Osaka Securities Exchange: No-Action Letter Received For Nikkei 225 Mini

Osaka Securities Exchange Co., Ltd. (OSE) is pleased to announce that a No-Action Letter for Nikkei 225 mini has been received from the U.S. Commodity Futures Trading Commission (CFTC), as of July 10, 2006 (U.S EST). In order to broaden the investor base in futures contracts, OSE applied to the CFTC to issue a No-Action Letter in this regard and trading in Nikkei 255 mini will be commenced on July 18, 2006.

The No-Action Letter issued by the staff of the CFTC states that they would not recommend enforcement action if Nikkei 225 mini is offered and sold in the United States. Accordingly, U.S. registered futures commission merchants (FCMs) are now allowed to accept orders for Nikkei 225 mini from investors located in the U.S. for purchase or sale.

Nikkei 225 mini, one-tenth sized contract of the existing Nikkei Stock Average Futures trading, responds to the demand from both domestic and international investors. With the receipt of this No-Action Letter, its liquidity is expected to be enhanced by U.S. investors’ participation in Nikkei 225 mini.

OSE already obtained No-Action Letters for the following contracts:

• Nikkei Stock Average Futures Contract (as of January 16, 1992 from CFTC)
• Nikkei Stock Index 300 Futures Contract (as of May 17, 1994 from CFTC)
• Nikkei Stock Average Options Contract (as of July 23, 1999 from SEC*)
• Nikkei Stock Index 300 Options Contract (as of July 23, 1999 from SEC*)
• Equity Options Contract (as of July 23, 1999 from SEC*)
• MSCI Japan Index Futures Contract (as of February 14, 2003 from CFTC)
• Trading in MSCI Japan Index Futures Contract has been currently suspended.
• Russell/Nomura Prime Index Futures Contract (as of March 16, 2005)

* U.S. Securities and Exchange Commission (SEC)