Information on Outstanding Short Selling Positions
Tokyo Stock Exchange (hereinafter referred to as "TSE") In response to the partial revision of the Financial Instruments and Exchange Law Enforcement Order, etc. (Note 1) in connection with the strengthening of short selling regulations, on and after November 7, 2008, (1) investors (Note 2) provide trading participants (Note 3) with A "balance information on designated securities sold short (Note 4)" and B "trade name, name or full name, and address or location", and (2) trading participants provide TSE with this information. (2) Trading participants provide TSE with this information.
TSE publishes information on the outstanding short selling positions through the website in cases where outstanding short selling position ratios included in (A) information on outstanding short selling positions for designated securities are 0.5% or more.
Below are explanations on how investors provide (A) information on outstanding short selling positions for designated securities and (B) trade name or name and address or location of the short seller, as well as on how TSE to publishes the information on outstanding short selling positions.
- The investor means a "person who has applied for brokerage" out of a "person who has applied for brokerage or intermediation of brokerage for short selling" as prescribed in Article 26-5, Paragraph 4 of the Order for Enforcement of the Financial Instruments and Exchange Act.
In the event that a "person who has applied for brokerage" has "applied for intermediation of brokerage", such person shall provide the above (A) and (B) to a "person who has accepted intermediation of brokerage for short selling" as prescribed in Article 26-5, Paragraph3 of the Order (meaning financial instruments business operators, etc, other than trading participants of the exchanges). Then, the "person who has accepted intermediation of brokerage for short selling" shall provide such information to trading participants.
- The trading participants mean "members, etc. of financial instruments exchange" as prescribed in Article 26-5, Paragraph 1 of the Order for Enforcement of the Financial Instruments and Exchange Act.
- The information on outstanding short selling positions for designated securities means "outstanding information (meaning information specified by a Cabinet Office ordinance as information concerning outstanding short selling positions) as prescribed in Article 26-5, Paragraph 1 item 1 of the Order for Enforcement of the Financial Instruments and Exchange Act.
- "Balance information (information on the balance of short sales as defined by a Cabinet Office Ordinance)" as defined in Article 26-5, Paragraph 1, Item 1 of the Enforcement Order of the Financial Instruments and Exchange Law. (means information specified by a Cabinet Office Ordinance as information concerning the balance of short sales)
How Investors are to Provide Information on Outstanding Short Selling Positions to Trading Participants
Investors are required to provide (A) their "outstanding short selling positions for designated securities" and (B) "their names and addresses" to trading participants by 10:00 a.m. of the second business day from the day on which the short selling has been conducted (meaning 10:00 a.m. of the second business day following the "date for calculating outstanding short selling position ratios" prescribed in Article 15-3, Paragraph 1, Item 5 of the Cabinet Office Ordinance on Restrictions on Securities Transactions, etc. (hereafter the "Ordinance").
Investors are required to provide the aforementioned information in accordance with (A) & (B) in the table below.
Note, however, that if the short seller is not an individual, the information in (B) is not required.
| (A) Information on outstanding short selling positions for designated securities |
(B) Trade name or name and address or location of short seller |
- Name of short seller [Art.15-3, Para.1, Item 1 of the Ordinance]
- Address or location [Art.15-3, Para.1, Item 2 of the Ordinance]
- Issue names (including issue codes) [Art.15-3, Para.1, Item 4 of the Ordinance]
- The date for calculating outstanding position ratios [Art.15-3, Para.1, Item 5 of the Ordinance]
- The number of outstanding short selling positions and the number of such by trading unit [Art.15-3, Para.1, Item 6 of the Ordinance]
- The outstanding short selling position ratios [Art.15-3, Para.1, Item 7 of the Ordinance]
- The outstanding short selling positions ratio and the date of calculation described in the most recently provided information. [Art.15-3, Para.1, Item 8 of the Ordinance]
(Note)
- In cases where a person engaged in trust business has conducted short selling as management of trust assets, etc., please describe items prescribed in the Ordinance. [Art.15-3, Para.1, Item 3 of the Ordinance]
|
- Trade name or name of short seller
- Address or location of short seller (* No exceptions for individuals) [Art.15-2, Para.6 of the Ordinance]
|
Entry Example
If investors provide the aforementioned (A) and (B) by electronic means, they are required to do so via an Excel file named according to the following rules.
- Name of a file for (A)
Please type the file name in this format: "YYYYMMDD_ (Name of the provider)-1"
For example: "20081114_Tokyo Stock Exchange-1"
- Name of a file for (B)
Please type of the file name in this format: "YYYYMMDD_ (Name of the provider)-2"
For example: "20081114_Tokyo Stock Exchange-2"
How to Correct Data
If there is an error in the reported data, follow steps 1 to 3 below
- Add the text "Corrected" or “Amendment” to the end of the file name and ensure that only corrected outstanding information is provided in the file.
File name example:
"YYYYMMDD_[Name of provider]_Corrected"
- Enter the corrected data.
- List (a) the calculation date(s) for the erroneous report(s), (b) erroneous item name(s), and (c) corresponding value(s) before correction in the notes. There is no need to include any data that was correct in previous reports.
Sample Notes:
There are errors in a report calculated on MMDD, YYYY, and we hereby correct them as indicated to the left. Erroneous data are as follows:
Code of Stock: Erroneous value
Ratio of Short Selling Positions to Shares Outstanding: Erroneous value
Number of Short Selling Positions in Shares: Erroneous value
Number of Short Selling Positions in Trading Units: Erroneous value
Date of Calculation in Previous Reporting: Erroneous value
Ratio of Short Selling Positions in Previous Reporting: Erroneous value
*See "Correction Examples" for a more detailed explanation.
- Correction Examples:
| Example 1: To correct miscalculations in Ratio of Short Selling Positions to Shares Outstanding, Number of Short Selling Positions in Shares, and Number of Short Selling Positions in Trading Units |
 |
| Example 2: To cancel the previous submitted report despite no outstanding short selling position |
|
Remarks
- The date expressed as YYYMMDD shall be the date of calculation with four digits for the year (YYYY) two for the month (MM) and two for the day of the month (DD). (The date of calculation means "the date on which the outstanding ratio is calculated" as prescribed in Article 15-3, Paragraph 1, Item 5 of the Ordinance.)
- The name of the provider shall be the name of the customer, etc. who has reported the information on outstanding short selling positions.(The name of the provider means "the trade name or name of person who conducted Short Selling" as prescribed in Article 15-3, Paragraph 1, Item 1 of the Ordinance.)
- Information on outstanding short selling positions provided to TSE pursuant to Article 26-5, Paragraphs 1 and 2 of the Order for Enforcement of the Financial Instruments and Exchange Act shall be limited to issues for which TSE is the principal financial instruments exchange. If said information pertains to an issue for which an exchange other than TSE is the principal financial instruments exchange, provide it to said principal financial instruments exchange.
Issues for which TSE is the principal financial instruments exchange (List of Primary Listing Market)
- Multiple Excel files can be submitted in a single ZIP file.
- The Excel format and layout specified by TSE (See "Reporting/Disclosure Format" below) may not be changed. However, this does not apply in cases where a row for issue data is inserted.
- When entering Ratio of Short Selling Positions to Shares Outstanding and Ratio of Short Selling Positions in Previous Reporting in the aforementioned (A) into the Excel format specified by TSE, indicate the figure as a percentage to two decimal places (round down for fractions after four decimal places) obtained by dividing these ratios by the total number of issued shares or the number of units of issued shares. For example, if the ratio of a short selling position is 0.00315, enter 0.31%.
- Multiple Excel files can be submitted in a single ZIP file.
- Please note the following point if the investors who submit (A) information on their outstanding short selling positions for designated securities are individuals.
| Items |
Points in submitting (A) |
| Name of short seller |
- When the investor is an individual and outstanding short selling position ratios is less than 5%, please enter just "Individual" or “個人” instead of the investor's name.
- When it is 5% or more, please enter the investor’s name.
[Art.15-3, Para.1, Item 1 of the Ordinance]
If the investor is an individual and a person doing trust business has made short selling as management of trust assets, etc., the same rules are applied.
[Art.15-3, Para.1, Item 3 of said Ordinance] |
| Address or location |
- When the investor is an individual and outstanding short selling position ratios are less than 5%, please leave this area blank.
- When it is 5% or more and the investor is an individual, please enter his or her address down to municipalities or boroughs of prefectures (excluding detailed street addresses after the name of municipality).
[Art.15-3, Para.1, Item 2 of the Ordinance]
If the investor is an individual and a person doing trust business has made short selling as management of trust assets, etc., the same rules are applied.
[Art.15-3, Para.1, Item 3 of said Ordinance] |
| Name of the Excel files |
- When the investor is an individual and outstanding short selling position ratios are less than 5%, please name the file: "YYYYMMDD_Individual-1" or "YYYYMMDD_個人-1" (Example: "20081210_Individual-1").
- When it is 5% or more, please name "YYYYMMDD_[Investor's name]-1".
|
| (A) Information on outstanding short selling positions for designated securities in cases where outstanding short selling position ratio is 5% or more |
- Information on an issue with outstanding short selling position ratio is 5% or more and that is less than
5% shall be reported separately in its respective file.
|
(note)
- ･The method mentioned above is a guide for trading participants of TSE. If not a trading participant, please consult with your primary broker for details.
How TSE Publish the Information
Publication through the JPX website
Since November 11, 2008, TSE publishes "information on outstanding short selling positions for designated securities" on the JPX website under the title, "Information on Outstanding Short Selling Positions". The aforementioned files for (A) are consolidated and published as a single Excel file.
As a general rule, TSE publishes "information on outstanding short selling positions for designated securities" on the day of submission if trading participants submit the information by 4:00 p.m.(Information posted for the last 13 months)
Reporting/Disclosure Format
| Reporting Format (Applied from Nov. 5, 2013) |
 |
| Disclosure Format (Applied from Nov. 7, 2013) |
|
Changes in 2013
In accordance with the amendments to short selling regulations from November 5, 2013, reporting and disclosure methods for outstanding short selling positions changed. For more details, please refer to the files below.
| Revision of Methods for Short Selling Position Reporting and Disclosure |
 |
Points to Note for Short Selling Position Reporting, etc. after Lifting Ban on Margin Trading on PTSs
In April 2019, the ban on margin trading on Proprietary Trading Systems ("PTSs") was lifted. In response to such lifting, TSE compiled points to note for short selling position reporting, etc.
| Points to Note for Short Selling Position Reporting, etc. after Lifting Ban on Margin Trading on PTSs |
|
Close