Off- Auction trade of FSE-listed securities

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Summary of FSE Off-Auction trade

FSE conducts three Off- Auction trading methods for listings in: Single issue trading, trading on closing price and off-auction repurchase of treasury stock.

	Single issue trading	Trading at closing price	Off-auction repurchase of treasury stock
Tradable securities	Stock Convertible bonds		Stock, excluding warrants and preferred subscription certificates
Trading hours	（1）8:20 - 9:00 （2）11:30 - 12:30 （3）15:30 - 16:30 Orders accepted during above period	（1）8:50 （2）12:20 （3）16:00 Orders accepted 8:20 - 16:00	8:50 Dissemination of notice of Off-auction repurchase of treasury stock to substitute for Bid orderAsk orders accepted 8:20 - 8:50
Minimum trading units	Same as for Auction trade
Price	（1）8:20 - 9:00 ±7% of closing price (including special quote price or sequential trade quote price as appropriate) in last afternoon session （2）11:30 - 12:30 ±7% of closing price (including special quote price or sequential trade quote price as appropriate) in last morning session （3）15:30 - 16:30 ±7% of closing price (including special quote price or sequential trade quote price as appropriate) in current afternoon session	（1）8:50 Closing price (including special quote price or sequential trade quote price as appropriate) in last afternoon session （2）12:20 Closing price (including special quote price or sequential trade quote price as appropriate) in last morning session （3）16:00 Closing price (including special quote price or sequential trade quote price as appropriate) in current afternoon session	Closing price (including special quote price or sequential trade quote price as appropriate) in last afternoon session
Quote	Integer multiple of ¥ 1	Same as Auction trade
Trade execution	OTC trade Settlement date, price and quantities of units negotiable	Time priority Cross trade orders have priority over other orders	Orders placed by brokers have priority over orders placed by dealers: Purchase volume is proportionally distributed to buyers when total amount of sell order volume exceeds total amount of buy order volume.
Settlement day	T + 2 T + 0 (applicable only for cross trades)	T + 2
Margin trading / stock lending	Orders accepted		Orders not accepted
Order information dissemination	Posted on FSE website
Execution information dissemination	Stock names, prices, executed volumes and times announced through posting on FSE website and by market information provider

Pre-announced off-auction repurchase of treasury stock

A pre-announced off-auction repurchase of treasury stock means that in a repurchase process, the issuer disseminates detailed trading information on the day before a treasury stock repurchase from major shareholders is to be executed in the FSE market.

The FSE off-auction market conducts two types of pre-announced treasury stock repurchase for listed companies: trading on closing price and off-auction repurchase of treasury stock.

In the process of pre-announced off-auction repurchase of treasury stock, listed companies have 3 options of repurchase to choose from.

Double auction market
Trading on closing price
Off-auction repurchase