Fact Book 2004
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FACT BOOK 2004 Tokyo, where the world trades 2003 TSE STATISTICAL HIGHLIGHTS Stock Market Listed Companies [Domestic] ........................................................................................... 2,174 [Foreign] .................................................................................................... 32 Newly Listed Companies [Domestic] .............................................................................................. 120 Market Value (¥ bils.) [Domestic] ...................................................................................... 316,483 Trading Value (¥ bils.) [Domestic] ....................................................................................... 242,371 [Foreign] .................................................................................................... 24 Trading Volume [Domestic] ................................................................................ 316,124,248 (thous. shs.) [Foreign] ............................................................................................... 6,419 Derivative Markets Trading Volume (¥ bils.) [5-Year Japanese Government Bond Futures] ........................................... — [10-Year Japanese Government Bond Futures] ............................ 6,382,215 [20-Year Japanese Government Bond Futures] ........................................ — (contracts) [Options on Japanese Government Bond Futures] ......................... 972,518 [TOPIX Futures] ............................................................................ 9,359,047 [TOPIX Sector Index Futures] .......................................................... 141,055 [TOPIX Options] ................................................................................. 98,137 [Equity Options] ............................................................................... 296,574 Open Interest (¥ bils.) [5-Year Japanese Government Bond Futures] ........................................... — [10-Year Japanese Government Bond Futures] ................................. 50,849 [20-Year Japanese Government Bond Futures] ........................................ — (contracts) [Options on Japanese Government Bond Futures] ........................... 17,051 [TOPIX Futures] ............................................................................... 295,606 [TOPIX Sector Index Futures] ................................................................. 401 [TOPIX Options] ...................................................................................... 490 [Equity Options] ................................................................................. 15,950 Bond Market Listed Issues [Domestic] .............................................................................................. 481 [Foreign] ...................................................................................................... 2 Market Value (¥ bils.) ......................................................................................................... 463,261 Trading Value (¥ bils.) ............................................................................................................. 1,070 Trading Volume (¥ bils.) ............................................................................................................. 1,021 (Par Value) High 1,105.59 Oct. 20 TOPIX (Tokyo Stock Price Index) Low 770.62 May 11 Year-end 1,043.69 (+200.40) Liability While every effort has been taken to ensure that the data contained in this FACT BOOK 2004 is free from error, TSE does not accept any responsibility for any damages or losses suffered as a result of using any of the data in any way. TABLE OF CONTENTS STOCK MARKET THE............................................................................................................................... YEAR 2003 IN REVIEW ................ 1 STOCK MARKET TRENDS STOCK PRICE Stock Trading Activities....................................................................................................... 2 Trading Volume & Value / Active Stocks / Transactions by Investment Sectors / All Domestic Stock Exchanges / TSE Foreign Stock Market / Major International Markets Trading Mechanism.............................................................................................................. 7 LISTING Order-Driven Market / Trading Unit / Tick Size, Daily Price Limit / System Diagram / Computer Trading / Margin Transactions / Off-Hours Trading Clearing & Settlement ....................................................................................................... 15 Clearing & Settlement / Clearing & Settlement of Foreign Stocks MARKETS DERIVATIVE STOCK PRICE TRENDS TOPIX (Tokyo Stock Price Index) ...................................................................................... 18 TOPIX (Daily Closing 2003) ................................................................................................ 19 TOPIX Subindices ............................................................................................................... 20 BOND TOPIX New Index Series.................................................................................................... 22 MARKETS Stock Price Averages and Other Key Indices ................................................................... 23 Arithmetic Stock Price Average / Weighted Stock Price Average / PER / PBR / Dividend Yields LISTING Listing Regulations ............................................................................................................ 26 INVESTORS Listing Criteria / Numerical Criteria / Listing Fees Mothers ............................................................................................................................... 30 Listing Criteria / Delisting Criteria / Listing Fees Foreign Stocks .................................................................................................................... 32 Listing Criteria / Listing Fees SECURITIES COMPANIES Investment Trusts .............................................................................................................. 34 ETF / REIT Listed Companies ............................................................................................................... 36 Overview / Newly Listed, Delisted & Section Assignments / Listed Foreign Companies / TAXATION SECURITIES Listed Company Awards Financing ............................................................................................................................. 42 Equity / Debt CAPITAL FLOW CAPITAL CROSS BORDER DERIVATIVE MARKETS Derivative Markets in TSE ................................................................................................. 44 Trading Activities & Contract Specifications ................................................................... 45 TOPIX Futures / S&P / TOPIX 150 Futures / TOPIX Sector Index Futures / TOPIX Options / DATA Equity Options / JGB Futures / Options on JGB Futures HISTORICAL Coordination between Cash & Derivative Markets ........................................................ 57 Temporary Trading Halts / Temporary Restriction on Index Arbitrage Trading / Index Arbitrage & Program Trading REGIONEL GLOBAL AND BOND MARKETS ORGANIZATIONS Bond Trading Activities ..................................................................................................... 60 Trading Volume and Yields / Convertible Bonds Trading Specifications ....................................................................................................... 62 LIST TRADING Listing Regulations ............................................................................................................ 63 PARTICIPANT Listing & Delisting Criteria / Listing Fees MARKET STOCK STOCK PRICE TRENDS INVESTORS Shareownership ................................................................................................................. 66 By Market Value / Number of Shareholders Investment Plans ................................................................................................................68 LISTING Employee Stock Ownership Financial Assets of Individuals .......................................................................................... 69 SECURITIES COMPANIES DERIVATIVE Overview of Securities Companies .................................................................................. 70 MARKETS Requirements / Business Offices / Shareholders’ Equity / Workforce / Number of Member Companies in Each Stock Exchange Income Statements of TSE Trading Participants ............................................................ 71 MARKETS SECURITIES TAXATION BOND Tax on Capital Gain ............................................................................................................ 72 Tax on Dividends, Interest ................................................................................................. 73 CROSS BORDER CAPITAL FLOW INVESTORS Securities Investment ........................................................................................................ 74 Foreign Investment in Japanese Securities / Foreigners’ Stock Trading on Japanese Stock Exchanges by Regions / Japanese Investment in Foreign Securities COMPANIES SECURITIES HISTORICAL DATA Historical Highlights...........................................................................................................77 Stock Trading Volume (Domestic Stocks) ......................................................................