A financial instruments exchange may use a standardized instrument as set forth in Article 2, paragraph (24), item (v) for market derivatives transactions, in accordance with the articles of incorporation.
In the case referred to in the preceding paragraph, the financial instruments exchange must make provisions in its operational rules for the conditions of the standardized instrument and necessary particulars otherwise relevant to transactions in standardized instruments.
A financial instruments exchange (or, if it is specified in the articles of incorporation that the financial instruments exchange will have another financial instruments clearing organization perform financial instruments obligation assumption service with regard to all or part of the market derivatives transactions on its financial instruments exchange markets (excluding those designated by the Prime Minister; hereinafter the same applies in this Article), the financial instruments clearing organization that performs financial instruments obligation assumption services for market derivatives transactions; the same applies in paragraph (4)), pursuant to the provisions of Cabinet Office Order, must receive a deposit of clearing margin for a market derivatives transaction from the person specified in each of the following items in accordance with the category of cases set forth in that item:
a member, etc. conducts a market derivatives transaction on its own account; or a member, etc. conducts a market derivatives transaction with which it has been entrusted, after receiving a deposit of customer margin based on the provisions of paragraph (3):the member, etc.;
a member, etc. conducts a market derivatives transaction with which it has been entrusted (excluding a market derivatives transaction with which the member, etc. has been entrusted by a person that has undertaken brokerage (hereinafter referred to as a "broker" in this Article) for entrusting a market derivatives transaction to that member, etc. (hereinafter referred to as a "brokered market derivatives transaction" in this Article); hereinafter the same applies in this item) (other than in a case specified in the preceding item):the person entrusting the market derivatives transaction (meaning the person that entrusts a member, etc. with a market derivatives transaction, which is not a broker; hereinafter the same applies in paragraph (3));
a member, etc. conducts a brokered market derivatives transaction with which it has been entrusted by a broker that has received a deposit of brokerage margin based on the provisions of the following paragraph (other than in a case specified in item (i)):the broker; or
a member, etc. conducts a brokered market derivatives transaction (other than in a case specified in item (i) or the preceding item):the person that requested the broker to broker the entrustment of the brokered market derivatives transaction (hereinafter referred to as the "applicant" in this Article).
Pursuant to the provisions of Cabinet Office Order, a broker may have an applicant deposit a brokerage margin with the broker for undertaking to broker the entrustment of a market derivatives transaction.
Pursuant to the provisions of Cabinet Office Order, a member, etc. may have the person entrusting a derivatives transaction or the broker (or the applicant, if the market derivatives transaction falls under the category of a brokered market derivatives transaction with which a member, etc. is entrusted by a broker that has not a deposit of brokerage margin from the applicant based on the provisions of the preceding paragraph) deposit customer margin with the member, etc. in connection with its becoming entrusted with a market derivatives transaction.
A financial instruments exchange must manage the clearing margin that has been deposited with it based on the provisions of paragraph (1) pursuant to the provisions of Cabinet Office Order.
Securities and other instruments prescribed by Cabinet Office Order may serve as the clearing margin referred to in paragraph (1), brokerage margin referred to in paragraph (2), and customer margin referred to in paragraph (3), pursuant to the provisions of Cabinet Office Order.
The provisions of Article 115, paragraph (1) apply mutatis mutandis to the clearing margin referred to in paragraph (1) (limited to that which is specified by Cabinet Office Order). In this case, in Article 115, paragraph (1), the phrase "purchase and sale of securities or market derivatives transaction" is deemed to be replaced with "market derivatives transaction".
第百二十条
(臨時の取引所金融商品取引の開始等の届出)Notification of the Irregular or Temporary Start of an Exchange's Financial Instruments Transactions
If a financial instruments exchange has irregularly or temporarily opened, closed, or suspended the purchase and sale of securities or market derivatives transactions or cancelled such a suspension, it must notify the Prime Minister of this, for each financial instruments exchange market operated by the financial instruments exchange, without delay.
If a financial instruments exchange seeks to list securities for purchase and sale or to list financial instruments, etc. for market derivatives transactions, it must notify the Prime Minister of this for each financial instruments exchange market on which it seeks to list them.
If a financial instruments exchange holding company seeks to list the securities issued by the financial instruments exchange for purchase and sale, or to list such securities, financial indexes connected to them or options on them for the purpose of market derivatives transactions, on a financial instruments exchange market or on a market specified by Cabinet Order (other than a financial instruments exchange market operated by the relevant financial instruments exchange, by a financial instruments exchange that is the subsidiary company of the relevant financial instruments exchange, by a financial instruments exchange in which the relevant financial instruments exchange holds a number of subject voting rights that is equal to or greater than the threshold holding ratio of all shareholders' voting rights, by a financial instruments exchange that is the subsidiary company of a person in which the relevant financial instruments exchange holds a number of subject voting rights that is equal to or greater than the threshold holding ratio of all shareholders' voting rights, or by a financial instruments exchange that has the relevant financial instruments exchange as its subsidiary company), it must obtain the approval of the Prime Minister for the listing, for each financial instruments exchange market or for each of the markets prescribed by Cabinet Order on which it seeks to list them; provided, however, that this does not apply if such listing is made based on an order under the provisions of Article 125.
If an application is filed for the approval referred to in the preceding paragraph and the Prime Minister finds that the listing to which the application pertains is likely to impair the sound and appropriate operation of the business of the financial instruments exchange, or a financial instruments exchange that is its subsidiary company, the Prime Minister must not grant the approval referred to in that paragraph.
第百二十三条
(金融商品取引所持株会社等への準用)Application, Mutatis Mutandis to Financial Instruments Exchange Holding Companies
The provisions of the preceding Article apply mutatis mutandis to a financial instruments exchange holding company. In this case, in Article 122, paragraph (1), the phrase "operated by the relevant financial instruments exchange, by a financial instruments exchange that is the subsidiary company of the relevant financial instruments exchange, by a financial instruments exchange in which the relevant financial instruments exchange holds a number of subject voting rights that is equal to or greater than the threshold holding ratio of all shareholders' voting rights, by a financial instruments exchange that is the subsidiary company of a person in which the relevant financial instruments exchange holds a number of subject voting rights that is equal to or greater than the threshold holding ratio of all shareholders' voting rights, or by a financial instruments exchange that has the relevant financial instruments exchange as its subsidiary company" is deemed to be replaced with "operated by a financial instruments exchange that is the subsidiary company of the financial instruments exchange holding company, by a financial instruments exchange in which the financial instruments exchange holding company holds a number of subject voting rights that is equal to or greater than the threshold holding ratio of all shareholders' voting rights, by a financial instruments exchange that is the subsidiary company of a person in which the financial instruments exchange holding company holds a number of subject voting rights that is equal to or greater than the threshold holding ratio of all shareholders' voting rights, or by a financial instruments exchange that has the financial instruments exchange holding company as its subsidiary company", and in Article 122, paragraph (2), the phrase "the financial instruments exchange, or a Financial Instruments exchange that is its subsidiary company" is deemed to be replaced with "a financial instruments exchange that is its subsidiary company".
The provisions of the preceding Article apply mutatis mutandis to a parent commodity exchange, etc. In this case, in Article 122, paragraph (1), the phrase "operated by the relevant financial instruments exchange, by a financial instruments exchange that is the subsidiary company of the relevant financial instruments exchange, by a financial instruments exchange in which the relevant financial instruments exchange holds a number of subject voting rights that is equal to or greater than the threshold holding ratio of all shareholders' voting rights, by a financial instruments exchange that is the subsidiary company of a person in which the relevant financial instruments exchange holds a number of subject voting rights that is equal to or greater than the threshold holding ratio of all shareholders' voting rights, or by a financial instruments exchange that has the relevant financial instruments exchange as its subsidiary company" is deemed to be replaced with "operated by a financial instruments exchange that is the subsidiary company of the relevant parent commodity exchange, etc., by a financial instruments exchange in which the relevant parent commodity exchange, etc. holds a number of subject voting rights that is equal to or greater than the threshold holding ratio of all shareholders' voting rights, by a financial instruments exchange that is the subsidiary company of a person in which the relevant parent commodity exchange, etc. holds a number of subject voting rights that is equal to or greater than the threshold holding ratio of all shareholders' voting rights, or by a financial instruments exchange that has the relevant parent commodity exchange, etc. as its subsidiary company", and in Article 122, paragraph (2), the phrase "the financial instruments exchange, or a financial instruments exchange that is its subsidiary company" is deemed to be replaced with "the financial instruments exchange that is a subsidiary company of the relevant parent commodity exchange, etc.".