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Insider Trading | Japan Exchange Group Insider Trading Monitoring of Insider Trading Prevention of Insider Trading Insider Trading FAQs Agreements and Plans Made Before Knowledge of Material Fact Insider Trading Monitoring of Insider Trading Prevention of Insider Trading Insider Trading FAQs Agreements and Plans Made Before Knowledge of Material Fact Insider trading is an attempt by someone who has access to unpublished corporate information that could significantly affect investment decisions through his or her duties or position, such as a company insider, to gain profit for themselves by buying or selling a company's shares or other related issues using said information. Since ordinary investors who are not informed of such information are then trading at a disadvantage, and the credibility of the securities market may be damaged, such trading is prohibited under the Financial Instruments and Exchange Act, and violators are subject to criminal prosecution or recommendation for an administrative ...

Market Manipulation | Japan Exchange Group Market Manipulation Monitoring of Market Manipulation Transactions that Could Lead to Unfair Trading FAQ on Market Manipulation Guidelines on Prevention of Unfair Trading Market Manipulation Monitoring of Market Manipulation Transactions that Could Lead to Unfair Trading FAQ on Market Manipulation Guidelines on Prevention of Unfair Trading Market manipulation is the act of consciously and artificially causing price changes in the market, misleading others by making it look like those prices are formed by natural supply and demand, and taking advantage of such market fluctuations for one's own benefit. Such activities hinder fair price formation and cause unexpected losses for investors, and are therefore prohibited under the Financial Instruments and Exchange Act. Violators are subject to criminal prosecution or recommendation for an administrative monetary penalty payment order by the Securities and Exchange Surveillance Commission. Examples of Market Manipulation False transactions and collusive transactions (Article 159, ...

Status of Market Surveillance Activities | Japan Exchange Group Market surveillance is divided into two levels: the "investigation" level, which sifts out potential problems, and the "examination" level, which conducts a detailed analysis of those cases determined to have potential problems as a result of the investigation. It is conducted from the perspectives of insider trading, market manipulation, derivatives, and other improper acts. A breakdown of the number of investigations and examinations in FY2022 (April 2022 - March 2023) based on these classifications is as follows. (Note) ･The number of investigations and examinations is the number of those counted at the end of the investigation or examination. The number of cases reviewed is counted as the number of cases reviewed and not as the number of cases investigated....

Examination of Trades (Trade Practice Examination) at TOCOM | Japan Exchange Group Examination of Trades (Trade Practice Examination) 　 Unfair Trading under Commodity Derivatives Act Examples of Trade Practices which Might Trigger Action by TOCOM Perspectives of Trade Practice Surveillance Specific Examples of Action Taken In order to secure the fairness of the market transactions and the reliability of the market, the Exchange monitors all transactions (placement, cancellation, correction, and execution of orders) carried out in the markets of the Exchange, and investigates the status of transactions and price trends to detect unfair trade practice, including market manipulation. If there is a need to confirm the details of a transaction or any doubt about a transaction as a result of the investigation, the Exchange will conduct a fact-finding inquiry with the Members concerned. If the transaction in question is determined, through such investigation and/or inquiry, to be an instance of ...

Disciplinary Actions (TSE) | Japan Exchange Group Disciplinary Actions Tokyo Stock Exchange 　 Osaka Exchange Tokyo Commodity Exchange TSE requires trading participants to comply with laws and regulations, and imposes penalties such as fines on trading participants that violate the laws and regulations. Date Trading Participant Violation Disciplinary Action (reference) Regulatory Action Details Jun. 20, 2025 Tachibana Securities Co., Ltd. (1) Providing a customer with false information in connection with the conclusion of a financial instruments transaction contract or in connection with the solicitation thereof, (2) An act to make a false representation or a representation that will likely give a false impression on important matters regarding entering into a financial instruments transaction contract or solicitation therefor Censure - Dec. 16, 2024 Nomura Securities Co., Ltd. This constituted a series of market derivatives transactions on the Company’s account that would potentially mislead others into believing that trading of the JGB Futures is ...

Trading Participation Fees | Japan Exchange Group Tokyo Stock Exchange Osaka Exchange Tokyo Commodity Exchange TSE’s trading participation fees, paid by trading participants, are composed of: Basic fees Trading fees (based on trading value (volume)) Access fees (based on the number of orders placed) Trading system facility usage fees (based on the status of use of trading systems) Trading Participant Fees OSE’s trading participant fees, paid by trading participants, are mainly composed of: Basic fees (based on the classification of the trading qualification held) Trading fees (based on trading volume or trading value) Give-up fees (based on volume of sales/purchases pertaining to give-up) Derivatives trading system connection fees (based on the status of use of trading systems) Trading Participant Fees TOCOM’s Membership fees, paid by Members, are mainly composed of: Basic fees (based on the classification of the trading qualification held) Trading fees (based on ...

List of Trading Participants | Japan Exchange Group List of Trading Participants A-C D-H I-K L-M N-R S-T U-Z A-C D-H I-K L-M N-R S-T U-Z Trading Participants Tokyo Stock Exchange Osaka Exchange TOCOM General Trading Participants Futures, etc. Trading Participants Government bond futures, etc. Trading Participants Commodity futures, etc. Trading Participants Broker Participants Trade Participants ABN AMRO Clearing Tokyo Co., Ltd. ● ● AIZAWA SECURITIES CO.,LTD. ● ● Akatsuki Securities, Inc. ● ● Ando Securities Co.,Ltd. ● ● Aozora Bank, Ltd. ● ARK SECURITIES CO.,LTD. ● ASAHI YUGYO Co., Ltd. ● ASTMAX Co., Ltd. ● Banpu Power Trading G.K. ● Bansei Securities　Co.,Ltd. ● ● Barclays Securities Japan Limited ● ● BNP Paribas Securities (Japan) Limited ● ● BofA Securities Japan Co.,Ltd. ● ● The Chiba Bank, Ltd. ● Chibagin Securities Co.,Ltd. ● ● China International Capital Corporation Hong Kong Futures Limited*1 ● The Chugoku Bank, Limited ● Citadel Securities (Hong Kong) Limited (Remote ...

What is a Trading Participant? | Japan Exchange Group Types of Trading Participants What is a Trading Participant? 　 Acquisition of Trading Qualifications "Trading participant" refers to Financial Instruments Business Operators (securities companies), Transaction-at-Exchange Operators, Registered Financial Institutions and Commodity Derivatives Business Operators, etc. holding qualifications to directly participate in Tokyo Stock Exchange or Osaka Exchange market or Tokyo Commodity Exchange. To become a trading participant, it has to pass exchange's qualification acquisition examination. Furthermore, acquisition of Japan Securities Clearing Corporation clearing qualifications or (in cases where clearing will not be conducted by such operator) designation of an agency clearing participant with which clearing is entrusted is required when acquiring trading qualifications. General Trading Participants (TSE) General Trading Participants are able to trade securities in an Exchange Securities Market that the TSE provides. (Limited to Financial Instruments Business Operators and Transaction-at-Exchange Operators.) Futures, etc. Trading Participants (OSE)...

Remote Trading Participant System | Permission from Overseas Relevant Authorities | Japan Exchange Group Remote trading participant system Permission from relevant authorities concerning remote trading participant system Remote Trading Participant System 　 Permission from Overseas Relevant Authorities concerning overseas investor The Remote Trading Participant system allows foreign financial instruments firms without business bases in Japan to directly participate in the exchange market as trading participants. It was introduced in 2009. Remote trading participants are able to acquire the same trading qualifications as those of regular trading participants. However, applicants are required to be authorized pursuant to the Financial Instruments and Exchange Act (FIEA) as a Transaction-at-Exchange Operator* and then approved as a remote trading participant after exchange's qualification acquisition examination. Furthermore, remote trading participants are able to conduct transactions in the same manner as regular trading participants. However, they are not allowed to accept orders entrusted by residents in Japan ...

Capital Adequacy Ratio of General Trading Participants | Japan Exchange Group What is the Capital Adequacy Ratio? Capital Adequacy Ratio Calculation Method Criteria stipulated by laws and regulations regarding capital adequacy ratios List of Capital Adequacy Ratios of General Trading Participants The "capital adequacy ratio" is an important indicator to measure the financial soundness of securities firms. In the balance sheet, which is one of the financial statements, "liabilities" are called "others' capital" because they need to be repaid to others, while the total capital minus liabilities is the capital you own, or “owned capital.” The "capital adequacy ratio" is an index calculated by dividing the "amount of unfixed equity capital" (i.e., equity capital minus fixed assets) by the "amount equivalent to risk" corresponding to risks that may occur due to various circumstances. The Financial Instruments and Exchange Act stipulates that securities companies must prepare a document stating their capital ...