.jpg)
I. Purpose
Tokyo Stock Exchange, Inc. (TSE) will partially revise the Clearing and Settlement Regulations, etc. with effect from April 20, 2017.
In consideration of the state of participation by remote trading participants, revisions will be made to enable a customer of a remote trading participant belonging to the same corporate group to directly conduct settlement with the remote trading participant's designated clearing participant. This shall be subject to the condition where the customer has, in advance, concluded the relevant agreements with the remote trading participant and its designated clearing participant.
II. Outline of revisions
1. Settlement
(1) Settlement matters related to remote trading participant
(a) Special rules concerning settlement
・ If a remote trading participant has concluded an agreement in advance with its customer and its designated clearing participant, it will be able to make the customer and the designated clearing participant conduct settlement related to securities trading entrusted by the customer.
・ If such a customer has conducted settlement with the designated clearing participant, it will be deemed that the settlement has been conducted between the remote trading participant and its designated clearing participant.
(b) Understanding status of settlement
・ A remote trading participant that concluded the agreement described in 1.(1)(a) must establish an arrangement to understand the status of settlement between the customer and the designated clearing participant.
(2) Settlement matters related to customer
(a) Special rules concerning settlement
・ If a customer has concluded an agreement in advance with a remote trading participant and its designated clearing participant, it will be able to conduct settlement with the designated clearing participant in place of the remote trading participant.
・ If such a customer has conducted settlement with the designated clearing participant, it will be deemed that the settlement has been conducted between the customer and the remote trading participant.
(b) Reporting concerning status of settlement
・ A customer that conducts settlement with the designated clearing participant shall report, to the remote trading participant in accordance with its instruction, the status of such settlement.
2. Miscellaneous
・ Other necessary revisions shall be made.
III. Effective Date
These revisions will be effective on April 20, 2017.
