Information on Outstanding Short Selling Positions

In accordance with partial amendments, etc. made to the Enforcement Ordinance for the Financial Instruments and Exchange Act in order tighten regulations on short selling, starting from November 7, 2008, (1) investors*1 are required to provide trading participants*2 with (A) information on their outstanding short selling positions*3 for designated securities and (B) their names and addresses. Moreover, trading participants must then report the information to Tokyo Stock Exchange (TSE).

TSE publish information on the outstanding short selling positions for designated securities through its website, etc.
The method for investors to providing this information, as well as for TSE to publish it, are explained below.

  • The investor means a "person who has applied for brokerage" out of a "person who has applied for brokerage or intermediation of brokerage for short selling" as prescribed in Article 26-5, Paragraph 3 of the Enforcement Ordinance for the Financial Instruments and Exchange Act.
    In the event that a "person who has applied for brokerage" has "applied for intermediation of brokerage," such person shall provide the above (A) and (B) information to a "person who has accepted intermediation of brokerage for short selling" as prescribed in Article 26-5, Paragraph 2 of the Ordinance (meaning financial instruments business firms, etc, other than trading participants of the exchanges). Then the "person who has accepted intermediation of brokerage for short selling" shall provide such information to trading participants.
  • The trading participants mean "members, etc. of financial instruments exchange" as prescribed in Article 26-5, Paragraph 1 of the Enforcement Ordinance for the Financial Instruments and Exchange Act.
  • The information on outstanding short selling positions for designated securities means "outstanding information (meaning information specified by a Cabinet Office ordinance as information concerning outstanding short selling positions)

How Investors are to Provide Information on Outstanding Short Selling Positions to Trading Participants

Investors are required to provide (A) their "outstanding short selling positions for designated securities" and (B) "their names and addresses" to trading participants by 10:00 a.m. of the business day after the next business day (meaning 10:00 a.m. of the business day after the business day following the "date for calculating outstanding position ratios" prescribed by Article 15-3, Paragraph 1, Item 5 of the Cabinet Office Ordinance Concerning Regulations of Securities Trading, etc. (hereafter the "Ordinance")

Investors are required to provide the above mentioned information in accordance with the following classifications and items.

(A) Information on outstanding short selling positions for designated securities (B) Name of short seller and address or location
  • Name of short seller [Art.15-3, Para.1, Item 1 of the Ordinance]
  • Address or location (In the case of individuals, down to municipalities or boroughs of prefectures) [Art.15-3, Para.1, Item 2 of the Ordinance]
  • Issue names (including issue codes) [Art.15-3, Para.1, Item 4 of the Ordinance]
  • The date for calculating outstanding position ratios [Art.15-3, Para.1, Item 5 of the Ordinance]
  • The number of outstanding short selling positions and the number of such by trading unit [Art.15-3, Para.1, Item 6 of the Ordinance]
  • Outstanding short selling position ratios [Art.15-3, Para.1, Item 7 of the Ordinance]

(Note)
  • In cases where a person doing trust business has made short selling as management of trust assets, etc., please describe items prescribed by the Ordinance. [Art.15-3, Para.1, Item 3 of the Ordinance]
  • Name of short seller
  • Address or location (* No exceptions for individuals) [Art.15-2, Para.4 of the Ordinance]

Entry Example

If investors provide the aforementioned (A) and (B) information by electronic means, they are advised to do so via a Excel file named according to the following rules.

  • Name of a file for (A)
    Please type the file name in this format: "YYYYMMDD_ (Name of the provider)-1"
    For example: "20081114_Tokyo Stock Exchange-1"
  • Name of a file for (B)
    Please type of the file name in this format: "YYYYMMDD_ (Name of the provider)-2"
    For example: "20081114_Tokyo Stock Exchange-2"
  • Please type YYYYMMDD with four digits for the year (YYYY) two for the month (MM) and two for the day of the month (DD). Please type the exact date on which short positions became subject to disclosure (YYYYMMDD).
  • As for the name of the provider, please type the name of the customer, etc. who have reported the information on outstanding short selling positions.

Please note the following point if the investors who submit "information on their outstanding short selling positions for designated securities" are individuals.

Items Points
Name of short seller
  • When the investor is an individual and outstanding short selling position ratios is less than 5%, please just type "個人" (meaning "individual" in Japanese) instead of the investor's name.
  • When it is 5% or more, please type the investor’s name.
[Art.15-3, Para.1, Item 1 of the Ordinance]

If the investor is an individual and a person doing trust business has made short selling as management of trust assets, etc., the same rules are applied.
[Art.15-3, Para.1, Item 3 of said Ordinance]
Address or location
  • When the investor is an individual and outstanding short selling position ratios is less than 5%, please leave this area blank.
  • When it is 5% or more and the investor is an individual, please write his or her address down to municipalities or boroughs of prefectures.
[Art.15-3, Para.1, Item 2 of the Ordinance]

If the investor is an individual and a person doing trust business has made short selling as management of trust assets, etc., the same rules are applied.
[Art.15-3, Para.1, Item 3 of said Ordinance]
Name of the Excel files
  • When the investor is an individual and outstanding short selling position ratios is less than 5%, please name "YYYYMMDD_【個人】-1"(Example: "20081210_個人-1").
  • When it is 5% or more, please name "YYYYMMDD_【Investor’s name】-1".

The method mentioned above is a guide for the trading participants of TSE. In case of non-trading participants, please consult your primary broker for details.

How TSE Publish the Information

Publication through the JPX website

Beginning on November 11, 2008, TSE publish "information on outstanding short selling positions for designated securities" on its website under the title, "Information on Outstanding Short Selling Positions." The aforementioned files for (A) are consolidated and published as a single Excel file.

As a general rule, TSE publish "information on outstanding short selling positions for designated securities" on the day of submission if trading participants submit the information by 4:00 p.m.

Publication in the TSE's public inspection room

The "information on outstanding short selling positions for designated securities" that is published on the JPX website on the previous business day shall be made public in the public inspection room (Information Terrace) in the TSE building.

Changes in 2013

In accordance with the amendments to short selling regulations from November 5, 2013,reporting and disclosure methods for outstanding short selling positions changed. For more details, please refer to the files below.

Revision of Methods for Short Selling Position Reporting and Disclosure icon-pdf

Reporting/Disclosure Format

Reporting Format (Applied from Nov. 5, 2013) icon-xls
Disclosure Format (Applied from Nov. 7, 2013) icon-xls

Contact

Tokyo Stock Exchange, Inc. Stocks
TEL:+81-3-3666-0141