グローバルナビゲーションへ

本文へ

ローカルナビゲーションへ

フッターへ



ホーム >  Loans for Margin Transactions >  Bidding for Rights

Bidding for Rights


Handling of Bidding for Rights

If new stocks in a ratio other than integral multiple are allocated or subscription warrants are allocated to the issues eligible for Loans for Margin Transactions (issues eligible for standardized margin transactions), JSF organizes Rights auction for new stocks allocated to such issues on ex-rights day so as to decide the value of rights applied for Loans for Margin Transactions (standardized margin transactions) on such issues.
This auction is aimed for selling new stocks allocated to JSF who keeps the stocks under JSF name as collateral for Loans for Margin Transactions.
Besides securities companies, customers may also participate in this auction through securities companies. These customers can obtain stocks at designated price outside stock exchange regular transaction.
(Note) In case of over-lent issues, JSF needs to purchase such stocks through rights auction. Here we describe the case of over-loan.
In the normal situation, bidding date and time is from 11:30AM to 12:00AM on ex-rights day (different time rule may be applied to applications from customers to securities companies). Customers should participate in the auction through securities companies while clearly informing them of the amount of stocks and bidding price (usually bidding unit is 0.1 yen). It should be also noted that JSF may change auction time or bidding unit if JSF judges it necessary in such situations as many issues are subject to Rights auction or that allocation ratio is large.