Deregulation on TIFFE

1. Abolishment of the minimum amount of customer's margin which is 6 million yen.
   
   Currently, a customer who wants to start trading of Financial futures on TIFFE has to deposit minimum amount of 6 million yen for customer's margin. This rule will be abolished, to invite more customer participation.
   
2. Abolishment of the upper limit of a brokerage commission for a trading on TIFFE.
   
   Currently, TIFFE has an upper limit(Not minimum level) on brokerage commissions. We will abolish this upper limit to keep up with international standards. After this abolishment, our brokerage will be completely liberalized.
   
3. Abolishment of the upper limit of Clearing Deregulation Commissions.
   
   TIFFE also has an upper limit of Clearing Deregulation Commission, that Non-clearing members pay to Clearing Members for clearing operation. We will abolish this limit, so that our members can determine their own level.
   

These deregulation will be effective from April 1st, 1998.

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