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373KB
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 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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2019 Japan Exchange Group, Inc. ETF Market Shanghai Stock Exchange Tokyo Stock Exchange Stock Market Investor Investor Investor Investor 株式株式JP Equity Stock Market 株式株式CN Equity Investor Investor Investor Investor ETF Market (Appendix) Outline of Japan-China ETF Connectivity ETF TSE- listed ETF ETF SSE- listed ETF ETF ETF An ETF feeder scheme for creating an ETF (feeder) that invests in a target ETF whose trust assets are Japanese or Chinese asset classes (*) based on additional QFII/RQFII or QDII quota specially created for this scheme. The scheme aims to increase opportunities for Chinese and Japanese investors to invest in Japanese and Chinese asset classes by linking ETFs listed on the two exchange markets. (*) An ETF of which at least 90% of AUM is invested in a target ETF listed on the other exchange market based on agreement between the ETF...
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September 30, 2019 Japan Exchange Group, Inc. To whom it may concern, Schedule for Setting up Systems at New Secondary Center With the aim of further enhancing stability in operating its markets, Japan Exchange Group, Inc. has been constructing a new secondary data center (back-up center) in the Kansai region. As such, we hereby announce the schedule for setting up systems, including trading systems, at the center as indicated below. New Access Point (AP4)i: Q4 FY2020 Derivatives Trading System (J-GATE): Q3 FY2021 Clearing System: After Q4 FY2021 Equities Trading System (arrowhead): After FY2022 *On the condition that preparations will advance as scheduled Contact Corporate Communications Department Japan Exchange Group, Inc. Tel: +81-(0)3-3666-1361 (Switchboard) i An access point that will be newly installed in Kansai to connect trading participants, etc. with the JPX network...
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2020 Osaka Exchange, Inc. Total smart exchange Report of the Working Group on Derivatives Holiday Trading Osaka Exchange, Inc. June 2020 This English translation is for reference purposes only and not a legally definitive translation of the original Japanese text. In the event that differences arise regarding the meanings herein, the original Japanese version will prevail as the official authoritative version. (Reference Translation) ©2020 Osaka Exchange, Inc. Table of Contents 2 I. Working Group (WG) 1. Background of the Establishment of the WG.............................................................................. 4 2 Assumptions for the Discussion in the WG (Outline of the Holiday Trading Scheme).............. 5 3. Schedule and Contents of the WG............................................................................................... 6 II. Discussions in the Working Group 1. Basic Framework regarding Holiday Trading.............................................................................. 8 (1) Applicable Holidays (Selection and Announcement) (2) Eligible Products (3) Method of Participation 2. Trading Rules for Holiday Trading............................................................................................. 13 (1) Markets and Types of Trading (2) Handling of Trading ...
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October 5, 2020 Tokyo Stock Exchange, Inc. The Cause of the Recent Failure in arrowhead and Measures Implemented We deeply apologize for the inconvenience caused to many investors and other market users due to the failure in the arrowhead cash equity trading system on October 1, 2020. We have identified the direct cause of the failure and have implemented measures to address the issue in the system. 1. Overview of incident A failure occurred in a memory module in Device 1 of the Shared Disk Device1 in arrowhead. Operations were supposed to switch automatically to Device 2, but switching did not function as expected. 2. Cause We found that, among the switching functions for failures in the Device, automatic switching does not function for the case of a failure resulting from a memory module failure. 3. Measure As a result of verifying the switching function, we found that automatic switching ...
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2020 Japan Exchange Group, Inc. (Ref.) Internal Structure of Shared Disk Device Device 1 Device 2 CPU CPU Memory Memory Control Unit Control Unit Disk (For Device 1) Business Servers (Market data distribution/ Market surveillance servers, etc.) Heartbeat Monitoring (Detailed explanation) •The control unit ensures that the device operates stably and continuously, responding to file operation requests from business servers and controlling access to the disk and the switching function. •Data used in arrowhead is stored in server memory, shared disks, databases, or other appropriate methods depending on factors such as the processing performance required for business operations, update frequency, and whether it is shared across servers. Common files containing user information, etc. used across business servers are managed in the shared disk device because they are used across servers and are not updated frequently. Shared Disk Device Failure On 10/1 A memory module in Device 1 failed. Its ...
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October 19, 2020 Tokyo Stock Exchange, Inc. Report on the Cash Equity Trading System Failure on Oct. 1 We would like to once again deeply apologize for the inconvenience caused to many investors and other market users due to the failure in the arrowhead cash equity trading system on October 1, 2020. Below is a report on the sequence of events surrounding the incident, the cause of the failure, and measures we will put in place to prevent a recurrence. 1. Sequence of Events (1) From incident occurrence to trading halt At 7:04 a.m. JST on October 1, a large number of messages were detected showing some difficulties in accessing Device 1 of the Shared Disk Device1 (hereinafter referred to as "NAS"). After this, TSE's in-house trading control screens became unavailable and a portion of market information, which is normally disseminated to users after 7:00...
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2020 Japan Exchange Group, Inc. (Supplementary Material) NAS settings arrowhead Generation Control Unit Ver. arrowhead NAS Setting Product Specifications (system behavior in a similar situation) Default ON OFF Manual 1st generation (from Jan. 2010) 7 OFF OFF Immediate switchover Switchover 15s later Switchover 15s later 2nd generation (from Sep. 2015) 8 OFF ON Immediate switchover No switchover Switchover 15s later 3rd generation (from Nov. 2019) 9 OFF* ON Immediate switchover No switchover Switchover 15s later Specifications changed Different from expected Settings Over Time/ Product Specifications *Changed to ON since Oct. 5, 2020 (Mon.) Inconsistent Consistent...
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October 19, 2020 Tokyo Stock Exchange, Inc. Establishment of a "Council for Recurrence Prevention Measures" in Response to System Failure TSE would like to deeply apologize for the inconvenience caused to many investors and other market users due to the failure in the arrowhead cash equity trading system on October 1, 2020. With the aim of considering how it can develop its response to system failures and its rules and regulations to prevent a recurrence of this incident, TSE will establish a "Council for Recurrence Prevention Measures" comprised of market users. Please see the details below. 1. Purpose The recent system failure revealed not only issues with the IT system itself but also issues with the operation of the system, such as a need for clarification and better transparency of standards and procedures for recovery, and an absence of rules for order handling in the event of system failures. The ...
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