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August 2005

Update : Aug. 30, 2006


1. Establishment of the "Consolidated Earnings Digest Research Meeting"

Enhancement of financial results information of listed companies has been achieved in recent years, both on the timely disclosure front through financial results summaries and on the legal disclosure front through securities reports and such. It was pointed out, however, that information is getting more complicated with the buildup of such materials, and prompt earnings reports are perhaps being constrained by increasing amounts of financial results summary information.

Financial results summaries are important in the sense that they offer promptness such as disclosure of information from all companies within around a 43 day period after the end of the fiscal year. In order to continue to live up to these expectations, we believe that it is appropriate it organize the entirety of financial results summary information.

Therefore, we established the Research Meeting, with Etsuro Kuronuma, a graduate school professor at Waseda University, as the chairman.

The first meeting will be held in September of this year, and a report is expected to be compiled sometime in spring of next year. During the review, we believe that it is necessary to set the time frame for implementation after considering the impact on the system for producers and users. As such, we would like to allocate a set preparation time, for example making the transition from the fiscal year ending in March, 2007.

2. Revision of the Brokerage Agreement Standards of Tokyo Stock Exchange, Inc. Accompanying Adjustments to the Foreign Stock Transfer and Settlement System for the Diversification of Listed Foreign Stocks

A revision will be made to regulations based on the "Adjustment to Rules for the Foreign Stock Transfer and Settlement System Building on the Diversification of Listed Issues in Foreign Stock Markets" outline announced on July 26th of this year. Implementation is scheduled for October 1, 2005.


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