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89KB
(Referential translation) 1 Note: TSE hereby certifies that to the best of its knowledge, the foregoing is a fair and accurate English translation of a document originally written in Japanese. In the event of any inconsistency between the original Japanese document and this reference English translation, the original Japanese document will prevail. Consultation Paper“Review of TSE Cash Equity Market Structure” December 21, 2018 Tokyo Stock Exchange, Inc. Introduction - Background Japan Exchange Group (JPX) was established in January 2013 via the business combination between then Tokyo Stock Exchange Group, Inc. (now Tokyo Stock Exchange, Inc.; TSE) and then Osaka Securities Exchange Co., Ltd. (now Osaka Exchange, Inc.; OSE). Each exchange’s cash equity markets were integrated in July 2013, generating a synergy that would raise competitiveness internationally. The market structure in general was kept unchanged when integrating the TSE and OSE markets, in order to minimize any unnecessary burden ...
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(Reference Translation) DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. This translation is subject to change without notice. Tokyo Stock Exchange, Inc., Japan Exchange Group, Inc. and/or their affiliates shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or changes with regard to this translation. Comments Received from Market Participants in Response to the Review of the TSE Cash Equity Market Structure Tokyo Stock Exchange, Inc. March 2019 1 Contents I. About This Document .................................................................................................. 2 II. Names of Respondents .............................................................................................. 2 III. Summary of Market Responses ................................................................................. 4 1. Issues Regarding the Current Market Structure ........................................................ 4 (1)The Concept of Market Segments ............................................................... 4 (2)Insufficient ...
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Consultation Paper “Review of TSE Cash Equity Market Structure” Reference Data ©2018 Japan Exchange Group, Inc. Content 1.Entry-level Markets・・・・・・・・・・・page 3 (2nd Section, Mothers, JASDAQ) 2.”Step-up”Market・・・・・・・・・・・・page 14 (1st Section) 3.Market Transfer/Exit・・・・・・・・・・・page 21 (Market Transfer/Delisting) 2 1.Entry-level Markets (2nd Section, Mothers, JASDAQ) 3 Mothers 2nd Section Number of shareholders 1st Section Tradable shares Number of tradable shares Market capitalization of tradable shares Ratio of tradable shares to listed shares Public offering Number of years of business operation Profit amount or Market capital More than 200 800人以上2,200 More than 2,000 units More than 4,000 units More than 20,000 units More than 5bil. JPY More than 1bil. JPY ― More than 25%More than 30%More than 35% More than 500 units ―― More than 1 year More than 3 years ―More than 1 bil....
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2019 Tokyo Stock Exchange, Inc. 1. Ambiguous market concept impairing convenience of investors & losing attractiveness Concerns that market concept of the 2nd Section, Mothers, and JASDAQ overlap and confusing Concerns that market concept of the 1st Section is unclear, and the growth of TOPIX-linked passive investment is affecting price formation of issues with relatively low liquidity 2. Insufficient incentives for sustainable growth of listed companies 1 Current Issues regarding TSE Cash Equity Market Structure The 1st Section The 2nd Section Mothers JASDAQ 1. Ambiguous market concept 3. No index functioning properly as an investable index (no index is a benchmark that also represents wide investment opportunities) TOPIX, widely used by investors, is a benchmark of all companies listed on the 1st Section Few investors use JPX Nikkei 400 nor TOPIX 500 2. Insufficient incentives for listed companies to sustainably grow and increase corporate value ...
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(Reference Translation) DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. This translation is subject to change without notice. Tokyo Stock Exchange, Inc., Japan Exchange Group, Inc. and/or their affiliates shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or changes with regard to this translation. Comments Received from Market Participants in Response to the Review of the TSE Cash Equity Market Structure (Updated) Tokyo Stock Exchange, Inc. March 2019 (Update May 2019) Published in March 2019 (Updates made in May 2019 are in red letter) 1 Contents I. About This Document ...................................................................................................... 2 II. Names of Respondents .................................................................................................. 2 III. Summary of Market Responses .................................................................................... 4...
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Comments Received from Market Participants in Response to the Review of the TSE Cash Equity Market Structure (Additional Material) May 2019 Note: TSE hereby certifies that to the best of its knowledge, the foregoing is a fair and accurate English translation of a document originally written in Japanese. In the event of any inconsistency between the original Japanese document and this reference English translation, the original Japanese document will prevail. (Referential translation) ©2019 Tokyo Stock Exchange, Inc. The market structure (i.e. the 4 market segments), has been kept unchanged since the TSE-OSE cash equity market integration in 2013 2 Current Market Structure The 1st Section (2,141) For companies with high liquidity Note: number in () shows the # of listed companies in each section as of April 2019 Standard (678) Growth (37) Private companies (unlisted) Mothers (286) For emerging companies The 2nd Section (492) For established companies For ...
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2020 Tokyo Stock Exchange, Inc. Overview of the Market Structure Review and Outline of the New Market Segments(Summary) Existing Market Sections will be restructured to three segments, based on a clear market concept ⇒To provide a Cash Equity Market that incentivizes listed companies’sustainable growth and mid-to long-term corporate value creation and thereby further attract various types of investors, both domestic and foreign ※Names are tentative <Outline of the New Listing Requirements> Listing requirements for each market segment set market capital (liquidity), corporate governance and other criteria in accordance with the market concept ①For Initial Listing and Continued Listing, basically the requirements are the same (same standard applies) Listed companies are required to meet the same level of standard as initial listing, after listing ②Each market segment is independent, thus there will be no special lowered requirements ...
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Overview of the Market Structure Review Outline of the New Market Segments February 21, 2020 Tokyo Stock Exchange, Inc. Provisional Translation Note: TSE hereby certifies that to the best of its knowledge, the foregoing is a fair and accurate English translation of a document originally written in Japanese. In the event of any inconsistency between the original Japanese document and this reference English translation, the original Japanese document will prevail. ©2020 Tokyo Stock Exchange, Inc. Introduction Tokyo Stock Exchange, Inc. (hereinafter referred to as“TSE”), is planning to restructure the Cash Equity market from April 1, 2022, reorganizing the current five market segments: First Section, Second Section, Mothers, JASDAQ (Standard & Growth), into three new market segments; Prime, Standard and Growth.* In order to assist listed companies, companies preparing for IPOs and market participants in their preparation for the transition, this document describes and explains the outline of the ...
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Provisional Translation v2 1 Note: TSE hereby certifies that to the best of its knowledge, the foregoing is a fair and accurate English translation of a document originally written in Japanese. In the event of any inconsistency between the original Japanese document and this reference English translation, the original Japanese document will prevail. Frequently Asked Questions regarding “Overview of Market Structure Review and Outline of the New Market Segments" March 31, 2020 Tokyo Stock Exchange, Inc. Outline 1.Basic Concept of the New Listing Criteria[(Ref) Feb 21st Overview page 6]............................ 5 Q1. What is the length of the grace period for improvement in the event of a breach of Continued Listing criteria for each market segment? ............................................................................................ 5 Q2. Can the company transfer to a different market segment if it breaches the continued listing criteria of the current market segment it is listed? .............................................................................. 5 Q3. The new market segments do ...
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2021 Tokyo Stock Exchange, Inc. Planned Schedule Time Item Note December 25, 2020 Outline of the Second Revision Published(New Requirements for the New Market Segment ◼Details of the listing requirements for the new market segments ◼Details of the transition process for listed companies and grace period April 7, 2021 Outline of the Third Revision Published ◼Corporate Code revision, listing fee etc. related to the new market segments June 30 Base Date for Transition: Date for evaluation of listed companies’ status in relation to new market segment standards ◼Whether listed companies have met the continued listing criteria of the new market segments or not will be confirmed at the end of June, with notification (July 9th) September–December Listed Companies to choose their market segment ◼Market segments to be chosen based on the listing requirements and revised CG Code January 11, 2022 Publish the new market segment for each listed ...
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