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(Reference Translation) Revision to Tick Size of TSE Mothers Index Futures As of December 15, 2016 Osaka Exchange, Inc. I. Purpose Osaka Exchange, Inc. (OSE) will revise the tick size of TSE Mothers Index Futures to invigorate trading by enhancing convenience for market participants. II．Outline Items Contents Remarks 1. Change in tick size ・The tick size shall be 1.0 point. ・Currently 0.5 points. ・Tick sizes for J‐NET trading (0.0001 points) and strategy trading (0. 1 points) will remain unchanged. 2. Others ・In calculating the daily limit price, in a case the calculated value, which is resulted from multiplying the base price for calculating price limit range for domestic indices by eight hundredth (8/100), is not an integral multiple of 1.0 point, it shall be rounded down to integral multiple of 1.0 point. ・Currently it shall be rounded down to integral multiple ...

(Reference Translation) 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. Development of Rules in Connection with Rule Revisions for Clearing Services at Japan Securities Clearing Corporation March 31, 2017 Osaka Exchange, Inc. Ⅰ．Purpose Japan Securities Clearing Corporation (hereinafter "JSCC") is planning to revise rules for clearing operations, etc. by the end of the first quarter of 2018 to enhance quality as central counterparty (CCP) and improve usability for its Clearing Members. Accordingly, Osaka Exchange, Inc. (OSE) will partially revise related rules (including Clearing and Settlement Regulations, Brokerage Agreement Standards, and Rules on Margin and Transfer of Unsettled Contracts Pertaining to Futures/Options Contract) in connection with the JSCC revisions, such as changing the reporting method ...

(Reference Translation) 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. Introduction of Flexible Contract Months for Options Trading September 27, 2017 Revised as of May 11, 2018 Osaka Exchange, Inc. I. Purpose In March 2015, the Basel Committee on Banking Supervision (BCBS) and International Organization of Securities Commissions (IOSCO) published the final report on "Margin Requirements for Non-Centrally Cleared Derivatives". Upon such changes and under international agreements, regulators in Japan and other countries have proceeded to adopt margin rules for non-centrally cleared OTC derivatives in order to secure financial sy stem stability and facilitate the use of central counterparties. Given such developments, Osaka Exchange Inc. (OSE) will introduce Flexible Contract Months for security ...

(Reference Translation) Summary of Comments Submitted in the Public Consultation Procedure Regarding "Introduction of Flexible Contract Months for Options Trading" Osaka Exchange, Inc. (hereinafter "OSE") released an outline of the "Introduction of Flexible Contract Months for Options Trading" on September 27, 2017 and sought public comments until October 27, 2017. The summary of comments gathered and OSE’s responses to the comments are as follows. No. Summary of Comments OSE Responses 1−Unlike with other listed derivatives, Flexible Contract Months are supposed to be conducted through applications via the Target system, not through trading via J-GATE system. Since the Target system cannot be connected to our own system, additional operations will be needed for booking, positions, and risk managements. Please make J-GATE system or API connections available from shortly after or, if possible, from Day 1. −Flexible Contract Months is to be introduced as a new listed...

(Reference Translation) 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. Introduction of Flexible Contract Months for Options Trading Sep t embe r 27, 2017 Osaka Exchange, Inc. I. Purpose In March 2015, the Basel Committee on Banking Supervision (BCBS) and International Organization of Securities Commissions (IOSCO) published the final report on "Margin Requirements for Non-Centrally Cleared Derivatives". Upon such changes and under international agreements, regulators in Japan and other countries have proceeded to adopt margin rules for non-centrally cleared OTC derivatives in order to secure financial system stability and facilitate the use of central counterparties. Given such developments, Osaka Exchange Inc. (OSE) will introduce Flexible Contract Months for security options trading and index ...

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. Appendix: FAQs on "Response to Registration Regime for Persons conducting Low Latency Trading" March 2, 2018 Tokyo Stock Exchange, Inc. Osaka Exchange, Inc. * These FAQs are prepared to facilitate understanding of matters for which many inquiries are received. Some answers are prepared with simplicity as a priority. For more details, please also see the related laws and rules. Table of Contents 1. Indication of Trading Strategy Q1-1: Indication of Trading Strategy for Orders that Do Not Fall Under Low Latency Trading Q1-2: Correction to Trading Strategy Q1-3: Grace Period for Indication of Trading Strategy Q1-4: Difference between Indicated Trading Strategy and Execution Results...

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. Summary of Public Comments on "Response to Registration Regime for Persons conducting Low Latency Trading" March 2, 2018 Tokyo Stock Exchange, Inc. Osaka Exchange, Inc. Tokyo Stock Exchange, Inc. and Osaka Exchange, Inc. (hereinafter "TSE/OSE") released an outline of specifications on "Response to Registration Regime for Persons conducting Low Latency Trading" on December 20, 2017 and sought public comments until January 19, 2018. TSE/OSE appreciate the cooperation of those who have offered their comments in reviewing this matter. The comments and responses have been summarized below. In addition, questions sent separately to TSE/OSE and answers to such questions have been summarized in the Appendix....

(Reference Translation) 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. Response to Registration Regime for Persons conducting Low Latency Trading December 20, 2017 Osaka Exchange, Inc. I. Purpose On May 17, 2017, the Diet passed the bill on the 2017 Amendment of the Financial Instruments and Exchange Act, which will provide a framework for a registration regime for Persons conducting Low Latency Trading. Following the amendment, the related Cabinet Office Ordinance ("Ordinance"), guidelines for Low Latency Traders, and other documents were issued on October 24, 2017 to provide further detail on how the new regime for Persons conducting Low Latency Trading will be implemented. In response to this new framework, Osaka Exchange, Inc. (“OSE”) plans ...

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. Partial Revisions to Derivatives Trading Rules March 16, 2018 Osaka Exchange, Inc. I. Purpose Osaka Exchange, Inc. (OSE) will partially revise the derivatives trading rules, in order to invigorate and enhance the convenience of the derivatives market. II. Outline Item Description Remarks 1. Increase in Number of Contract Months of Nikkei 225 Futures and Options (1) Nikkei 225 Futures (Large Contract) The number of contract months of Nikkei 225 Futures (Large Contracts) shall be increased to 19 (max. 8 years) as follows: June and December contract months: Nearest 16 contract months March and September contract months: Nearest 3 contract months This revision will affect only Large ...

Disclaimer: This English translation is 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 Development and Revision of Rules and Regulations Associatedwith Product Transfer from Tokyo Commodity Exchange to Osaka Exchange, etc. July 30, 2019 Osaka Exchange, Inc. Tokyo Commodity Exchange, Inc. I. Purpose In line with the business integration between Japan Exchange Group, Inc. (JPX) and Tokyo Commodity Exchange, Inc. (TOCOM) scheduled for October 2019, some of the products listed on TOCOM will be transferred to Osaka Exchange, Inc. (OSE), a JPX subsidiary, in order to create a comprehensive exchange that allows for one-stop trading of a wide range of financial and commodity products. In order to improve reliability and convenience for market users including investors and Trading Participants through ...