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February 2006

Update : Jun. 01, 2006

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1. Emergency System Capacity Augmentation

At the board meeting held on February 21 of this year, TSE decided to perform emergency enhancement of system capacity in order to increase trust in the Tokyo market from those at home and abroad.


The stock / convertible bond trading system, which currently has daily capacity of 9 million orders a day, will be augmented in two phases.


Specifically, we will make it possible for the system to handle 12 million orders by sometime in May, and 14 million orders as soon as possible within the year.


Also, the clearing system that processes settlements currently has daily capacity of 5 million executions. We are planning to increase this to 7 million executions by sometime in May, and plan to make augmentations as soon as possible this year commensurate with the 14 million order stock/CB system enhancement.


Furthermore, the data flow limit for the Market Information System (MAINS) which diffuses stock price information is currently 20,000 items per minute, and we will increase this to 30,000 items as quickly as possible within the year.


The total budget required for the enhancement projects to be completed within the month of May is estimated to be approximately 3.2 billion yen.


TSE will continue to pay close attention to the order and execution number circumstances in determining when to return the opening time for the afternoon auction session, now at 1:00 p.m., to the normal 12:30 p.m.


TSE will continue to exert its utmost effort to secure trust in the market through consideration of further system enhancements in addition to other improvements in market operation. We ask for the kind understanding and support of all involved in this endeavor.

2. Introduction of the "TSE Active Plan"

TSE believes that listening carefully to the voices of those inside and outside of the company, as well as working quickly and proactively in changing the corporate climate is essential in regaining trust in our exchange in the future.


Since the end of last year, the chairman/CEO of TSE has held dialogue meetings with regular employees of the exchange, where many various proposals and opinions about how the exchange should be and how it should change for the future were brought up. The "TSE Active Plan" was compiled in an effort to promote change in TSE's corporate culture, taking into account these employee opinions.


The main pillars of this plan are as follows: first, improve employee motivation. TSE will implement a "career challenge" system in order to create a challenging, fulfilling corporate culture. In this system, personnel are recruited from throughout the company, and are offered a position in which they can demonstrate their unique abilities and experiences in their work. In tandem with this, we will also enhance our personnel development and specialized skill development measures.


Second is the utilization of people from outside the company. We will recruit many external personnel in order to strengthen the current system, develop expertise, and create a more open organization. TSE will also dispatch trainees to other institutions in order to improve their skills and help them better understand the perspective of market users.


Third is the promotion of communication between people inside and outside of the company. In order for all employees of the exchange to work as one in recovering trust in the market, it is vital to improve communication within the company. The "Internal Communication Meeting" has been established to bring together employees of all positions to promote the exchange of information and opinions, and to share issues to be addressed. Furthermore, in addition to strengthening communication between executives and employees, TSE will also continue to work towards being more proactive in communicating with those outside the company in order to more accurately grasp the needs of the market.

3. Partial Revision of Criteria for Listing Examination of Stock and Other Regulations Accompanying Listing System Revision for the Adoption of Takeover Defense Measures

These regulation revisions will be made based on the outline for "Listing System Revision and the Adoption of Takeover Defense Measures" announced on January 24 of this year, and are scheduled to be implemented on March 1, 2006.

4. Partial Revision of Criteria for Listing Examination of Stock and Other Regulations Accompanying the Commencement of Handling of Foreign Stock, etc. by Japan Securities Depository Center, Inc.

These regulation revisions will be made based on the outline for "System Adjustments Accompanying the Commencement of Handling of Foreign Stock, etc. by Japan Securities Depository Center, Inc." announced on January 24 of this year, and are scheduled to be implemented on April 1, 2006.


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