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-Dematerialized New System- Book-Entry Transfer System for Stocks, etc.

-Dematerialized New System- Book-Entry Transfer System for Stocks, etc. Kohshi Nagaoka Japan Securities Depository Center, Inc. July 3, 2009. Dhaka, Bangladesh. ACG Cross-Training Seminar Organized by Exchange of Information Task Force. TANSU. Stock Dematerialization Overview.

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-Dematerialized New System- Book-Entry Transfer System for Stocks, etc.

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  1. -Dematerialized New System-Book-Entry Transfer System for Stocks, etc. Kohshi Nagaoka Japan Securities Depository Center, Inc. July 3, 2009. Dhaka, Bangladesh ACG Cross-Training SeminarOrganized by Exchange of Information Task Force

  2. TANSU Stock Dematerialization Overview January 5, 2009 Japanese listed Stocks were dematerialized. JASDEC provides several new services under Dematerialized New System.

  3. Dematerialization of Securities Certificates • Benefits of Dematerialization • Elimination of costs (printing, stamp duty, registration) • Removal of risk (loss, robbery, forgeries) • Implementation • 2003 : CP • 2006 : Corporate Bond • 2007 : Investment Trust • 2008 : ETF • 2009 : Stocks, etc

  4. These financial instruments were dematerialized at Jan 5, 2009 • Stocks • Bonds with Share Option (CB) • Investment Units (REIT) • Preferred Equity Investment

  5. Statistics of Depository and Book-Entry Transfer System“Pre-Dematerialization” Dematerialized New System, Book-Entry Transfer System for Stocks, etc., implemented. January 5, 2009

  6. Issuer Shareholder Registry Number of Shares Notice of Beneficial shareholders Name Address Request for Registration Participant Participant Customer Customer Customer Account transfer What is Depository and Book-Entry Transfer System?“Pre-Dematerialization” Beneficial Shareholder Registry JASDEC Shareholders (Owner of stock certificate)

  7. What is Book-Entry Transfer System for Stocks, etc.?-Dematerialized New System- Issuer Shareholder Registry Custodian Bank Financial Institution Financial Institution Financial Institution Account transfer Customer Customer Customer Customer Customer Uniform Management Multi-Layer Holding Structure JASDEC Direct AMI Direct AMI Indirect AMI Indirect AMI Indirect AMI AMI : Account Management Institution

  8. Transfer Account Book A Stock Exchange C Securities Direct AMI B Securities (Self Account 40) Participant A Holding Account Pledge Account Customer Account 20 0 35 Transfer Account Book Participant A Indirect AMI C Securities (Self Account 45) Participant B Holding Account Pledge Account Self Account Holding Account Pledge Account 35 0 45 0 Participant B How doesMulti-Layer Holding Structure work? Transfer Account Book JASDEC A Stock Exchange B Securities Holding Account Pledge Account Self Account Customer Account Holding Account Pledge Account 50 0 40 0 100 AMI : Account Management Institution

  9. Number of Account Management Institution

  10. Shareholder Registry A Beneficial Shareholder Registry A B B C C Shareholder Registry A Shareholder Registry B Shareholder Registry C Beneficial Shareholder Notice Request for Registration Participant Information Participant F Participant G AMI F AMI G AMI I What is Uniform Management? Old System New System Issuer A Issuer B Issuer C Issuer A Issuer B Issuer C complicated & inefficient Administrator of Shareholder Registry D Administrator of Shareholder Registry E Administrator of Shareholder Registry D Administrator of Shareholder Registry E Integration Participant Account Information JASDEC Data for reporting Shareholder Information Integration Participant Account Information Shareholder / Beneficial Shareholder H Shareholder H

  11. OBLIGATED “NOT perform of duties” “NOT perform of duties” Joint and Several Guarantee Trust Contract Joint and Several Guarantee compensation claim claim compensation Assessment Protection from AMI’s Miss Record Miss Record JASDEC AMI bankrupt bankrupt Participant AMI “Perform of duties” AMI Participant Participant Participant Protection Trusts Trustee Order to Pay Supervise Operating Committee Trustee Supervisor

  12. Broker Broker Broker Custodian Bank Custodian Bank JASDEC’s Role in Japanese Securities Market Non-Exchange Trade Non-Exchange Trade Exchange Trade Exchange Trade 【Market】 【Market】 Trade Data Trade Data Trade Data Trade Data Stock Exchange Stock Exchange JASDEC (PSMS) JASDEC (PSMS) 【Matching】 【Matching】 JDCC (DVP Clearing) Gross-Net JDCC (DVP Clearing) Gross-Net JSCC (DVP Clearing) Net-Net JSCC (DVP Clearing) Net-Net 【Clearing】 【Clearing】 Securities Settlement Securities Settlement Cash Settlement Cash Settlement 【Settlement】 【Settlement】 JASDEC Bank of JAPAN

  13. Securities Market Infrastructure in Japan G=gross N= net RTGS: Real Time Gross Settlement BOJ: Bank of Japan JGBCC : Japanese Government Bond Clearing Corporation JSCC: Japan Securities Clearing Corporation JDCC: JASDEC DVP Clearing Corporation PSMS: Pre-Settlement Matching System

  14. Question & AnswerThank you

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