Tokyo Stock Exchange, Inc.

www.tse.or.jp
Tel : 81 3 3666 1361
Fax : 81 3 3665 1412

 

Representatives

President & CEO : Mr. Atsushi Saito

Types of Securities Traded

Name of Trading Systems

(cash and derivatives)

Trading Hours

Cash Products

Auction Trading

 

Domestic Stocks, Foreign Stocks, ETFs/ETNs, REITs, Convertible Bonds (CBs)

 

 

arrowhead

 

 

 

09 :00-11 :30

12 :30-15 :00

Government Bonds

Yen-Denominated Foreign Bonds

Straight Bonds (other bonds)

 

 

 

12:30-15:00

12:30-15:00

12:30-15:00

 

Off-Auction Trading

Domestic Stocks, Foreign Stocks, ETFs, REITs, CBs

ToSTNeT

Depending on product and type of trading

http://www.tse.or.jp/english/rules/equities/tostnet/index.html

 

Derivatives

Auction Trading

Individual Options

Tdex+

09:00-11:30

12:30-15:10

Index Futures

Mini Index Futures

Tdex+

09:00-11:35

11:45-15:15

16:30-23:30

Index Options

Tdex+

09:00-11:30

11:45-15:10

16:30-23:25

JGB Futures,

Mini JGB Futures

Tdex+

08:45-11:02

12:30-15:02

15:30-23:30

 

Options on JGB Futures

Tdex+

08:45-11:00

12:30-15:00

15:30-23:25

Off-Auction Trading

Individual Options

Tdex+

08:20-16:00

Index Futures

Mini Index Futures

Index Options

Tdex+

08:20-16:00

16:20-23:30

JGB Futures,

Mini JGB Futures

Options on JGB Futures

Tdex+

08:20-15:15

15:25-23:30

 

 

 

Supervisory Body

FSA (Financial Services Agency) & SESC (Securities and Exchanges Surveillance Commission)

 

Name of Clearing & Settlement Organization

Japan Securities Clearing Corp. (JSCC)

 

Settlement Cycle

T + 3 (Cash Trading)

T + 1 (Payment/receipt of derivatives premium and mark-to-market margins)

 

Name of Central Securities Depository

Japan Securities Depository Center (JASDEC)

 

Commissions on Transactions levied by Exchange

Monthly fees below only apply to trading participants.

(1) Basic Fees

General Trading Participant ¥900,000

Cash Trading Participant ¥400,000

Government Bond Futures, etc. Trading Participant ¥200,000

Index Futures, etc. Trading Participant ¥300,000

Securities Options Trading Participant ¥0

 

(2) Access fees

<Stocks, etc.>

a. Auction trading (other than JASDAQ stocks)

Number of orders                                            Amount of access fee

100,000 or less                                                   JPY 400,000

More than 100,000 but 200,000 or less              JPY 600,000

More than 200,000 but 300,000 or less              JPY 900,000

More than 300,000 but 500,000 or less              JPY 1.5 million

More than 500,000 but 1.00 million or less         JPY 2.5 million

More than 1.0 million but 2.0 million or less       JPY 4.0 million

More than 2.0 million but 3.0 million or less       JPY 5.2 million

More than 3.0 million but 4.0 million or less       JPY 6.0 million

More than 4.0 million but 5.0 million or less       JPY 6.6 million

More than 5.0 million but 10.0 million or less     JPY 7.1 million

More than 10.0 million                                        JPY 7.6 million plus JPY 500,000

                                 per additional 5 million orders

 

b. Auction trading (JASDAQ stocks)

Number of orders                                            Amount of access fee

0                                                                     JPY 0

More than 0 but 2,000 or less                     JPY 20,000

More than 2,000 but 5,000 or less              JPY 60,000

More than 5,000 but 10,000 or less            JPY 120,000

More than 10,000 but 20,000 or less          JPY 250,000

More than 20,000 but 50,000 or less          JPY 550,000

More than 50,000 but 100,000 or less        JPY 1.0 million

More than 100,000 but 200,000 or less      JPY 1.9 million

More than 200,000 but 300,000 or less      JPY 2.7 million

More than 300,000 but 400,000 or less      JPY 3.4 million

More than 400,000                                      JPY 4.0 million

 

c. Off-auction trading (single-issue trading and basket trading)

Number of orders                                            Amount of access fee

2,000 or less                                                      JPY 0

More than 2,000 but 3,000 or less                     JPY 100,000

More than 3,000 but 5,000 or less                     JPY 200,000

More than 5,000 but 10,000 or less                   JPY 300,000

More than 10,000 but 20,000 or less                  JPY 400,000

More than 20,000 but 30,000 or less                  JPY 500,000

More than 30,000 but 50,000 or less                  JPY 600,000

More than 50,000 but 100,000 or less                JPY 900,000

More than 100,000 but 200,000 or less              JPY 1.2 million

More than 200,000 but 300,000 or less              JPY 1.5 million

More than 300,000 but 500,000 or less              JPY 2.0 million

More than 500,000 but 1.0 million or less           JPY 2.5 million

More than 1.0 million                                          JPY 2.8 million plus JPY 300,000

                                 per additional 500,000 orders

 

<Government bond futures> (number of orders: α)

α≦1,000: ¥0

1,000 <α: ¥100,000

<Index futures>

α≦1,000: ¥0

1,000 <α: ¥100,000

 

(3)  Trading fees

<Stocks, etc.>

1. Out of the total amount comprising the monthly value of sales and purchases within the markets of auction trading and closing price trading

MTV*1 ≤ ¥20 billion: 0

¥20 billion < MTV ≤ ¥200 billion: Standard rate*2 x 0.9

¥200 billion < MTV ≤ ¥1 trillion: Standard rate x 1.0

¥1 trillion < MTV ≤ ¥1.5 trillion: Standard rate x 0.8

MTV ≧ ¥1.5 trillion: Standard rate x 0.7

*1 MTV: Monthly trading value

*2 Standard rate is calculated using formula below:

MTV < ¥20 trillion: 0.000029

MTV > ¥20 trillion: {¥20 trillion x 0.000029 + (MTV – ¥20 trillion) x 0.000020} ÷ MTV"

 

2. 0.06/10,000 of the total amount comprising the value of sales and purchases within the markets of trading other than auction trading and closing price trading

 

<JGB futures>

¥95 per trading unit

 

<Mini JGB futures>

¥20 per trading unit

 

<Index futures>

MTV ≦100,000 units: ¥55 per trading unit

100,000 units < MTV ≤ 300,000 units: ¥35 per trading unit

MTV > 300,000 units: ¥20 per trading unit

 

<Mini index futures>

¥7 per trading unit

 

<Dividend index futures>

¥7 per trading unit

 

<Individual options>

¥10 per trading unit

 

<Options on JGB futures>

¥40 per trading unit

 

<Index options>

¥40 per trading unit

 

(4)  Trading system facility usage fees

1. Stock trading

a. System interface virtual servers (for orders)

                        ¥0 for up to 2 servers,

(a) For servers whose maximum order acceptance messages per sec. is 5: ¥4,000

(b) For servers whose maximum order acceptance messages per sec. is 20: ¥12,000

(c) For servers whose maximum order acceptance messages per sec. is 60: ¥30,000

 b. System interface virtual servers (for inquiries)

                        ¥0 for up to 2 servers, and ¥15,000 per additional server

c. System interface virtual servers (for drop copies)

                        ¥30,000 per server

 

2.  Government bond futures trading, index futures trading, individual options trading, government bond futures options trading, index options trading

- Based on type of trading ID and trading participant gateway:

a. Type of trading ID:

(a) Standard Trading ID, Trading ID for Market Maker, Trading ID for Receiving

Market Information, and Trading ID for Administration:

¥0 for up to 4 trading IDs in total and ¥4,000 per additional trading ID

(b) Trading ID for High Frequency Trading

                 ¥12,000 per trading ID

 b. Type of trading participant gateway

(a) Shared gateway

             i. Market maker: ¥80,000 per gateway

ii. Other: ¥0 for up to 1 gateway and ¥80,000 per additional gateway

 (b) Dedicated gateway

             i. Market maker: ¥0 for up to 1 gateway and ¥200,000 per additional gateway

             ii. Other: ¥200,000 per gateway

 

3. Stock trading (off-auction trading)

            ¥0 for up to 2 servers and ¥8,000 per server per additional server

 

Taxes applicable to Individuals

<Bond Interest>

Rates below apply from Jan. 1, 2013 to Dec.31, 2037

20.315% (15.315% income tax and special income tax for reconstruction, 5% inhabitant tax) tax withheld at source

Rates below apply from Jan. 1, 2038

20% (15% income tax, 5% inhabitant tax) tax withheld at source

 

<Dividend from list stocks, etc.>

Rates below apply from Jan. 1, 2013 to Dec.31, 2013

10.147% (7.147% income tax and special income tax for reconstruction, 3% inhabitant tax)

Rates below apply from Jan. 1, 2014 to Dec.31, 2037

20.315% (15.315% income tax and special income tax for reconstruction, 5% inhabitant tax)Rates below apply from Jan. 1, 2038

20% (15% income tax, 5% inhabitant tax)

<Capital Gain from listed stocks, etc.>

Rates below apply from Jan. 1, 2013 to Dec.31, 2013

10.147% (7.147% income tax and special income tax for reconstruction, 3% inhabitant tax)

Rates below apply from Jan. 1, 2014 to Dec.31, 2037

20.315% (15.315% income tax and special income tax for reconstruction, 5% inhabitant tax)

 Rates below apply from Jan. 1, 2038

20% (15% income tax, 5% inhabitant tax)

 

Taxes applicable to Corporations

<Capital Gain>

Taxable and losses are deductible from taxable income.

<Dividend>

50% of the total amount of dividend received is not taxable.

<Interest>

Taxable

 

2013 Share ownership thresholds (%)

5%

If a shareholder's ratio of shareholding in the company exceeds 5%, such shareholder must submit   "Reports of Possession of Large Volume" to Prime Minister within 5 days from the date on which such person has come to be a "Large Volume Holder".

 

Short selling (Yes / No)

Yes

 

Short selling conditions (if any)

- Marking Requirements: Required to mark long, short or short exempt.

- Price Test (a/k/a Uptick Rule): Uptick rule is applied for all stocks all the time.

- Short Position Reporting/Disclosure: 0.25% for reporting and disclosure (one-tier model).

- Naked Short Selling Restriction: Required to locate stocks before placing short-sale.

- Restriction in connection with Public Offerings: Prohibited from covering short positions created in restricted period by offering stocks.

<After Revision in Nov. 2013 (planned)>

- Marking Requirements: Required to mark long, short or short exempt.

- Price Test (a/k/a Uptick Rule): Uptick rule is applied only to triggered stocks.

- Short Position Reporting/Disclosure: 0.20% for reporting and 0.5% for disclosure (two-tier model).

- Naked Short Selling Restriction: Required to locate stocks before placing short-sale.

- Restriction in connection with Public Offerings: Prohibited from covering short positions created in restricted period by offering stocks.

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This page was last updated on: 11/18/2013 - 16:05