3,958.57
3,355.13
3,627.04
4,403.06
4,597.26
4,867.91
5,925.87
6,475.93
6,956.52
6,849.78
7,803.18
9,703.35
11,545.16
12,881.50
18,544.05
21,217.04
30,183.79
20,221.86
21,456.76
14,309.41
16,078.71
17,369.74
14,485.41
19,161.71
14,775.22
12,879.97
13,232.74
13,423.21
9,504.41
8,303.39
7,607.88
10,365.40
10,825.39
14,218.60
14,837.66
7,162.90
7,054.98
8,824.06
8,160.01

Note: Copyrights regarding the Nikkei Average are held by the Nihon Keizai Shimbun, Inc.

111

Date(mm/dd)
07/06
01/04
01/04
04/01
03/22
04/27
01/25
12/27
01/04
01/09
01/04
12/19
10/29
12/18
11/09
07/12
12/05
12/11
01/04
01/04
05/27
01/06
01/04
12/18
10/09
01/10
01/05
11/24
01/04
04/10
03/28
03/13
10/01
01/25
07/23
01/05
01/21
01/13
01/04
01/05
10/01
08/19
08/18
11/29
01/04
07/03
12/24
12/29
10/09
01/05
12/21
09/17
11/14
04/28
02/10
05/17
06/13
11/21
10/27
03/10
08/31
11/25

GLOBAL AND REGIONAL ORGANIZATIONS


STOCK
MARKET

WFE

Established: 1961

respectively, the Federation included the major


stock exchanges and became an international
organization which encompassed the globe. The
organization changed its name to the "World
Federation of Exchanges" in 2001.
Objective: The WFE promotes close cooperation
among member exchanges in order to advance
the development of securities markets in the best
interests of both issuers and investors.

BOND
MARKET

Chairman:
Ronald Arculli (HKEx)
Vice Chairman:
Xavier Rolet (LSE)
Working Committee Chairman:
Thomas A. Kloet (TMX)

DERIVATIVES
MARKET

World Federation of Exchanges (WFE)

SYSTEM &
SERVICES
LISTING

Activities: The WFE holds a general meeting every


autumn to discuss and report on topics of common
interest to capital markets of member countries.
Also, in addition to holding working committee
meetings, workshops, and forums around the
world, the WFE is actively involved in making
proposals, compiling statistics, and conducting
surveys and research related to capital markets in
collaboration with international organizations and
think tanks such as the International Organization
of Securities Commissions (IOSCO).

History: The "Association of European Stock


Exchanges", predecessor to the WFE, was
inaugurated in 1957 by stock exchanges in
member countries of the European Economic
Community (EEC). Later, in 1961, the association
was reorganized into "The International
Federation of Stock Exchanges" with the
participation of the London Stock Exchange and
others. Joined by the New York Stock Exchange
and the Tokyo Stock Exchange in 1966 and 1970

STOCK PRICE
INDEX

Members: 54 exchanges

World Federation of Exchanges Members (as of end of 2011)

INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

112

COMPLIANCE

Istanbul Stock Exchange


Johannesburg Stock Exchange
Korea Exchange
London Stock Exchange Group
Malta Stock Exchange
Moscow Interbank Currency Exchange
NASDAQ OMX
National Stock Exchange of India Limited
NYSE Euronext
Osaka Securities Exchange
Oslo Bors
Philippine Stock Exchange
RTS Stock Exchange
Saudi Stock Exchange (Tadawul)
Shanghai Stock Exchange
Shenzhen Stock Exchange
Singapore Exchange
SIX Swiss Exchange
Stock Exchange of Mauritius
Stock Exchange of Thailand
Taiwan Futures Exchange (TAIFEX)
Taiwan Stock Exchange (TWSE)
Tel-Aviv Stock Exchange
TMX Group Inc.
Tokyo Stock Exchange Group, Inc.
Warsaw Stock Exchange
Wiener Borse AG

Amman Stock Exchange


Athens Exchange
Australian Securities Exchange
Bermuda Stock Exchange
BM&FBOVESPA S.A.
BME Spanish Exchanges
Bolsa de Comercio de Buenos Aires
Bolsa de Comercio de Santiago
Bolsa de Valores de Colombia
Bolsa de Valores de Lima
Bolsa Mexicana de Valores
Bourse de Casablanca
Bourse de Luxembourg
BSE Limited
Bursa Malaysia
CBOE Holdings, Inc.
CME Group
Colombo Stock Exchange
Cyprus Stock Exchange
Deutsche Borse AG
The Egyptian Exchange
Gretai Securities Exchange
Hong Kong Exchanges and Clearing
Indonesia Stock Exchange
IntercontinentalExchange (ICE)
International Securities Exchange (ISE)
Irish Stock Exchange

STOCK
MARKET
DERIVATIVES
MARKET

Members: 19 stock exchanges in the Asian and


Oceanian regions

Manila, the organization was renamed as the East


Asian and Oceanian Stock Exchanges Federation
(EAOSEF). At the Busan general assembly held
in April 2005, with the admission of the Bombay
Stock Exchange and the National Stock
Exchange of India, the organization was renamed
as the Asian and Oceanian Stock Exchanges
Federation (AOSEF).

Established: 1982

Secretariat: Tokyo Stock Exchange Group, Inc.


Objective: The objectives of the AOSEF are the
exchange of information and promotion of mutual
assistance among its members with a view to
developing the securities markets of member
exchanges.

History: The history of the AOSEF goes back to


1978 when top executives of stock exchanges in
East Asian countries first gathered in Tokyo on the
occasion of the Centennial Anniversary of
Japanese securities markets. The gathering was
followed by another meeting in Tokyo in 1982, at
which an informal, fraternal organization, the East
Asian Stock Exchanges Conference (EASEC),
was formed. In 1990, with the adoption of a
charter and admission of two stock exchanges in
the Oceanian region at its general assembly in

Activities: The AOSEF holds a general assembly


every year for exchanging information and
discussing topics of common interest to members
with a view to coordinating rules and practices
amongst member exchanges.

AOSEF Members (as of end of 2011)


Australian Securities Exchange

New Zealand Exchange

Bombay Stock Exchange

Osaka Securities Exchange

Hanoi Stock Exchange

Philippine Stock Exchange

Hochiminh Stock Exchange

Shanghai Stock Exchange

Hong Kong Exchanges and Clearing

Shenzhen Stock Exchange

Indonesia Stock Exchange

Singapore Exchange

Korea Exchange

Taiwan Stock Exchange

Bursa Malaysia

Stock Exchange of Thailand

Mongolian Stock Exchange

Tokyo Stock Exchange

National Stock Exchange of India

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEM &
SERVICES

STOCK PRICE
INDEX

Asian and Oceanian Stock Exchanges Federation


(AOSEF)

BOND
MARKET

AOSEF

113

ORGANIZATION STRUCTURE

LISTING

SYSTEM &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

TRADING
PARTICIPANT
LIST

ORGANIZATION
STRUCTURE

As of January, 31, 2012

GLOBAL AND
REGIONAL
ORGANIZATIONS

114

HISTORICAL
DATA

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

INVESTORS

COMPLIANCE

GLOBAL AND
REGIONAL
ORGANIZATIONS

HISTORICAL
DATA

CROSS BORDER SECURITIES


TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION

INVESTORS

COMPLIANCE

LISTING

SYSTEM &
SERVICES

STOCK PRICE
INDEX

BOND
MARKET

TRADING
PARTICIPANT
LIST

ORGANIZATION
STRUCTURE

TRADING PARTICIPANT LIST (101 COMPANIES)


(As of December 2011)
Securities Companies

Address

Tel.

(Domestic)
ABN AMRO Clearing Tokyo Co.,Ltd.

5-1, Atago 2-chome, Minato-ku, Tokyo 105-6239

ACE SECURITIES CO.,LTD.

2-12, Nihombashi-Kayaba-cho, 3-chome, Chuo-ku, Tokyo 103-0025

03-5425-9900
03-5695-5111

AIZAWA SECURITIES CO.,LTD.

20-3, Nihombashi 1-chome, Chuo-ku, Tokyo 103-0027

03-3272-3112

AKAKIYA SECURITIES CO.,LTD.

7-1, Nihombashi 2-chome, Chuo-ku, Tokyo 103-0027

03-3271-0011

Akatsuki Securities, Inc.

16-3, Nihombashi 1-chome, Chuo-ku, Tokyo 103-0027

03-3278-7800

ANDO SECURITIES CO.,LTD.

12-32, Akasaka 1-chome, Minato-ku, Tokyo 107-6014

03-5114-5171

ARK SECURITIES CO.,LTD.

1-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo 100-0005

03-5288-8100

Barclays Capital Japan Limited

10-1, Roppongi 6-chome, Minato-ku, Tokyo 106-6131

03-4530-1100

BNP Paribas Securities (Japan) Limited

9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-6740

03-6377-2000

Chibagin Securities Co.,Ltd.

2-18, Nihombashi-Kayabacho 1-chome, Chuo-ku, Tokyo 103-0025

03-3660-4650

Citigroup Global Markets Japan Inc.

5-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-6520

03-6270-5000

Cosmo Securities Co.,Ltd.

13-4, Uchi-Kanda 1-chome, Chiyoda-ku, Tokyo 101-8742

03-3233-5555

Credit Suisse Securities (Japan) Limited

6-1, Roppongi 1-chome, Minato-ku, Tokyo 106-6024

03-4550-9000

Daiko Clearing Services Corporation

13-1, Nihombashi-Kabuto-cho, Chuo-ku, Tokyo 103-0026

03-3666-2231

Daiwa Securities Capital Markets Co.Ltd.

9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-6753

03-5555-3111

Daiwa Securities Co.Ltd.

9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-6752

03-5555-2530

Deutsche Securities Inc.

11-1, Nagatacho, 2-chome, Chiyoda-ku, Tokyo 100-6171

03-5156-6000

DOJIMAKANTO Securities Co.,Ltd.

8-1, Kanda-Ogawa-cho, 1-chome, Chiyoda-ku, Tokyo 101-0052

03-3253-6725

Eiwa Securities Co.,Ltd.

6-3, Nihombashi-Kayaba-cho, 1-chome, Chuo-ku, Tokyo 103-0025

03-3639-5151

GMO CLICK Securities, Inc.

10-8,Dogenzaka, 1-chome, Shibuya-ku, Tokyo 150-0043

03-6221-0206

Goldman Sachs Japan Co.,Ltd.

10-1, Roppongi 6-chome, Minato-ku, Tokyo 106-6147

03-6437-1000

HACHIJUNI SECURITIES Co.,Ltd.

3-3, Tokida 2-chome, Ueda-shi, Nagano 386-0018

0268-22-5557

H.S. SECURITIES CO.,LTD.

8-1, Nishi-Shinjuku, 6-chome, Shinjuku-ku, Tokyo 163-6027

03-4560-0200

THE HIKARI SECURITIES CO.,LTD.

25-9, Shinkawa 1-chome, Chuo-ku, Tokyo 104-0033

03-3537-0371

HINODE SECURITIES CO.,LTD.

9-1, Hacchobori 2-chome, Chuo-ku, Tokyo 104-0032

03-3297-5111

HIROTA SECURITIES CO.,LTD.

7-3, Nihombashi-Kayaba-cho, 1-chome, Chuo-ku, Tokyo 103-0025

03-3667-1181
03-3555-6200

Ichiyoshi Securities Co.,Ltd.

14-1, Hacchobori 2-chome, Chuo-ku, Tokyo 104-0032

The Imamura Securities Co.,Ltd.

25 Jikken-machi Kanazawa-shi, Ishikawa 920-0906

076-263-5111

Interactive Brokers Securities Japan, Inc.

2-10, Nihombashi-Kayaba-cho, 3-chome, Chuo-ku, Tokyo 103-0025

03-4588-9701

Iwai Securities Co.,Ltd.

9-4, Nihombashi-Kayaba-cho, 1-chome, Chuo-ku, Tokyo 103-0025

03-3662-7151

Japan Asia Securities Co.,Ltd.

7-9, Nihombashi-Kakigara-cho, 1-chome, Chuo-ku, Tokyo 103-0014

03-3668-8000

JPMorgan Securities Japan Co.,Ltd.

7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo 100-6432

03-6736-1111

Jyoko Securities Co.,Ltd.

3, Kita 1, Nishi 3, Chuo-ku, Sapporo, Hokkaido 060-0001

011-221-8536

Jyujiya Securities Co.,Ltd.

6-17, Nihombashi-Kayaba-cho, 1-chome, Chuo-ku, Tokyo 103-0025

03-3666-0101

kabu.com Securities Co.,Ltd.

3-2, Ohtemachi 1-chome, Chiyoda-ku, Tokyo 100-0004

03-3551-5111

Kaneyama Securities Co.,Ltd.

11-8, Nihombashi-Koami-cho, Chuo-ku, Tokyo 103-0016

03-3668-3111

KAZAKA Securities Co.,Ltd.

13-2, Nihombashi-kabuto-cho, Chuo-ku, Tokyo 103-0026

03-3666-1431

Kimura Securities Co., Ltd.

8-21, Sakae 3-chome, Naka-ku, Nagoya-shi, Aichi 460-0008

052-241-4211

The Kosei Securities Co.,Ltd.

9-9, Nihombashi-Kabuto-cho, Chuo-ku, Tokyo 103-0026

03-3667-7723

KYOKUTO SECURITIES CO.,LTD.

4-7, Nihombashi-Kayaba-cho, 1-chome, Chuo-ku, Tokyo 103-0025

03-3667-9171

Kyowa Securities Co.,Ltd.

8-3, Nihombashi-Kabuto-cho, Chuo-ku, Tokyo 103-0026

03-3666-1381

Leading Securities Co.,Ltd.

8-8, Shinkawa 1-chome, Chuo-ku, Tokyo 104-0033

03-4570-2119

livestar Securities Co.,Ltd.

11-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-6217

03-5221-5100

MAEDA SECURITIES CO.,LTD.

13-1, Tenjin 2-chome, Chuo-ku, Fukuoka-shi, Fukuoka 810-0001

092-771-3836

Marufuku Securities Co.,Ltd.

1-1, Higashisakanouemachi 2-chome, Nagaoka-shi, Nigata 940-0066

0258-35-0290

Maruhachi Securities Co.,Ltd.

2-7, Haruoka 1-chome, Chikusa-ku, Nagoya-shi, Aichi 464-0848

052-757-2732

MARUKUNI SECURITIES CO.,LTD.

10-2, Nihombashi-Koami-cho, Chuo-ku, Tokyo 103-0016

03-3666-0922

Marusan Securities Co.,Ltd.

5-2, Nihombashi 2-chome, Chuo-ku, Tokyo 103-8258

03-3272-5211

MATSUI SECURITIES CO.,LTD.

4, Koujimachi 1-chome, Chiyoda-ku, Tokyo 102-8516

03-5216-0606

MEIWA SECURITIES CO.,LTD.

7-3, Nihombashi-Kabuto-cho, Chuo-ku, Tokyo 103-0026

03-3666-2541

Merrill Lynch Japan Securities Co.,Ltd.

4-1, Nihombashi 1-chome, Chuo-ku, Tokyo 103-8230

03-6225-7000

MF Global FXA Securities, Ltd.

1-7, Uchisaiwai-cho, 1-chome, Chiyoda-ku, Tokyo 100-0011

03-3592-3400

MIKI SECURITIES CO.,LTD.

20-9, Nihombashi 1-chome, Chuo-ku, Tokyo 103-0027

03-3278-1111

MITA SECURITIES Co.,Ltd.

3-11, Nihombashi-Kabuto-cho, Chuo-ku, Tokyo 103-0026

03-3666-1001

Mito Securities Co.,Ltd.

3-10, Nihombashi 2-chome, Chuo-ku, Tokyo 103-0027

03-6739-0310

115

Address

Tel.
03-6213-8500

Mizuho Investors Securities Co.,Ltd.

10-30, Nihombashi-Kakigara-cho, 2-chome, Chuo-ku, Tokyo 103-8658

03-3663-5555

Mizuho Securities Co.,Ltd.

5-1, Ohtemachi 1-chome, Chiyoda-ku, Tokyo 100-0004

03-5208-3210

Monex,Inc.

11-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-6219

03-6212-3800
03-3666-1451

Musahi Securities Co.,Ltd.

2-6, Nihombashi-Muromachi, 1-chome, Chuo-ku, Tokyo 103-0022

03-3271-2583

NAGANO SECURITIES CO.,LTD.

1448, Kita-ishido-cho, Nagano-shi, Nagano 380-0826

026-288-3003

NAITO SECURITIES CO.,LTD.

14-8, Nihombashi-Ningyo-cho, 1-chome, Chuo-ku, Tokyo 103-0013

03-3668-2090

The Nakahara Securities Co.,Ltd.

4-1, Nihombashi-Muromachi, 4-chome, Chuo-ku, Tokyo 103-0022

03-3231-4311

Natixis Japan Securities Co.,Ltd.

11-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-6226

03-4579-2100

Newedge Japan Inc.

10-1, Roppongi 6-chome, Minato-ku, Tokyo 106-6117

03-4588-5000

New-S Securities Co.,Ltd.

11-10 Higashi 3-chome, Shibuya-ku, Tokyo 150-0011

03-5466-1641

Niigata Securities Co.,Ltd.

8-26, Jyonai-cho, 3-chome, Nagaoka-shi, Niigata 940-0061

0258-36-9110

NISHIMURA SECURITIES CO.,LTD.

Takakura-nishiiri, shijyodouri Shimogyou-Ku, Kyoto-shi, Kyoto 600-8007

075-221-2155

NISSAN CENTURY SECURITIES CO.,LTD.

7-6, Nihombashi-Kabuto-cho, Chuo-ku, Tokyo 103-0026

03-4333-1000

Nomura Securities Co.,Ltd.

9-1, Nihombashi 1-chome, Chuo-ku, Tokyo 103-8011

03-3211-1811

OKACHI SECURITIES CO.,LTD.

3-12, Nihombashi-Kayaba-cho, 1-chome, Chuo-ku, Tokyo 103-0025

03-3668-3661

17-6, Nihombashi 1-chome, Chuo-ku, Tokyo 103-8278

03-3272-2211

Phillip Securities Japan, Ltd.

4-2, Nihombashi-Kabuto-cho, Chuo-ku, Tokyo 103-0026

03-3666-2101

Rakuten Securities, Inc.

12-3, Higashi-Shinagawa 4-chome, Shinagawa-ku, Tokyo 140-0002

03-6739-1700

Retela Crea Securities Co.,Ltd.

6-11, Nihombashi-Kayaba-cho, 1-chome, Chuo-ku, Tokyo 103-0025

03-3667-4411

San-ei Securities Co.,Ltd.

12-7, Kyobashi 3-chome, Chuo-ku, Tokyo 104-0031

03-3562-3321

Securities Japan, Inc.

2-18, Nihombashi-Kayaba-cho, 1-chome, Chuo-ku, Tokyo 103-0025

03-3668-2210

SMBC Friend Securities Co.,Ltd.

7-12, Nihombashi-Kabuto-cho, Chuo-ku, Tokyo 103-8221

03-3669-3211

SMBC Nikko Securities Inc.

6-5, Nihombashi-Kabuto-cho, Chuo-ku, Tokyo 103-8225

03-5644-3111

THE TACHIBANA SECURITIES CO.,LTD.

13-14, Nihombashi-Kayaba-cho, 1-chome, Chuo-ku, Tokyo 103-0025

03-3669-3111

TAKAGI SECURITIES CO.,LTD.

8-3, Nihombashi-Muromachi, 1-chome, Chuo-ku, Tokyo 103-0022

03-3281-3231

Tokai Tokyo Securities Co.,Ltd.

6-2, Nihombashi 3-chome, Chuo-ku, Tokyo 103-8275

03-3517-8600

TOYO SECURITIES CO.,LTD.

7-1, Hacchobori 4-chome, Chuo-ku, Tokyo 104-8678

03-5117-1040

UTSUMIYA SECURITIES CO.,LTD.

12-4, Nihombashi-Kayaba-cho, 1-chome, Chuo-ku, Tokyo 103-0025

03-3661-8855

YAHATA SECURITIES CO.,LTD.

1-9, Ohtemachi 3-chome, Naka-ku, Hiroshima-shi, Hiroshima 730-0051

082-243-3700

YAMAGEN Securities Co.,Ltd.

9-2, Nihombashi-Kayaba-cho, 1-chome, Chuo-ku, Tokyo 103-0025

03-5641-9988

Yamani Securities Co.,Ltd.

4-1, Nihombashi-Kabuto-cho, Chuo-ku, Tokyo 103-0026

03-3666-1151

YAMAWA SECURITIES CO.,LTD.

1-8, Nihombashi-Kabuto-cho, Chuo-ku, Tokyo 103-0026

03-3668-5411

The Yutaka Securities Co.,Ltd.

10-14, Nihombashi-Horidome-cho, 1-chome, Chuo-ku, Tokyo 103-0012

03-3668-3621

Credit Agricole Securities Asia B.V.

9-2, Higashi-shimbashi 1-chome, Minato-ku, Tokyo 105-0021

03-4580-5900

HSBC SECURITIES (JAPAN) LIMITED

11-1, Nihombashi 3-chome, Chuo-ku, Tokyo 103-0027

03-5203-3111

INSTINET JAPAN LIMITED

3-1, Akasaka 5-chome, Minato-ku, Tokyo 107-6336

03-6366-8484

(Foreign)

Jefferies (Japan) Limited

5-1, Yuraku-cho 1-chome, Chiyoda-ku, Tokyo 100-0006

03-5251-6100

Macquarie Capital Securities (Japan) Limited

4-1, Kioi-cho, Chiyoda-ku, Tokyo 102-0094

03-3512-7900

RBS Securities Japan Limited

6-2, Marunouchi 1-chome, Chiyoda-ku, Tokyo 105-0005

03-6266-3500

Societe Generale Securities (North Pacific) Ltd. 12-32, Akasaka 1-chome, Minato-ku, Tokyo 107-6015

03-5549-5120

UBS Securities Japan Ltd

03-5208-6000

5-1, Ohtemachi 1-chome, Chiyoda-ku, Tokyo 100-0004

TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION

03-5371-3111
03-5562-7210

INVESTORS

13-4, Yoyogi 2-chome, Shibuya-ku, Tokyo 151-0053


6-1, Roppongi 1-chome, Minato-ku, Tokyo 106-6019

COMPLIANCE

SANKO SECURITIES CO.,LTD.


SBI SECURITIES Co.,Ltd.

LISTING

OKASAN SECURITIES CO.,LTD.

SYSTEM &
SERVICES

03-5424-5000

1-10, Nihombashi-Kabuto-cho, Chuo-ku, Tokyo 103-0026

STOCK PRICE
INDEX

20-3, Ebisu 4-chome, Shibuya-ku, Tokyo 150-6008

The Murosei Securities Co.,Ltd.

BOND
MARKET

Morgan Stanley MUFG Securities Co.,Ltd.

TRADING
PARTICIPANT
LIST

Mitsubishi UFJ Morgan Stanley Securities Co.,Ltd. 5-2, Marunouchi 2-chome, Chiyoda-ku, Tokyo 100-6317

ORGANIZATION
STRUCTURE

(As of December 2011)


Securities Companies

HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS

116

CONTACT
For further information, please contact:
Head Office
Tokyo Stock Exchange Group, Inc.
Corporate Communications
2-1, Nihombashi-Kabuto-cho, Chuo-ku,
Tokyo 103-8224 Japan
Tel: (81) 3-3666-1361
e-mail: wwwadm@tse.or.jp

Representative Offices
Tokyo Stock Exchange, Inc.

Tokyo Stock Exchange, Inc.

Tokyo Stock Exchange, Inc.

New York Representative Office

London Representative Office

Singapore Representative Office

45 Broadway,

5th floor, 4 St. Paul's Churchyard,

16 Raffles Quay #11-02,

New York, NY 10006

London, EC4M 8AY

Hong Leong Building,

USA

UK

Singapore 048581

Tel: (1) 212-363-2350

Tel: (44) 20-7329-2155

Tel: (65) 6438-5100

e-mail: contact@tsenyrep.com

e-mail: tse@tseldn.co.uk

e-mail: sintse@ntti.net.sg

Tokyo Stock Exchange, Inc.


Beijing Representative Office
2204/2205, Tower C Beijing Yintai
Center, No.2 Jian Guo Men Wai
Ave, Chao Yang District, Beijing,
100022, China
Tel: (86) 10-8517-1128
e-mail: tsebjrep@tsebjrep.com.cn

TOKYO STOCK EXCHANGE FACT BOOK 2012


Copyright2012 Tokyo Stock Exchange Group, Inc.

117

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