Search

Margin Trading | Japan Exchange Group Overview of Margin Transactions Overview Purpose and Mechanism of Margin Transactions Treatment of Rights in Standardized Margin Trading Overview Rules for treatment of rights in negotiable margin trading Scope and method of treatment of rights in standardized margin trading Auction for rights Selection and Disqualification of Standardized/Loan Margin Trading Issues Selection Criteria Disqualification Criteria Numbers of Issues Over Time Restrictions on Margin Trading and Loans for Margin Trading...

Acquiring Own Company Shares through the TSE Market | Japan Exchange Group When listed companies acquire their own company shares through the TSE market, they have to comply with Cabinet Office Ordinance on Restrictions on Securities Transactions, etc. TSE offers ToSTNeT-2 & ToSTNeT-3 in addition to auction market to acquire the shares in accordance with the ordinance. Please refer to the documents below for the details of the procedure and sample schedules for listed companies. Q&A on Own Share Repurchase on the TSE Market Sample Schedules of Acquiring Own Shares with Prior Announcement Guidelines Concerning the Acquisition of Own Shares Since repurchase of own shares (also known as share buybacks) involve a listed company buying its own shares from the market, persons related to the listed company may be concerned at whether such buybacks fall under market manipulation or their acts violate insider trading rules. In order for companies ...

Administrative Restrictions | Restrictions on Trading | Japan Exchange Group Administrative Restrictions 　 Margin Trading Restrictions Short Selling Restrictions TSE puts administrative restrictions on trading and brokerage as part of market administration if an abnormal situation is observed or anticipated. For example, if whole market heats up abnormally such as prices on lots of issues rise and trading volume swell up drastically for days at a time, investors might be uncomposed and could suffer unexpected amount of loss as a result. When such abnormal overheat is anticipated, TSE puts administrative restrictions on all issues such as reduction of daily price limit range, margin trading restrictions etc. In addition to the situation mentioned above, when abnormal situation is observed or anticipated on a certain issue, TSE also puts restrictions on the issue such as trading halt, reduction of daily price limit range, prohibition of market orders, prohibition of making purchases on trading participants’ proprietary ...

Trading resumption through a system reboot | Japan Exchange Group Handling of entrusted orders Handling of partially executed orders Price continuity and application of regulations Handling of market information after the trading resumption Limitation of short selling restrictions In response to the system failure that occurred within the arrowhead cash equity trading system on October 1, 2020, Tokyo Stock Exchange, Inc. (TSE) established the Council for Recurrence Prevention Measures and the Specialist Working Group (WG) to consider rules and procedures for trading resumptions which happen after a trading suspension resulting from a system failure. Discussion has been proceeding since then. The Council has confirmed that a system reboot can be considered as an acceptable course of action in cases where it is required to resume trading. If a failure has occurred after the start of trading and trading is resumed through a reboot, execution completion notices which have been processed normally ...

Strengthening the Functions of the Cash Equity Market | Japan Exchange Group Information on Revision of Rules Changes in Publication Time of JPX Website Links Tokyo Stock Exchange, Inc. (TSE) recognizes the need to respond to changes in the market environment and the diversifying needs of investors, while also further improving convenience for market users, international competitiveness, and resilience. To tackle these issues, in May 2021, TSE established the Working Group for Strengthening the Functions of the Cash Equity Market. Based on the discussions of the Working Group, TSE then published the Action Program for Strengthening the Functions of the Cash Equity Market in October 2021. As described in the Action Program, to strengthen the functions of the cash equity market, TSE plans to extend trading hours by 30 minutes and introduce a closing auction in conjunction with the update of the cash equity trading system (arrowhead). The system update is ...

Overview | ToSTNeT Market | Japan Exchange Group Overview 　 Types of Trading Details of ToSTNeT Trading Others ToSTNeT (Tokyo Stock Exchange Trading NeTwork System) trading is off-floor trading on Tokyo Stock Exchange. Since the launch of single-issue trading (known as large-lot trading until September 30, 1999) and basket trading (ToSTNeT-1) on June 29, 1998 and closing price trading (ToSTNeT-2) on August 7, 1999, the ToSTNeT market has been used for off-auction trading to accommodate large-lot and basket trades that are difficult to execute smoothly in the trading session (trading by auction method). However, as trading has become more sophisticated and diversified in recent years, there has been a growing need for a more flexible use of the market. Therefore, on January 15, 2008, the trading hours were expanded, the ToSTNeT market was made independent from the auction market (auction market), and an off-auction trading ...

When-Issued Transaction | Japan Exchange Group What is a when-issued transaction? Issues subject to when-issued transaction When-issued transactions refer to trading of new shares before their issuance through a paid-in capital increase by allotment to shareholders. They are carried out from the ex-rights date until two business days before the registration date of the new shares at JASDEC. Regardless of the day a when-issued transaction is executed, settlement for all when-issued transactions is carried out on the third day counting from the last day of the trading period for when-issued transactions. In addition, if the same number of shares bought and sold in a single issue, settlement can be completed by paying or receiving the cash equivalent to the net profit/loss from such transactions. Q&A for Investors on When-Issued Transactions Information on issues for which when-issued transactions will ...

FAQ | Japan Exchange Group Order Price Regulation / Circuit Breaker Rule Price Regulation / Price Limit Settlement Price / Position Others Order Price Regulation / Circuit Breaker Rule Price Regulation / Price Limit Settlement Price / Position Others Q1. Does price or quantity amendment preserve the order book position of the original order? A1. Decreasing the quantity will preserve order book position, however, increasing the quantity or changing the price will not preserve the order book position. Q2. If a GTD/GTC order falls out of the range of price limits (SCB Level) from price limits (SCB Level) update, what would happen to that GTD/GTC order? A2. Any order that falls out of the range of price limit (SCB Level) will be cancelled. Cancelled order will not become activated. Q1. What are the levels of Immediately Executable Price Range and the trading halt when DCB is triggered? A1. Please refer to the following pages for ...

FAQ | Japan Exchange Group ETF ETN ETF ETN Q1. What is an ETF? A1. ETFs are investment trusts which are managed with the aim of tracking the daily movements of a stock price index, such as those seen on TV and in newspapers, and are listed and traded on stock exchanges. （Note) ・ETF is an abbreviation for "Exchange Traded Fund". For details, please refer to the following. Overview (ETFs) Q2. What are the merits of ETFs? A2. ETFs have 3 merits as follows. 1. Because information on the indicator is reported daily by the news media and other organizations, price movements and changes in profit/loss are easily grasped. Therefore, ETFs make for a beginner-friendly product. 2. Because the underlying assets are widely diversified, ETFs are said to lower investment risk. 3. Initial investment with ETFs is possible with several thousands or tens of thousands of yen. For details, ...

FAQ | Japan Exchange Group Trading Hours / Exchange Holidays Facilities/Publications Use of JPX website Trading Hours / Exchange Holidays Facilities/Publications Use of JPX website Q1. What are the business days and trading hours at TSE? A1. Trading hours of auction trading for stocks are divided into 2 sessions. Morning session is from 9:00 AM to 11:30 AM, while afternoon session is from 0:30 PM to 3:00 PM. Following days are non-business day. ・Saturdays ・Sundays ・National holidays ・From January 1 to January 3 ・December 31 Trading Sessions Q1. I’d like to know about a tour of TSE. A1. Admission is free. For guided tours, please make a reservation by e-mail. No reservations are required for self-guided tours. Visit TSE Also, please refer to the following page about visiting Osaka Exchange. Visit OSE Q1. Can I link to JPX website? A1. You can link ...