Japan Securities Finance Co., Ltd.
1Q FY2021
Financial Results Presentation

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜Table of Contents
 １．Executive summary (Consolidated)Ｐ３

 ２．Summary Financial Results for1Q, FY2021

Ｐ４

 ３．Summary Financial Results for 1Q, FY2021（JSF, non-consolidated）

Ｐ５

 ４．Financial Highlight（Margin Loan Business）

Ｐ６

 ５．Financial Highlight（Securities Financing）

Ｐ７

 ６．Financial Highlight（Securities Investment of JSF, non-consolidated）

Ｐ８

 ７．Summary Financial Results for 1Q, FY2021（ JSF Trust Bank）

Ｐ９

 ８．Balance Sheet Summary (Consolidated)

Ｐ１０

 ９．Estimated Figures for FY2021

Ｐ１１

 Appendix

Ｐ１３〜

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜

2

１．Executive Summary (Consolidated)（¥ mil）

FY20211Q

YoY ⊿Highlight⊿％
Operating
Revenues

7,406

▲531

△6.7％







Operating
Income

2,268

＋661

＋41.2％

Recurring
Income

2,464

＋704

＋40.0％Net
Income

1,778

＋463

＋35.2％

Copyright Japan Securities Finance Co., LTD. All Rights Reserved

Margin Loan Business dropped （△41.4％）
due to a decrease of balance of Stock
Loan
In Securities Financing, revenues
increased (+2.0%) in 4 businesses (total
5 businesses), including Bond Lending
Revenue of subsidiary JSFTB increased(+20.1%)due to steady trust business.
Operating expenses decreased due to adecrease in borrowing fees accompanying
a decrease in Stock Loan balance
General and administrative expenses
decreased due to an increase in reversalof allowance for doubtful accounts, etc.

〜 All For Securities Market 〜

3２．Summary Financial Results for 1Q, FY2021
Consolidated（¥ mil）

non-consolidated
JSF

FY2021
1Q

YoY.⊿

7,406

▲531

(△6.7%)

6,507

▲636

6,722

434

(＋6.9%)

5,823

329

3,620

▲892

(△19.8%)

3,551

▲884

2,936

73

(＋2.6%)

2,868

81

General &Administrative Expenses

1,517

▲300

(△16.5%)

1,199

Operating Income

2,268

661

(＋41.2%)

Recurring Income

2,464

704

(＋40.0%)

29

41

(−)

39

39

1,778

463

Operating Revenues
ExceptPremium Charges

Operating Expenses
ExceptPremium Charges

Gain or Loss inEquity-Method

Extraordinary
Profit or LossNet Income(%⊿)

JSF Trust Bank

Nihon Building

YoY.⊿

YoY.⊿

YoY.⊿

Copyright Japan Securities Finance Co., LTD. All Rights Reserved

726

103

324

2

110

▲22

4

0

▲476

245

172

176

11

1,755

724

371

▲46

144

▲9

3,176

736

372

▲47

189

▲15

(ー)

39

39

―

―

―

―

(＋35.2%)

2,666

556

256

▲112

125

▲11

〜 All For Securities Market 〜

4３．Summary Financial Results for 1Q, FY2021（JSF, non-consolidated）
Key Points

Japan Securities Finance（non-consolidated）*excluding premium charge（¥ mil）

Operating Revenues*

FY2021
1Q

YoY.⊿

(%⊿)

5,823

329

(+6.0%)

Margin Loan Business*

869

▲131

(△13.1%)

Securities Financing

3,553

65

(＋1.9%)

Others1,401

395(＋39.4%)

Operating Expenses*

2,868

81

(＋2.9%)

General &Administrative Expenses

1,199

▲476

(△28.4%)

Operating Income

1,755

724

(+70.2%)

Recurring Income

3,176

736

(＋30.2%)Extraordinary
Profit or Loss

39

39

(ー)

Net Income

2,666

556

(＋26.4%)

Copyright Japan Securities Finance Co., LTD. All Rights Reserved●Operating Revenues
 Up ¥329 mil (+6.0%) YoY driven by
Securities Investment（”Others”）.
̶ Margin Loan Business dropped YoY
due to a decrease in the balance ofStock Loan.
̶ Securities Financing increased
revenue. The increase in Bond
Lending outweighed the decrease in
General Stock Lending.
̶ Others(Securities investment) also
increased revenue due to gains on
investment securities, etc.
※For details of segments, see “Financial
Highlights for 1Q, FY2021(P6-P8)”●Operating Expenses
̶ Up ¥81mil (+2.9%) YoY
̶ Fees on borrowing securities in Bond
Lending increased.
●General & Administrative Expenses
̶ Decreased ¥476mi(△28.4%) YoY
̶ Reversal of allowance for doubtful
accounts increased (¥496mil) due torevised calculation method.

〜 All For Securities Market 〜

5

４．Financial Highlight （Margin Loan Business）


Amid weak stock market conditions, Margin Loan Balance remained steadywith bargain hunting.

On the other hand, Stock Loan dropped due to profit-taking repurchase.
FY2020（\ bn、%）

1Q

2Q

1H

3Q

4Q

FY2021

YoY

1Q

YTD

full year

Margin Loan

199

219

209

223

256

224

296

97

Margin Loan Rate

0.60

0.60

0.60

0.60

0.60

-

0.60

-

Stock Loan

295

333

314

316

255

300

181

▲113

Margin Loan（FY2020）
Margin Loan Rate（FY2020）

¥ tri
0.6

Margin Loan（FY2021）
Margin Loan Rate（FY2021）

1Q Margin Loan

2Q Margin Loan

3Q Margin Loan

4Q Margin Loan

FY21：¥296bn
FY20：¥199bn

FY21：ー
FY20：¥219bn

FY21：ー
FY20：¥223bn

FY21： ー
FY20：¥256bn

Stock Loan（FY2020）
Stock Loan Rate (FY2020)

¥ tri
1.5%

0.6

1Q Stock Loan
FY20：¥181bn
FY20：¥295bn

2Q Stock Loan
FY21： ー
FY20：¥333bn

Stock Loan（FY2021）
Stock Loan Rate (FY2021)
3Q Stock Loan
FY21： ー
FY20：¥316bn

1.5%

4Q Stock Loan
FY21： ー
FY20：¥255bn

0.4

1.0%

0.4

1.0%

0.2

0.5%

0.2

0.5%

Full Year Margin Loan
FY21： ー
FY20：¥224bn

0.0

0.0%
Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

0.60%
Copyright Japan Securities Finance Co., LTD. All Rights Reserved

Mar

Full Year Stock Loan
FY21： ー
FY20：¥300bn

0.0
Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

0.0%
Dec

Jan

Feb

Mar

0.40%

〜 All For Securities Market 〜

6５．Financial Highlight （Securities Financing）


4 businesses resulted in increase, including Bond Lending
General Stock Lending was sluggish due to a decrease in borrowing
demand for both use of collateral and fail-cover.
(¥ mil)Type of transaction

FY2021
1Q

YoY⊿

YoY%

29

14

+92.4％

 The balance of loans outstanding
increased due to a increase ofoutstanding purchases on negotiablemargin transaction.

Loan to Securities
Companies*

235

13

+6.2％

 Increased use of equity repo
transactions denominated in foreign
currencies contributed.

Loan to Individual Investors
or Firms

120

7

+7.0％

 Outstanding of COM-STOCK Loan
increased.

General Stock Lending

174

▲120

△40.9%

 Borrowing demand for both use ofcollateral and fail-cover decreased.

2,993

150

＋5.3%

 Both outstanding of Gensaki
transactions and Repo transactions
remained steady.

3,553

65

＋1.9%

Loans for Negotiablemargin transaction

Securities Financing

Bond Lending

Total Revenues* General Loans, Stabilizing funding loan, Equity Repo, etc.
Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜

7６．Financial Highlight（Securities Investment of JSF, non-consolidated）
Increased revenue due to gains on investment securities, etc.

Revenues from securities investment（JSF）
1Q FY2021

Transition of investment portfolio
EquityYoY

Foreign Bonds

OthersDomestic Bonds

100%

Yen-based¥ 1,099 mil¥ 210 milDomestic Bonds¥ 260 mil▲¥ 9 mil

Others※¥ 839 mil

¥ 219 mil¥ 293 mil¥ 187 mil

¥ 1,393 mil¥ 397 mil

2.2%
11.1%

90%
90%

5.8%
80%

In foreign currencies

Total

81.0%
70%
Mar.2019※ Investment Trust, etc.

ref. Trend of Interest Rate and Hedge Cost (JPY v.s. USD, EUR)

Trend of Interest Rate
4.0%

US

Germany

4.0%

Japan
3.0%

3.0%
2.0%

2.0%

1.0%

1.0%

0.0%

0.0%

▲1.0%
2013

2014 2015

2016

2017

2018

2019 2020 2021

Copyright Japan Securities Finance Co., LTD. All Rights Reserved

Mar.2020

Mar.2021

June.2021

source）Bloomberg

Trend of hedge cost
USD3M
EUR3M

▲1.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021

〜 All For Securities Market 〜

8７．Summary Financial Results for 1Q, FY2020（JSF Trust Bank）

Highlights

 Trust charges remained steady contributing from strengthening custodian type trust
service.
 Interest income resulted in increase due to an increase in outstanding of loan balance, etc.
On the other hand, significant decrease in reversal of ADR.
 Though interest expenses decreased, depreciation expenses increased due to the renewalof the banking accounting system.
 Both Recurring Income and Net Income decreased due to a decrease in reversal of ADR.

JSF Trust Bank
(non-consolidated)（¥ mil）

Recurring Revenue【Point of Trust Charge】

YoY

FY2021
1Q

¥

(%)

749

▲48

(△6.0%)

Trust charges

319

66

(+26.1%)

Recurring Expenses

377

▲1

(△0.3%)

Recurring Income

372

▲47

(△11.2%)Net Income

256

▲112

(△30.3%)*ADR : Allowance for Doubtful Receivables
Copyright Japan Securities Finance Co., LTD. All Rights Reserved

Trust charges increased
contributing from strengthening
custodian type trust service(crypt-asset related trust, trusts
for the separate management ofmoney and securities, ABL trust,etc).

(¥ mil)〜 All For Securities Market 〜

9８．Balance Sheet Summary （end of June-2021, consolidated）\mil
Jun-21
Total assets
Cash & Deposit
Short-term
investments

12,533,068
1,461,379
95,402
1,087,688

Receivables
under resaleagreements

3,366,539

Investments insecurities
Total liabilities
Call money
Short-termborrowings
Commercial Paper
Payables under
repurchaseagreements

Collateral money
received of
securities lent
Borrowed money
fromtrust accountTotal net assets

396,838
39,822 Deposit at BOJ
JGB and other bonds (Maturity:

52,434 1year or less)Margin loan / Loans for

Short-term loans
receivable

Collateral money of
securities borrowed

Change from
Mar-21▲ 28,664 negotiable margin transactions /General loans / Trust bank loans

5,235,774
993,726

364,682
Collateral money of bondborrowing▲ 89,797 Collateral money of stock
borrowing
JGB and other bonds (Maturity:
58,381 more than 1year), Stock

12,399,357

398,294

1,459,100▲ 247,500

120,710▲16,884

521,900▲ 91,100

5,397,853

1,206,044

3,568,102▲ 460,600 Collateral money of stock lending
20,840133,711▲ 1,455

Copyright Japan Securities Finance Co., LTD. All Rights Reserved

Comprise Margin loans (short-termloans receivable) and deposits incurrent account balance at BOJ(cash and deposits) that arechanging by the day, collateraldeposited for the procurement of
securities (Collateral money of
securities borrowed), and securities
held for the purpose of efficient use
of funds.
Cash and cash equivalents maychange significantly depending on
the status of standby funds in thetrust account of JSF Trust andBanking Co., Ltd. and the status ofcash management of the Group as awhole.

Features of Liabilities
Bank borrowing
Market operation by BOJ

Collateral money of bond lending

1,164,303

Features of Assets

In addition to market funding, suchas call money and commercial paper,
which can be adjusted daily toaccommodate assets changing by
the day, collateral deposits received
when lending securities (collateralmoney received of securities lent).

【ref】 Capital Adequacy Ratio*
at the end of Jun 2021︓437％* based on FIEA

〜 All For Securities Market 〜 10

９．Estimated Figures for FY2021
Precondition Balance of Margin Loans

FY2021
Estimated
Figures（¥ mil）

FY2021 Precondition

YoY.⊿⊿ from prev.
EF

Consolidated
Over-lentMargin Loan
¥170bnOver-lent
Stock Loan
¥120bnOperating Income

5,000

222

ー

Recurring Income

5,700

141

ー

Net Income

4,000

28

ー

Operating
Income

3,368

455

ー

Recurring
Income

5,009

524

ー

Net Income

3,839

329

ー

Recurring
Income

1,042

▲212

ー

Net Income

723

▲133

ー

Operating
Income

560

▲36

ー

Recurring
Income

660

▲55

ー

Net Income

430

▲70

ー

Matching¥110bnMargin Loan
¥280bnStock Loan
¥230bnJSF（Reference）
FY2020 Results

Over-lentMargin Loan
¥108bn

JSF
Trust andBankingOver-lent
Stock Loan
¥184bnNihon
Building

Matching¥115bnMargin Loan
¥224bnStock Loan
¥300bnPreconditions of Loans for Margin Transactions●Loan Rate ：0.60％,●Interest on Collateral Money ：0%,●Lending Fee ：0.40％＜Approach to Estimated Figures for FY2021＞
 Although there are factors that may cause a decrease in general and administrative expenses due to a revision in thecalculation method of the allowance for doubtful accounts, due to the continuing high uncertainty regarding the future of thebusiness environment, such as trends in the financial markets, we have not revised the estimated figures at this time.
Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 11Appendix
 Return to Shareholders
 Dividend and Share Buyback Program (historical)
 The Trend of Financial Result (consolidated) Breakdown of Operating Revenues by business(Historical data) Breakdown of Operating Revenues by business Analysis of YoY Change in Operating Revenue bybusiness (Quarterly) Outstanding Balance of Transactions by Group
Business Margin Transactions & Loans for Margin transactions
 Structure of Margin Transaction & Loans for Margin
Transactions
 Revenue structure of Loans for margin transactions
 About Margin Loan Rates
 Loan Rate of Loans for Margin Transactions
Copyright Japan Securities Finance Co., LTD. All Rights Reserved Securities Holdings
 JSF Trust Bank (Loan Balance)
 Major Issues in Formulating the Plan (The 6th MMP I)
 Our Vision for the Future(The 6th MMP Ⅱ）
 Corporate Philosophy/Management Principles(The 6th
MMP Ⅲ)
 Management Goals/Strategies(The 6th MMP Ⅳ）
 Management Goals(The 6th MMP Ⅴ)
 Strategies(The 6th MMP Ⅵ）
 Our Group Companies Rating Information
 ESG/SDGｓ Initiatives
 Our Corporate Philosophy and History to Date
 Characteristics of Securities Finance Company
 Our Business Field (image chart)〜 All For Securities Market 〜 Return to Shareholders
1

Basic Policy2Retain solid equity capital to secure the financial health and management
stability that society demands of the company as the infrastructure of
securities market, and to ensure profits are returned to shareholders bycomprehensively considering revenues environment or investment plans.
etc. (medium-term management plan, management policy)
Based upon this policy, we will strive to place more importance onshareholder return.

Shareholder Return Policy（released on 30 Apr 2020）(１) Dividend Payment PolicyOur policy is that the consolidated payout ratio, as a standard that reflects ourbusiness performance, shall not fall below the 60% level and that we shalls t r i v e t o provide stable dividends that are not temporarily affected byearnings fluctuations.

(２) Share Buyback PolicyWith a view to offering even more rewarding returns to shareholders, we will
buy back shares as appropriate while comprehensively considering thecompany's financial situation, equity capital levels, and stock price levels.

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 13 Dividend and Share Buyback Program (historical)
FY
2021

FY
2015

FY
2016

FY
2017

FY
2018

FY
2019

FY
2020

Annual Dividend per share

¥16

¥18

¥26

¥22

¥22

¥26

Interim ¥13
Year-end ¥13

Share Buyback

(shs)

3mil

0.63mil

1.5mil2.0mil1.0mil――（amount）¥1.9bn¥0.3bn¥0.9bn¥1.2bn¥0.5bn――<Consolidated> : Net Income¥2.6bn¥3.0bn¥4.2bn¥3.7bn¥3.5bn¥3.9bn¥4.0bn

: EPS

¥26.9

¥31.9

¥44.2

¥40.0

¥38.4

¥43.2

¥43.5

: DPR

59.5%

56.4%

58.8%

55.0%

57.2%

60.1%

59.7%

(reference)
Total Return Ratio

133.1%

66.3%

79.3%

87.8%

71.0%

60.1%

59.7%

Forecast/
Framework¥26

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 14 The Trend of Financial Result (consolidated)¥ mil
FY2016FY2017FY2018FY2019FY20201Q

FY2020

FY2021
1Q

23,06626,33324,321

29,101

7,937

30,924

7,406

16,522

18,38318,603

20,846

6,287

23,711

6,722

11,892

13,33012,284

16,8354,512

18,018

3,620

5,358

5,385

6,566

8,585

2,863

10,8192,936

General &Administrative Expenses

8,371

9,121

8,056

8,136

1,818

8,129

1,517

Operating Income

2,802

3,881

3,981

4,129

1,606

4,777

2,268

92

123

248

306

▲11

395

29

3,611

4,685

5,046

4,894

1,759

5,558

2,464

Extraordinary
Profit or Loss

▲52

131

▲41

▲36

−

43

39

Net Income

3,078

4,225

3,765

3,556

1,315

3,971

1,778

Operating Revenues
Ex Premium charges

Operating Expenses
Ex Premium charges

Gain or Loss inEquity-Method

Recurring Income

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 15 Breakdown of Operating Revenues by business(Historical data)\ mil
FY2018FY2019FY20201Q

FY2020

FY2021
1Q

Securities Finance Bussiness

20,96925,3697,137

27,534

6,504

Margin Loan Business

9,661

12,5172,650

11,3591,553(39.7%)
1,799(43.0%)
1,420(33.4%)
322(36.7%)
1,453(21.0%)
469

708

1,178

279

1,108

110

6,819
5,717
1,101
7,735
(31.8%)
80
634
526

9,662
8,255
1,407
8,835
(30.4%)
80
737
494

1,962
1,649
312
3,481
(43.8%)
15
221
112

8,491
7,213
1,278
12,353(40.0%)
80
785
468

877
684
193
3,549
(47.9%)
29
235
120

1,517
4,975
3,573
(14.8%)
3,530
2,467(10.1%)
58
746
1,590
884
(3.6%)
24,321
18,603

1,015
6,507
4,016
(13.8%)
3,983
2,832(9.8%)
50
784
1,950
899
(3.0%)
29,101
20,846

295
2,836
1,005
(12.7%)
995
573(7.2%)
13
232
313
227
(2.9%)
7,937
6,287

950
10,0693,820(12.4%)
3,786
2,481(8.0%)
92
1,031
1,319
908
(2.9%)
30,92423,711

174
2,989
1,401
(18.9%)
1,393
688(9.3%)
40
307
336
214
(2.9%)
7,406
6,722

Interest on Loans
Interest on collateral money of securities
borrowed
Fees on Lending Securities
Premium Charges
Lending Fees
Securities Financing
Loans for Negotiable Margin Transactions
Loans to Seurities Companies
Loans to Individual Investors or Firms
Stock Lending
Bond Lending
OthersBond Investment (Parent only)
Trust Business
Interest on Loans
Trust Charges
Bond Investment
Real Estate Management Business
Operating Revenues(excluded Premium Charges)
Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 16 Breakdown of Operating Revenues by business(Margin Loan Business)
Revenues decreased YoY due to a decline in fees on lending
securities accompanying a decrease in Stock Loan balance.
【Operating Revenues Transition】

1Q
Revenue

(mil）

(YoY)

Quarterly
Margin Loan
Business¥ mil（ex premium
charges）
2,417

Fees onLending
Securities

2,193
1,987

1,962

1,918

(2,060)(1,649)(1,649)Premium
Charges

877
(684)
(284)
398
208

4Q
FY2019

(312)

(357)

(339)

(268)

364

406

(193)

322

359

279

302

306

220

110

1Q

2Q

3Q

4Q

1Q

FY2020

Copyright Japan Securities Finance Co., LTD. All Rights Reserved

LendingFees

469

FY2021

Point

1,553
(△41.4%)869(△13.1%)877(△55.3%)(1,853)(1,703)

1Q

684(△58.5%)

193(△38.2%)

Interest
onLoans(+45.4%)

Interest on
collateralmoney ofsecurities
borrowed(△60.5%)469

 Operating revenuesof this business,
except Premium
Charges, decreased.
 Fees on Lending
Securities resulted
in decrease,because Stock
Loan balance
dropped andpremium charges
on over-lent issues
decreased.
 Interest on Loans
increased, because
Margin Loan
Balance increased.

110〜 All For Securities Market 〜 17 Breakdown of Operating Revenues by business(Securities Financing ①)
Loan to Securities Companies increased in revenue due to increased use of
equity repo, etc.
【Operating Revenues Transition】
Quarterly¥ mil(¥ mil）

1Q
Revenue

1Q
Point

(YoY)

20
29
15

263

221

18

201

19

27

175

187

Loans for
Negotiable
MarginTransaction

29(＋92.4%)235

Loan to

123

4Q

112

1Q

FY2019

117

121

2Q

3Q

117

4Q

FY2020

Securities

235

Companies(＋6.2%)120

1Q
FY2021

Loan toIndividual
Investors
or
Firms

120
(＋7.0%)

 Both Loans for
Negotiable
MarginTransaction andLoan to Individual
Investors or Firms
increased due toan increase ofloan balance.
 Increased use of
equity repo
transactions
contributed.(Loanto Securities
Companies)＜ Loan Lineup ＞
Loan to Securities Companies ・・・ General Loans, Bond Financing, Loans for Negotiable margin Transaction,
Stabilizing fund loan, Equity Repo(Cash-secured Stock Lending Transaction)



Loan to Individual Investors or Firms ・・・ Com-STOCK Loan

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 18 Breakdown of Operating Revenues by business(Securities Financing ②)
 Bond Lending : Both outstanding of Gensaki transactions and repo transactions increased.
 General Stock Lending : Borrowing demand for use of collateral and fail-cover decreased.
【Operating Revenues Transition】
Quarterly(¥ mil）¥ mil

1Q
Revenue
(YoY)

232

2,080

220

GeneralStock
Lending

202

2,836

2,225

2,514
2,491

 Revenue increased.
Both outstanding ofLending

FY20191Q

 Revenue decreased.
Because borrowing
174
demand for use of(△40.9%)collateral and failcover decreased.

2,989

Bond
4Q

Point

174

295

280

1Q

2Q

3Q

4Q

FY20201Q

2,989(+5.4%)

Gensakitransactions andRepo transactions
increased.

FY2021※ Genera Stock Lending is ・・・ Lending stock to securities companies depending on their various demands (ex. Fail-cover, arbitrage), except
on demand to settle Margin Transaction
 Main business partner ‒ 【Lenders】 Institutional investors, etc 【Borrowers】 Securities Companies
Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 19 Breakdown of Operating Revenues by business(JSF Trust Bank)
Trust charges continued growth trend.
【Trust charges Transition】
Quarterly * consolidated base

1Q
Revenue(¥ mil）

¥ mil

206

(YoY)

232

251

255

292

307

Trust
Charges

4Q

1Q

2Q

FY20193Q

4Q

FY20201Q
FY2021

1Q
Point

Trust charges
increased contributing
from strengthening
custodian type trust
307 service (crypt-asset(+32.2%) related trust, trusts
for the separate
management of money
and securities, ABL
trust, etc.).

【Trust Lineup】
Trusts for the separate management ofmoney and securities

Trust for protecting deposits which securities companies received from customers

Trusts for currency future trading

Trust for protecting guarantee deposits which FX business operators received from
customers

Crypto-asset related trust

Trust for protecting guarantee deposits which crypt-asset exchangers received
from customers

Asset Backed Loan (ABL) Trust

For setting up ABL, which is investment product for institutional investors, JSFTB
provides functions as SPC.

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 20 Analysis of YoY Change in Operating Revenue by Business(Quarterly)〜 Summary of the points for quarterly 〜【Margin Loan Business】
 Resulted in decrease due to a decrease of【Quarterly】 YoY ▲ ¥ 531 mil（△6.7%）

outstanding of Stock Loan.

【Securities Financing】
 Loans to Securities Companies : Revenues

¥ mil

＋14
△1,097

+13

+153

+7

＋395

+114

increased use of equity repo transactions.
△13

 Loan△120

toIndividual

Investors

or

Firms

:

Revenues increased due to an increase of loanbalance.
7,937

7,406

 General Stock Lending : Borrowing demand foruse of collateral and fail-cover decreased.
 Bond Lending : Both outstanding of Gensaki
transactions and Repo transactions increased.

FY2020
1Q

MarginLoan

Loans for Loans for Loans for Stock
Sec Com Investors Lending
NMT

Bond
Lending

Others

ー

ー

Trust
Bank

Real
EstateSecurities Financing
Securities Finance Business【Others】
FY2021
1Q

 Revenues increased revenue due to gains on
investment securities, etc.

【Trust Business】
 Trust Charge remained steady and interest
income also increased due to an increase in thebalance of loans.

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 21 Outstanding Balance of Transactions by Group Business(Average balance)\ mil

Transaction type

FY20201Q

FY2020

FY2021
1Q

Margin Loans

199,092

224,615

296,923

Stock Loans

295,232

300,638

181,656

6,731,207

7,099,013

8,873,270

7,575

9,910

16,715Loans to Securities Companies

288,702327,444402,643

Loans to Individual Investors
or Firms

12,61013,092

13,609General Stock Lending

64,011

47,126

15,5206,358,309

6,701,439

8,424,780

473,120571,109723,263

Securities Financing
Loans for Negotiable Margin
Transaction

Bond Lending
Trust Bank Loans

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 22 Margin Transactions & Loans for Margin Transactions
3.0

¥ tri

50%
Margin Buying Balance
Margin Loan Balance
Ratio

2.5

45%
40%
35%

2.0

30%
1.5

25%
20%

1.0

15%
10%

0.5

5%
0.0

0%
08

1.0

09

10

11

12

13

14

15

16

17

18

19

20

21

￥tri

100%
Margin Selling Balance
Stock Loan Balance
Ratio

0.9
0.8

90%
80%

0.7

70%

0.6

60%

0.5

50%

0.4

40%

0.3

30%

0.2

20%

0.1

10%

0.0

0%
08

09

10

11

12

13

Copyright Japan Securities Finance Co., LTD. All Rights Reserved

14

15

16

17

18

19

20

21

〜 All For Securities Market 〜 23 Structure of Margin Transaction& Loans for Margin Transaction
MarginTransaction

Loans for Margin
Transaction
Margin Loan application
Stock Loan application

Margin buying order
Margin selling order

Institutional
Investors

Fund for Purchasing
Stock to sell

Fund (Margin loan)
Stock (Stock loan)

JSF

Securities
Companies

BrokerInvestor

Stock

Funds

Call Market

Purchased Stock
Sale ProceedBank of Japan

Stock Exchange
Clearing facilities
Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 24 Revenue structure of Loans for margin transactions

Over-lent

Income statement

Margin Loans

Over-lent(E)=(A)-(D)Stock Loans ※(C)matching(D)=(B)-(C)matching(D)=(B)-(C)Margin Loans(A)

Stock Loans(B)【Operating revenues】
Interest on loans＝(A)×0.60%
Fee on lending securities (lending fees)＝(B)×0.40％
Interest on collateral money of
securities borrowed＝(C)×0.60％【Operating expenses】
Interest on borrowing＝(E)×fundingrateBesides the above, Premium Charges are posted in Operating Revenues (Fees on Lending
Securities) in a part of Over-lent Stock Loan. But the same amount are posted in Operating
Expenses (Fees of Borrowing Charges), so the amount of Premium Charges does not affect our
profit.
【revenue】 Fees on lending securities (premium charges) = 【expense】 Fees on borrowing
securities (premium charges) = (C)ʻ×rate of Premium charges
Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 25 About Margin Loan Rate

LendingFee
0.40%

Securities
Company

Loan Rate
0.60%

BOJ Policy Interest Rate

Stock Loan

JSF

Securities
Company

Margin Loan

Jul 2006 Uncollateralized O/N Call Rate:0.25％



Feb 2007 Uncollateralized O/N Call Rate:0.50％



Oct 2008 Uncollateralized O/N Call Rate:0.30％（▲0.20%）

Dec 2008 Uncollateralized O/N Call Rate:0.10％（▲0.20%）



Oct 2010 Uncollateralized O/N Call Rate:0〜0.10％（▲0.10~0%）
Apr 2013 Switched from interest rate to monetary baseJan 2016 Embraced negative interest rates
Sep 2016 Introduced QQE with Yield Curve Control

Interest on Collateral
Money 0%

1.2%

Loan Rate
Lending Fee
Interest Rate on Collateral Money of Stock Loan
BOJ Policy Rate

Margin Loan Rate



1.0%




27/Jul/2006 0.74％（+0.14％）
22/Sep/2006 0.86％（+0.12％）
15/Mar/2007 1.02％（+0.16％）
05/Apr/2007 1.11％（+0.09％）

0.8%


0.6%




0.4%
Apr.2013〜
Monetary base start

29/Jan/2009 0.97％（▲0.14％）
22/Nov/2010 0.77％（▲0.20％）
06/Aug/2014 0.64％（▲0.13％）
09/Mar/2016 0.60％（▲0.04％）

0.2%

 Margin Loan Rates are decided by

0.0%

reflecting the change of market rates andBOJʼs Policy Interest Rate.

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 26 Loan Rate of Loans for Margin Transactions
2.00%
Loan Rate
Lending Fee

1.60%

1.20%

0.6%
0.80%

0.40%

0.4%
0.00%
97

98

99

00

01

02

03

04

05

06

Copyright Japan Securities Finance Co., LTD. All Rights Reserved

07

08

09

10

11

12

13

14

15

16

17

18

19

20

21

〜 All For Securities Market 〜 27 Securities Holdings\ mil
Mar-21
Securities Holdings

Jun-21

Unrealized profits andlossesB/S Amountnotes

Unrealized profits andlossesB/S Amount

Equity15,338

10,61014,447

9,807

Bond

921,896

18,8581,033,713

21,705

JGB&Municipal Bond

510,390

17,593

540,693

19,663

Corporate Bond355,499▲326

409,643

56,006

1,591

83,376

OthersOther Securities
Total

17,506

3,539

17,395

3,807

954,741

33,007

1,065,556

35,320ー(14,359)ー(12,227)（included the effects ofderivatives）

held-to-maturity
bonds▲202 Government Guaranteed Bond ,etc.
2,245 Foreign government bonds

Unrealized profits andloses

B/S Amount

JGB

1,512

Unrealized profits andloses

B/S Amount

194

1,511

notes

203

※Unrealized profits and losses is not inclueded the effects of hedging with derivatives

Yen Bond Portfolio （JSF Trust Bank）

Yen Bond Portfolio（JSF）
12,000
8,000
9,798
6,000
4,000
（億円）10,000
2,000
0 years9,424 5 years2.32
over10
to 10 years
2.69
14/3
14/9

9,210
2.81
9,498
3.67
8,158
2.69
1 year to 5 years
within3.23
1 year
2.41
14/12
15/3
15/9

（¥ 100 mil）
7,000
6,000
5,000

4.25

4.18

5.0

6,000

4.0

4,274
3,660

4,000

（¥ 100 mil）

3,320

3,370

3,830
3.0

3,000
2,000

5.35

7,000

5.30

5.21

4.84

4.69

4,930

（year）
6.0

6.0
5.0
4.0
3.94
3.0
2.0
（年）
1.0
8,378
3.54
0.0
Averageremaining
period
15/12

4.26
4,183

5,000

4,821

3,186

5.0
4.0

3,991

4,000

（year）
6.0

3,584
3.0

3,000
2.0
1.99

2,000

2.10

1.0

1,000

0.0

0

Mar.19Sep.19Mar.20

Sep.20Mar.21

Jun.21

2.0

1,310
1.92

1.0

1,000
1.06

0.0

0

Mar.19Sep.19Mar.20

Sep.20Mar.21

Jun.21(Note) Average remaining period is calculated excluding Floating JGB, held-to-maturity bonds, bonds for which hedge-accounting is applied

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 28 JSF Trust Bank （Loan Balance）● Loan Banance by Industry\mil

Jun-20Loan
BalanceMar-21ratio

Loan
BalanceJun-21ratio

Loan
Balanceratio

Manufacturing

0

0.0%

0

0.0%

0

0.0%

Fishery

0

0.0%

0

0.0%

0

0.0%

Mining

0

0.0%

0

0.0%

0

0.0%

Construction

0

0.0%

0

0.0%

0

0.0%

Energy & Utilities

0

0.0%

0

0.0%

0

0.0%

Communication

0

0.0%

0

0.0%

0

0.0%

Transportation

689

0.1%

689

0.1%

689

0.1%

Wholesale

800

0.1%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

1,000

0.2%

2,100

0.3%

1,650

0.2%

500

0.1%

1,120

0.2%

1,200

0.2%

0

0.0%

0

0.0%

0

0.0%

594,64599.5%

723,947

99.5%

691,613

99.5%

RetailFinance & Insurance
Real Estate
Service Industries
Governments
Total

597,634

Copyright Japan Securities Finance Co., LTD. All Rights Reserved

727,856

695,152〜 All For Securities Market 〜 29 Major Issues in Formulating the Plan
(The 6th Mid-term Management Plan Ⅰ)• Trend of Strengthening Corporate
Governance
External environment• Continued ultra-low interest rateenvironment, etc.
Internal
environment
Business
Philosophy
Characteristics ofSecurities Finance
Company

Transition to a
Company with
Nominating
Committee, etc.

Review of theFifth Plan

Issue I
Response to the
New Governance
Structure

Issue II
Response to theperception ofchallenges under thechanges in theinternal and external
environment

Stakeholders
Shareholder/Investor Supervisory Authority/ Business
Partners/
Lenders (funds and securities) and others
Copyright Japan Securities Finance Co., LTD. All Rights Reserved Incorporate the significance of thetransition to a governance system
into a plani. Consider risk appetite for achieving
the plan and ensure transparency
and consistency of the overallmanagement planii. Setting and disclosing managementtargets that JSF believes areappropriateiii. Establishment of a system toregularly monitor
 Incorporate responses to awarenessof challenges
i. Secure earnings to stabilize our roleas part of the market infrastructure.
Aiming to diversify revenue sources
by making more effective use ofvarious "capital"
ii. Strive to build an efficient business
operation system, improve corporate
vitality, and strengthen ourcompetitive base

〜 All For Securities Market 〜 30 Our Vision for the Future (The 6th Mid-term Management Plan Ⅱ)
Targeted
Future/Our
VisionAwareness of
issues

To grow into a highly competitive company in the overall Security
Finance Business, which is centered on the licenced Margin Loan
Business• Aim to further expand and strengthen the earnings base by making more
effective use of capital• Establishment of an efficient business operation system and an appropriate
risk-taking management system• Maintaining our core competence “Fairness and Neutrality”,“Financial
Soundness”, and “High creditworthiness”.

Trends in Strengthening Corporate Governance
Increasing Awareness of Capital Efficiency
Continued ultra-low interest rate environment
On the other hand, attention should be paid tothe possibility of a global financial stress event.
• Risk of intensifying competition in the
securities lending market under current
financial environment of difficulty in fundmanagement（Changes occurring after formulation）• Economic Activity and Social Impact of the
COVID-19 pandemic

Copyright Japan Securities Finance Co., LTD. All Rights Reserved（Review of the 5th mid-term management plan)• Revenues from Margin Loan Business fluctuate• Develop the ability to cover earnings other thanMargin Loan Business and fund management
Increasing complexity and volume ofbusinessHandling of foreign securities, foreign
currencies, and direct transactions withoverseas bases
New transaction methods (evergreen
provisions, etc.)Sophistication of fund management(expansion of investment target assets andhedging methods)

Internal environment

External environment

•
•
•
•

〜 All For Securities Market 〜 31 Corporate Philosophy / Management Principles(The 6th Mid-term Management Plan Ⅲ)

Corporate
Philosophy

Management
Principles

As an institution specializing in securities finance, JSF has a mission tocontribute to the development of the securities market by proactively meetingthe diverse needs of the securities and financial sectors and to enhance thelong-term interests of users, while always maintaining a keen awareness of its
public role.
⑴ To practice sound business management by thoroughly
implementing compliance, corporate governance, andrisk management under a new governance structure
and thereby establish solid credibility, while always
maintaining a keen awareness of our social
responsibilities as a securities finance company.

Basic Concept as
the Securities
Finance Company⑵ To enhance enterprise value while maintaining solid
equity capital in order to ensure stability inmanagement and the financial health required of acompany that is a key player in securities market
infrastructure, to give comprehensive consideration to
the earnings environment, investment plans, etc., andto ensure profits are returned to shareholders.

Solid equity
capitalFinancial health⑶ To further enhance JSFʼs core margin loan businesswhile also striving to expand the finance- andsecurities-related services provided by JSF and Group
companies, develop new business, and to further growand solidify our base.

Future businessdevelopment⑷ To build a quick and efficient business management
structure and strengthen our competitive base in orderto address changes in the business environment in a
flexible manner.

Businessmanagement
structure

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 32 Management Goals / Strategies(The 6th Mid-term Management Plan Ⅳ)

Management
Goals

Given that the margin loan business, JSFʼs core business, is greatly affectedby market fluctuation, we will strengthen its base by steadily increasing ournumber of loanable stock issues and stabilize our role as part of the securities
market infrastructure by diversifying revenue sources and steadily increasing
our basic

Enhancing the Margin Loan
Business as part of
securities market
infrastructure

Strategies

Developing and realizing
new business

Diversified management of
securities as an efficientuse of capital

Facilitating diverse work
styles and making JSF more
dynamic

Expanding and enhancing
the “Securities Finance”
businessStrengthening business
management structure

Strengthening ourcompetitive base throughefficient business
operation＜Framework to integrate management goals and strategies with risk management＞

Use of Risk Appetite Framework
Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 33

● Management Goals (The 6th Mid-term Management Plan Ⅴ)

Number of loanable stock issues : We will aim to increase our number of loanable stock issues steadily tostrengthen our margin loan business base

Basic profit : We will aim to diversify revenue sources and steadily increase our basic profit to stabilize
our role as part of the securities market infrastructure⇒ Actual results on the base of fiscal years will be disclosed (at the announcement of thefinancial results)◆ Definition of “basic profit”
Recurring income as a trend calculated based on the assumed gross operating profit of margin loan business (average over the past three years)

1. Characteristics of Our Recurring Income

2. Calculation of Basic Profit

(A)

(B)

(C)

20XX-320XX-2

20XX-1Margin loan business profitBasic profit

Change in recurring income(conceptual illustration)(A) + (B) + (C)3
FY20XX

Non-margin loan business profit

Margin loans, JSFʼs core business, are

20XX+1

20XX+2Non-margin loan business profit
Assumed gross operating profit of margin loan business

We calculate the basic profit to visualize

susceptible to market fluctuation (profit

our profitability based on our average

fluctuates significantly)

margin loan business profit.

It is difficult to understand change inour basic earnings

Copyright Japan Securities Finance Co., LTD. All Rights ReservedThis makes change in basic earnings
easier to understand〜 All For Securities Market 〜 Strategies (The 6th Mid-term Management Plan Ⅵ)
Enhancing the Margin Loan
Business as part of
securities market
infrastructure.

We aim to pursue stable management of our margin loan business and improve profitability byappropriately responding to changes in the stock market environment. Moreover, we aim to monitor
trends among market participants carefully, increase our number of lending issues steadily, promote
the use of margin loans, enhance the provision of information relating to margin transactions andmargin loans, and expand the range of investors.

Expanding and enhancing
the “Securities Finance”
business

We aim to utilize the financial and securities transaction expertise we have cultivated thus far tohandle diverse transactions with domestic and overseas financial instruments businesses in aproactive manner and increase business partners and applicable securities to enhance and expand
our “Securities Finance” business, increasing opportunities for profit.

Developing and realizing
new businessWe will leverage our strengths as a company with a history in the securities finance field, anddevelop and realize new business based on a long-term perspective in collaboration with Group
companies and domestic and foreign partners.

Diversified management of
securities as an efficientuse of capital

We will secure stable revenues by responding to changes in the external environment and revising
our portfolio in a flexible manner while maintaining appropriate risk controls. Moreover, we will move
forward with expanding management based on foreign currency-denominated securities such as
foreign government bonds and establishing funding methods for foreign currency in order to support
the development of business using foreign currency.

Strengthening business
management structure

We will proactively address our social obligations and ensure that compliance is positioned as aprerequisite of management in order to achieve our corporate philosophy.
To establish unwavering social trust in our company, we aim to secure theeffectiveness of our internal auditing and further enhance our risk management in response to theincreasingly diverse and complex risks associated with the finance business.
In order to fulfill our role as part of the securities market infrastructure even in the event that amajor disaster occurs, we will continue to upgrade our business continuity system.

Strengthening ourcompetitive base throughefficient business
operation

As our transaction volume increases and our business becomes more complex, we will
review our processes and actively promote the use of digital technologies such as RPA(robotic process automation) to build an efficient business operation structure andstrengthen our competitive base.

Facilitating diverse work
styles and making JSF more
dynamic

As work changes and diversifies with work-style reform, delayed retirement and more,
we will increase the productivity of individual personnel and make the company more
dynamic by reviewing our employment system and developing a rewarding andemployee-friendly workplace.

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 35 Our Group Companies
Subsidiary
Affiliate（ ) Shareholding Ratio

Japan Securities Finance（100%）（100%）Nihon
Building

JSF
Trust Bank

Shareholding
Ratio

Name

100%

JSF Trust and Banking Co., Ltd.

（20.0%）（20.8%）

Japan Information
Processing

JSFIT

Capital(mill yen)

14,000Business overview
Trust service, Banking service
Real estate ownership andleasing
Real estate trading andbrokerage

100%

Nihon Building Co., Ltd.

100

20.0%

Japan Information Processing Service Co., Ltd

2,460

Information processing services
Software development and sales

20.8%

JSF Information Technology Co., Ltd

100

Information processing services
Software development and sales

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 36 Rating Information

JCR

R&I

Standard &Poorʼs

As of 30/June/2021

Japan
Securities Finance

JSF TrustBank

RatingOutlookRatingOutlookRatingOutlookLong-term

AA-

StableAA-

StableA

StableShort-term

J-1+

a-1+

（Highest）（Highest）

CP Issue

¥1tri

¥1tri

Long-termA+

Short-term

J-1+

Stable

A+
a-1

A-1

―

Stable――――（Highest）

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 37 ESG/SDGs Initiatives
As an institution specializing in securities finance as a key player in securities market infrastructure, JSF has a
mission of contributing to the development of the securities market, which is the foundation of our economic andsocial activities.
We are committed to contributing to the development of a sustainable society through the promotion ofoperations centered Margin Loan Business and the following initiatives, while maintaining a keen awareness of its
public role. At the same time, we are committed to maintain our social responsibilities by enhancing corporate
governance, compliance, and risk management.

E

Minimize Environmental Impact
 Improving company facilities to conserve electricity and be conscious ofenvironmental impact
 Promote paperless operations in all areas of the company

Promotion of Financial and Economic Education Activities
 Implementation of educational activities on margin trading (holding seminars on
margin trading for investors, training for staff at securities companies, etc.)

Promotion of Academic Research Activities
 Joint Empirical Research with the University of Tokyo (Securities Lending
Transactions Utilizing Distributed Ledger Technology）
 Collaboration with Kyoto University in Index Development Utilizing Data ofMargin Transaction and Loans for Margin TransactionContribution to the development of overseas securities markets
 Technical assistance and investment in Indonesian Securities FinanceRealization of diverse work styles for employees
 Support for childbirth, childcare, and nursing care
 Introduction of company-wide telework
 Understanding Employee Engagement

Further improve governance as a company with nominating committees, etc.
 Majority of directors are independent outside directors.
 Chairperson of the Board of Directors and Chairperson of the 3 Committees are
Independent Outside Directors

S

G

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 38 Our Corporate Philosophy and History to Date

Corporate Philosophy
As an institution specializing in securities finance, JSF has a mission tocontribute to the development of the securities market by proactively
meeting the diverse needs of the securities and financial sectors andto enhance the long-term interests of users, while always maintaininga keen awareness of its public role.
Our History to Date

Focus on stable management of Margin Loan Business and improving convenience as an
infrastructure for securities markets
We will also engage in new operations that meet market needs.

1950
Established as
an institution
specializing insecurities
finance in
response torequests fromthe securities
industry withthe aim ofstabilizing andpromoting thesecurities
market1951

1977

 Launched Margin
Loan business Launchedgeneralstocklendingbusiness

1989

1998

2019

 Launched Establishment  Launchedbrokerageof JSF Trustloans forbusiness forBankmarginbond lendingtransactions
for PTS

In conjunction with the establishment of the margin transaction system,
commenced the Margin Loan Business of lending funds or stock
certificates, etc. necessary for the settlement of margin transactions tosecurities companies.
⇒ Roots as a licensed company stipulated in the Financial Instruments
and Exchange Law

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 39 Characteristics of Securities Finance Company
Securities financecompany＝ Operator of
Margin Loan
Business under
the license of
the FIEA

Specificity of
Margin Loan
Business

Responsibility for the
stable operation of the
Margin Loan BusinessAlthough it is the only
licensing company
Be not a monopoly

Statutory Restrictions
on Subsidiary BusinessWith the lending of funds
secured by securities
Mainly lending securities

For ex-post funds andstock certificates loan
application
ー In principle, allapplications must be
accepted

Maintain and improvehigh procurement
capabilities
Required to be eligible
for participation inCentral Bank Operations
and securities
settlement systems.

 Stable earnings and financial base
 Required a certain level of equity
capitalCopyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 40

● Our Business Field（image chart）＜Funds＞(Margin Loan/Stock Loan)

Securities Financing
Securities
Lending(Equity・Bond)

Equity Repo
Loan to Individual
Investors or Firms

LenderMoney Market,
etc.

Financial
Institutions

SubsidiaryBusiness

Loan to Securities
Companies

Investors

Margin Loan BusinessBorrower

Securities Companies

For
Standardized
MarginTransactions＜Securities＞

Institutional
investors,
Securities
companies, etc.

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜 41NoticeThis document includes statements for business forecast. Thesestatements donʼt guarantee companyʼs future achievement and thatinvolve risk or uncertain factors. Companyʼs future achievement may
be changed drastically up to stock market or financial conditions.

Copyright Japan Securities Finance Co., LTD. All Rights Reserved〜 All For Securities Market 〜