Details of Continued Listing Criteria

Trading Value / Trading Volume

Trading Value in the Continued Listing Criteria

  Daily Average Trading Value
Prime Market JPY 20 million or more

  • When a listed company does not meet the Continued Listing Criteria within one year after failing to meet the Continued Listing Criteria, the listed company becomes subject to the Delisting Criteria.
  • The criteria for companies listed on the Prime Market to which transitional measures are applied shall be "monthly average trading volume of 40 units or more" in lieu of "daily average trading value of JPY 20 million or more."
  • For the details of Delisting Criteria and Transitional Measures, please see the pages below.
    Delisting Criteria
    Transitional Measures

(note)
  • ・Please see the below "Trading Volume in Continued Listing Criteria" for the details of "monthly average trading volume."

Calculation Method of Trading Value

  • The daily averages of trading values on TSE throughout the year up to the last day of December every year will be examined.
  • The trading value (one month total) of each issue is available in the Monthly Quotations (Stock Quotations) published on the JPX website.
    Monthly Quotations

(note)
  • ・In order to determine whether or not the continued listing criteria have been met, please refer to the "Auction" column of "Trading Value" in the “Monthly Quotations (Stock Quotations),” as the trading value of auction trading at TSE is used for such determinations. However, since "Auction” does not include the traded value of when-issued transactions, if there are any such transactions, please add the traded value shown in “When-Issued Transactions Quotations" for the calculation. (Calculation formula: "Auction" + “When-Issued Transactions Quotations")
    When referring to “Monthly Quotations (Stock Quotations)” in and/or before February 2023, subtract "ToSTNeT trading value" and traded value of off-auction distributions and add traded value of when-issued transactions to the traded value shown in "Trading Value". (Calculation formula: "Trading value" - "ToSTNeT trading value" - "Off-auction distributions" + "When-issued transactions")
  • ・ The daily average is the trading value divided by the number of business days of the TSE.

Trading Volume in the Continued Listing Criteria

Average Monthly Trading Volume
Standard Market 10 units or more
Growth Market

  • When a listed company does not meet the Continued Listing Criteria within six months after failing to meet the Continued Listing Criteria, the listed company becomes subject to the Delisting Criteria.

Calculation Method of Trading Volume

  • Monthly averages of trading volumes in auction trading at TSE for the six months up to the last days of June and December every year will be examined.
  • Trading volume (one month total) of each issue is available in the Monthly Quotations (Stock Quotations) published on the JPX website.
    Monthly Quotations

(note)
  • ・In order to determine whether or not the continued listing criteria have been met, please refer to the "Auction" column of "Trading Volume" in the “Monthly Quotations (Stock Quotations),” as the trading volume of auction trading at TSE is used for such determinations. However, since "Auction” does not include the traded volume of when-issued transactions, if there are any such transactions, please add the traded volume shown in “When-Issued Transactions Quotations" for the calculation. (Calculation formula: "Auction" + “When-Issued Transactions Quotations")
    When referring to “Monthly Quotations (Stock Quotations)” in and/or before February 2023, subtract "ToSTNeT trading volume" and traded volume of off-auction distributions and add traded volume of when-issued transactions to the traded volume shown in "Trading Volume". (Calculation formula: "Trading volume" - "ToSTNeT trading volume" - "Off-auction distributions" + "When-issued transactions")

Example of Improvement Period Schedules

Example of Schedule for the Trading Value Criteria
(note)
  • ・For companies subject to the transitional measures, the regular trading value criteria shall be applicable from record dates relating to decisions made regarding the Continued Listing Criteria that fall on or after December 31, 2025.
 
Example of Schedule for the Trading Volume Criteria