Published On: Thu, Jun 9th, 2011

Japannext (JNX) Fragmentation Update

SBI Japannext (JNX) would like to announce the following updates:

• On 3 June 2011, we recorded a one day surge in our turnover achieving 2.4% TSE market share.
• Since the beginning of 2011, our turnover has been on a solid growth path (see chart). Starting from the month of June and going forward, we will see an accelerated pace of growth in turnover.

Catalysts for the growth are:
• Japan’s largest on‐line securities, SBI Securities with 2.2 million users and over 7% TSE market share will launch SOR on June 27th. We anticipate significant order flows to JNX venue.
• We have started an incentive program for our members. Program period will cover from June 1st through end of September 2011. At the end of this evaluation period, selected top five active participating brokers will be granted with an equity option.
• 5% TOB rule – We are proactively working with regulators on this issue. We hope to see lifting of TOB rule by 1Q12. We will keep you updated.
• Margin trading – We are working closely with SBI Securities and regulators to remove margin trading restrictions on PTS venues. Our target date is 2Q12. We feel confident in convincing regulators of the legitimacy of PTS venues.

Japanese market fragmentation is taking hold at strong pace, already Chi‐X Japan and Japannext combined market share is approaching 5% of TSE’s total volume.

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