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Tokyo Stock Exchange Imposed A Penalty On E*Trade Securities CO.

Date 27/06/2002

TSE imposed a penalty on E*Trade Securities CO., LTD. ("E*Trade") of JPY 10 million fine for a series of transactions to create an artificial market without any reflection of the actual state of market.

From January 15 to 19, 2001, the manager of Brokerage Service Dept. received the stock buying orders from customers knowing those orders are intended to create an artificial market without any reflection of the actual state of market. This act is deemed to be the E*Trade's act given the fact that E*Trade could have but did not prevent this situation.

The above act is found to violate Item 3, Article 4 of the Ordinance of Cabinet Office Concerning Regulation based upon Item 9, Paragraph 1 of Article 42 under the Securities and Exchange Law.