Search results 7671-7680 / 10518
- sort:
- relevance
- latest
2018 Japan Securities Clearing Corporation Your Exchange of Choice Response to Global CCP Regulations Masaki Shizuka Senior Executive Vice President Japan Securities Clearing Corporation July 3, 2018 JPX IR Day 2018 ©2018 Japan Securities Clearing Corporation Global Development of Post-crisis Regulatory Reform on CCPs ・LB positions were identified and LB losses were estimated timely. ・LB positions were promptly liquidated according to rules without disruption. ・Losses were absorbed by only the collateral deposited by LB. (No losses incurred by other participants) Collapse of Lehman Brothers (LB) (2008) ◎Cleared Transactions in CCP (Exchange and some OTC transactions) ・Losses from LB collapse were difficult to estimate. ・Credit crunch as a result of ambiguity in the default management process ・Chaos and confusion in the process for liquidating LB positions ×Uncleared Transactions (OTC transactions) From 2012, global regulators(*) established international standards for CCPs and other market infrastructures. (PFMI) From 2012, global regulators(*) established international ...
2018 Osaka Exchange, Inc. Your Exchange of Choice Akira Tagaya, Executive Officer Osaka Exchange, Inc. July 3, 2018 OSE Strategy for Expanding Product Lineup and Attracting New Investors JPX IR Day 2018 ©2018 Osaka Exchange, Inc. 0 500 1,000 1,500 2,000 2,500 2012年度Q1 2013年度Q1 2014年度Q1 2015年度Q1 2016年度Q1 2017年度Q1 平均取引高日経平均株価日経平均ＶＩ OSE Derivatives Market Overview–Trading Volume 2 Derivatives trading volume is largely influenced by the market environment, having an especially high correlation with volatility. OSE trading volumes have exceeded 300 mil. contracts every year since the establishment of JPX, however, a prolonged period of low volatility will affect trading volumes. * Trading volumes are daily averages for each quarter, index values are as ...
2018 Tokyo Stock Exchange, Inc. Your Exchange of Choice Vitalization of ETF Market and Approach to Low Latency Trading Hiroki Kawai, Executive Officer Tokyo Stock Exchange, Inc. July 3, 2018 JPX IR Day 2018 ©2018 Tokyo Stock Exchange, Inc. Vitalization of ETF Market ©2018 Tokyo Stock Exchange, Inc. 3 Market Making Scheme (1) Current State of ETF Market ETFs allow for investment in a variety of asset classes, etc. at a low cost and can also be traded at exchanges in the same way as stocks. Thus, ETFs are expected to be utilized as a trading tool and for long-term diversified investment by market participants, including retail investors. Currently, however, there is a focus on Japanese stocks for AUM and on leveraged/inverse ETFs for trades. From a long-term diversified investment viewpoint, it can be said that ETFs are not being fully utilized. *Source: TSE. AUM ...
2019 Japan Securities Clearing Corporation Total smart exchange Clearing Services Strategies JPX IR Day 2019 HironagaMiyama, President & CEO Japan Securities Clearing Corporation July 3, 2019 (Reference Translation) ©2019 Japan Securities Clearing Corporation 1. Outline of JSCC Business ©2019 Japan Securities Clearing Corporation 3 (1) JSCC Business Scope Started clearing services related to Listed Products in 2003, and expanded its clearing coverage to OTC Derivatives (CDS and IRS) and JGB Transactions. Listed Products OTC Transactions TSE OSE Trading Clearing Settlement Securities Settlement Assumption of Obligation Commenced CDS Clearing (Jul. 2011) Fund Settlement Japan Securities Depository Center / Bank of Japan Bank of Japan / Fund settlement banks Equities / CBs / REITs / ETFs (Jan. 2003) Credit Default Swaps (CDS) Netting Merged with Japan Government Bond Clearing Corporation (Oct. 2013) Securities Companies, Banks, etc. Commenced IRS Clearing (Oct. 2012) NSE, SSE, FSE PTS (July 2010) Futures/Options TSE Feb. 2004 OSE July. 2013 Interest Rate...
2019 Osaka Exchange, Inc. Total smart exchange Derivatives Market Strategies JPX IR Day 2019 Hiromi Yamaji President & CEO Osaka Exchange, Inc. July 3, 2019 (Reference Translation) ©2019 Osaka Exchange, Inc. Market Environment ©2019 Osaka Exchange, Inc. 0 500 1,000 1,500 2,000 2,500 2012年度Q1 2013年度Q1 2014年度Q1 2015年度Q1 2016年度Q1 2017年度Q1 2018年度Q1 平均取引高 FY2014 Q1 日経平均株価日経平均ＶＩAverage Daily Trading Volume Nikkei 225 Nikkei 225 VI OSE Derivatives Market–Overall Trading Volume - 3 * Trading volumes are quarterly averages. Figures for Nikkei 225 and Nikkei 225 VI are daily values. Levels indicated in the chart are average trading volumes for each quarter (unit: 1,000 contracts). Same applies for the charts in slides 4 and 5. ADTV (...
2019 Tokyo Stock Exchange, Inc. Total smart exchange Cash Equities Market and Data Services Strategies JPX IR Day 2019 Koichiro Miyahara President & CEO Tokyo Stock Exchange, Inc. July 3, 2019 (Reference Translation) ©2019 Tokyo Stock Exchange, Inc. 2 Review of Cash Market Structure Current Issues regarding TSE Cash Equity Market Structure (Published on Mar. 27, 2019) 1. Ambiguous market concept impairing convenience of investors & losing attractiveness Concerns that the market concepts of the 2nd Section, Mothers, and JASDAQ overlap and are confusing Concerns that the 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 corporate value increase of listed companies The 1st Section The 2nd Section Mothers JASDAQ 1. Ambiguous market concept 3. No index functioning properly as an investable index (there is no benchmark index ...
2021 Japan Exchange Group, Inc. Total smart exchange Derivatives Market JPX IR Day 2021 Iwanaga Moriyuki President & CEO, Osaka Exchange, Inc. Representative Director & Chair, Chairperson of the Board, Tokyo Commodity Exchange, Inc. July 6, 2021 ©2021 Japan Exchange Group, Inc. Market Environment ©2021 Japan Exchange Group, Inc. 0 500 1,000 1,500 2,000 2,500 3,000 FY2015 Q1 FY2016 Q1 FY2017 Q1 FY2018 Q1 FY2019 Q1 FY2020 Q1 FY2021 Q1 Financial Commodity Nikkei 225 Nikkei 225 VI Derivatives Market - Overall Trading Volume - 3 Note 1: Trading volumes are quarterly averages. Figures for Nikkei 225 and Nikkei 225 VI are daily values. Levels indicated in the chart are average trading volumes for each quarter (unit: 1,000 contracts). Same applies for the charts in slides 4 and 6. Note 2: Commodity derivatives have been included in calculation since 3Q FY2019 when TOCOM became a JPX subsidiary. ADTV (1,...
Total smart exchange ©2021 Japan Exchange Group, Inc. Cash EquityMarket JPX IR Day 2021 Yamaji Hiromi President & CEO Tokyo Stock Exchange, Inc. July 6, 2021 ©2021 Japan Exchange Group, Inc. 2 First Section For companies with high liquidity z Standard Growth For startups Mothers Second Section For companies with a track record For various companies (companies with a track record/startups) Current For companies with large market cap (liquidity) investable to many institutional investors, a high quality of corporate governance, and commitment to sustainable growth and medium- to long-term corporate value improvement through constructive dialogue with investors For companies with a base-line, standard level of market cap (liquidity) appropriate as a public company, basic corporate governance levels as a listed company, and commitment to sustainable growth and medium- to long- term corporate value improvement For companies with a reasonable business plan to realize their high growth potential, with ...
Exchange & beyond ©2022 Japan Exchange Group, Inc. Data and Digital Services JPX IR Day 2022 President & CEO, JPX Market Innovation & Research, Inc. Miyahara Koichiro July 5, 2022 ©2022 Japan Exchange Group, Inc. About JPX Market Innovation & Research, Inc. 2 ©2022 Japan Exchange Group, Inc. Establishment of JPX Market Innovation & Research, Inc. 3 Japan Exchange Group, Inc. (JPX) has established a new company, JPX Market Innovation & Research, Inc. (JPXI), to play a central role in our strategic business development. JPXI started business on April 1, 2022. JPX Market Innovation & Research Data and Digital Business Japan Exchange Regulation Osaka Exchange Japan Securities Clearing Corporation Japan Exchange Group Tokyo Commodity Exchange Cash Equity Market Operations Self-Regulation Derivative Market Operations Clearing House New business DX, digitalization Index and data services IT solutions Tokyo Stock Exchange Integration of the Group’s data and digital businesses Fostering a new culture without being constrained by the “...
2022 Japan Exchange Group, Inc. Exchange & beyond Derivatives Market JPX IR Day 2022 IWANAGA Moriyuki President & CEO, Osaka Exchange, Inc. Representative Director & Chair, Chairperson of the Board, Tokyo Commodity Exchange, Inc. July 5, 2022 ©2022 Japan Exchange Group, Inc. Market Environment ©2022 Japan Exchange Group, Inc. Overview of Derivatives Market - Overall Trading Volume - 3 - Derivatives trading volume is strongly influenced by market conditions and has a strong correlation with volatility. - In the first half of FY2021, trading was calm with low and stable levels of volatility. However, towards the end of FY2021, trading became more active due to Russia’s invasion of Ukraine, pushing average daily trading volume for FY2021 to 1.44 million contracts. 0 500 1,000 1,500 2,000 2,500 3,000 FY2011 Q1 FY2012 Q1 FY2013 Q1 FY2014 Q1 FY2015 Q1 FY2016 Q1 FY2017 Q1 FY2018 Q1 FY2019 Q1 FY2020 Q1 FY2021 Q1 FY2022...