When-Issued Transaction

What is a when-issued transaction?

When-issued transactions refer to trading of new shares before their issuance through a paid-in capital increase by allotment to shareholders. They are carried out from the ex-rights date until two business days before the registration date of the new shares at JASDEC. Regardless of the day a when-issued transaction is executed, settlement for all when-issued transactions is carried out on the third day counting from the last day of the trading period for when-issued transactions. In addition, if the same number of shares bought and sold in a single issue, settlement can be completed by paying or receiving the cash equivalent to the net profit/loss from such transactions.

Q&A for Investors on When-Issued Transactions

Issues subject to when-issued transaction

Information on issues for which when-issued transactions will be or are being conducted in connection with a capital increase by allotment to shareholders is available below.

In general, the period for publication on the website is from two weeks before new shares in connection with when-issued transactions are listed (if this is a non-business day, it shall be the previous business day) until the settlement date.

List of issues for which when-issued transactions were conducted (No such issues currently.)