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June 2002 Tokyo Stock Exchange Board Report

Date 28/06/2002

A Review on the Handling of Security Deposits for Margin Trading

After the announcement that a review will be carried out on the Cabinet Ordinance on Securities Deposits, TSE will, with a view to increase the convenience of margin trading on its exchange, conduct a similar review as well.

Until now, security deposits for margin trading in principle could not be, before settlement, appropriated to money that needed to be newly deposited nor withdrawn. Revisions to these rules would allow present deposits for margin trading to be used for initial deposits for other margin trading.

These revisions will be put into effect on the same day the Cabinet Ordinance on Security Deposits is put in effect.

Contingency Plans for the Last Trading Day and S.Q. Calculation Day of Futures and Options

Until now, TSE had employed Y2K response contingency plans to handle the trouble and danger that would accompany breakdowns in its trading system. However, in order to stamp out the large influences that an event like the terrorist attacks on America last year would have on the final trading day and special quote calculation day for futures and options trading, TSE will make clear its method for handling cases where trading cannot be carried out due to such system interference on those days.

First, when trading on the last trading day for futures and options cannot be carried out due to trouble with the relative trading systems, TSE will postpone the last trading day for JGB futures. Second, when trading in stock index component stocks cannot be carried out due to problems with equity trading systems on the S.Q. calculation day, calculation of special quotes for stock index futures and options will be postponed.

These plans will be put into effect from the December 2002 contract month.

Suspension of Trading in New Contract Months for S&P/TOPIX 150 Options and TOPIX Transportation Equipment Index Futures

As outlined in the Interim Business Plan, TSE will aim to increase the effectiveness of its market by meeting the needs of investors with new products and eliminating those products that have fallen out of favor with the market. In line with this, from July of this year TSE will suspend trading in new contract months for both S&P/TOPIX 150 Options and TOPIX Transportation Equipment Index Futures.

Change to Advisory Committee Members

The terms for all members of TSE's Market Operations, Self-Regulatory, and Discipline advisory committees expired on the day of TSE's shareholders meeting, at which new members were appointed.