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1 Contingency Plan with Regard to Trading in the TSE Market Established on July 19, 1999 Revised on March 16, 2004 Revised on April 1, 2007 Revised on January 15, 2008 Revised on June 16, 2008 Revised on January 4, 2009 Revised on March 24, 2014 Revised on September 24, 2015 Revised on July 3, 2017 Revised on April 26, 2021 Tokyo Stock Exchange, Inc. Tokyo Stock Exchange, Inc. (TSE) hereby sets forth the following contingency plan with regard to trading in the TSE market, in case TSE is unable to continue or considers it inappropriate to continue the trading of securities, etc. in its market due to failures in TSE'’s trading systems or other related systems. The plan shall be applied when TSE is unable to continue or considers it inappropriate to continue trading in securities, etc. in its market in instances of not only system failures but ...

1 Proposed Revision to "Contingency Plan with Regard to Trading in the TSE Market" March 5, 2021 Tokyo Stock Exchange, Inc. I. Purpose The arrowhead cash equity trading system failure on October 1, 2020 revealed not only issues with the system itself but also other issues, such as an absence of rules for handling orders in the event of a system failure. In response to this, Tokyo Stock Exchange, Inc. (TSE) established a "Council for Recurrence Prevention Measures" and deliberated with market users on how TSE should develop its rules and regulations. TSE has compiled the proposed revision to the "Contingency Plan with Regard to Trading in the TSE Market" for the purpose of clarifying the standards, etc. for trading halts and trading resumptions. II. Outline Please refer to the proposed revision to the "Contingency Plan with Regard to Trading in the TSE Market" as attached. III. Implementation Date The ...

1 Results of Public Comments in Response to "Proposed Revision to "Contingency Plan with Regard to Trading in the Derivatives Market"" April 21, 2021 Osaka Exchange, Inc. Tokyo Commodity Exchange, Inc. Osaka Exchange, Inc. (OSE) and Tokyo Commodity Exchange, Inc. (TOCOM) published "Proposed Revision to "Contingency Plan with Regard to Trading in the Derivatives Market"" on March 5, 2021 and solicited public comments until April 4, 2021. OSE and TOCOM deeply appreciate the cooperation of those who have submitted their comments to deliberate on this issue. The following is a summary of the comments received and our responses thereto. Number Summary of Comments Responses to the Comments 1 (1) For the following items subject to revision, the proposed revision indicates that " theExchangewill make sufficient considerations to ensure fair price formation after trading resumes". What is this "fair" based on? What can we assume will be considered? [Items in question in ...

(Reference Translation) 1 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. Japan Exchange Group, Inc., Osaka Exchange, Inc., Tokyo Commodity Exchange, Inc. and/or their affiliates shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. Contingency Plan with Regard to Trading in the DerivativesMarket Established on October 18, 2013 Revised on March 24, 2014 Revised on July 3, 2017 Revised on July 27, 2020 Revised on April 26, 2021 Osaka Exchange, Inc. Tokyo Commodity Exchange, Inc. Osaka Exchange, Inc. (OSE) and Tokyo Commodity Exchange, Inc. (TOCOM) (hereinafter collectively and individually ...

(Reference Translation) 1 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. Japan Exchange Group, Inc., Osaka Exchange, Inc., Tokyo Commodity Exchange, Inc. and/or their affiliates shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. Proposed Revision to "Contingency Plan with Regard to Trading in the DerivativesMarket" March 5, 2021 Osaka Exchange, Inc. Tokyo Commodity Exchange, Inc. I. Purpose In light of equity trading system failures that occurred in October 2020, Tokyo Stock Exchange, Inc. (hereinafter“TSE”) has established“Council for Recurrence Prevention Measures”(hereinafter“Council”), in which discussion has ...

1 Optimization of Tick Sizes for ETFs, etc. and Other Revisions July 2, 2021 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange, Inc. (TSE) offers a variety of ETFs and similar products to allow both individual investors and institutional investors to conduct diversified investment at low cost in a highly transparent environment. For the purpose of further improving investor protection and convenience for investors when trading ETFs and similar products, TSE has decided to make some changes including revising trading rules. Specifically, to improve the convenience of investment using ETFs and similar products by lowering execution costs for trading incurred by investors, TSE will revise the rules so that the tick sizes applied to TOPIX100 constituents are, as a general rule, applied to all ETFs and similar products. Meanwhile, the "Cabinet Office Order on Transactions Prescribed in Article 161-2 of the Financial Instruments and Exchange Act and Security ...

1 Summary of Public Comments on "Optimization of Tick Sizes for ETFs, etc. and Other Revisions" November 19, 2021 Tokyo Stock Exchange Inc. Tokyo Stock Exchange (TSE) published "Optimization of Tick Sizes for ETFs, etc. and Other Revisions" on July 2, 2021 and sought public comments until August 1, 2021. For those who responded to the consultation, we deeply appreciate your cooperation with our work on these issues. A summary of the public comments on the security deposit rate for margin transactions of leveraged products and TSE's responses to each comment are as below. (Please see the link below for a summary of public comments on optimization of tick sizes for ETFs, etc. and TSE's responses to each comment.) https://www.jpx.co.jp/rules-participants/public-comment/detail/d2/nlsgeu000005ndzc-att/english.pdf No. Summary of comment TSE's response 1- Leveraged/inverse ETFs play an important ...

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 Optimization of Tick Sizes for ETFs, etc. November 20, 2024 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange, Inc. (TSE) revises tick sizes of cash equities and related products as necessary to improve convenience for retail investors and institutional investors and allow them to conduct investment at low cost. Under the current rule for ETFs, ETNs, and leveraged products (hereinafter "ETFs, etc."), tick sizes applicable to cash equities and related products are applied. Given that ETFs, etc. are traded based on the underlying asset price, TSE has decided to apply different tick sizes from those applied to cash equities. As a first step, new tick sizes will be applied to ETFs, etc. whose trading unit is one unit, where in certain price ranges tick sizes are relatively large and execution costs for investors are high. II. Outline Item Description Notes Optimization of tick sizes for ETFs, etc. ・For ...

1 Summary of Public Comments on "Optimization of Tick Sizes for ETFs, etc." and Responses from TSE February 10, 2025 Tokyo Stock Exchange, Inc. Tokyo Stock Exchange, Inc. (TSE) published an outline of "Optimization of Tick Sizes for ETFs, etc." on November 20, 2024, and sought public comments on it until December 20, 2024. We would like to thank everyone who submitted comments for their valuable input on this matter. The following is a summary of the main comments received and TSE’s responses. (Note) For opinions submitted in English, TSE has translated the original text into Japanese and then provided an overview of its content. No. Summary of Comment TSE's Response 1・Optiver fully supports the proposed changes to the ETF tick size table, as it simplifies the structure, making it easier for end investors to understand. Also, currently, some tick sizes are relatively large, particularly in the ...