I'd like to offer some remarks as we celebrate the beginning of a New Year.
Today, in the midst of sweeping economic reforms, Japan is experiencing a shift from indirect to direct financing, and as such, the magnitude of the role that securities exchanges play is growing rapidly. Standing at the center of these changes, Tokyo Stock Exchange is entrusted with a mission of great significance and as in the past, but even more so now, we must carry out effective market reforms.
Last November, with a view to enhancing its base, strengthening the functions of its market and increasing its international competitiveness, TSE demutualized and made a new start as a stock company. In light of this transformation, we have set forth "user-centered market", "fairness and reliability", and "contribution to domestic and international capital markets" as our three guiding principles, and as we move to make the most of the merits of our stock company status, we will fervently strive to institute the following measures.
First, as investors' needs continue to diversify, highlighted by the introduction of an employee retirement contribution plan, we will vigorously offer attractive investment products in order to accommodate our investors' needs. Particularly, in combination with the promotion of our exchange-traded funds, we will put forth all our energy into revitalizing our investor base, and will endeavor to strengthen and expand our market.
Next, to increase the transparency and convenience of our market, we aim to provide a wide range of investors with useful market information for securities investment and will expand our information services, particularly in the area of listed companies' corporate information.
Furthermore, we are strongly aware that by assuring the fairness of our market we guarantee the quality of our products. We are thereby committed to perfecting a market that can be trusted by investors, via enhancing our market surveillance and inspection as a self-regulatory organization, as well as promoting adequate and timely disclosure by our listed companies.
Finally, in order to increase the security and effectiveness of clearing and settlement systems, not only of TSE but also of the Japanese securities market as a whole, we aim to establish a unified national clearing and settlement organization, in full consultation with interested parties, and will work toward shortening the settlement cycle.
As the flow of capital and information across borders increases and the needs of market users multiply, competition between markets to attract investors will most certainly intensify. In this New Year, as we push ahead with market reform, I vow to solidify TSE's position as the central market in Japan and aim to create a truly global market. I ask for everyone's support and cooperation in the coming year, and I look forward to reaping the rewards of our efforts together.
Masaaki Tsuchida
President and CEO
Tokyo Stock Exchange, Inc.
