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2023 Tokyo Stock Exchange, Inc. Exchange & beyond Practical Policy Concerning the Revision of the Quarterly Disclosure System Tokyo Stock Exchange, Inc. November 22, 2023 ©2023 Tokyo Stock Exchange, Inc. Contents 2-1. Content and Disclosure Timing of Quarterly Earnings Reports for Q1 and Q3 2 2-2. Review of Quarterly Earnings Reports for Q1 and Q3 and Enforcement 2-3. Handling of Earnings Reports for Q2 and Full Year 2-4. Earnings Report Data Distribution Format 2-5. Enhancement of Information Disclosure Introduction１ Handling of Related Issues２ ©2023 Tokyo Stock Exchange, Inc. 1. Introduction ©2023 Tokyo Stock Exchange, Inc. 4 Background Introduction ⚫The Financial System Council Working Group on Corporate Disclosure ("DWG") proposed in its June 2022 report a direction to reduce costs and improve disclosure efficiency by eliminating overlapping content between the first and third quarter securities reports required by the Financial Instruments and Exchange Act (FIEA) and the ...
2025 Japan Exchange Group, Inc., and/or its affiliates Review Status of Quarterly Earnings Reports for Q1 or Q3 Ending December 31, 2024 Tokyo Stock Exchange, Inc. March 12, 2025 Aggregated Data Based on 2,417 listed domestic companies that released earnings reports for Q1 or Q3 ending December 31, 2024 within 45 days of the end of the quarter (by February 14, 2025). There were ten companies that have not disclosed an earnings report for Q1 or Q3 (note) within 45 days after the end of the quarter. (Note) Q1 or Q3 earnings reports with the interim review report attached for listed companies obligated to undergo review. ©2025 Japan Exchange Group, Inc., and/or its affiliates Review Status and Disclosure Timing Review Status and Days Required for Disclosure Status of Two-Step Disclosure (Note 3) Note 1: In the case of two-step disclosure, the disclosure date of the ...
- 1 - J u n e 5 , 2 0 2 5 Entities responsible for handling of information Watanabe Koji, Director, Listing Department, Tokyo S tock Exchange , I nc . Statistics on Status of Financial Results Announcements for the Fiscal Year Ended March 2025 Tokyo Stock Exchange, Inc. (TSE) has compiled the dates of announcement of financial results for the fiscal year ended March 2025 and the disclosure status of future performance forecasts for domestic companies whose fiscal year ends in March and that were listed on TSE's markets as of March 31, 2025.1 TSE has also compiled examples of disclosure from companies that have provided thorough information to investors regarding the impact of U.S. tariff measures on their businesses and performance. 1. Schedule of Financial Results Announcements ○Average number of days required for the announcement of financial results ○Tendency toward the concentration of financial results announcements on specific ...
2021 Tokyo Stock Exchange, Inc. Labeling of leveraged inverse ETFs as products that are different from general ETFs, etc. After this, the term "leveraged/inverse" products will be used instead of "leveraged/inverse" ETFs. The following contents on the TSE website will be supported. 1 Example“List of All ETFs” •Currently, the list of ETFs is listed by asset class ↓ •For leveraged ETFs, we will cut them out from the current file and create a separate product list. •The extracted file will be posted on the new "Leveraged and Inverse Products" page. Other supported areas： Listed Issues, All Issues List File, Investment Risk Page, Brochure, Website :”TSE Money-bu”, etc....
Handling of Operations Relating to Optimization of Tick Sizes for ETFs, ETNs, and Leveraged Products 1. Handling of tick sizes applied to ETFs, ETNs, and leveraged products whose trading unit is 1 (1) Method for determining tick sizes For ETFs, ETNs, and leveraged products, TSE currently applies tick sizes other than those applied to TOPIX 100 constituents (hereinafter, the "non-TOPIX 100 tick size table"). To improve convenience by lowering execution costs for trading incurred by investors, we have decided to apply the tick sizes applied to TOPIX 100 constituents (hereinafter, the "TOPIX 100 tick size table"), in principle, to all ETFs, ETNs, and leveraged products. However, depending on price ranges, the TOPIX 100 tick size table includes values less than JPY 1. Therefore, to prevent prices per trading unit from including fractions less than JPY 1, if an ETF, ETN, or leveraged product has a trading unit of 1 ...
1 Summary of Public Comments on "Optimization of Tick Sizes for ETFs, etc. and Other Revisions" and TSE Responses September 13, 2021 Tokyo Stock Exchange, Inc. Tokyo Stock Exchange, Inc. (TSE) published the outline of "Optimization of Tick Sizes for ETFs, etc. and Other Revisions" (comprised of (i) changes in tick sizes for ETFs, (ii) security deposit rate for margin transactions of leveraged products, and (iii) regulation regarding early redemption provisions) on July 2, 2021, and sought public comments until August 1, 2021. We deeply appreciate your cooperation and valuable comments on these issues. A summary of the public comments on (i) changes in tick sizes for ETFs and TSE's responses to each comment are as below. TSE will publish a summary of the comments regarding (ii) security deposit rate for margin transactions of leveraged products and TSE's responses to these separately. (No comments on (iii) regulation regarding ...
1 Prohibition of Market Orders for newly listed issues on the day of initial listing Tokyo Stock Exchange, Inc. Equities Department Tokyo Stock Exchange, Inc. (TSE) will prohibit market orders (bids and offers) on the day of initial listing for newly listed issues (only IPO issues) on or after June 26, 2023 (Monday). Based on the inquiries we have received on this matter, we are providing the following information regarding the handling of market orders for newly listed issues. 1. Issues Subject to the Prohibition ofMarket Orders All“first-time listed issues1”will be subject (see table below). Listing Classification Prohibition of market orders Notes First-time listing First-time listed issues In scope Including REITs, infrastructure funds, etc. Issues designated by the Exchange on a case-by- case basis Out of scope Technical listings, ETFs/ETNs, subscription warrants Listing though other ...
ANNEX Auction Market ToSTNeT Market Dec. 16 (Sat.) (Holiday) Dec. 17 (Sun.) (Holiday) Dec. 18 (Mon.) Settlement date restrictions (T+9 cannot be specified) Dec. 19 (Tue.) Settlement date restrictions (From T+8 to T+9 cannot be specified) Dec. 20 (Wed.) Settlement date restrictions (From T+7 to T+9 cannot be specified) Dec. 21 (Thu.) Settlement date restrictions (From T+6 to T+9 cannot be specified) Dec. 22 (Fri.) Settlement date restrictions (From T+5 to T+9 cannot be specified) Dec. 23 (Sat.) (Holiday) Dec. 24 (Sun.) (Holiday) Dec. 25 (Mon.) Settlement date restrictions (From T+4 to T+9 cannot be specified) Dec. 26 (Tue.) Last trading day before consolidation Settlement date restrictions (From T+3 to T+9 cannot be specified) Dec. 27 (Wed.) Dec. 28 (Thu.) Record Date Dec. 29 (Fri.) Effective Date of consolidation (Resumption Date of trading) Dec. 30 (Sat.) (Holiday)...
2023 Tokyo Stock Exchange, Inc. Non-Leveraged Inverse ETFs 1 Revision of ETFMM scheme from Feb. 2023 Leveraged and inverse ETFs are newly added to the ETFMM scheme from February 2023. This would make all ETFs subject to the scheme. Leveraged and inverse ETFs Non-Leveraged Inverse ETFs Leveraged and inverse ETFs [As of January 2023] Target: ETFs excluding leveraged and inverse ETFs [February 2023 and thereafter] Target: All ETFs ©2023 Tokyo Stock Exchange, Inc. Obligations and incentives for leveraged and inverse ETFs ） ） When an AM sets up a sponsored condition for its own ETF 2 Revision of ETFMM scheme from Feb. 2023 Obligations for leveraged/inverse ETFs will be set at levels equivalent to those applied to Japanese/foreign equities, but no financial incentives from TSE If AMs set up sponsored conditions, incentive are set up. Obligations Incentives (2) Spread (3) Minimum Quantity (1) Quoting ...
2022 Tokyo Stock Exchange, Inc.©2022 Tokyo Stock Exchange, Inc. Obligations and incentives for Actively managed ETFs ） ） ETFMM scheme version 2.0 1 Revision of ETFMM scheme from June 2023 Actively managed ETFs will be added to ETF MM scheme from June 2023. In ETFMM scheme v2.0, the period and number of max. ETFs are limited (*1), and conditions are set Obligations Incentives (2) Spread (3) Minimum Quantity (1) Quoting Time Obligations (1) Proportional to Trading Value (2) Waiver of Access Fee (3) Provision of Virtual Servers 0.1JPY/order *up to 100,000 orders per ETF/day Incentives In the case of 20 or more ETFs and fulfillment of obligations, an amount equivalent to the prescribed virtual server usage fee is paid. 0.1bps～0.9bps *according to type/liquidity of each ETF 50bps or 3ticks Domestic equities, REITs and bonds: 10mil. JPY Others：5mil. JPY...