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1 Disclaimer: This English translation is solely for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. Results of Public Comments in Response to "Handling of Orders Entrusted by Customers in the Case of Order Cancellation by TSE" March 25, 2021 Tokyo Stock Exchange, Inc. Tokyo Stock Exchange, Inc. (TSE) published "Handling of Orders Entrusted by Customers in the Case of Order Cancellation by TSE" on January 27, 2021 and solicited public comments until February 26, 2021. TSE deeply appreciates the cooperation of those who have submitted their comments to deliberate on this issue. The following is a summary of the comments received and TSE's responses thereto. No. Summary of Comments TSE's Responses 1・(1) Our understanding is that, although fiduciary obligation ...

1 Handling of Orders Entrusted by Customers in the Case of Order Cancellation by the TSE January 27, 2021 Tokyo Stock Exchange, Inc. I. Purpose The arrowhead cashequity 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, TSE established a "Council for Recurrence Prevention Measures" and deliberatedwithmarket users on how TSE should develop its rules and regulations. TSE has summarized proposed revisions to the trading rules, as indicated below, to clarify handling, etc. of orders entrusted by customers in cases where the Exchange has no choice but to cancel bids/offers already placed by trading participants due to the impact of a system failure, etc. Specifically, necessary revisions will be made to clarify that, in the case of cancellation of ...

1 Handling of orders entrusted by customers in the case of order cancellation by the OSE January 27, 2021 Osaka 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 been developed with its members and TSE on how TSE should develop its responses to system failures and its rules and regulations. In response to proposal from TSE which is based on consideration in Council, Osaka Exchange, Inc. has summarized proposed revisions to the trading rules, as indicated below, to clarify handling, etc. of orders entrusted by customers in cases where the Exchange has no choice but to cancel bids/offers already placed by trading participants due to the impact of a system failure, etc. II. Outline Item Details Remarks 1. Cancellation of Bids/Offers - ...

Disclaimer: This English translation is solely for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. 1 Results of Public Comments in Response to "Handling of Orders Entrusted by Customers in the Case of Order Cancellation by OSE" March 25, 2021 Osaka Exchange, Inc. Osaka Exchange, Inc. (OSE) published "Handling of Orders Entrusted by Customers in the Case of Order Cancellation by OSE " on January 27, 2021 and solicited public comments until February 26, 2021. OSE deeply appreciates the cooperation of those who have submitted their comments to deliberate on this issue. The following is a summary of the comments received and OSE's responses thereto. Number Summary of Comments OSE’s Responses to the Comments 1・(1) Can OSE send different notices for ...

1 Handling of orders entrusted by customers in the case of order cancellation by the TOCOM January 27, 2021 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 been developed with its members and TSE on how TSE should develop its responses to system failures and its rules and regulations. In response to proposal from TSE which is based on consideration in Council, Tokyo Commodity Exchange, Inc. has summarized proposed revisions to the trading rules, as indicated below, to clarify handling, etc. of orders entrusted by customers in cases where the Exchange has no choice but to cancel bids/offers already placed by trading participants due to the impact of a system failure, etc. II. Outline Item Details Remarks 1.Validity of ...

Disclaimer: This English translation is for reference purposes only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version Further Improving Flexibility in Setting of Settlement Dates in the ToSTNeT Market February 19, 2021 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange, Inc. (TSE) offers an off-auction block trading facility, the ToSTNeT market, to accommodate diverse needs for executions, such as trading large lots or baskets of stocks, that are difficult to execute smoothly in the regular auction trading sessions. In August 2020, TSE revised the trading rules for the ToSTNeT market, such as allowing greater flexibility in the setting of settlement dates and introducing VWAP transactions between entrusting investors, etc., in order to contribute to enhanced convenience for trading participants and investors. With regard to ...

1 Disclaimer: This English translation is solely for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. Results of Public Comments in Response to "Further Improving Flexibility in Setting of Settlement Dates in the ToSTNeT Market" April 5, 2021 Tokyo Stock Exchange, Inc. Tokyo Stock Exchange, Inc. (TSE) published "Further Improving Flexibility in Setting of Settlement Dates in the ToSTNeT Market" on February 19, 2021 and solicited public comments until March 21, 2021. TSE deeply appreciates the cooperation of those who have submitted their comments to deliberate on this issue. The following is a summary of the comments received and TSE's responses thereto. No. Summary of Comments TSE's Responses 1 ・In the Large Shareholding Report and the monitoring of the Tender Offer, ...

1 Summary of Public Comments on "Proposed Revision to Contingency Plan with Regard to Trading in the TSE Market" April 21, 2021 Tokyo Stock Exchange, Inc. Tokyo Stock Exchange, Inc. (TSE) released the outline of Proposed Revision to "Contingency Plan with Regard to Trading in the TSE Market" on March 5, 2021 and sought public comments until April 4, 2021. TSE appreciates the cooperation of those who gave their comments in reviewing this matter. The following are a summary of the comments received and responses from TSE. No. Summary of Comments TSE's Response 1 (1) For the following items subject to revision, the proposed revision indicates that "TSE will 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 the Contingency Plan] - I. In the event of a failure in TSE ...

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 ...