Default of Nippon First Securities Co., Ltd.

2008.3.21

Pursuant to Article 68 (Action against nonpayment) of the Business Method Manual of the Japan Commodity Clearing House Co., Ltd. (JCCH), a notice was issued by JCCH today, that Nippon First Securities Co., Ltd., a broker member of TOCOM, failed to pay mark to market losses by noon of March 21 to JCCH. 

Following the notice, Nippon First Securities Co., Ltd. was adjudged as a defaulting person in accordance with item 2, Paragraph 2, Article 126 of TOCOM’s Articles of Incorporation.

Pursuant to the TOCOM Market Rules, all open positions (customers' positions) held by Nippon First Securities Co., Ltd. have been settled without any disturbance to the market at the opening of today's afternoon session.

JCCH will start the necessary procedure to refund each customer's asset (the margin deposited at JCCH), in accordance with the applicable rules.

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