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   JAPAN SECURITIES FINANCE
 Loans for Negotiable Margin Transactions
 Range of Operations
 Loans for Margin Transactions
 Conditions of Loans for Margin Transactions
 Handling of Over-lent Issues
 Handling of Over-lent Stock Issues in Loans for Margin Transactions
 Precaution for the Use of Stock Loans
 Measures in Respect of the Use of Stock Loans in Margin Transactions
 Rights Handling
 Underwriting of New Stock
 Bidding for Rights
 Bond Services
 Bond Borrowing and Lending Transactions
 General Stock Lending
 Lending Conditions
 Bond Financing and General Loans
 Secured Loans on Securities for Individual and Corporate Investors
Top Page > Range of Operations > Loans for Negotiable Margin Transactions


Outline

  What is Loans for Negotiable Margin Transactions?

      Loans for negotiable margin transactions is a system which lends the necessary funds for securities companies to purchase stocks in negotiable margin transactions on behalf of its customer (3), receiving stock certificates purchased (1) or certain margin requirement (2) as collateral for loans.

Negotiable margin transactions and

Figure:Negotiable margin transactions andLoans for negotiable margin transactions


Conditions of loans

  Loanable stock Issues
      In principle, loanable stock issues are those listed on stock exchange. (However, they can be limited to those we admit available.) Newly listed stocks can be accepted from the 1st day of its listing.

  Loan Period
      In principle, the due date of loan is the day following the lending date, but it can be extended to the deferment deadline for repayment of negotiable margin transactions for securities companies.

  Interest rate
     The interest rate on loans is determined individually between JSF and securities companies.

  Collateral
      JSF receive stock certificates purchased in negotiable margin transactions and certain margin requirement as collateral for loans. Margin requirement can be substituted by a certain ratio of cash or by securities.




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