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Japan Exchange Group Medium‐Term Management Plan for FY2013 to FY2015

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Japan Exchange Group Medium‐Term Management Plan for FY2013 to FY2015 Japan Exchange Group Medium‐Term Management Plan for FY2013 to FY2015 March 26, 2013 ©2013‐2015 Japan Exchange Group, Inc. All Rights Reserved. OUR VISION Our Vision is to become "the Most Preferred Exchange in the Asian Region" Secure Overall Competitive Advantage Contribute to Economic Growth in the Asian Region in the Asian Region Secure overall competitive advantage over Aim to support Asian growth and improve other exchanges in the Asian region in JPX's presence in Asian markets through various aspects, including reliability, initiatives including effective utilization of liquidity, number of IPOs, market JPX's mature market infrastructure within capitalization, and profitability the Asian region and cooperative efforts with Asian exchanges Your Exchange of Choice Japan Exchange Group, Inc. Highlight Strategy toward Asia Enhance Communication of Japanese Stock Market Appeal to Asian Investors Develop new indices, strengthen functions of Singapore office, etc. Strengthen Cooperative Relationships with Asian Exchanges, etc. Mutual listing of ETFs and Index Futures and Options, etc. Approach Asian Investors via Enhanced Trading Infrastructure Functionality Improve arrownet accessibility from Asia, etc. Contribute to Asian Economic Development via JPX's Mature Infrastructure Leverage and stimulate the professional‐oriented bond market to respond to the financial needs of emerging Asian countries, etc. Japan Exchange Group, Inc. Highlight Cost Structure Reform A Cost Structure that Flexibly Responds to Market Changes ‐Promotion of Cost Reduction/Variable Costs and Conversion to a Slim Cost Structure‐ Primary Initiatives toward Cost Reductions/Variable Costs Aim for cost Integration of duplicate systems reduction of over JPY 8.5 billion Revision of business bases (15% of Overall Efficiency improvement and structural Company Costs) review of company‐wide operations Japan Exchange Group, Inc. Core Strategies Creation of a New Expansion of Expansion of Japanese Stock Market the Derivatives Market Exchange Business Fields Using the opportunity provided by the Combine the trading infrastructure and Realize the diversification of our market integration, re‐envision the marketing capabilities of both TSE and revenue streams mainly through Japanese stock market as one that OSE and promote ourselves as a expanding our OTC clearing business to develops with the Asian economy comprehensive exchange to become a become the most preferred destination top‐class Asian derivatives market for investments in Asia Early Realization of Integration Benefits Promptly and smoothly integrate market functions and systems, promptly realize synergies (cost reduction, etc.), and establish a more efficient and creative corporate culture Japan Exchange Group, Inc. Core Strategy 1 "Improve the Appeal of Japanese Stocks" Creation of a New Japanese Stock Market Hopes for a Revitalized Goals: Average Daily Trading Value Japanese Stock Market Improve the JPY 1.7 trillion As Japanese stocks are becoming part of the Asian sector, the Japanese stock market has a Appeal of JPY 1.55 trillion diminished presence compared to the past. Meanwhile there are Japanese Medium‐Term Management increasing domestic expectations Plan (FY2013‐FY2015) for wealth building via investment Stocks in Japanese stocks. FY2012 Forecast FY2013 FY2014 FY2015 (Total of Auction/Off‐Auction Market) Japan Exchange Group, Inc. 6 Initiatives to "Improve the Appeal of Core Strategy 1: Japanese Stocks" Promote Appeal of Enhance Global Valuation Maintain World‐class 1 Japanese Stocks Globally 2 of Japanese Stocks 3 Competitive Edge of Systems Develop New Stock Price Indices Enhance Corporate Governance Renew arrowhead • Develop and commence calculation of new • Revise listing rules, increase awareness of the • Further improve latency (processing speed), indices composed of highly attractive listed Listed Company Awards, and promote reinforce risk management functions in companies [FY2013] understanding of efforts for corporate accordance with electronic/high speed trading • Broaden familiarity with new indices and governance through individual visits to [FY2015] improve their recognition/awareness [FY2014] institutional investors Revitalize Market through Propose policy Expansion of ETF/J‐REIT 456Trading Participant recommendations from a Markets Diversification market‐based perspective Revision to Tick Sizes/Trading Hours Propose Policy Recommendations Promote Diversification of and • Implement Small Tick Pilot Program to Enhance Japanese Market Investment in ETF/J‐REIT Products (Experimental trading rules using smaller tick Functions • Establish a top‐class ETF market in terms of sizes) [FY2013] • Propose policy measures via meetings with managed amount and diversity, and secure • Start serious discussions for rules and systems of market experts [FY2013] position as the world's 3rd largest REIT evening/night‐time cash markets [FY2013] • Pro‐actively disseminate such proposals to global market [FY2015] • Review tick sizes in the Markets [FY2015] media, etc. Japan Exchange Group, Inc. Core Strategy 1: "Promote IPOs" Creation of a New Japanese Stock Market Expectations for Fund Supply Support Corporate Growth to Growth Companies through IPO Promotion Promotion of innovation and Promote Listing Support Activities support of small and medium‐ Promotion of size corporations are • Implement "seeding" activities prior to indispensable for the strong listing preparation, offer "Growth stage‐ Japanese economy, and IPOs based support" to candidates for listing, expectations are rising for and extend "growth support" after listing IPOs to support growth. Japan Exchange Group, Inc. "Initiative toward a Comprehensive Exchange" Core Strategy 2: and "New Product Development, etc." Expansion of the Derivatives Market Initiatives toward Emphasis on Derivatives Businesses Goal : Annual Trading Volume a Comprehensive 400 million Derivatives markets are expanding Exchange contracts globally, and major exchanges are shifting focus toward derivatives 270 million businesses. However, the Japanese contracts derivativesmarket‘sglobalposition Medium‐Term Management remains low, particularly in the field Plan (FY2013‐FY2015) of commodities, where trading New Product volume is markedly falling. Development, FY2012 Forecast FY2013 FY2014 FY2015 etc. Japan Exchange Group, Inc. 4 Initiatives for "A Comprehensive Exchange" Core Strategy 2: and "New Product Development, etc." Expand into Commodity Further Enrich Derivatives 1 Derivatives Fields 2 Product Lineup Revitalize the Commodities Market Develop Overseas Index Products • Encourage concerned parties to revise rules and • Enrich/expand JGB‐related products, and launch regulations which impede expansion of the derivatives products which target overseas commodity derivatives market, and enter into indices, etc. the field of commodities on a full scale • Develop/launch new products to cover OTC trades • Conduct marketing and promotion activities targeting market participants to secure liquidity for new products Dynamically Improve Rules Construct a New Market Design 3 upon Market Integration 4 Review Derivatives Market Rules Discuss Next‐Generation and Frameworks Derivatives Trading System • Develop rules and frameworks, review fee • Formulate the implementation timeline and structure, and extend trading hours, etc. in basic schedule for a next‐generation connection with the derivatives market derivatives trading system integration • Determine basic policies for new rules and new • Use the system integration as an opportunity to functions to accompany launch of a next‐ expand market participants and promote new generation derivatives trading system participation in the JGB Futures and TOPIX Futures markets Japan Exchange Group, Inc. "Expansion of Clearing Business" and "Preparation of New Core Strategy 3 Product Platforms, etc." Diversify Earning Sources via Expansion of Expansion of Exchange Business Fields 1 Clearing Business Rule Revisions to Expand Use of OTC Derivatives Clearing • Start client clearing (Clearing of customer trading) [FY2013] • Commence handling of products such as foreign‐currency‐ denominated Interest Rate Swaps, etc. [FY2014] • Introduce Cross‐Margin rules for JGB Futures and Interest Rate Swaps, etc. [FY2015] Demands for Improved Expansion of Earning Power Clearing Expand Project Finance for Infrastructure Given the lower level of 2 Business JPX's earning power Business Establish Rules for Listed Infrastructure Market and Realize Listings compared to other • Determine market needs and respond to challenges for full scale market major global exchanges, creation, and implement individual promotion/listing support targeting shareholders are domestic/overseas originator candidates based on such determination and demanding an response. Then establish a competitive foundation against other Asian markets [FY2015] improvement of earning Preparation of capacity, including the Contribute to Eliminating the Supply and expansion of exchange New Product 3 business fields. Demand Gap for Finance in Asian Countries Platforms, etc. Utilize/Invigorate PRO‐BOND Market • Secure position as top‐class professional‐oriented bond market in Asia through enhancement of market convenience and cultivation of new issuers and investors mainly in Asia [FY2015] Japan Exchange Group, Inc. Continuous Medium‐to‐Long Term Initiatives Creation of a Market with High Liquidity via Expanding Individual Investor Base Expand Individual Investor Base for Improve Image of Derivatives and
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