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Introduction of New Conditional Orders (IOC orders) at TSE

Tokyo Stock Exchange (TSE) will introduce IOC orders as a new type of conditional order on January 24, 2011.
 IOC orders will be available for auction trading of all cash products (equities, CBs, etc.)
 TSE expects that by introducing a new type of conditional order, in addition to the existing conditional orders (orders to be executed in the opening or closing auction, and limit orders that will be converted into market orders at the closing auction if not yet executed), will further increase the convenience of the investors in the market.

IOC orders are orders with the condition to immediately execute all or part of the quantity of the order at a specified
or better price and the remaining unexecuted quantity of such order will become void.

Orders to be executed in the opening auction
An order with the condition to execute during the opening auction of the morning or afternoon session.
• These orders are only effective during the opening auction. If they are not executed during the opening auction, they will become invalid.
• In addition, in the case of such order was placed during the morning session,
however, no transaction was executed during the morning session (i.e. opening price was not determined), such order will be brought over to the afternoon session.

Orders to be executed in the closing auction
• An order with the condition to execute during the closing auction of the morning or afternoon session.
• These orders are only effective during the closing auction. If they are not executed during the closing auction, they will become invalid.
• In addition, in the case where such order was placed for the morning session and was not executed during the closing auction of the morning session, such order will not be brought over to the afternoon session.

Limit orders that will be converted into market orders at the closing auction if not yet executed (funari orders)
An order that is effective as a limit order during the continuous trading sessions, and in the case where it is not executed during continuous auction (Zaraba), it will be converted into a market order to be executed during the closing auction of the morning or afternoon session.

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