Tokyo Stock Exchange to implement special measure for determination of Initial Price of Initial Listing issues

Tokyo Stock Exchange to implement special measure in relation to method for determination of initial price, etc. of initial listing issues

24/12/09

The Tokyo Stock Exchange made a resolution regarding "Implementation of Special Measure in Relation to Method for Determination of Initial Price, etc. of Initial Listing Issues" at the board meeting held on December 22, 2009.

A special measure will be used to determine the initial price of an initial listing issue in the case where a company whose shareholder composition is different from that of a normal initial listing issue and its number of shareholders is significantly large, such as stocks listed under extraordinary situations accompanied by conversion to a stock corporation, etc. due to organizational change. This special measure will consolidate and seek the equilibrium point of a large amount of bids and offers to determine the initial price at a certain point in time as specified by the Exchange, and end the trading session at that point.

Rule revisions which are necessary for the implementation of this measure are scheduled to be implemented in March 2010.