ABOUT TOKYO STOCK EXCHANGE:, History Of TSE, Domestic Market Capitalization (Sep,2005) (USD billions), Number of listed companies (Sep,2005)
, Total Value of Share Trading (2005) (in millions of USD), Total Value of Share Trading (2005) (in millions of JPN YEN)
, The state of personal financial asset holdings (2004)
, Major Activities, Regulatory Bodies, Daily Trade Statistics In Domestic Values, CURRENT CHANGES:,
ABOUT TOKYO STOCK EXCHANGE:, History Of TSE, Domestic Market Capitalization (Sep,2005) (USD billions), Number of listed companies (Sep,2005)
, Total Value of Share Trading (2005) (in millions of USD), Total Value of Share Trading (2005) (in millions of JPN YEN)
, The state of personal financial asset holdings (2004)
, Major Activities, Regulatory Bodies, Daily Trade Statistics In Domestic Values, CURRENT CHANGES:,
A centralized market for buying and selling stocks where the price is determined through supply-demand mechanism.
Stock exchange belong to “Secondary Market” in which securities are already issued by companies are subsequently traded among investors.
This Presentation is about the Financial Market in India.
Aim is to provide basic information regarding Stock market, Bombay Stock Exchange(BSE) and National Stock Exchange of India (NSEI).
Stocks can also be categorized in various ways. One common way is by the country where the company is settle For example, Nestlé and Novartis are settled in Switzerland, so they may be considered as part of the Swiss stock market, although their stock may also be swap at interchange in other countries
Market trend analysis of national stock exchange of india Divya Jyoti Arya
DECLARATION
I, Divya Jyoti Arya, Student of BBA III year(Finance) Batch 2008-2011 at G.H RAISONI COLLEGE OF COMMERCE & SCIENCE TECHNOLOGY, Nagpur, declare that the project work entitled “Market Trend Analysis of National Stock Exchange of India” was carried by me in the partial fulfillment of BBA program under the University of Nagpur.
This project was undertaken as a part of academic curriculum according to the university rules and norms and it has not commercial interest and motive. It is my original work. It is not submitted to any other organization for any other purpose.
A centralized market for buying and selling stocks where the price is determined through supply-demand mechanism.
Stock exchange belong to “Secondary Market” in which securities are already issued by companies are subsequently traded among investors.
This Presentation is about the Financial Market in India.
Aim is to provide basic information regarding Stock market, Bombay Stock Exchange(BSE) and National Stock Exchange of India (NSEI).
Stocks can also be categorized in various ways. One common way is by the country where the company is settle For example, Nestlé and Novartis are settled in Switzerland, so they may be considered as part of the Swiss stock market, although their stock may also be swap at interchange in other countries
Market trend analysis of national stock exchange of india Divya Jyoti Arya
DECLARATION
I, Divya Jyoti Arya, Student of BBA III year(Finance) Batch 2008-2011 at G.H RAISONI COLLEGE OF COMMERCE & SCIENCE TECHNOLOGY, Nagpur, declare that the project work entitled “Market Trend Analysis of National Stock Exchange of India” was carried by me in the partial fulfillment of BBA program under the University of Nagpur.
This project was undertaken as a part of academic curriculum according to the university rules and norms and it has not commercial interest and motive. It is my original work. It is not submitted to any other organization for any other purpose.
Executive Summary, 1.Introduction, 2.Structure of Stock Exchange, 3.History and Developments, 4.Requirements for Listed Companies, 5.Reporting Requirements, 6.Buying and Selling Share Procedures, 7.Size of Stock Market, 8.Current Changes, 9.Comparison with ISE, 10.Conclusion, Reference
A comparative study of JPX and ASX (Chapter 1 to 2)Sho Yamauchi
This Word document discusses differences between Japan Exchange Group and Australian Securities Exchange in terms of structure, functions. Also, this research report will analyse their liquidity and performance in Chapter 3 and 4. Finally, Chapter 5 will conclude this report.
Toshiba Accounting ScandalToshiba Corporation, a Japanese elec.docxjolleybendicty
Toshiba Accounting Scandal
Toshiba
Corporation, a Japanese electronics and engineering conglomerate with headquarters in Tokyo, produces a wide range of products, including
personal
computers, semiconductors, consumer electronics, household appliances, and nuclear power plant systems. The company also provides an array of services, such as those focused on information technology, communications, and nuclear reactor construction and operation.
In May 2015, Toshiba formed an outside panel to investigate potential accounting irregularities at the company. The formation of such an outside panel is an accepted procedure for companies in Japan, where corporate boards of directors are composed primarily of company executives, with few independent outside directors. An outside panel is typically formed to investigate matters that may involve improprieties by senior managers and executives.
Toshiba's CEO, Hisao Tanaka, resigned in July 2015 when the investigation uncovered that he was aware that Toshiba profits had been overstated by a total of $1.2 billion over a seven-year time period. (Further investigation would determine that the amount of the overstatement was closer to $1.9 billion.) Two former CEOs who held membership on the company's board of directors were also implicated in the investigation and stepped down. Six other members of the board also eventually resigned, and Toshiba announced it would appoint several new and independent directors to its board to strengthen external oversight of its management.
The investigatory panel found that "Toshiba had a corporate culture in which
management
decisions could not be challenged. … Employees were pressured into inappropriate accounting by postponing low reports or moving certain costs into later years." Managers at Toshiba set such challenging profit targets that subordinates couldn't meet them without exaggerating the financial results of individual business units. Furthermore, the head of the investigatory panel stated that the scope of their probe had been limited by company management. The investigation of Toshiba's U.S. nuclear business, Westinghouse Electric Co., was initially declared off limits. Months after a review of that portion of the business was completed, Toshiba took a $2.5 billion write-down on its Westinghouse business.
Following the scandal, Toshiba was removed from the JPX Nikkei Index 400, the stock index that includes the top Japanese companies based on operating income, return on equity, and market value. The move dealt yet another blow to the company's reputation—inclusion in the stock index matters because investors, including the world's largest pension funds, use the stock gauge as a benchmark.
In the first quarter following the revelations of the accounting scandal, Toshiba's sales fell to their lowest level in years, and the firm lost $102 million for the quarter. The price of Toshiba stock shares dropped precipitously, reaching a 36-year low in early 201.
Toshiba Accounting ScandalToshiba Corporation, a Japanese el.docxjolleybendicty
Toshiba Accounting Scandal
Toshiba Corporation, a Japanese electronics and engineering conglomerate with headquarters in Tokyo, produces a wide range of products, including personal computers, semiconductors, consumer electronics, household appliances, and nuclear power plant systems. The company also provides an array of services, such as those focused on information technology, communications, and nuclear reactor construction and operation.
In May 2015, Toshiba formed an outside panel to investigate potential accounting irregularities at the company. The formation of such an outside panel is an accepted procedure for companies in Japan, where corporate boards of directors are composed primarily of company executives, with few independent outside directors. An outside panel is typically formed to investigate matters that may involve improprieties by senior managers and executives.
Toshiba's CEO, Hisao Tanaka, resigned in July 2015 when the investigation uncovered that he was aware that Toshiba profits had been overstated by a total of $1.2 billion over a seven-year time period. (Further investigation would determine that the amount of the overstatement was closer to $1.9 billion.) Two former CEOs who held membership on the company's board of directors were also implicated in the investigation and stepped down. Six other members of the board also eventually resigned, and Toshiba announced it would appoint several new and independent directors to its board to strengthen external oversight of its management.
The investigatory panel found that "Toshiba had a corporate culture in which management decisions could not be challenged. … Employees were pressured into inappropriate accounting by postponing low reports or moving certain costs into later years." Managers at Toshiba set such challenging profit targets that subordinates couldn't meet them without exaggerating the financial results of individual business units. Furthermore, the head of the investigatory panel stated that the scope of their probe had been limited by company management. The investigation of Toshiba's U.S. nuclear business, Westinghouse Electric Co., was initially declared off limits. Months after a review of that portion of the business was completed, Toshiba took a $2.5 billion write-down on its Westinghouse business.
Following the scandal, Toshiba was removed from the JPX Nikkei Index 400, the stock index that includes the top Japanese companies based on operating income, return on equity, and market value. The move dealt yet another blow to the company's reputation—inclusion in the stock index matters because investors, including the world's largest pension funds, use the stock gauge as a benchmark.
In the first quarter following the revelations of the accounting scandal, Toshiba's sales fell to their lowest level in years, and the firm lost $102 million for the quarter. The price of Toshiba stock shares dropped precipitously, reaching a 36-year low in early 2016. Fo.
Effect of Stock Market Listing on Financial Performance of Companies Listed i...paperpublications3
Abstract: This study is on the effect of stock market listing on financial performance of companies listed in Nairobi Securities Exchange (NSE). The specific objectives of the study determining how the nature of business industry and size of companies affected their financial performance, how government policy effected through Capital Markets Authority (CMA) influenced financial performance of companies listed in NSE, how management of the companies listed in NSE affected their financial performance, and how availability of information influenced the financial performance of companies listed in NSE. The Population of the study as well as the target population was a census of all 61 listed companies at the Nairobi Securities Exchange (NSE) as at 31st December 2012. This study established that in general stock market listing affects different profitability ratios in different ways. Some improve as a result of stock market listing while others deteriorate.
Keywords: Nairobi Securities Exchange (NSE), Listing, Return on Assets (ROA), Return on Equity (ROE).
Title: Effect of Stock Market Listing on Financial Performance of Companies Listed in Nairobi Securities Exchange
Author: Wilbert Kiplangat Kurgat
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
Comparison beween Multinational Financial Management and Domestic Financial Management?
Discuss evolution and International Financial Management System?
Write Special features of foreign exchange?
Describe the country risk Analysis in International Business?
Short notes on:
(i) Franchise system
(ii) Short term assets and liabilities
(iii) Foreign direct investment
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
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#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
1. This Report was prepared for:
Tokyo Stock Exchange
Prepared by:
Crystalle Liceralde 11473062
Francine Zachary Kwan 11527403
Monisha Andruse 12105953
1
2. Executive Summary
This report was carried out to evaluate the Japanese Stock Exchange. This
investigation was carried out by the students of Accounting and Finance at
Dublin City University on behalf of the managing director as he would like to
understand the requirements and procedures in the Japanese Stock Exchange.
The main findings include an outline of the Tokyo Stock Exchange, buying and
selling procedures on shares and its requirements for listed companies.
This report briefly outlines the market infrastructure of the Tokyo Stock
Exchange, Inc. (TSE). Although there are four other stock exchanges in Japan,
which are Osaka Securities Exchange, Nagoya Stock Exchange, Sapporo
Securities Exchange and Fukuoka Stock Exchange; this report was carried out
mainly focusing on TSE as it is the largest stock exchange in Japan.
It is concluded with some comparisons of the Tokyo Stock Exchange with the
Irish Stock Exchange.
2
3. Table of Contents
Table of Contents.......................................................................................................................3
1.Introduction.............................................................................................................................4
2.Structure of Stock Exchange...................................................................................................4
3.History and Developments......................................................................................................5
4.Requirements for Listed Companies.......................................................................................6
5.Reporting Requirements..........................................................................................................7
6.Buying and Selling Share Procedures.....................................................................................8
7.Size of Stock Market...............................................................................................................9
8.Current Changes....................................................................................................................10
9.Comparison with ISE............................................................................................................11
10.Conclusion...........................................................................................................................14
3
4. 1. Introduction
Japan, with a population of 127.5 million in 2011, is the world’s third largest economy with
electronic manufacturing and automobile as its principle industry (Richmond & Dodd 2011).
Its GDP is £5.87 trillion and its GNP is $4.54 trillion but has decreased by 0.9% and 0.4%
respectively in the third quarter of 2012 (Trading Economics 2013).
In 2004, the economy started to rise again. In 2002, the international reserves were worth
$470 billion, which increased to $845 billion in 2004 (Ohno 2005).
However, there has been a recent decline in the Japanese economy. In March 2011, a strong
earthquake and tsunami hit the country and damaged the nuclear power plants. It caused a
nation-wide power shortage. The economy bounced back with an increase of 1.5% in the
third quarter of the year, although demands for Japanese goods are affected by debt in the
Eurozone (BBC News 2011).
In early 2013, the Japanese stock fell by 1.2% due to an increase in the Japanese currency by
0.2%. An increase in the currency affects the Japanese products’ competitiveness in the
world. As a result, there is a decrease in Japan’s major companies i.e. Toyota Motor Corp fell
by 1.9% and Fuji Heavy Industries Ltd. declined by 1.7% (Turner & Kumar 2013).
2. Structure of Stock Exchange
Like many stock exchange, TSE have their own market structure for listing shares. The
stocks that are listed on TSE are divided into three divisions. These are First Section, Second
Section and Mothers Index. The First Section is allocated for large size companies. The
Tokyo Stock Price Index (TOPIX) which is published by TSE is “calculated based on all the
domestic common stocks listed on the TSE First Section” (Tokyo Stock Exchange 2012). This
is also where all the highest listing criteria are met. Currently, it has the most companies, with
4
5. 1,707 listed. Similarly, TOPIX is calculated in the Second Section for all the mid-sized
companies that are listed in TSE Second Section. This is also where all the newly stocks are
listed with lesser strict requirements. The total number of companies that are currently listed
in the second section is 412 (Tokyo Stock Exchange 2013). In the same way, on the Mothers
market, stocks are listed with companies that have a high potential growth and those which
are newly emerging into industry. It was established in November 1999 (Tokyo Stock
Exchange 2005).
3. History and Developments
The Tokyo Stock Exchange was established in May 1878 and trading began in the month of
June of that same year. In its early trade, its clerks worked in kimono. The stock exchange
was suspended in August 1945 because of the terrible war conditions and air raid in the
country. It was re-opened by an unofficial group in December 1945.
Three stock exchange were established in April 1, 1949 - Tokyo, Osaka and Nagoya. Five
more stock exchanges we launched in July. These are Kyoto, Kobe, Hiroshima, Fukuoka and
Niigata. The Kyoto exchange was merged into OSE in 2001 while Hiroshima and Niigata
were merged into TSE in 2000. Kobe was dismissed in 1967 (Tokyo Stock Exchange 2001).
The stock-trading floor was closed on 1999 in order to speed up and increase efficiency in the
Tokyo stock market. Manual works have been replaced to computerised ones, which reduced
the number of clerks on the trading floor and decreased the cost of transactions (Tokyo Stock
Exchange 2006).
The newly installed transaction system, developed by Fujitsu ltd., had bugs and in 1st
November 2005 the exchange could only operate for 90 minutes. The new system was
installed in order to cope with high trading volume in the exchange. The major malfunction in
5
6. its system caused the exchange to suspend its trading (Leyden 2005). Furthermore, the glitch
in the system caused a loss of $330 million. In December 2005, an employee at Mizuho sold
610,000 shares at one yen in error instead of selling 1 share for ¥610,000 (Fackler 2005).
4. Requirements for Listed Companies
In order to be listed in Tokyo Stock Exchange (TSE) the following requirements must be met.
The number of shareholders must be and 800 more. Stocks that can be traded profitably must
be (i.e. tradable shares), 4,000 units or more. The market capitalization should be ¥1 billion
or more and 30% or more should be of listed stocks.
Regarding the board of directors, it must have been set up and continuously running a day
before which is 3 years prior to the end of a business year immediately prior to the business
year of the initial listing application day. The amount of net assets must be ¥1 billion or more.
The total amount of assets in the past two year must be at least ¥500 million. Market
capitalization as of the listing day is expected to reach at least ¥50 billion.
In relation to financial reports, there must be no false statement made in securities reports,
etc. which contain reference to financial statements for each business year which ended in the
last two years or quarterly financial statements. The audit reports of the accounting periods
mentioned must contain an “unqualified conclusion/opinion” of certified public accountants.
In relation to internal control reports, they must not contain “appraisal results cannot be
provided” or “no opinion is provided” by the certified public accountants. The applicant
must have undergone audit by a listed company audit firm under the provisions of Article
193-2 of the Act of the listed company.
TSE has set up some regulations when dealing with stocks. When issuing one class of stock,
this is assumed to have voting rights. When issuing multiple classes of stock, stock with
6
7. voting rights can receive economic benefits including claim for surplus dividend relating to
the number of shares that enables exercise of one voting right during general shareholders’
meetings regarding important matters. Stock can also be issued with no voting rights.
Transfer of shares by the initial listing applicants are permitted, provided that they are in
accordance with special laws and at the same time do not hinder trading in the Exchange
market. Any relevant issues are subjected to book-entry transfer operation of the designated
book-entry transfer institution.
If mergers/demergers are involved, they shall not fall under categories where making the
other company a subsidiary or making a subsidiary a non-subsidiary company, which has
carried out on or after the day of the application and within two years from the end of the
most recent business year. In addition, the Exchange believes that the applicant will end to be
a substantial surviving company by such an act. Where a merger in which an applicant
becomes a disbanding company (Tokyo Stock Exchange 2012).
5. Reporting Requirements
The on-going reporting requirements are very important for companies whose outstanding
securities are publicly traded, not only to comply with the Companies Act but also with the
regulations of TSE. This financial report includes Statement of Financial Position of the
company, Statement of comprehensive income, Statement of changes in equity, Statement of
Cash flows and Supporting Schedules (The Japanese Institute of Certified Public Accountants
2010).
Furthermore, the Financial Services Agency (FSA) in Japan also requires information on
their annual securities report such as the individual details of officer’s remuneration. This
allows investors and shareholders to check whether incentive structures for the management
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8. and the sum of remuneration are appropriate. In relation to this, the total amount of
remuneration is also required which involves four types of officers in which they all have to
disclose the total amount of each type.
The structure of corporate governance in the company must also be disclosed in the annual
securities report. It is important to disclose any issues due to scandals that may come up and
will cause damage to the Exchange. They must also state the reasons why they have chosen
such corporate governance system. The annual internal control audit by certified public
accountants must be included as well as quarterly reports of the financial statements by the
CPAs. In relation to the auditor, they must confirm that they have substantial knowledge in
performing the audit by outlining their level of skills (e.g. stating work experience in relation
to finance).
In regarding shares that are held for strategic purposes, disclosure notes must be included in
the annual securities report. These must be if an issue sums up to 1% or more of the equity
capital, then it must be listed; the number of shares that are held for each use and the amount
of shares of each issue and the purpose of the shareholding. Shares used for investment
purposes must also be disclosed by stating the total value of shares and total amount of
dividends received.
Lastly, voting results in shareholders’ meetings must be included in the annual securities
report. It must state the matters discussed and the resolved number of votes for or against the
issue and reason for excluding voting rights if they aren’t counted (Yamaguchi 2011).
6. Buying and Selling Share Procedures
In order to buy and sell shares at TSE, you have to fulfil some formats and procedures. There
are usually two sessions for trading stocks per day; one in the morning and another in the
8
9. afternoon. Each day, two opening and two closing auctions are conducted for trading stocks.
At the start of each session, there is the ‘opening auction’, where the first transactions are
carried out. Likewise, at the end of each session, there is the ‘closing session’, where the last
transaction of the day is executed. The Trading Participants have to place orders in order to
be trade stocks. They have to be accepted and registered prior to each session. They can place
orders whenever time the securities companies offer. The acceptance could occur within 24
hours due to internet and other technology developments. “Orders accepted and registered
on TSE are valid for only one day” (Tokyo Stock Exchange 2012). Therefore, the Trading
Participants have to re-place the order if in case the first order was not carried out.
Due to the highly computerised trading system, all the transactions are conducted
automatically on the TSE market. There are mainly four stages involved in the trading
system. The first stage involves investors placing orders to the Trading Participants. This
goes through the trading network of each participant to trading system of TSE. The second
stage is called Processing stage. Here, all the orders that has been placed become registered
by the trading system and sorts them out according to their “Trading Participant, the
name/code of the issue, the order size (volume), the price, the type of order (buy/sell) and the
time the order was received” (Tokyo Stock Exchange 2003). The third stage is known as
Execution stage. This is where all registered orders are executed in accordance with TSE’s
trading rules. The Trading Participants then receives execution reports which are sent
electronically. The fourth and final stage involves dissemination of market information. This
informs investors about stock prices and the number of available shares to trade, which could
help them make investment decisions.
7. Size of Stock Market
TSE is currently the third largest stock exchange in the world with just below NYSE and
9
10. NASDAQ of the USA and Europe. It had a total issues share capital of 2,300,000 shares costs
at ¥11.5 billion. The total number of companies that are listed in TSE is 2,305 (Tokyo Stock
Exchange 2013). Some of the examples of large companies that are listed in TSE are Toyota
Motor Corp. and Citizen Holdings Co. Ltd.
The total number of shares for Toyota Motor Corp. is 3,447,997 (thousands) shares.
Likewise, the total number of shares for Citizen Holdings Co. Ltd is 350,353 (thousands)
shares.
The Tokyo Stock Exchange and the Daiwa Securities Group signed an agreement with the
Central Bank of Myanmar on April 10th
2012 to help establish a stock exchange and support
the Myanmar market. TSE will provide IT support and share its knowledge in relation to
operation in equity exchange by working with the world’s top companies. TSE educate
investors in the process (Tokyo Stock Exchange 2012).
8. Current Changes
In a fast-paced economy, every millisecond counts. At the start of the year, the TSE launched
a new system called “Arrowhead”, a more fast and efficient way of processing trades. It can
process them within 5 milliseconds unlike the old system, which took about 5 to 6 seconds. It
showed a 70% increase on trades. Due to this recent change, new regulations have been
made. Companies now have to disclose the names of those shareholders earning more than
¥100 million and give a breakdown of how they earned it (World Finance).
The TSE have what they call a “Medium-Term Management Plan” in which they wish to
implement changes in the derivative market and the Exchange-Traded Fund (ETF) market.
This plan was introduced in the year 2011 and is on-going until the end of the financial year
in 2014. The goal is to “have a sufficient number of listing applications to realize the new
10
11. listings of over 60 companies continuously from 2013” (Tokyo Stock Exchange 2012). As for
the ETF market, they plan to make it a “one-stop shop” for the public. In order to reach their
goals, the TSE have decided to revise rules, laws and market prices in order to increase
liquidity. They also plan on expanding provision with the ETF market reports, implement
educational campaigns or seminars to develop investor base and lastly, conduct promotion to
boost the involvement of domestic or overseas institutional investors. As of the moment, TSE
have not yet released any specific revision of laws or rules as it is only the beginning of the
year.
On a national level, the TSE is going to experience a big change as Osaka Stock Exchange
(OSE) will incorporate its cash equity to TSE on July 2013. Both markets are subsidiaries of
the Japan Exchange Group (JPX). The different regulations of both markets mean that a new
system has been implemented for listing and de-listing of new companies in the stock
exchange, most of which follows the criteria of the TSE. Due to this integration, stocks listed
as OSE JASDAQ will now be listed as TSE JASDAQ.
9. Comparison with ISE
There is only one single stock exchange in Ireland, the Irish Stock Exchange unlike in Japan,
where there is more than one stock exchange. There is no dress code in the Irish Stock
Exchange as oppose to the Tokyo Stock Exchange where employees were required to where
kimono, although, it is not a requirement anymore.
Structure
TSE’s market structure has three divisions in order to categorise companies for stock trading.
In the same way, ISE has three markets. The first one is the Main Securities Market (MSM).
This is the main market for most Irish companies as well as for overseas companies. It
11
12. includes “a wide range of security types such as equities, debt securities, and investment
funds” (Irish Stock Exchange 2007). The second one is the Enterprise Securities Market
(ESM). This market is for small and medium sized growth companies. The third market is the
Global Exchange Market (GEM). This is a specialist debt market for investors and is an
exchange-regulated market (Irish Stock Exchange 2009).
History and Development
Irish stock exchange was established in 1793. The parliament of Ireland passed the Stock
Exchange Act in 1799 and the exchange was fully recognised as legislation. In 1973, the
Irish stock exchange merged with the British to form the London Stock Exchange which was
then called the International Stock Exchange of Great Britain and Ireland. The ISE became
independent again in 1995 and has been internationally recognised. The trading floor has
been replaced with electronic ones and shut down their office in Anglesea Street, Dublin
(ADVFN 1999).
Requirements
The ISE requires more information in comparison with the TSE. Most of the headings that
fall under the TSE in regarding the listing requirement are the same with the ISE, for
example, the number of shareholders, market capitalization, categories of stock, etc. What is
different is that the ISE requires further documents once the applicant has been considered.
They will need a written confirmation of the number of securities that were allotted if the
number of securities is lower than what is required (Irish Stock Exchange 2012).
As for on-going reporting requirements, the ISE supports the promotion of their listed
companies and must therefore also disclose certain documents. They are also similar with the
TSE such as the final financial documents (balance sheet, income statement, etc.) and the
12
13. reasons why they have chosen a certain corporate governance system (Irish Stock Exchange
2012).
Buying and Selling Procedures
Like TSE, there are different sessions each day for trading stocks at ISE. These are Pre-
trading followed by Opening Auction. Then Continuous Trading takes place followed by
Closing Auction and then Post Trading. The auction price for a stock traded in the closing
auction will be its Official Closing Price. Likewise, the Official Price of the trades that was in
the Opening Auction or in the Continuous Auction and that does not trade in the Closing
Auction will be its last traded price. If however no trades takes place on a particular day, “the
Official Closing Price default to the previous day’s Official Closing Price” (Irish Stock
Exchange 2005).
Size of Stock Market
In 2011, the GDP in Ireland was €156, 487 million worth of GDP. There is an increase of
1.6% from 2010 (Central Statistics Office 2011). Similarly, there was an increase in GDP of
9.2% between 2010 and 2011 in Japan.
Examples of major companies listed in the Irish Stock Exchange are CRH PLC, Glanbia PLC
and Ryanair Holdings PLC. The total number of issued shares in CRH is 726, 455
(thousands) shares, while Glanbia PLC issued 294, 732 (thousands) shares and Ryanair has 1,
454, 262 issued shares to date. (Irish Stock Exchange 2012).
Current Changes
Following the changes that were made in April 2010 by the Financial Service Authority, ISE
had issued a consultation paper which indicates some possible changes that are to occur to the
13
14. structure of ISE Listing Regime. ISE Primary and Secondary markets were proposed to
change to “Premium” and “Standard” respectively. Companies listed in Premium must meet
ISE Listing Rules while Standard listed companies must meet EU Directive minimum
standards only (McMenamin 2011)
10.Conclusion
In a nutshell, this report outlines a summary of the on-going developments and operation
within the Tokyo Stock Exchange, Inc. The findings show that TSE is a very competitive
market, not only compared to ISE but also globally.
14
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