XBRL Disclosure

To date, Tokyo Stock Exchange (TSE) has constantly strived to improve confidence of listed stocks by offering greater support to help listed companies strengthen their disclosure system. As part of these efforts to facilitate the provision of information to investors, we have moved toward web-based disclosure and encouraged XBRL. This page presents some initiatives that TSE has taken toward electronic disclosure (e-disclosure) and explains XBRL.

TDnet (Timely Disclosure network)

Based on its rules, TSE requires listed companies to conduct timely disclosure of corporate information that may have material influence on investment decisions, such as information on corporate strategy and business operation, and financial results. TSE's “Timely Disclosure Network” (TDnet) provides listed companies with a platform to make material corporate information widely available in a swift and timely manner.
The key functions of TDnet are as follows

  • Web-based registration of corporate information (timely disclosure)
  • Dissemination of the information to terminals installed at media institutions
  • Publication of the information via the Timely Disclosure Browsing Service on the TSE website.

When there is material corporate information requiring disclosure, listed companies register the information to TDnet in accordance with the requirement in TSE's Securities Listing Regulations to announce it immediately. Upon registration, the information are disseminated to the media institutions and becomes available on the TSE website's “Company Announcement Service” for 31 days, including national holidays and weekends. Visitors to the TSE website’s “Company Information Service” can also browse releases on corporate actions or decisions disclosed during the past year, as well as financial results released in the past five years. TSE also offers a paid TDnet Database Service for subscribers to access disclosure documents from the past five years.

Company Announcement
Company Information Service
Paid Information Service (Equity) / Reference Data

TSE's involvement in e-disclosure

TSE recognizes that information released by listed companies plays an important part in investment decisions and we have been committed to improving the electronic disclosure system to ensure the swift and accurate dissemination of corporate information to investors.

[Involvement in e-disclosure]

1998 The first generation TDnet system (evolution into electronic disclosure from paper based disclosure)
1999 Establishment of rules for timely disclosure of corporate information
1999 Operation of system enabling nationwide connection (Nagoya Stock Exchange, Fukuoka Stock Exchange and Sapporo Stock Exchange have commenced utilizing TDnet).
2000 Operation of online registration system
2000 Commencement of the utilization of TDnet by JASDAQ
2003 Opening of free stock price retrieval site on the TSE'S website
2003 The second generation TDnet system (incorporation of XBRL, provision of numerical data and greatly enhanced security)
2004 Commencement of publication of quarterly disclosure information via the TSE'S website
2004 Commencement of services for making timely disclosure information available for public review (real-time supply for 8 days on a free basis)
2004 Started providing Listed Company Search
2005 Commencement of services for making timely disclosure information available for public review (real-time supply for 31 days on a free basis)
2005 Commencement of provision of numerical data of quarterly disclosure information, start of storing XBRL data
2006 Expansion of services for making timely disclosure information available for public review (addition of information retrieval function)
2006 Trial opening of XBRL data via TSE's XBRL SITE (preliminary reporting of business results)
2007 Extended the provision of timely information on the TSE website, up to about five years for financial results, and up to one year for corporate decisions and other material facts
2007 Started providing Corporate Governance Information Search
2008 The third generation TDnet system, featuring full support for XBRL disclosure and dissemination
2010 Commencement of provision of XBRL date of annual financial statements
2011 Implementing IFRS in XBRL format
2014 Incorporation of Inline XBRL
2014 Implementing REIT in XBRL format
2015 The fourth generation TDnet system