Holiday Test (Operational Check Test / RT) Procedures <For All Participants>

Transcription

1 Shortening of Stock Settlement Cycle (T+2) Holiday Test (Operational Check Test / RT) Procedures <For All Participants> Japan Securities Clearing Corporation Japan Securities Depository Center, Inc. 1

2 Table of Contents 1. Introduction 2. Positioning of this Material 3. Holiday Test Outlines 4. Test Schedule 5. Points for Holiday Test (1) Key Items to be Performed by Test Participants on each Day in Cycle (2) Street Side (SS) Viewpoint (3) Customer Side (CS) Viewpoint 6. Holiday Test Environment 7. Timeline 8. Preliminary Connectivity Check Test() 9. Application for Test Participation / Test Results Reporting 10. Judgment of RT Success 11. Contact Information for Test 2

3 1. Introduction For the implementation of shortening of stock settlement cycle (T+2 implementation), Working Group on Shortening Stock Settlement Cycle (WG) is planning to have RT and judge feasibility of implementation on the scheduled implementation date (*1). (*1) See Final Report of the Working Group on Shortening Stock Settlement Cycle in the Japanese Market (Working Group on Shortening Stock Settlement Cycle) published on June 30, Now, July 16, (trade date base) has been decided to be the scheduled implementation date (*2). We, the market infrastructures, put together the test procedures for holiday test, including RT, in light of this scheduled implementation date. (*2) See Implementation Date of T+2 Stock Settlement Cycle (Japan Securities Dealers Association) published on May 28, For smooth migration, we ask the market participants to actively take advantage of this holiday test opportunity, and check appropriateness of system accommodation, and check and familiarize yourselves to operational process. - For test participants, please check this material in advance and prepare for the test. In addition, Japan Securities Clearing Corporation () is planning to implement Cash Products Clearing System replacement at the same timing as T+2 implementation. As this test is also designed for training of operation of new Cash Products Clearing System, we ask Cash Products Clearing Participants to actively participate in the holiday tests, including optional schedules. 3

4 2. Positioning of this Material The Test Procedures are comprised of Holiday Test (Operational Check Test / RT) Procedures <For All Participants> which outlines matters that apply in general to both street side parties (SS) and customer side parties (this material), and Holiday Test (Operational Check Test / RT) Procedures <For Specific Participants (Street Side (SS)) > and Holiday Test (Operational Check Test / RT) Procedures <For Specific Participants (Customer Side (CS)) > which outlines test details for each side. This material is Test Procedures <For All Participants>. For details of holiday test on each of the street side and the customer side, please refer to respective Test Procedures <For Specific Participants> (to be published in Oct. 2018). Holiday Test (Operational Check Test / RT) Procedures <For All Participants> (this Material) Holiday Test (Operational Check Test / RT) Procedures <For Specific Participants(Street Side (SS))> (prepared by) Holiday Test (Operational Check Test / RT) Procedures <For Specific Participants (Customer Side (CS)) > ( prepared by ) * In this material, street side is referred to as SS and customer side is referred to as CS. 4

5 3. Holiday Test Outlines (Operational Check Test and RT) Operational check test and RT will be held by and Japan Securities Depository Center, Inc. () as participating infrastructures. Outlines of each test are as follows: Purpose Stock settlement operations can be performed continuously and smoothly after T+2 implementation Settlement for 2 business days, i.e. trade date of T+3 cycle trades and trade date of T+2 cycle trades, occurring on the first settlement date after T+2 implementation can be smoothly performed Only for Cash Products Clearing Participants Stock settlement operations can be smoothly performed by using new Cash Products Clearing System Test Cycle Divided into 4 cycles. Cycle 1 will be operational check test and Cycle 2 to 4 will be RT All tests will be held on holidays. Cycle 1 Operation -al Check- Dec SS:Optional CS:Optional Positioned as preliminary check for RT1. Assuming test needs, mainly at SS, before mandatory RT1 (participation is optional). Test Period / Positioning of Test at each Cycle Cycle 2 RT1- Jan. to Feb. SS: Mandatory CS:Optional In line with above Purpose, comprehensively check appropriateness of system accommodation and familiarization of operational process. SS to check connectivity and log-in and screen operability of new Cash Products Clearing System. Cycle 3 RT2- Cycle 4 RT3- March to April May to June SS:Optional CS:Optional SS:Optional CS:Optional In light of RT1 results, check, once again, appropriateness of system accommodation and familiarization of operational process. Back-up Test Schedule Assuming check of items left un-checked and utilization for higher level of familiarization of operational process. 5

6 3. Holiday Test Outlines (Operational Check Test and RT) Participants to Operational Check Test and RT are as follows: Test Participants Cash Products Clearing Participants System Participants (Book-Entry Transfer System for Stocks, etc. / Custody Services for Foreign Stock Certificates, etc.), System Participants in DVP Settlement Services for NETDs, Pre- Settlement Matching System users (including investment management companies) Operational Check Test and RT test environment at each infrastructure is as follows: System Environment System Connect to production environment Cash Products Clearing System (including SSO/Portal, FTP Site) Test Environment System Environment Connect to test environment System Pre-Settlement Matching System, Book-Entry Transfer Sub-System. * Other systems are out of the scope of the test (should not be used). 6

7 3. Holiday Test Outlines (Migration Rehearsal) Migration rehearsal is scheduled on July 14, (Sun), immediately before launch, by and as participating infrastructures. Outlines of the rehearsal are as follows: Purpose Under the same system connectivity environment as July 16, (Tues), T+2 implementation launch date, system activates without problem and can smoothly process operations. Date / Participation Requirement July 14, (Sun) SS:Participation is optional CS:Participation is optional Test Participants Cash Products Clearing Participants System Participants (Book-Entry Transfer System for Stocks, etc. / Custody Services for Foreign Stock Certificates, etc.), System Participants in DVP Settlement Services for NETDs, Pre- Settlement Matching System users (including investment management companies) Test environment for Migration Rehearsal at each infrastructure is as follows: System Connectivity Environment System Connect to production environment Cash Products Clearing System (including SSO/Portal, FTP Site) Test Environment System Connectivity Environment Connect to production environment System Pre-Settlement Matching System, Book-Entry Transfer Sub-System. * Other systems are out of the scope of the test (should not be used). 7

8 4. Test Schedule Operational Check Test (Cycle 1) System Operation Hours Holiday Test Scheduled Test Date Day0 Assumed 1 Business Day before Launch Dec. 8, 2018 (Sat) - Day1 Assumed Launch Date Dec. 9, 2018 (Sun) 9:00-17:00 Day2 Assumed Day 2 Dec. 16, 2018 (Sun) Day3 Assumed Day 3 (first delivery date after T+2 implementation) Dec 23, 2018 (Sun) Day0 Assumed 1 Business Day before Launch Jan. 12, (Sat) - RT1 (Cycle 2) Day1 Assumed Launch Date Jan 13, (Sun) 9:00-17:00 Day2 Assumed Day 2 Jan. 27, (Sun) Day3 Assumed Day 3 (first delivery date after T+2 implementation) Feb. 10, (Sun) Day4 Assumed Day 4 Feb. 24, (Sun) Day0 Assumed 1 Business Day before Launch March 2, (Sat) - 9:00-17:00 RT2 (Cycle 3) Day1 Assumed Launch Date March 3, (Sun) 9:00-17:00 Day2 Assumed Day 2 March 17, (Sun) Day3 Assumed Day 3 (first delivery date after T+2 implementation) April 7, (Sun) Day0 Assumed 1 Business Day before Launch May 25, (Sat) - RT3 (Cycle 4) Day1 Assumed Launch Date May 26, (Sun) 9:00-17:00 Day2 Assumed Day 2 June 2, (Sun) Day3 Assumed Day 3 (first delivery date after T+2 implementation) June 16, (Sun) Migration Rehearsal Day1 Assumed Launch Date July 14, (Sun) (Tentative) 8:00-18:00 (Tentative) 9:00-14:00 * No need to participate on Day0 of each cycle unless operations from CS viewpoints shown on next slide (such as account balance increase and transmission of T+3 last day affirmation data (contract data)) is performed on Day0. * If any system trouble occurs on the part of infrastructure ( or ) for operational check test and each RT and scheduled test cannot be conducted, infrastructures will promptly decide responsive measures and separately notify specific responsive measures, etc. to test participants. 8

9 5. Points for Holiday Test (1) Key Items to be Performed by Test Participants on each Day in Cycle Outlined below are key test items to be performed by test participants (SS and CS, respectively) on each day in each cycle from Day0 to Day3 (to Day4 on RT1) Test Day Day0 (Preparation) Day1 Day2 Day3 Day4 Date Assumption Contract Data SS-related Work CS-related Work Assuming 1 business day before launch Assuming Launch Date Assuming Launch+1 Assuming Launch+2 (i.e., first delivery date) 1 Day T Day S (Day T+3) 2 Day T Day S (Day T+2) Assuming Launch+3 3 Day T Day S (DayT+2) - To avoid settlement failure, similarly as s process, increase account balance as necessary. Send Day0 affirmation data (Contract Data 1). Check s Cleared Trade Data (such as Cleared Trade Report related to Contract Data 2) on Day 1 Continue affirmation of Contract Data 1 (process for matching, etc.) Send Day1 affirmation data (Contract Data 2) Check settlement schedule data for Day3 provided by (settlement schedule data for 2 days, for trades executed on T+3 and T+2 (Contract Data 1, 2). RT1 Only Check s Cleared Trade Data (such as Cleared Trade Report related to Contract Data 3) on Day 2 Continue affirmation of Contract data 1, 2 Send Day2 affirmation data (Contract Data 3) RT1 Only Send previous day transfer request for Day3 * Day T: Trade Date, Day S: Settlement Date Check settlement operations for Contract Data 1, 2. RT1 Only Check settlement schedule data for Day4 (including settlement failure on Day3). Check settlement operations for Contract Data 1, 2 Continue affirmation of Contract Data 3 RT1 Only Send previous day transfer request for Day4 RT1 Only Check settlement operations for Contract Data 3 (check settlement status, results, etc.) RT1 Only Check settlement operations for Contract Data 3 * Above chart is written assuming on-exchange trading. When testing other trades (e.g., stock lending), please perform necessary processing. 9

10 5. Points for Holiday Test (2) Street Side (SS) Viewpoint Policy on SS side holiday test is summarized as follows (see Test Procedures <For Specific Participants (Street Side (SS))> for detail): Cycle Test Assuming T+2 Implementation Cycle test for below purposes assuming the period from T+2 Implementation launch date to 2 days after launch (Cycles 1, 3 and 4) or to 3 days after launch (Cycle 2): 1 Stock settlement operations from the trade date to the settlement date can be performed continuously and smoothly after T+2 implementation 2 Settlement for 2 business days, i.e., trade date of T+3 cycle trades and trade date of T+2 cycle trades, occurring on the first settlement date after T+2 implementation can be smoothly performed (On the 2 nd day after launch, open interest for T+2 settlement and open interest for T+3 settlement will be netted and settled on the same day) Contract Data to be Entered at Cycle Test and Account Balance at To perform check performance equivalent to production, will enter live contract data (contract data for onexchange trades/pts trades, lending data at Japan Securities Finance) during certain period of time before test date for cycle test. Upon entry, will revise date of Contract Data according to system operation as of date. (FYI, migration method for securities lending transactions are different from the method scheduled at holiday test. See Japan Securities Finance notification #28 issued on June 1, 2018 for detail.) Specifically, on test day assuming 2 nd day after launch that is the first delivery date under T+2 Implementation, contracts on assumed 1 business day before launch and assumed launch date will be netted and settled on the same day. (For this purpose, there is no specific need for order placement by Participant on trading system (arrowhead/tostnet and PTS).) For smooth cycle test, to avoid occurrence of significant amount of settlement failures due to balance shortfall, transfer account balance will be increased for all accounts and issues, except for pledge account and pledge trust account, which participants participating in the test opened, without exception. Considering functional restraint of test environment at, to avoid large amount of on-line notification data transmission related to settlement operations, collateral will be additionally posted on previous day for test purpose so that previous day transfer request from to and night batch at related to previous day transfer may be performed as smoothly as possible. 10

11 5. Points for Holiday Test Illustration of Contract Data Entry at Cycle Test Date Assumption Past Live Contract Data to be Entered Settlement Schedule of Contract on Launch Date (T+2) Settlement Schedule of Contract on Day Before Launch (T+3) Day T Day 1 Day 2 Day 3 Day 4 Launch Date Next Day after Launch 2 nd Day after Launch 3 rd Day after Launch All Cycles: Live Contract for Certain Period preceding Launch Date (Day 1 + Previous Business Day) RT1 (Cycle 2) Only: Live Contracts for Certain Period preceding Launch Date (assuming Day 2) No Live Data Entry No Live Data Entry Day T Day S-1 Day S Netting Day S-2 Day S-1 Day S * See Test Procedures <For Specific Participants (Street Side (SS))> for detail. BOJ Connectivity As there is no change to operations using BOJ current account, there will be no connection to BOJ-NET by test participants. 11

12 5. Points for Holiday Test (3) Customer Side (CS) Viewpoint Policy on CS side holiday test is summarized as follows (see Test Procedures <For Specific Participants (Customer Side (CS))> for detail). Test Scope Test related to book-entry transfer associated with ordinary stock, etc. trading and loan transactions (contract affirmation, settlement affirmation, DVP settlement for NETDs, DVP settlement for stock lending, transfer between accounts, etc.) - Any other test (such as various rights clearance or test assuming collateral transfer process) is out of the test scope. Test Data Generation and Entry As to CS, because there is no change to services and systems of and participation in the test is optional, unlike SS, will not enter test data based on past live data. So, for each test participant, please make necessary arrangement beforehand, and generate and enter data of the test case you desire to check ( will not perform test scenario design or arrangement of test groups/pair matching, etc.). Test Data Count Restriction Considering functional restraint of system test environment, limitation will be set for test data counts which test participant can enter (such as contract affirmation data, settlement affirmation data, transfer request data). - For SS (previous day transfer request data related to Cash Products Clearing from ), there is no such limitation as will set test data based on past live data. Increase Transfer Account Balance For smooth test, to avoid occurrence of significant amount of settlement failures due to balance shortfall, transfer account balance will be increased for all accounts and issues, except for pledge account and pledge trust account, which participants participating in the test opened, without exception. Increase Participant Fund for DVP settlement for NETDs For smooth test, to avoid significant amount of uncovered risk due to margin value shortfall, Participant Fund for all participants of DVP settlement for NETDs participating in the test will be increased without exception. BOJ Connectivity As there is no change to operations using BOJ current account, there will be no connection to BOJ-NET by test participants. 12

13 6. Holiday Test Environment (Cycle 1 / Operational Check Test) Holiday Test environment, such as system as of date, master configuration, test data, for Cycle 1 is as follows: Scheduled Test Day System as of Date Operational Check Test -Cycle 1- Connectivity*1 Master Configuration (*3) and Test Data Market Trade Settlement Day0 Dec. 8, 2018 (Sat) Day1 Dec. 9, 2018 (Sun) Day2 Dec. 16, 2018 (Sun) Day3 Dec. 23, 2018 (Sun) Dec. 7, 2018 (Fri) Dec. 10, 2018 (Mon) Dec. 11, 2018 (Tue) Dec. 12, 2018 (Wed) During s migration work/test preparation, configure environment, such as issue master and Participant mater information, as of Nov. 15, 2018 (trade date base) as default environment and enter contract data assuming the business day before launch. Provide environment, such as issue master and participant master, as of Nov. 20, 2018 (Tue) (settlement date base) as default environment (However, necessary master adjustment shall be made to capture contract data related to new listing or new member participation on Day 1, if any) Provide environment, such as issue master and Participant master, as of Nov. 16, 2018 (Fri) (trade date base) Carry environment as of end of previous test Carry environment as of end of previous test No*2 Carry environment as of end of previous test Yes No No *1 Connectivity to other systems, such as arrowhead, will be shown on Test Procedures <For Specific Participants>. *2 will send previous day transfer request for Day3 to. *3 For master configuration (issue master, Participant master ) at and for Cycle 1, please refer to illustration on the right. (Assuming entry of contract data for assumed 1 business day before launch and assumed launch date (live contract data for Nov. 15, 2018 (Thurs) and Nov. 16, 2018 (Fri) with dates revised to system as of date) for Day3 assuming the 1 st delivery date after T+2 implementation at SS.) 13

14 6. Holiday Test Environment (Cycle 2/RT1) Holiday Test environment, such as system as of date, master configuration, test data, for Cycle 2 is as follows: Scheduled Test Day System as of Date RT1 -Cycle 2- Day0 Jan 12, (Sat) Day1 Jan 13, (Sun) Day2 Jan. 27, (Sun) Jan 11, (Fri) Jan. 15, (Tue) Jan 16, (Wed) Connectivity*1 Master Configuration (*3) and Test Data Market Trade Settlement During s migration work/test preparation, configure environment, such as issue master and Participant mater information, as of Dec. 20, 2018 (Thurs) (trade date base) as default environment and enter contract data assuming the business day before launch. Provide environment, such as issue master and participant master, as of Dec. 26, 2018 (Wed) (settlement date base) as default environment (However, necessary master adjustment shall be made to capture contract data related to new listing or new member participation on Day 1, if any). Provide environment, such as issue master and Participant master, as of Dec. 21, 2018 (Fri) (trade date base) Carry environment as of end of previous test Provide environment, such as issue master and Participant master, as of Dec. 25, 2018 (Tue) (trade date base) Carry environment as of end of previous test No No No*2 Day3 Feb. 10, (Sun) Day4 Feb. 24, (Sun) Jan 17, (Thurs) Jan 18, (Fri) Carry environment as of end of previous test Yes Carry environment as of end of previous test Yes 14

15 6. Holiday Test Environment (Cycle 2/RT1) *1 Connectivity to other systems, such as arrowhead, will be shown on Test Procedures <For Specific Participants>. *2 will send previous day transfer request for Day3 to. *3 For master configuration (issue master, Participant master) at and for Cycle 2, please refer to illustration on the right. (Assuming entry of contract data for assumed 1 business day before launch and assumed launch date (live contract data for Dec. 20, 2018 (Thurs) and Dec. 21, 2018 (Fri) with dates revised to system as of date) for Day3 assuming the 1 st delivery date after T+2 implementation, and for Day4, contract data assuming 1 st day after launch (revised date of live contract data of Dec., 25, 2018 (Tue) to system as of date).) 15

16 6. Holiday Test Environment (Cycle 3/RT2) Holiday Test environment, such as system as of date, master configuration, test data, for Cycle 3 is as follows: Scheduled Test Day System as of Date RT2 -Cycle 3- Day0 March 2, (Sat) Day1 March 3, (Sun) Day2 March 17, (Sun) Day3 April 7, (Sun) March 1, (Fri) March 4, (Mon) March 5, (Tue) March 6, (Wed) Connectivity*1 Master Configuration (*3) and Test Data Market Trade Settlement During s migration work/test preparation, configure environment, such as issue master and Participant mater information, as of Feb. 7, (Thurs) (trade date base) as default environment and enter contract data assuming the business day before launch. Provide environment, such as issue master and participant master, as of Feb 13, (Wed) (settlement date base) as default environment (However, necessary master adjustment shall be made to capture contract data related to new listing or new member participation on Day 1, if any). Provide environment, such as issue master and Participant master, as of Feb. 8, (Fri) (trade date base) Carry environment as of end of previous test Carry environment as of end of previous test No*2 Carry environment as of end of previous test Yes No No *1 Connectivity to other systems, such as arrowhead, will be shown on Test Procedures <For Specific Participants>. *2 will send previous day transfer request for Day3 to. *3 For master configuration (issue master, Participant master) at and for Cycle 3, please refer to illustration on the right. (Assuming entry of contract data for assumed 1 business day before launch and assumed launch date (live contract data for Feb. 7, (Thurs) and Feb. 8 (Fri) with dates revised to system as of date) for Day3 assuming the 1 st delivery date after T+2 implementation at SS.) 16

17 6. Holiday Test Environment (Cycle 4/RT3) Holiday Test environment, such as system as of date, master configuration, test data, for Cycle 4 is as follows: Scheduled Test Day System as of Date RT3-Cycle 4- Day0 May 25, (Sat) Day1 May 26, (Sun) Day2 June 2, (Sun) Day3 June 16, (Sun) May 24, (Fri) May 27, (Mon) May 28, (Tue) May 29, (Wed) Connectivity*1 Master Configuration (*3) and Test Data Market Trade Settlement During s migration work/test preparation, configure environment, such as issue master and Participant mater information, as of April 25, (Thurs) (trade date base) as default environment and enter contract data assuming the business day before launch. Provide environment, such as issue master and participant master, as of May 1, (Wed) (settlement date base) as default environment (However, necessary master adjustment shall be made to capture contract data related to new listing or new member participation on Day 1, if any). Provide environment, such as issue master and Participant master, as of April 26, (Fri) (trade date base) Carry environment as of end of previous test Carry environment as of end of previous test No*2 Carry environment as of end of previous test Yes No No *1 Connectivity to other systems, such as arrowhead, will be shown on Test Procedures <For Specific Participants>. *2 will send previous day transfer request for Day3 to. *3 For master configuration (issue master, Participant master) at and for Cycle 4, please refer to illustration on the right. (Assuming entry of contract data for assumed 1 business day before launch and assumed launch date (live contract data for April 25, (Thurs) and April 26 (Fri) with dates revised to system as of date) for Day3 assuming the 1 st delivery date after T+2 implementation at SS.) 17

18 6. Holiday Test Environment (Migration Rehearsal) For Migration Rehearsal, environment assuming Launch Date will be provided. Scheduled Test Day System as of Date Connectivity *1 Carry Test Environment Market Trade Settlement Migration Rehearsal Day1 July 14, (Sun) July 16, (Tue) / Provide environment for T+2 Implementation Launch Date, carrying environment as of the end of production operation on July 12, (Fri). Yes *1 Connectivity to other systems, such as arrowhead, will be shown on Test Procedures <For Specific Participants>. *2 If Migration Rehearsal test result is NG, reverse migration test will be held on July 15 (Mon). In that case, deferred migration date will be notified after it is determined. Assumed deferred migration date is September 17 (Tue). 18

19 7. Timeline See Annex_Holiday Test Timeline. 19

20 8. Preliminary Connectivity Check Test () As to, because all of the operational check test and RTs will be conducted on test environment, preliminary connectivity check test will be performed to check system connectivity to the test environment before the test. As to, because all of the tests will be conducted on production environment, there will be no preliminary connectivity check. Period From Nov. 26, 2018 (Mon) to Nov. 30 (Fri) * Test is available on any day during above period Hours Test Participants System Environment Connectivity Check 10:00-17:00 System Participants (Book-Entry Transfer System for Stocks, etc. / Custody Services for Foreign Stock Certificates, etc.), System Participants in DVP Settlement Services for NETDs, Pre-Settlement Matching System users (including investment management companies) * Mandatory when Integrated Web Connection is used for Holiday Test, otherwise Optional Test Environment Connectivity check via ping, etc. for JEXGW connectivity or file transfer connectivity. Connectivity check via screen display on test environment for Integrated Web Terminal Connection. Items Available for Check (*) Integrated WebID Creation Fund Info. Register SSI Info. Register Through each cycle, can create user by using Integrated Web Administrator ID set by in advance (user may create this during test period of each cycle, but it will not be carried to next cycle). Can create fund information and SSI information used in RT. (User may create this during test period of each cycle, but it will not be carried to next cycle.) * Fund information and SSI information for test environment will be information on production environment as of Sept. 21, * See Test Procedures <For Specific Participants> for details of procedures. 20

21 9. Application for Test Participation / Test Results Reporting To apply for test participation and report test results, the relevant documents need to be submitted to each infrastructure according to the form of test participation as follows: Participant Document (*Japanese Form only) Submitted to Submission Method Deadline Application for Participation in Preliminary Connectivity Check Target-Hofuri Site Nov. 14, 2018 SS Holiday Test (Operational Check / RT_Street Side (SS)) Application for Participation Holiday Test (Operational Check / RT_Street Side (SS)) Result Report Target- Site Nov. 22, 2018 Within 3 business day following last test day of each cycle Application for Participation in Preliminary Connectivity Check Nov. 14, 2018 CS Holiday Test (Operational Check / RT_Customer Side (CS)) Application for Participation Target-Hofuri Site Nov. 22, 2018 Holiday Test (Operational Check / RT_Customer Side (CS)) Result Report Within 3 business day following last test day of each cycle * Form of application for participation and result report will be posted on Target- Site and Target-Hofuri Site. 21

22 10. Judgment of RT Success RT success judgment will be made as follows: Judgment Procedure WG will make judgment based on test results reported from test participants. Judgment Timing Judgment will be made after RT2 (Cycle 3) completion without delay. Judgment Criteria RT shall be judged Successful if none of the blow results are identified: RT cannot be completed due to system failure at infrastructure * Substantial number of test participants could not complete RT * Otherwise, there is specific problem in implementation of T+2 settlement cycle * Excluding the case where no problem is expected for launch through issue resolution at RT3, etc. which is positioned as back-up RT. Publication of Results In light of the result of the judgment of success, T+2 implementation date will be decided, which will be published via posting on website by Tokyo Stock Exchange,, and Japan Securities Dealers Association, etc. Set Back-up Dates If the implementation is postponed as a result of success judgment, WG will discuss new scheduled implementation date, aiming at Sept. 17, Sept. as new implementation date. * See T+2 化の実施日の決定に係る手続等について ( 証券受渡 決済制度改革懇談会及び株式等の決済期間の短縮化に関する検討ワーキング グループ ) published on October 5, 2018 for detail 22

23 11. Contact Information for Test <Contact before Test> Infrastructure Role Group in Charge Telephone Inquiry of Clearing rules and services in general Listed Products Clearing Service, Japan Securities Clearing Corporation Inquiry related to Cash Product Clearing System Specifications IT Development Dept., Cash Products Clearing System Tokyo Stock Exchange, Inc Inquiry of rules and services in general Japan Securities Depository Center, Inc. Book-Entry Transfer Dept Inquiry related to specifications of Book- Entry Transfer System for Stocks, etc. and Pre-Settlement Matching System Japan Securities Depository Center, Inc. System Development Dept <Test Day> Infrastructure Role Group in Charge Telephone Inquiry of Clearing rules and services in general Listed Products Clearing Service, Japan Securities Clearing Corporation Inquiry related to Cash Product Clearing System Specifications IT Development Dept., Cash Products Clearing System Tokyo Stock Exchange, Inc Inquiry for Test in general (transfer operations, DVP Settlement for NETDs) Japan Securities Depository Center, Inc. System Development Dept. (Account Management desk) Inquiry for Test in general (presettlement matching system) Japan Securities Depository Center, Inc. System Development Dept. (PSMS desk) - 23

24 Annex_Holiday Test Timeline Legend: Street Side () (Cash Products Clearing System) Customer Side () (Book-Entry Transfer Sub- Shown below is holiday test timeline at Operational Check (Cycle 1), RT2 (Cycle 3)/RT3 (Cycle 4). Customer Side () (Pre-Settlement Matching Day0 Actual Time 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 Remarks Customer Side (CS) System As Of Time 9:00 17:00 * Difference of time under Test Environment and Production Environment Matching process for "Day0 Execution, Day3 Settlement" (T+3 Settlement Trades) (9:00-17:00) Various Matching Process Entry Window 7:00-22:00 9:00-17:00 * Chart on the left is written assuming Day3 is Settlement Day, but process for Settlement Day on Day0 to Day2 is also possible (e.g., processing of loan transaction with Execution Date on Day0 and Settlement Day on Day2). Processing time in case of Settlement Day of Day0 to Day2 is the same as the time stated on the left for Settlement Day on DAY3. (Same applies to Day1 and later) Day1 Street Side (SS) Actual Time System As Of Time 8:00 9:00 10:00 11:00 12:00 On-Line Start 8:00 Actual Time 9:00 (System As Of Time 8:00) Check Cleared Trade Data (Stock) for Day0 ( to distribute Cleared Trade Report, etc.) 13:00 14:00 15:00 16:00 17:00 On-Line End 15:00 18:00 27:00 Customer Side (CS) System As Of Time 9:00 Actual Time 13:00 (System As Of Time 18:00) Check Cleared Trade Data (Stock) for Day1 ( to distribute Cleared Trade Report, etc.) Actual Time 13:10 (System As Of Time 18:30) Check Summary Data (Stock) for Day1 ( to distributesummary Report_by Issue, Summary Report_by Participant) Actual Time 11:30 (System As Of Time 14:30) Check Day1 specific report data ( to distribute Cleared Trade Report (Loans for Margin Transactions), Settlement Report_Provisional Quantity by Issue) 17:00 Optional Check Point : Only for Participants using this Notification Function Operation check of "Submit: Voluntary Notification for Subordinating Priority in SecuritiesReceipt"is available at actual time of 9:30-12:00 (System As Of Time of 9:00-15:30). Matching process for "Day0 Execution, Day3 Settlement" (T+3 Settlement Trades) (9:00-17:00) Matching process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Trades) (9:00-17:00) Matching process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Loan) (9:00-17:00) Day2 Actual Time 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 Remarks Street Side (SS) System As Of Time On-Line Start 8:00 13:30 On-Line End 14:30 16:00 18:00 19:00 27:00 Actual Time 12:00 (System As Of Time 14:30) Check Settlement Schedule Data 1 for Day3 ( to distribute Settlement Report_Provisional Quantity by Issue, Aggregate Funds Payment/Receipt Statement (Provisional_Advance Actual Time 13:30 (System As Of Time 16:00) Check Settlement Schedule Data 2 for Day3 ( to ditribute Settlement Report_Final Quantity by Issue, Summary Table, Aggregate Funds Payment/Receipt Statement (Provisional) Optional Check Point : Only for Participants using this Notification Function Operation Check of "Submit: Voluntary Notification for Subordinating Priority in SecuritiesReceipt"is available at actual time of 9:30-12:00 (System As Of Time of 9:00-15:30). Actual Time 11:00 (System As Of Time 13:30) Check Cleared Trade Data related to Loan Request ( to distributecleared Trade Report) Customer Side (CS) System As Of Time 9:00 17:00 Matching process for "Day0 Execution, Day3 Settlement" (T+3 Settlement Trades) (9:00-17:00) Matching process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Trades) (9:00-17:00) Matching process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Loan) (9:00-17:00) Matching process for "Day2 Execution, Day3 Settlement (T+1 Settlement Loan) (9:00-17:00) Send "Previous Day Transfer Request" (Non-DVP for Day3 Settlement) Data(9:00-17:00)*9:30-17:00 for Integrated Web/JEXGW * Difference of time under Test Environment and Production Environment Previous Day Transfer Request Entry Window 3:00-20:00 9:00-17:00 * 9:00-20:00 9:30-17:00 for Integrated Web/JEXGW (Same applies to Day3)

25 Annex_Holiday Test Timeline Day3 Actual Time 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 備考 Street Side (SS) System As Of Time Customer Side (CS) System As Of Time 9:00 On-Line Start 8:00 9:00 10:00 11:00 Actual Time 9:30 (System As Of Time 9:00) Check Securities Delivery/Receipt (9:00-13:00) * Net Debit process at test will be 9:45-13:00) 12:00 13:00 14:00 15:00 17:00 27:00 Actual Time 13:00 (System As Of Time 13:00) Check Fail /Fail_Receiver On-Line End Actual Time 13:30 (System As Of Time 13:30) Check Additional Payment Notification (to 14:15) Actual Time 14:45 (System As Of Time 14:45) Check Fund Settlement Iinformation Actual Time 16:00 (System As Of Time 17:00) Check Fail Information (after netting) 17:00 Because of no change to fund settlement operation, fund settlement operation check between and Cash Products Participants will not be performed on any day during Day1to Day3. (No need for communication by Cash Products Clearing Participant with fund settlement bank or transfer operation using BOJ-NET) Net Debit Processing Timing (times) At 9:45, 10:15, 10:30, 10:45, 11:15, 11:30, 11:40, 12:10, 12:20, 12:45, 13:00 (No processing at 9:15, 9:30, 10:05, 10:55, 11:05, 11:50, 12:30, 12:55 which is performed under production environment) "Temporary Suspension / Lifting of Temporary Suspension Notification (for uncompleted part)" entry start timing 7:00 9:00 Optional Check Point: Only for Participants using this Notification Function Operation check of "Submit: Voluntary Notification for Subordinating Priority in SecuritiesReceipt"is available at actual time of 9:30-12:00 (System As Of Time of 9:00-15:30). Customer Trade (Non-Resident) Customer Trade (Loan) Matching process for "Day0 Execution, Day3 Settlement" (T+3 Settlement Trades) (9:00-12:20) Matching process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Trades) (9:00-12:20) Settlement Process for DVP Settlement Service for NETDs (for Non-Residents' Trades) (9:00-12:40) Send "Temporary Suspension / Lifing Temporary Suspension Request (for un completed portion)" data(9:00-12:40) Matching Process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Loan)(9:00-14:20) Matching Process for "Day2 Execution, Day3 Settlement" (T+1 Settlement Loan)(9:00-14:20) Matching Process for "Day3 Execution, Day3 Settlement" (T+0 Settlement Loan) (9:00-14:20) Settlement Process for DVP Settlement Service for NETDs (for Loan Trades) (9:00-14:30) Send "Temporary Suspension / Lifing Temporary Suspension Request (for un completed portion)" data(9:00-14:30) * Difference of time under Test Environment and Production Environment "Temporary Suspension / Lifting of Temporary Suspension Notification (for uncompleted part)" "Amount Adjustment Data" entry start timing 7:00 9:00 Various Settlement Processing Start Timing 9:00 9:30 (Portion linked to matching 7:00 9:00) Customer Trade (Domestic) Send "Amount Adjustment Data" (9:00-14:45) Matching process for "Day0 Execution, Day3 Settlement" (T+3 Settlement Trades) (9:00-14:50) Matching process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Trades) (9:00-14:50) Settlement Process for DVP Settlement Service for NETDs (other than Loan) (for Domestic Trades) (9:00-15:00) Send "Temporary Suspension / Lifing Temporary Suspension Request (for un completed portion)" data(9:00-15:00) Time for lifting temporary suspension When "8:30" is designated as lifting time, to be processed at "9:20." When "9:40," "10:00," "11:00," "11:45," "12:00," "12:15," "12:40," "13:00" or "14:00" is designated, to be processed at the designated time. Customer Trade (Non-DVP) (Not linked to Pre-Settlement Matching) Send "Same Day Transfer Request" (For Non-DVP Day3 Settlement) Data, Settlement Process (Non-DVP) (9:30~15:50) Send "Temporary Suspension / Lifing Temporary Suspension Request (for un completed portion)" dat Reconcile (-17:00) DVP Settlement Service for NETDs (Stock Loan) matching cutoff time 13:20 14:20 DVP Settlement Service for NETDs (Stock Loan) settlement cutoff time 13:30 14:30 Amount Adjustment Data Entry Cutoff Time 13:45 14:45 DVP Settlement Service for NETDs (other than Stock Loan) Matching Cutoff Time 13:50 14:50 DVP Settlement Service for NETDs (other than Stock Loan) Settlement Cutoff Time 14:00 15:00 Non-DVP Settlement Cutoff Time 非 DVP 決済時限 15:30 15:50 Reconciliation Acquisition Cutoff Time 20:00 17:00 * For DVP Settlement Service for NETDs (nonresidents) settlement cutoff time shall be subject to market convention rather than system as of time. * Processing of non-dvp settlement linked to presettlement matching is omitted. Actual Time 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 Remarks

26 Annex_Holiday Test Timeline Legend: Street Side () (Cash Products Clearing System) Customer Side () (Book-Entry Transfer Sub- Shown below is holiday test timeline at RT1 (Cycle 2). Customer Side () (Pre-Settlement Matching Day0 Actual Time 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 Remarks Customer Side (CS) System As Of Time 9:00 17:00 Matching process for "Day0 Execution, Day3 Settlement" (T+3 Settlement Trades) (9:00-17:00) * Difference of time under Test Environment and Production Environment Various Matching Process Entry Window 7:00-22:00 9:00-17:00 Day1 Actual Time 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 Remarks For Day 4 Settlement Street Side (SS) System As Of Time On-Line Start 8:00 15:00 18:00 Actual Time 9:00 (System As Of Time 8:00) Check Cleared Trade Data (Stock) for Day0 ( to distribute Cleared Trade Report, etc.) On-Line End 27:00 * Chart on the left is written assuming Day3 and Day4 are Settlement Days, but process for Settlement Day on Day0 to Day2 is also possible (e.g., processing of loan transaction with Execution Date on Day0 and Settlement Day on Day2). Processing time in case of Settlement Day of Day0 to Day2 is the same as the time stated on the left for Settlement Day on Day3 and Day4. (Same applies to Day1 and later) Actual Time 13:00 (System As Of Time 18:00) Check Cleared Trade Data (Stock) for Day1 ( to distribute Cleared Trade Report, etc.) Actual Time 13:10 (System As Of Time 18:30) Check Summary Data (Stock) for Day1 ( to distributesummary Report_by Issue, Summary Report_by Participant) Actual Time 11:30 (System As Of Time 14:30) Check Day1 specific report data ( to distribute Cleared Trade Report (Loans for Margin Transactions), Optional Check Point : Only for Participants using this Notification Function Operation check of "Submit: Voluntary Notification for Subordinating Priority in SecuritiesReceipt" is available at actual time of 9:30-12:00 (System As Of Time of 9:00-15:30). For Day 4 Settlement Customer Side (CS) System As Of Time 9:00 17:00 Matching process for "Day0 Execution, Day3 Settlement" (T+3 Settlement Trades) (9:00-17:00) Matching process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Trades) (9:00-17:00) Matching process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Loan) (9:00-17:00) For Day 4 Settlement Day2 Actual Time 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 Remarks Street Side (SS) System As Of Time On-Line Start 8:00 13:30 14:30 16:00 18:00 On-Line End 19:00 27:00 Actual Time 12:00 (System As Of Time 14:30) Check Settlement Schedule Data 1 for Day3 ( to distribute Settlement Report_Provisional Quantity by Issue, Aggregate Funds Payment/Receipt Statement (Provisional_Advance Actual Time 11:00 (System As Of Time 13:30) Check Cleared Trade Data related to Loan Request ( to distributecleared Trade Report) Actual Time 13:30 (System As Of Time 16:00) Check Settlement Schedule Data 2 for Day3 ( to ditribute Settlement Report_Final Quantity by Issue, Summary Table, Aggregate Funds Payment/Receipt Statement (Provisional) Optional Check Point : Only for Participants using this Notification Function Operation Check of "Submit: Voluntary Notification for Subordinating Priority in SecuritiesReceipt" is available at actual time of 9:30-12:00 (System As Of Time of 9:00-15:30). Actual Time: 15:30 (System As Of Time 18:00) For Day 4 Settlement Check Cleared Trade Data (Stock) for Day2 ( to distribute Cleared Trade Report, etc.) Actual Time 15:40 (System As Of Time 18:30) Check Summary Data (Stock) for Day2 ( to distributesummary Report_by Issue, Summary Report_by Participant) Customer Side (CS) System As Of Time 9:00 17:00 Matching process for "Day0 Execution, Day3 Settlement" (T+3 Settlement Trades) (9:00-17:00) Matching process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Trades) (9:00-17:00) Matching process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Loan) (9:00-17:00) Matching process for "Day2 Execution, Day3 Settlement (T+1 Settlement Loan) (9:00-17:00) Send "Previous Day Transfer Request" (Non-DVP for Day3 Settlement) Data(9:00-17:00)*9:30-17:00 for Integrated Web/JEXGW * Difference of time under Test Environment and Production Environment Previous Day Transfer Request Entry Window 3:00-20:00 9:00-17:00 * 9:00-20:00 9:30-17:00 for Integrated Web/JEXGW (Same applies to Day3) For Day 4 Settlement Matching process for "Day2 Execution, Day4 Settlement" (T+2 Settlement Trades) (9:00-17:00)

27 Annex_Holiday Test Timeline Day3 Actual Time 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 備考 Street Side (SS) System As Of Time On-Line Start 8:00 9:00 10:00 11:00 12:00 Actual Time 9:30 (System As Of Time 9:00) 13:00 14:00 Check Securities Delivery/Receipt (9:00-13:00) * Net Debit process at test will be 9:45-13:00) 15:00 17:00 27:00 Actual Time 13:00 (System As Of Time 13:00) Check Fail /Fail_Receiver Actual Time 13:30 (System As Of Time 13:30) Check Additional Payment Notification (to 14:15) Actual Time 14:45 (System As Of Time 14:45) Check Fund Settlement Iinformation On-Line End Actual Time 16:00 (System As Of Time 17:00) Check Fail Information (after netting) Because of no change to fund settlement operation, fund settlement operation check between and Cash Products Participants will not be performed on any day during Day1to Day3. (No need for communication by Cash Products Clearing Participant with fund settlement bank or transfer operation using BOJ-NET) Net Debit Processing Timing (times) At 9:45, 10:15, 10:30, 10:45, 11:15, 11:30, 11:40, 12:10, 12:20, 12:45, 13:00 (No processing at 9:15, 9:30, 10:05, 10:55, 11:05, 11:50, 12:30, 12:55 which is performed under production environment) "Temporary Suspension / Lifting of Temporary Suspension Notification (for uncompleted part)" entry start timing 7:00 9:00 Optional Check Point: Only for Participants using this Notification Function Operation check of "Submit: Voluntary Notification for Subordinating Priority in SecuritiesReceipt"is available at actual time of 9:30-12:00 (System As Of Time of 9:00-15:30). (Same applies to Day4) Actual Time 14:30 (System As Of Time 14:30) For Day 4 Settlement Check Settlement Schedule Data 1 for Day4 ( to distribute Settlement Report_Provisional Quantity by Issue, Aggregate Funds Payment/Receipt Statement (Provisional_Advance Report forcash Transactions) Actual Time 15:30 (System As Of Time 16:00) Check Settlement Schedule Data 2 for Day4 ( to ditribute Settlement Report_Final Quantity by Issue, Summary Table, Aggregate Funds Payment/Receipt Statement (Provisional) Actual Time 13:30 (System As Of Time 13:30) Optional Check Point : Only for Participants using this Notification Function Operation Check of "Submit: Voluntary Notification for Subordinating Priority in SecuritiesReceipt"is available at actual time of 9:30-12:00 (System As Of Time of 9:00-15:30). Check Cleared Trade Data related to Loan Request ( to distribute Cleared Trade Report) Customer Side (CS) System As Of Time 9:00 17:00 Customer Trade (Non-Resident) Matching process for "Day0 Execution, Day3 Settlement" (T+3 Settlement Trades) (9:00-12:20) Matching process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Trades) (9:00-12:20) Settlement Process for DVP Settlement Service for NETDs (for Non-Residents' Trades) (9:00-12:40) Send "Temporary Suspension / Lifing Temporary Suspension Request (for un completed portion)" data(9:00-12:40) * Difference of time under Test Environment and Production Environment "Temporary Suspension / Lifting of Temporary Suspension Notification (for uncompleted part)" "Amount Adjustment Data" entry start timing 7:00 9:00 Customer Trade (Loan) Customer Trade (Domestic) Customer Trade (Non-DVP) (Not linked to Pre-Settlement Matching) Matching Process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Loan)(9:00-14:20) Matching Process for "Day2 Execution, Day3 Settlement" (T+1 Settlement Loan)(9:00-14:20) Matching Process for "Day3 Execution, Day3 Settlement" (T+0 Settlement Loan) (9:00-14:20) Settlement Process for DVP Settlement Service for NETDs (for Loan Trades) (9:00-14:30) Send "Temporary Suspension / Lifing Temporary Suspension Request (for un completed portion)" data(9:00-14:30) Send "Amount Adjustment Data" (9:00-14:45) Matching process for "Day0 Execution, Day3 Settlement" (T+3 Settlement Trades) (9:00-14:5 Matching process for "Day1 Execution, Day3 Settlement" (T+2 Settlement Trades) (9:00-14:5 Settlement Process for DVP Settlement Service for NETDs (other than Loan) (for Domestic Trades) (9:00-15:00) Send "Temporary Suspension / Lifing Temporary Suspension Request (for un completed portion)" data(9:00-15:00) Send "Same Day Transfer Request" (For Non-DVP Day3 Settlement) Data, Settlement Process (Non-DVP) (9:30~15:50) Send "Temporary Suspension / Lifing Temporary Suspension Request (for un completed portion)" dat Reconcile (-17:00) Various Settlement Processing Start Timing 9:00 9:30 (Portion linked to matching 7:00 9:00) Time for lifting temporary suspension When "8:30" is designated as lifting time, to be processed at "9:20." When "9:40," "10:00," "11:00," "11:45," "12:00," "12:15," "12:40," "13:00" or "14:00" is designated, to be processed at the designated time. DVP Settlement Service for NETDs (Stock Loan) matching cutoff time 13:20 14:20 DVP Settlement Service for NETDs (Stock Loan) settlement cutoff time 13:30 14:30 Amount Adjustment Data Entry Cutoff Time 13:45 14:45 DVP Settlement Service for NETDs (other than Stock Loan) Matching Cutoff Time 13:50 14:50 Matching process for "Day2 Execution, Day4 Settlement" (T+2 Settlement Trades) (9:00-17:00) DVP Settlement Service for NETDs (other than Stock Loan) Settlement Cutoff Time 14:00 15:00 Non-DVP Settlement Cutoff Time15:30 15:50 Matching Process for "Day3 Execution, Day4 Settlement" (T+1 Settlement Loan) (9:00-17:00) Reconciliation Acquisition Cutoff Time 20:00 17:00 For Day 4 Settlement Process "Previous Day Transfer Request"(Non-DVP Day4 Settlement) (9:00-17:00) *9:30-17:00 for Integrated Web /JEXGW * For DVP Settlement Service for NETDs (nonresidents) settlement cutoff time shall be subject to market convention rather than system as of time. * Processing of non-dvp settlement linked to presettlement matching is omitted. (Same applies to Day4)

28 Annex_Holiday Test Timeline Day4 Actual Time 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 Remarks Street Side (SS) System As Of Time On-Line Start 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 17:00 On-Line End 27:00 Actual Time 9:30 (System As Of Time 9:00) Check Securities Delivery/Receipt (9:00-13:00) * Net Debit process at test will be 9:45-13:00) Actual Time 13:00 (System As Of Time 13:00) Check Fail /Fail_Receiver Because of no change to fund settlement operation, fund settlement operation check between and Cash Products Participants will not be performed on any day during Day1to Day3. (No need for communication by Cash Products Clearing Participant with fund settlement bank or transfer operation using BOJ-NET) For Day 4 Settlement Actual Time 13:30 (System As Of Time 13:30) Check Additional Payment Notification (to 14:15) Actual Time 14:45 (System As Of Time 14:45) Check Fund Settlement Iinformation Actual Time 16:00 (System As Of Time 17:00) Check Fail Information (after netting) Optional Check Point : Only for Participants using this Notification Function Operation Check of "Submit: Voluntary Notification for Subordinating Priority in SecuritiesReceipt"is available at actual time of 9:30-12:00 (System As Of Time of 9:00-15:30). Customer Side (CS) System As Of Time 9:00 17:00 Receive Night Batch Results (For Day3 Settlement) (9:00-17:00) For Day 4 Settlement Customer Trade (Non-Resident) Customer Trade (Loan) Customer Trade (Domestic) Customer Trade (Non-DVP) Matching process for "Day2 Execution, Day4 Settlement" (T+2 Settlement Trades) (9:00-12:20) Settlement Process for DVP Settlement Service for NETDs (for Non Send "Temporary Suspension / Lifing Temporary Suspension Request (for un completed portion)" data Matching Process for "Day3 Execution, Day4 Settlement" (T+1 Settlement Loan)(9:00-14:20) Matching Process for "Day4 Execution, Day34Settlement" (T+0 Settlement Loan) (9:00-14:20) Settlement Process for DVP Settlement Service for NETDs (for Loan Trades) (9:00-14:30) Send "Temporary Suspension / Lifing Temporary Suspension Request (for un completed portion)" data(9:00-14:30) Send "Amount Adjustment Data" (9:00-14:45) Matching process for "Day2 Execution, Day4 Settlement" (T+2 Settlement Trades) (9:00-14:5 Settlement Process for DVP Settlement Service for NETDs (other than Loan) (for Domestic Trades) (9:00-15:00) Send "Temporary Suspension / Lifing Temporary Suspension Request (for un completed portion)" data(9:00-15:00) Send "Same Day Transfer Request" (For Non-DVP Day3 Settlement) Data Settlement Process (Non-DVP) (9:30~15:50) Send "Temporary Suspension / Lifing Temporary Suspension Request (for un completed portion)" da Reconcile (-17:00) Actual Time 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 Remarks