[English Translation]

RULES FOR ADVISORY COMMITTEESTOKYO FINANCIAL EXCHANGE INC.

(The original of the Rules for Advisory Committees of Tokyo Financial Exchange Inc.
(“TFX”) has been prepared in the Japanese language only. The Japanese language text
hereof shall govern for all purposes and in all respects. Accordingly, all questions that
may arise within or without courts of law in regard to the meaning of the words, provisions
and stipulations of these Rules shall be decided in accordance with the Japanese language
text. TFX assumes no responsibility for accuracy, correctness or contents of this Englishtext.)

Rules for Advisory Committees

Table of Contents
Page
CHAPTER I. GENERAL PROVISIONS ....................................................................................... 1
Article 1.

Purpose ....................................................................................................................... 1

Article 2.

Advisory Committees ................................................................................................. 1

CHAPTER II. MARKET OPERATION COMMITTEE ................................................................ 1
Article 3.

Advisory Scope .......................................................................................................... 1

Article 4.

Committee Members .................................................................................................. 2

Article 5.

Ad Hoc Committee Member ...................................................................................... 3

Article 6.

Committee Chairperson ............................................................................................. 3Article 7.

Vice-Committee Chairperson ..................................................................................... 3

Article 8.

Acting Committee Chairperson .................................................................................. 4

Article 9.

Attendance of Non-Committee Members .................................................................. 4

Article 10. Manner of Resolution................................................................................................. 4
CHAPTER III.

(DELETED) ........................................................................................................... 5

Articles 11. through 16. (Deleted) .............................................................................................. 5
CHAPTER IV. OPERATION OF ADVISORY COMMITTEES .................................................... 4Article 17. Convening of Committee Meeting ............................................................................. 5Article 18. Committee Meeting in Writing .................................................................................. 5Article 19. Minutes of Committee Meeting ................................................................................. 5Article 20. Confidentiality of Committee Members .................................................................... 5CHAPTER V. MISCELLANEOUS PROVISIONS ........................................................................ 5Article 21. .................................................................................................................................... 5SUPPLEMENTARY PROVISIONS .................................................................................................. 5Rules for Advisory Committee
Table of Contents

1CHAPTER I.
GENERAL PROVISIONS

Article 1.

Purpose

These Rules set forth the matters necessary for the advisory committees of theExchange pursuant to the Article of Incorporation.

Article 2.

Advisory Committees

2.1
The advisory committee of the Exchange shall consist of the Market Operation
Committee.
2.2
The Market Operation Committees established by the Exchange shall consist ofthe Wholesale Market Operation Committee and the Retail Market Operation Committee.

CHAPTER II.
MARKET OPERATION COMMITTEE

Article 3. Advisory Scope
3.1
The Wholesale Market Operation Committee may express its opinions on any
important issue (excluding the issue referred to in Article 3.2 below) relating to the matterslisted below, either in response to a request for advice by the Exchange’s board of directors(hereinafter called the “Board of Directors”) or toward the Board of Directors at thecommittee’s own discretion.

Rules for Advisory Committee1(1)Matters relating to listing of new products and establishment of newmarkets(2)

Matters relating to revision of any system for market derivatives
transactions, etc. and clearing, settlement and brokering thereof(3)

Matters relating to revision of any system for Trading Members(4)

Matters relating to revision of any clearing and settlement system(5)

Matters relating to revision or abolishment of any regulation for ensuring
fairness of market derivatives transactions

3.2
The Retail Market Operation Committee may express its opinions on any
important issue relating to the matters listed in Article 3.1 above that are associated with
FX Daily Futures transactions, Equity Index Daily Futures transactions and FX Clearing
Futures transactions, either in response to the Board of Directors’ request for advice ortoward the Board of Directors at the committee’s own discretion.

Article 4.

Committee Members

4.1
Each Market Operation Committee shall be composed of nine (9) or lessmembers.
4.2
Members of each Market Operation Committee shall be selected from the persons
set forth below and appointed by the Board of Directors. At least one (1) of the membersof each Market Operation Committee shall be selected from the persons set forth in Item(2) below.
(1)

Directors and officers of Trading Members(2)

Experts capable of fair judgment about operation of financial instruments
markets who do not engage in a full-time commitment in any entity
operating businesses directly relating to financial instruments business or
financial instruments obligation assumption business.

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2

4.3
The term of office of a member of the Market Operation Committee shall be one(1) year. Notwithstanding the foregoing, the term of office of a committee member whois elected to fill a vacancy or a newly increased office shall be the same as the remaining
term of office of the other committee members then in office.

Article 5.

Ad Hoc Committee Member

5.1
When the Board of Directors considers it necessary, any Market Operation
Committee may have ad hoc members.
5.2

An ad hoc member of any Market Operation Committee shall be appointed by theBoard of Directors.
5.3
An ad hoc member of any Market Operation Committee shall resign when theExchange determines that his/her assignment becomes no longer necessary or when theterm of office set forth in Article 4.3 expires.

Article 6.
6.1

Committee Chairperson

Each Market Operation Committee shall have one (1) chairperson.

6.2
A committee chairperson of each Market Operation Committee shall be selectedfrom the relevant committee members and appointed by the Board of Directors.
6.3
A committee chairperson shall control administrative matters for the relevantMarket Operation Committee.

Article 7.

Vice-Committee Chairperson

7.1
Each Market Operation Committee may have one (1) or more vice-committeechairpersons.
7.2

A vice-committee chairperson of any Market Operation Committee shall beRules for Advisory Committee3

selected from the relevant committee members and appointed by the Board of Directors.
7.3
A vice-committee chairperson shall assist the committee chairperson. Avice-committee chairperson shall execute duties assigned to the committee chairperson if
he/she is absent, and shall act for and on behalf of the committee chairperson if he/she isunable to act as committee chairperson.

Article 8.

Acting Committee Chairperson

8.1
If all of the committee chairperson and vice-committee chairpersons of any
Market Operation Committee are absent or unable to act as committee chairperson, theMarket Operation Committee may have a person executing duties assigned to thecommittee chairperson or acting as committee chairperson (hereinafter called an “actingcommittee chairperson”).
8.2
An acting committee chairperson of any Market Operation Committee shall beselected from the relevant committee members and appointed by the president of theExchange.

Article 9.

Attendance of Non-Committee Members

Where necessary, each Market Operation Committee may request any person who
is not a committee member (nor an ad hoc member) to attend a committee meeting andhear his/her comments.

Article 10.

Manner of Resolution

A resolution in a meeting of each Market Operation Committee shall be adopted
by a majority of the votes of the committee members (and ad hoc members) present at thatmeeting. In the case of a tie vote, the committee chairperson shall cast a tie-breaking
vote.

Rules for Advisory Committee
4CHAPTER III.
(DELETED)

Articles 11 through 16(Deleted)

CHAPTER IV.
OPERATION OF ADVISORY COMMITTEES

Article 17.

Convening of Committee Meeting

A committee meeting shall be convened by the committee chairperson.

Article 18.

Committee Meeting in Writing

When the committee chairperson considers it appropriate, the proceedings of acommittee meeting may be held in writing, instead of holding a real committee meeting.

Article 19.

Minutes of Committee Meeting

The summary of the proceedings of a committee meeting and the results thereof
shall be reduced into writing or recorded in the minutes of meeting.

Article 20.

Confidentiality of Committee Members

A committee member (which expression includes an ad hoc committee member;this definition shall similarly apply hereafter in this Article 20) or an ex-committee member

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5

shall not disclose any secret that he/she may become aware of in relation to the duties
assigned to him/her hereunder nor use any such secret for any unauthorized purpose.

CHAPTER V.
MISCELLANEOUS PROVISIONS

Article 21.
Amendment or abolition of these Rules shall be subject to the Board of Directors’resolution.

SUPPLEMENTARY PROVISIONS
1.

The amended Rules shall take effect as from October 1, 2010.

2.
Notwithstanding the provisions of Articles 4.3 hereof, the term of office of theinitial committee members of the FX Market Operation Committee shall expire on June30, 2006.

SUPPLEMENTARY PROVISIONS
The amended Rules shall take effect as from September 17, 2020.

SUPPLEMENTARY PROVISIONS
Rules for Advisory Committee
6The amended Rules shall take effect as from November 1, 2021.

Rules for Advisory Committee
7