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Tokyo Stock Exchange: Amendment To Delisting Rule For Equity Options Contracts

Date 17/12/2002

Tokyo Stock Exchange, Inc. (TSE) will introduce "minimum liquidity requirement" for equity options contracts in addition to the current delisting rule.
  1. Minimum liquidity requirement
    TSE will be able to delist equity options underlying a certain stock if there is no transaction of such options contracts during a fiscal year (from April through the following year's March). (Subject to an approval of the Commissioner of the Financial Services Agency (FSA)).
    An examination date for such decision on the delisting (hereinafter "examination date") is the end of March.

  2. Last trading day, exercise date and delisted date
    If the delisting on equity options underlying a certain stock is determined, last trading day, exercise date and delisting date for such options contracts shall be set as follows,

    (1) Delisting date
    Second Friday of the following month of the examination date (to be moved up if the delisting date falls on a holiday).

    (2) Last trading day and exercise date
    One business day preceding the above delisting date.

  3. Effective date for new rule
    This new rule is scheduled to be applied from March 2003 (Subject to an approval of the Commissioner of the FSA)