Information related to Integration of Cash Equity Markets

Trading

Update : Apr. 26, 2013

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Trading

Handling of trading on the integration date

(1) Base prices on the integration date

The base price of an OSE-listed stock on the integration date will be applied based on the final price or corresponding price on its listed market as of the business day before the integration date (i.e., July 12, 2013 (Fri.)) as follows.

Listed markets before integration
("and" indicates cross-listing)
Reference market for final price or corresponding price on July 12, 2013 (Fri.)
OSE 1st or 2nd Section OSE
OSE JASDAQ OSE JASDAQ
TSE and OSE main markets
(1st and/or 2nd Section)
TSE
TSE main market and OSE JASDAQ TSE; however, if listed on TSE JASDAQ after integration: OSE JASDAQ

(Note)

  • (*) For an issue that does not fall under any of the above categories of listed markets (CB, ETF, ETN, REIT, venture fund, and country fund), if it is cross-listed on TSE and OSE, the final price or corresponding price of the issue on TSE on July 12, 2013 (Fri.) will be used as the base price. If it is listed only on OSE, the final price or corresponding price of the issue on OSE on July 12, 2013 (Fri.) will be used.
  • (*) For an issue whose ex-date for dividend or other corporate action falls on the integration date, the base price will be calculated based on the final price or corresponding price and reflect the amount of dividend or that corresponding to the corporate action.

(2) Handling of ToSTNeT transactions

For OSE-listed issues, single-issue, basket, and closing price transactions on the integration date will be available from 8:20 a.m. based on the base price for the day.
However, for issues listed only on OSE, transactions based on previous day VWAP will not be available on the integration date.

Handling of base prices of cross-listed foreign issues after integration

The handling of base prices of foreign issues which are cross-listed on TSE will be similarly applied after integration to base prices of foreign issues which are cross-listed on OSE.
For foreign issues currently cross-listed on OSE, the base prices will be applied as follows.

(1) MORGAN STANLEY ASIA-PACIFIC FUND, INC. (8682)

- On the next business day following the integration date, it will be designated as an "issue whose base price will be applied based on the previous day's final price, etc. in the exchange market."

- The base price on the integration date will be the final price or corresponding price on OSE on July 12, 2013. (However, if such base price deviates significantly from the most recent price or corresponding price of the foreign security on its main foreign financial instruments exchange converted into yen before the start of the trading session on the integrate date, the base price will be changed to said most recent price converted into yen.)

(2) MediciNova, Inc. (4875)

- Since its main market is OSE, it will be handled in the same manner as a domestic stock.
- The base price will be the final price or corresponding price on TSE on the previous business day.
- As for the base price on the integration date, it will be the final price or corresponding price on OSE on July 12, 2013.

(Note)

  • (*)For details on how base prices of cross-listed foreign issues are set, please refer to "Products –Foreign Stocks – Trading – (3) Base price."

Handling of trading units of venture funds, country funds, and foreign stocks

The trading units of OSE-listed venture funds, country funds, and foreign stocks after integration will be the trading units used at OSE.
The venture funds, country funds, and foreign stocks currently listed on OSE are as follows.

(1) Venture funds

Issue Code Trading unit
Venture Business Investment Corporation 8720 10 units
Venture Revitalize Investment Inc. 8721 10 units

(2) Country funds

Issue Code Trading unit
MORGAN STANLEY ASIA-PACIFIC FUND, INC. 8682 100 units

(3) Foreign stocks

Issue Code Trading unit
MediciNova, Inc. 4875 100 shares

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