| Masaaki Tsuchida, President and CEO, Tokyo Stock Exchange, Inc. |
Today, as various policies are being put into action for the economic recovery of Japan, our country's securities market has finally emerged from its depression and is showing promising signs supported by improvement in corporate performance. I am sure you all realize that under these circumstances, we cannot afford any mistakes as we work to accomplish our mission at Tokyo Stock Exchange as a public infrastructure that supports sound development and sustainable growth of the Japanese economy. We will continue to endeavor toward success without settling for less, and, with retaining rich liquidity and securing credibility as our chief goals, this year we intend to take swift and steady actions such as the following measures.
First, we will continue to focus on improving the quality of the TSE market. In particular, we will develop a market that provides investors with listed shares attractive for investment by promoting the listing of high-quality companies while working to enhance corporate governance in listed companies, as well as advancing timely and pertinent information disclosure. Moreover, in view of the fact that stable system operations are essential to support rich liquidity, we will expend all possible means to strengthen market infrastructure, such as expanding system capabilities. In addition, I am proud that through understanding that self-regulation functions for stock exchanges are guarantees of the quality of the market, we have developed highly advanced market surveillance and compliance operations systems and have greatly contributed to securing the credibility of the Japanese securities market. However, we will work to further increase efficiency and effectiveness and raise the level of the market.
Next, in order to encourage the trend of moving from savings to investment while answering the increased needs of those who consider handling asset management and maintenance on their own, TSE will soon hold its "TSE Academy." At this Academy TSE will proactively educate participants about securities knowledge and information through a systematic and detailed curriculum, and will thus play a central role in securities education in Japan.
Furthermore, TSE will strive to increase its presence and establish name-recognition through such international activities such as holding the General Assembly Meeting of the World Federation of Exchanges here in Tokyo in October of this year. TSE will also work toward the listing of Asian companies such as those in China, and establish a position as a stock exchange that has Asia as its franchise and also carries influence in the world.
The above are some of my thoughts on the new year. This year will be an extremely important one as we aim to realize our corporate goal of listing shares in fiscal year 2005. We have made many preparations for the listing of our shares including improving financial standing and other structural reforms of our organization. We will achieve listing in fiscal year 2005 by continuing to strengthen market functions and pushing forward to make additional contributions to Japan's financial and capital markets while implementing further structural reforms. I sincerely ask for your support and cooperation this year. Thank you very much.
