Settlement

How is settlement on the trading of foreign issues listed on the TSE market processed?

Update : Dec. 20, 2004

Answer:

The wholly owned subsidiary of TSE, called Japan Securities Settlement & Custody, Inc. (JSSC), is in charge of handling the settlement operations of the trading of listed foreign issues at TSE. When a foreign issue is traded at TSE, the change of ownership is registered in the beneficiary owner's account kept at each JSSC participant concerned, while the actual certificates remain in JSSC's account (nominee account) kept at the designated CSD (Central Securities Depository) or overseas Custodian Bank located in the country where the issuing company is based. (see the chart below.)

Central Securities Depositories

Canada	The Canadian Depository for Securities Ltd.	(November 1985)
France	Euroclear France	(June 1976)
Germany	Clearstream Banking AG Frankfurt	(October 1985)
Korea	Korea Securities Depository	(December 2001)
Luxembourg	Clearstream Banking AG Luxembourg	(August 1996)
Singapore	The Central Depository (Pte) Limited	(October 1990)
United States	National Securities Clearing Corporation/DTCC	(July 1988)

Custodian Bank

Australia	National Australia Bank Limited Westpac Banking Corporation	(September 1985) (April 1986) )
Hong Kong , China	Standard Chartered Bank Hong Kong	(December 1996)
Malaysia	Standard Chartered Bank Malaysia Berhad	(February 1996)
The Netherlands	ABN AMRO Bank N.V.	(September 1988)
Spain	Santander Central Hispano Investment, S.A.	(January 1990)
Switzerland	UBS AG	(December 1985)
U.K.	Citibank, N.A., London	(June 2000)