State of affairs up to date of the Special Committee, etc.

Special Committee on derivatives

Date of meetingContents and items of discussion
The 1st meeting
(December 5, 1995)
-Bureau explanation

How to proceed with discussions in the future

Background of the establishment of the committee

-Explanation of the "Derivative international seminar Osaka"

Committee member, Mr. Seki (Vice chairperson, the Japan Securities Dealers Association)

The 2nd meeting (December 25, 1995)Theme: "Concerning security firm's risk management of derivative transactions"

-Report explanation

"Concerning the results of the research of the turnover of financial derivatives"

Committee member, Mr. Kinoshita (Sales department chief, the Bank of Japan)

-Bureau explanation

"Concerning administrative handling relating to security firm's derivative and risk management"

-Opinion statement

Committee member, Mr. Kawakami (Managing director, Daiwa Securities)

Committee member, Mr. Kawamura (Managing Director, Salomon Brothers-Asia Securities, Manager Tokyo office)

The 3rd meeting
(January 26, 1996)
Theme: "Security firm's accounting control" (Part 1)

-Opinion statement

Committee member, Mr. Otsuka (Professor, Waseda University)

Committee member, Mr. Teranishi (Managing director, Nomura Securities)

-Bureau explanation

"Concerning the entry of the market price method into security firm's trading duties"

The 4th meeting
(February 6, 1996)
Theme: "Security firm's accounting control" (Part 2)

-Q&A

-Compiled report

The 5th meeting
(March 13, 1996)
Theme: "Concerning the form of disclosures relating to derivative transactions"

-Bureau explanation

"The current situation and problems of disclosures relating to derivative transactions"

-Explanation concerning the report on "research groups concerned with the form of disclosures relating to derivative transactions"

Committee member, Mr. Nakajima (Managing director, Business Finance System Research Group)

-Opinion statement

Mr. Ishiomaru (Managing director, Nikko Securities)

The 6th meeting
(April 19, 1996)
Theme: "The relation between clients and distributors in derivative transactions"

-Bureau explanation

"The relation between clients and sales distributors in derivative transactions"

-Opinion statement

Mr. Scott Anshaw (Morgan Stanley, Japan)

Committee member, Mr. Kawanabe (Managing Director, Vice-president, Yamaichi Securities Investment Trust/Entrust)

The 7th meeting
(May 14, 1996)
Theme: "Concerning the improvement of risk management of futures/options transactions in the stock exchange market" (Part 1)

-Bureau explanation

"Concerning the improvement of risk management of futures/options transactions in the stock exchange market"

-Opinion statement

Committee member, Mr. Noguchi (Representative Director, Osaka stock exchange market)

Committee member, Mr. Kawakami (Managing Director, Daiwa Securities)

The 8th meeting
(May 24, 1996)
Theme: "Concerning the improvement of risk management of futures/options transactions in the stock exchange market" (Part 2)

-Opinion statement

Committee member, Mr. Hanzawa (Managing Director, Tokyo Stock Exchange)

Committee member, Mr. Kawamura (Managing Director, Solomon Brothers-Asia Securities, Manager Tokyo office)

-Bureau explanation

Main outline report, "Concerning the improvement of risk management of futures/options transactions in the stock exchange market"

The 9th meeting
(June 4, 1996)
Theme: "Concerning the improvement of risk management of futures/options transactions in the stock exchange" (Part 3)

-Q&A

-Compiled report

The 10th meeting
(October 18, 1996)
Theme: "The diversification of derivative transactions" (Part 1)

-Bureau explanation

Explanation of rule and regulation revisions in the two reports appearing before

Explanation of foreign/domestic stock related derivative products

-Opinion statement

Needs in derivative transactions

Committee member, Mr. Saito (Managing Director, Vice-President, Nomura Securities)

Committee member, Mr. Tabei (Managing Director, Daiichi Life Insurance)

Committee member, Mr. Fukuma (Senior Managing Director, Mitsui & Co., Ltd.)

-Q&A

The 11th meeting (November 26, 1996)Theme: "The diversification of derivative transactions" (Part 2)

-Opinion statement

Derivative transactions in the foreign securities market

Mr. Shimizu (Secretary-General, CME/CBOT Tokyo)

Committee member, Mr. Kawakami (Managing Director, Daiwa Securities)

The relation between stock exchange transactions and over-the-counter transactions

Mr. Yonezawa (Professor, Tsukuba University)

-Q&A

The 12th meeting (December 11, 1996)Theme: "The diversification of derivative transactions" (Part 3)

-Bureau explanation

Introduction of "Discussion points arranged" of the (November 29) General Committee

Concerning the entry of private stock option transactions into the stock exchange

-Opinion statement

Committee member, Mr. Mikajiri (Representative Director, Vice-president, Shin-Nihon Securities)

Committee member, Mr. Fujisawa (Representative Director, Vice-president, The Industrial Bank of Japan, Limited)

Committee member, Mr. Kawanabe (Representative Director, Vice-president, Yamaichi Securities Investment Trust/entrust)

Committee member, Mr. Hanzawa (Managing Director, Tokyo Securities)

Committee member, Mr. Noguchi (Representative Director, Osaka Securities)

-Q&A

-Presentation of an official draft announcement from the Chairperson ("Concerning the entry of individual stock option transactions into the stock exchange")

-Approval of the official draft announcement

The 13th meeting
(January 28, 1997)
Theme: "The diversification of derivative transactions" (Part 4)

-Bureau explanation

Explanation of discussion points concerning over-the-counter transactions

-Opinion statement

Explanation of over-the-counter transactions' diversified products

Mr. Yamamoto (Managing Director, Nikko Securities)

Main discussion points up to the present concerning over-the-counter derivative transactions

Mr. Yoshikawa (Chief research member, Nihon Securities Economic Research Iinstitute Osaka)

-Q&A

The 14th meeting (February 25, 1997)Theme: "The diversification of derivative transactions" (Part 4)

-Opinion statement

Concerning fair transaction rules in over-the-counter derivative transactions

Mr. Mark Ofril (Managing Director, Morgan Stanley Japan Ltd.)

Committee member, Mr. Hanzawa (Managing Director, Tokyo Stock Exchange)

Committee member, Mr. Seki (Vice-chairperson, the Securities Business Association of Japan)

-Q&A


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