(1) Complete dematerialization

The implementation of complete dematerialization has meant reductions in costs involved in the production and custody of notes and in the risks of loss and theft.

(2) DVP settlement

All aspects of the process - issuance, transfer and redemption - have been affected by the implementation of Gross-Gross DVP settlement by means of simultaneous funds and securities settlement linking with the Bank of Japan Financial Network System ("BoJ Net").

(3) STP (Straight Through Processing)

STP has been implemented right through from trade-matching to settlement in tandem with JASDEC's Pre-Settlement Matching System.

(4) Faster issuance and settlement

The period between the decision of the issuance conditions and the issuance date can be made much shorter.

(5) Enhancement of the transaction

The total issue amount can be subdivided into small lots on 'the value of each corporate bond' (=minimum unit of the transfer) basis in a secondary market, in place of each certificate of the former promissory notes

• Short-term corporate bonds
• Short-term investment company bonds (so-called REIT CP)
• Specified short-term corporate bonds issued by SPC, etc.
• Short-term foreign bonds issued by foreign corporations, etc.

• Value of each corporate bond should be equal to or in excess of ¥100 million and a multiple of ¥1 million. The bonds should be issued in Japan and with original issue discount

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