JAPAN: Conclusion of Stock Swap Agreement and Merger Agreement between JSCC and JGBCC

Wednesday June 26 2013

Japan Securities Clearing Corporation (JSCC) and Japan Government Bond Clearing Corporation (JGBCC) have been in discussions regarding a merger. On the assumption that approval will be received in the general shareholders meetings of each company, the Board of Directors meetings of both companies held on 25 June 2013 made resolutions to conduct a stock swap according to an agreement making JSCC the wholly-owning parent company and JGBCC the wholly-owned subsidiary, as well as conduct an absorption-type merger based on an agreement making JSCC the surviving company and JGBCC the merged company.

It is hoped that further enhancing clearing capabilities and structure, including more efficient operations and systems, will augment market convenience, efficiency, and safety, thereby strengthening the international competitiveness of the Japanese financial and capital market.

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