Search

Current Inspections and Inspection Results | Japan Exchange Group Recent Inspections Deficiencies Found Responses to Inquiries Other Activities Recent Inspections Deficiencies Found Responses to Inquiries Other Activities The following chart lists the number of companies that were sent inspection results in FY2024. Type of Inspection Description Number of Companies General Inspection Inspections that are carried out in the order of their priority, taking into consideration the results of previous inspections, the results of regulatory inspections, and the time since the previous inspection. 24 （Number of joint inspections) Inspections carried out together with the Japan Securities Dealers Association (JSDA). (21) （Number of joint inspections) Inspections carried out in collaboration with other exchanges. (7) Follow-Up Inspection A subsequent inspection held to confirm the status of improvement. The inspection, if necessary, is conducted within about a year after a trading participant is requested to submit an improvement report regarding any deficiencies found by ...

Outline | Outline of Self-Regulatory Operations | Japan Exchange Group Legal Foundations Specific Self-Regulatory Operations Outline 　 Exchanges' "Quality Control Center" Organizational Structure that Ensures Neutrality and Effectiveness Emphasis on Dialogue with Market Players Support to Prevent Violations of Laws and Regulations Self-regulatory operations in Japan are defined under the Financial Instruments and Exchange Act (FIEA). Article 84, Paragraph 1 of FIEA prescribes an exchange "shall properly conduct the Self-Regulation Related Services… in order to ensure fair sales and purchase of Securities and Market Transactions of Derivatives… as well as to protect investors." and provides a summary of self-regulatory operations in Paragraph 2 of the same article and Cabinet Office Ordinances as follows. (Article 84, Paragraph 2 of FIEA) Business related to the listing and delisting of financial instruments, financial indexes or options Investigation of member/trading participant compliance with laws, exchange rules or just and equitable principles ...

Necessity of Self-Regulatory Operations | Japan Exchange Group Self-regulation by Financial Instruments Exchanges Merits of Self-regulation by Financial Instruments Exchanges Japan Exchange Regulation (JPX-R) conducts self-regulatory operations based on entrustment from Tokyo Stock Exchange and Osaka Exchange. This arrangement ensures independent and effective self-regulation that is vital for financial instruments exchanges. Self-regulation generally refers to persons or organizations in the same industry forming a private sector body to establish a set of rules for the purpose of facilitating business and maintaining discipline. While the nature of self-regulation means that it can exist both within and outside the provisions of laws, in Japan, the Financial Instruments and Exchange Act defines self-regulation as an obligation to be fulfilled by financial instruments exchanges due to their role and mission in ensuring fair trading in the markets and protecting investors. The key merits of self-regulation ...

Educational Activities for Preventing Unfair Trading | Japan Exchange Group Introduction to COMLEC COMLEC Policy Internal Training Materials Educational Activities for Preventing Unfair Trading 　 Other Activities Introduction to COMLEC COMLEC Policy Internal Training Materials Japan Exchange Regulation (JPX-R) established COMLEC (Compliance Learning Center) to promote support for compliance activities by listed companies and trading participants. COMLEC endeavors to ensure fairness in the market by providing investors and other market users with opportunities for obtaining knowledge about laws and regulations concerning securities trading. COMLEC provides various learning and training services concerning compliance based on expertise thanks to JPX-R's proximity to the market. The policy of COMLEC is as follows: COMLEC provides high quality learning and training contents with practical applications. COMLEC explains the contents of the latest laws and regulations as well as various related rules in an easily understandable manner. COMLEC provides learning and training tools tailored to ...

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 ...