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between the English version and the original Japanese version, the Japanese version shall prevail. Tokyo Stock Exchange Group, Inc. (TSEG), Tokyo Stock Exchange, Inc. (TSE) and/or Tokyo Stock
Exchange Regulation (TSER) shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation.
Revisions to Trading Rules at the Time of Launching "arrowhead"
April 28. 2009
Tokyo Stock Exchange, Inc.
In order to handle minimization of order lot size and the rapid expansion of order numbers, as well as realize the needs of investors and trading
participants for faster order and execution processing and the like, we, the Tokyo Stock Exchange (TSE), have decided to construct a new
next-generation trading system. This new system for the cash markets (equity, CB, etc.) is planned to launch on January 4th, 2010 and will meet
world-class standards for speed, reliability, and scalability. Along with the construction of arrowhead, we are planning for the simplification of
trading rules & regulations and practices based on the opinions of trading participants, and have decided upon a plan to revise trading rules &
regulations in order to ensure smooth price formation and to improve liquidity. Summaries of partial revisions in line with that plan are gathered
Some concrete examples of our plans to improve convenience are, from the view point of simplifying trading rules & regulations and practices, the
revision of the rule for simultaneously placed bids or offers and the elimination of half-days, etc. We are also planning the reduction of tick sizes,
revision of price limits on bids/offers and quote renewals, and the softening of matching conditions when the opening price is