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Features and Eligible Securities

Features and Eligible Securities

(1) Complete Dematerialization
Issuers are able to issue in dematerialized form and investors are not allowed to request issuance of bond certificates.
Reduction in issuance cost is expected, because no certificates are needed, including sample bond certificates and spare bond certificates.
(2) Book-Entry Transfer System by balance management
Maintenance of smooth settlement by introduction of Book-Entry Transfer System which enables right transfers by electronically recording the increase and the decrease of the balance in the Transfer Account Book, instead of the management of serial numbers.
(3) Multi-layer Holding Structure
Multi-layer holding structure shall be composed of Book-Entry Transfer Institution, Account Management Institutions and investors. Account Management Institutions can be positioned in a multi-layer holding structure in order to enable flexibility of business development for Account Management Institutions and affiliation among international institutions.
(4) DVP(Delivery Versus Payment)
Reduction of settlement risks has been improved due to DVP settlement,from issuance to redemption, including transfers.
(5) STP(Straight-through Processing)
Business operation efficiency has been improved by linking with the pre-settlement matching system (PSMS), which realizes the straight-through processing from trade matching to settlement.

Eligible Securities

  • Corporate bonds
  • Municipal bonds
  • Investment company bonds
  • Corporate bonds issued by mutual companies prescribed in the Insurance Business Act
  • Specified corporate bonds prescribed in the “Law Concerning Liquidation of Assets”
  • Rights that should be represented by bond certificates issued by companies under special law
  • Rights that should be represented by bond certificates issued by any government or by companies in foreign countries, such as Samurai Bonds.
  • Special purpose trust beneficiary rights

For enquiries about the Book-Entry Transfer System for Corporate Bonds, please contact:

  • Book-Entry Transfer Department
    Telephone: +81-3-3661-7193

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