Osaka Securities Exchange: Improvement Of Foreign Stocks Book-Entry Settlement System In Order To Respond To The Settlement Practice Of Institutional Investors

The first foreign company was successfully listed on "Hercules" market in February 2005. OSE decided to make a necessary amendment for Foreign Stocks Book-Entry Settlement System in order to respond to the settlement practice of institutional investors so that we can promote further listing of foreign company and activate the whole market, considering the significance of wider participation by institutional investors.

(Note) It is necessary for a custodian to open an account at Japan Securities Settlement & Custody, Inc. to manage the foreign stocks bought by an investor, based on the system.