Clearing & Settlement

Reform of Securities Clearing and Settlement System

Update : Jul. 13, 2011


Reform of Securities Clearing and Settlement System

The reform of securities clearing and settlement system refers to a series of regulatory reforms and reform of related institutions addressed towards mitigating risks and enhancing the efficiency of securities clearing and settlement.
Specifically, the reform included upgrading related regulations, introducing DVP settlement for securities, establishing clearing houses such as Japan Securities Clearing Corporation (JSCC) and finally, in January 2009, implementing paperless share certificates. TSE as a market operator actively joined in the discussion about these reforms from the earliest phases.

This page will provide some materials on the series of reforms, which were posted on the website of the Reform Promotion Center For Securities Clearing and Settlement System before (this website is now closed). The Center, established in April 2002 to promote the reform, had a role in capturing the overall picture and specific issues of the reform and in conducting necessary research and public relations activities. Its management received human resource and financial support from institutions which make up the market infrastructure, including TSE.

Reports/Press Release

Electronic Share Certificate System(Paperless Share System)Q&A(January 2008) PDF
Reform Milestones (Updated on January 2006 (partly April 2007)) PDF
Paperless Share System Q&A (January 2007) PDF
The Transition to the Dematerialization of Stock Certificates in Japan (September 2004) PDF
Towards Japan Securities Settlement Systems and Infrastructure Reform (November 2002) PDF
Consolidation Memo of Points of Issue in Earlier (or Tentative) Implementation of DVP (Delivery Versus Payment) for CP (December 2001) PDF
Demutualization Framework of Japan Securities Depository Center (November 2001) PDF
Interim Report on the Reform of Securities Clearing and Settlement System (March 2000) PDF

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