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(Provisional translation)
October 14, 2008
Financial Services Agency

FSA requests enhancement of disclosure on information regarding short selling at the exchanges

  1. In Japan, the following restrictions have already been in place with regard to trading of all listed stocks:

    • 1) Traders are required to verify and mark whether or not the transactions in question are short selling.

    • 2) As an "uptick rule requirement," short selling are prohibited, in principle at prices no higher than the latest market price announced by the stock exchange concerned.

      The above restrictions remain in place today.

  2. The Financial Services Agency (FSA) has already expressed its intention to cooperate with the Securities and Exchange Surveillance Commission and the stock exchanges to conduct a thorough monitoring of market manipulation and other market abuse, including stricter enforcement of restrictions on short selling.
  3. In addition to these measures, from the viewpoint of ensuring market transparency and facilitating the monitoring of market activities, the FSA has now requested exchanges to enhance their disclosure on information regarding short selling as follows:
Current disclosure New Disclosure
Aggregate price of short shelling regarding all securities (on a monthly basis) → Aggregate price of short selling regarding all securities, and aggregate price of short selling by sector (33 sectors in total) (on a daily basis)

Contact:

Financial Services Agency
E-mail: foreignpr@fsa.go.jp

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