[English Translation]

JAPANESE YEN SETTLEMENT REGULATIONSTOKYO FINANCIAL EXCHANGE INC.

(This is an English translation of the Japanese Yen Settlement Regulations, the original ofwhich 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 Regulations shall be decided in accordance with the Japanese
language text. Tokyo Financial Exchange Inc. (“TFX”) assumes no responsibility for
accuracy, correctness, or contents of this English text.)Japanese Yen Settlement Regulations

Table of Contents
Page
CHAPTER I. GENERAL PROVISIONS........................................................................... 1
Article 1. Purpose........................................................................................................... 1
Article 2. Definitions ..................................................................................................... 1
Article 3. Monies to be Settled ...................................................................................... 3
CHAPTER II. DESIGNATION of JAPANESE YEN SETTLEMENT BANK ................. 3
Article 4. Designation of Japanese Yen Settlement Bank by Clearing Member ............ 3
Article 5. Exchange’s Designation of Japanese Yen Settlement Bank .......................... 4
Article 6. Changes in Registered Matters ...................................................................... 5
Article 7. Termination of Agreement between Clearing Member and DesignatedJapanese Yen Settlement Bank....................................................................... 5
Article 8. Termination of Japanese Yen Settlement Agreement, etc. due toCancellation of Registration of Designated Japanese Yen Settlement Bank . 6
CHAPTER III.
SETTLEMENT of JAPANESE YEN CASH SETTLEMENTVARIATION ................................................................................................ 7
Article 9. Notice of Japanese Yen Cash Settlement Variation to Clearing Member ...... 7
Article 10. Request to Designated Japanese Yen Settlement Bank for Settlement ofPayment and Receipt ..................................................................................... 7
Article 11. Clearing Member’s Funding Obligation ........................................................ 8
Article 12. Debit to Clearing Member’s Japanese Yen Settlement Account.................... 8
Article 13. Credit to Clearing Member’s Japanese Yen Settlement Account .................. 8
Article 14. Method of Advising to Exchange .................................................................. 8
Article 15. No Requirement to Advise Clearing Member ............................................... 9
CHAPTER IV. (Deleted) .................................................................................................... 9
Articles 16 through 22 (Deleted) .................................................................................... 9
CHAPTER V. SETTLEMENT OF JAPANESE YEN ADJUSTMENT MONEY ............. 9
Article 23. Request to Designated Japanese Yen Settlement Bank for Settlement ofPayment and Receipt ..................................................................................... 9
Article 24. Debit to Exchange’s Japanese Yen Adjustment Payment Settlement Account10

Japanese Yen Settlement Regulations
Table of Contents1Article 25. Credit to Exchange’s Japanese Yen Adjustment Payment Settlement
Account ........................................................................................................ 10
Article 26. Method of Advising to Exchange ................................................................ 10
CHAPTER VI. HANDLING OF ADVERSE INCIDENTS ............................................ 11
Article 27. Communication Method upon Method of Advising of Inability to
Credit/Debit Transaction .............................................................................. 11
Article 28. Funding in Exchange’s Japanese Yen Settlement Account .......................... 11
Article 29. Refusal of Payment to Clearing Member .................................................... 11
Article 29-2. Change of Designated Time ....................................................................... 12
CHAPTER VII. MISCELLANEOUS PROVISIONS ..................................................... 13
Article 30. Exemption of Application of Deposit Transaction Terms and Conditions .. 13
Article 31. Revision of These Regulations .................................................................... 13
Article 32. Determination of Necessary Matters, etc. .................................................... 13
Article 33. Settlement of Fund Between Designated Japanese Yen Settlement Banks . 14
Article 34. Costs and Expenses ...................................................................................... 14
Article 35. Burden of Damages ..................................................................................... 15
SUPPLEMENTARY PROVISIONS ................................................................................... 15

Japanese Yen Settlement Regulations
Table of Contents2

CHAPTER I.
GENERAL PROVISIONS

Article 1.

Purpose

These Regulations set forth necessary matters with respect to the manner ofpayment and receipt of Japanese Yen funds in connection with mark-to-market and final
settlement of Interest Rate Futures contracts and L-T Link Positions, payment andreceipt of option premiums and payment and receipt of Japanese Yen funds in connection
with clearing of overseas positions, each carried out between Tokyo Financial ExchangeInc. (hereinafter called the “Exchange”) and a Clearing Member and the Linked
Overseas Clearing House defined in Article 2(4) of the Trading Regulations of the
Exchange (hereinafter called the “Trading Regulations”) (hereinafter called the “Linked
Overseas Clearing House”) pursuant to the Trading Regulations, the Clearing
Regulations of the Exchange (hereinafter called the “Clearing Regulations”) and theSpecial Provisions for Trading Regulations and Brokering Terms for Options of the
Exchange (hereinafter called the “Special Provisions for Options”) (the said payments
and receipts are hereinafter collectively called “Japanese Yen Settlement”), in addition to
those set forth in the Link Agreements (hereinafter called the “Link Agreements”)
defined in Article 2(8) of the Trading Regulations.

Article 2.

Definitions

The terms used herein shall have the meanings ascribed to them as below.
(1)

A “Japanese Yen Mark-to-Market Cash Settlement Variation” means
the money paid and received between the Exchange and a Clearing
Member in Japanese Yen in accordance with the provisions of Article
49.3 of the Clearing Regulations.

(2)

A “Settlement Money for Japanese Yen Cash Settlement Variation”
means the money paid and received between the Exchange and aJapanese Yen Settlement Regulations1

Clearing Member upon the cash settlement set forth in Article 51.1 of
the Clearing Regulations which is carried out in Japanese Yen inaccordance with the provisions of Articles 54, 69, 71, 73, 75, and 76-2of the Clearing Regulations.
(3)

A “Japanese Yen Cash Settlement Variation” means a Japanese Yen
Mark-to-Market Cash Settlement Variation, a Settlement Money forJapanese Yen Cash Settlement Variation and an Option Premium
Difference defined in Article 2(9) hereof.

(4)

A “Japanese Yen Adjustment Payment” means the money specified in
Article 28.2 of the Clearing Regulations as to be the amount of money
paid and received between the Exchange and the Linked Overseas
Clearing House in Japanese Yen.

(5)

A “Japanese Yen Settlement Bank” means a financial institution
designated and registered by the Exchange in accordance with theprovisions of Article 98 of the Clearing Regulations for the purpose ofJapanese Yen Settlement.

(6)

An “Exchange’s Japanese Yen Settlement Account” means the deposit
account established and maintained by the Exchange in one of the (1)offices within Tokyo of each Japanese Yen Settlement Bank for the
purpose of Japanese Yen Settlement.

(7)

An “immediately available fund” means a fund in Japanese Yen whichis received as deposit and is then treated as an immediately
withdrawable fund by a financial institution which carries on receipts
of deposits as its business in accordance with its deposit transaction
terms and conditions.

(8)

A “Japanese Yen Settlement Date” means: (i) (a) with respect to a
Japanese Yen Mark-to-Market Cash Settlement Variation, the day on
which such Japanese Yen Mark-to-Market Cash Settlement Variation ispayable and receivable in accordance with the provisions of Article 46
or 47 of the Clearing Regulations, (b) with respect to a Settlement
Money for Japanese Yen Cash Settlement Variation, the settlement dateJapanese Yen Settlement Regulations2

set forth in Article 4.1 of the Trading Regulations, and (c) with respect
to an Option Premium Difference defined in Article 2(9) below, the dayon which such Option Premium Difference is payable and receivable inaccordance with the provisions of Articles 77.1, 77.3, 90-33.1 and90-33.3 of the Clearing Regulations; and (ii) with respect to a Japanese
Yen Adjustment Payment, the business day immediately following thebusiness day during which the day session occurs for the trading day on
which there arises an L-T Link Position under the same terms andconditions as those of the overseas position for which the Japanese Yen
Adjustment Payment is to be calculated.
(9)

Article 3.

An “Option Premium Difference” means the money paid and received
between the Exchange and a Clearing Member in accordance with theprovisions of Articles 79.1 and 90-35.1 of the Clearing Regulations.

Monies to be Settled

The monies to be settled by the Exchange through a Japanese Yen Settlement
Bank shall be Japanese Yen Mark-to-Market Cash Settlement Variations, Settlement
Monies for Japanese Yen Cash Settlement Variation, Option Premium Differences andJapanese Yen Adjustment Payments.

CHAPTER II.
DESIGNATION of JAPANESE YEN SETTLEMENT BANKArticle 4.

Designation of Japanese Yen Settlement Bank by Clearing Member

4.1
A Clearing Member shall be obligated to request handling of Japanese Yen
Settlement to one (1) of the banks which are registered by the Exchange as Japanese Yen
Settlement Banks.

Japanese Yen Settlement Regulations3

4.2
In order to make the request referred to in Article 4.1 above, the Clearing
Member shall establish a deposit account for the purpose of Japanese Yen Settlement(hereinafter called a “Clearing Member’s Japanese Yen Settlement Account”) in one ofthe (1) offices within Japan of the Japanese Yen Settlement Bank, and submit to the saidbank “Japanese Yen Fund Transfer Request” in the form of Schedule 1 attached heretoand “Japanese Yen Settlement Report” in the form of Schedule 2 attached hereto
addressed the Exchange (hereinafter called the “Japanese Yen Settlement Report”).
4.3

When a Japanese Yen Settlement Bank has received the request referred to in

Article 4.1 hereof from a Clearing Member, it shall confirm the statement of theJapanese Yen Fund Transfer Request and the Japanese Yen Settlement Report referred toin Article 4.2 above, and then submit the Japanese Yen Settlement Report to the
Exchange.

Article 5.
5.1

Exchange’s Designation of Japanese Yen Settlement BankThe Exchange shall request a Japanese Yen Settlement Bank for settlement ofJapanese Yen Adjustment Payments.
5.2
When it makes the request referred to in Article 5.1 above, the Exchange shallestablish a deposit account for settlement of Japanese Yen Adjustment Payments(hereinafter called the “Exchange’s Japanese Yen Adjustment Payment Settlement
Account”) in one of the (1) offices within Japan of the Japanese Yen Settlement Bank,
whereupon the Japanese Yen Settlement Bank shall, in order to secure smooth
performance of Japanese Yen Settlement, establish a facility limit with respect to the said
Exchange’s Japanese Yen Adjustment Payment Settlement Account. The amount ofsuch facility limit and other terms and conditions of the facility provided by the Japanese
Yen Settlement Bank shall be separately determined between the Exchange and theJapanese Yen Settlement Bank.
5.3
The Japanese Yen Settlement Bank which accepts the request referred to in
Article 5.1 hereof from the Exchange (together with the Japanese Yen Settlement Bank
specified in Article 4.3 above, hereinafter called “Designated Japanese Yen Settlement
Bank”) shall execute an agreement concerning Japanese Yen Adjustment Payment with
the Exchange (hereinafter called “Service Agreement”).

Japanese Yen Settlement Regulations
4

Article 6.

Changes in Registered Matters

Whenever a Clearing Member intends to change any of the matters registered in
the form of Japanese Yen Settlement Report, the Clearing Member shall provide the
Exchange with an advance written notice stating the matter(s) to be changed through the
Designated Japanese Yen Settlement Bank.

Article 7.

Termination of Agreement between Clearing Member and DesignatedJapanese Yen Settlement Bank

7.1
Whenever a Clearing Member or a Designated Japanese Yen Settlement Bank
wishes to terminate an agreement executed between them based on the Japanese Yen
Fund Transfer Request (hereinafter called the “Japanese Yen Settlement Agreement”),
such party shall notify such effect in writing to the other party to the agreement not lessthan three (3) months prior to the day on which such party wishes to terminate theagreement (limited only to the business day which is not a Japanese bank holiday or a
New York bank holiday). In such case, the termination shall take effect at the time ofcompletion of the settlement under the Japanese Yen Settlement Agreement in whichsuch day is designated to be the Japanese Yen Settlement Date.
7.2
The Clearing Member or a Designated Japanese Yen Settlement Bank who or
which has served the notice referred to in Article 7.1 above shall report to such effect tothe Exchange in writing without delay.
7.3

If a Designated Japanese Yen Settlement Bank intends to request the Exchange

to cancel its registration as Japanese Yen Settlement Bank, it shall notify such effect inwriting also to the Clearing Member with whom it has a Japanese Yen Settlement
Agreement concurrently with making the said request to the Exchange, and by serving
such notice, the bank shall be deemed to have served a notice of its intention to terminate
the Japanese Yen Settlement Agreement, which termination shall take effect as of thedate of cancellation of the registration pursuant to Article 7.1 above.
7.4
A Clearing Member who has served or has been served from the DesignatedJapanese Yen Settlement Bank the notice referred to in Article 7.1 or 7.3 above shalldesignate a successor Designated Japanese Yen Settlement Bank and submit the JapaneseJapanese Yen Settlement Regulations
5

Yen Settlement Report to notify such successor Designated Japanese Yen Settlement
Bank to the Exchange within one (1) month from the date of such notice and inaccordance with the provisions of Article 4 hereof. In such case, the Japanese Yen
Settlement Agreement between the Clearing Member and the successor DesignatedJapanese Yen Settlement Bank shall be applied and take effect starting from thesettlement under which the Japanese Yen Settlement Date falls the business day
immediately following the business day on which the termination under Article 7.1 or
7.3 above takes effect.

Article 8.

Termination of Japanese Yen Settlement Agreement, etc. due toCancellation of Registration of Designated Japanese Yen Settlement
Bank

8.1
Whenever the Exchange has cancelled the registration of any DesignatedJapanese Yen Settlement Bank as Japanese Yen Settlement Bank (excluding the casewhere the same has been cancelled based on the request from the same DesignatedJapanese Yen Settlement Bank), the Exchange shall immediately notify such cancellation
the Clearing Member who has executed and maintains the Japanese Yen Settlement
Agreement with the same Designated Japanese Yen Settlement Bank and the same
Designated Japanese Yen Settlement Bank. In such case, the said Japanese Yen
Settlement Agreement shall be deemed to have been automatically terminated as at thetransmission of the said cancellation notice.
8.2
Each Clearing Member receiving a notice set forth in Article 8.1 above shallimmediately request another Japanese Yen Settlement Bank to undertake handling ofJapanese Yen Settlement which has been carried out by the former Japanese Yen
Settlement Bank, in accordance with the provisions of Article 4 hereof.
8.3
In the case of Article 8.1 above, if the Designated Japanese Yen Settlement
Bank has executed a Service Agreement, the Service Agreement shall be deemed to havebeen automatically terminated as at the transmission of the said cancellation notice.

CHAPTER III.
Japanese Yen Settlement Regulations
6

SETTLEMENT of JAPANESE YEN CASH SETTLEMENTVARIATION

Article 9.

Notice of Japanese Yen Cash Settlement Variation to Clearing
MemberWith respect to any Japanese Yen Cash Settlement Variation, the Exchange shallnotify the Clearing Member of the amount of the Japanese Yen Cash Settlement
Variation to be paid or received to or from the Exchange by 9:00 a.m. of the Japanese
Yen Settlement Date with respect to such Japanese Yen Cash Settlement Variation(hereinafter simply called “Japanese Yen Settlement Date” in this Chapter III).

Article 10.

Request to Designated Japanese Yen Settlement Bank for Settlementof Payment and Receipt

10.1
The Exchange shall request the office of Designated Japanese Yen Settlement
Bank in which it has established and maintains Exchange’s Japanese Yen Settlement
Account (hereinafter called “Handling Office of Designated Japanese Yen Settlement
Bank”) to handle the settlement set forth in Articles 12 and 13 hereof by 9:00 a.m. of therelevant Japanese Yen Settlement Date. Provided, however, that the Exchange shall notmake such request so long as the relevant Clearing Member has not designated the said
Designated Japanese Yen Settlement Bank as its Designated Japanese Yen Settlement
Bank.
10.2
When the Exchange makes the request referred to in Article 10.1 above, it shalldeliver “Request for Payment and/or Receipt of Market Derivatives Contract
Cash/Delivery Settlement Payment” in the form of Schedule 3 attached hereto(hereinafter called “Credit/Debit Request”) to the Handling Office of DesignatedJapanese Yen Settlement Bank.
10.3
Once the Exchange has made the request referred to in Article 10.1 hereof to a
Handling Office of Designated Japanese Yen Settlement Bank, it shall not cancel orcorrect the request.

Japanese Yen Settlement Regulations
7

Article 11.

Clearing Member’s Funding Obligation

Each Clearing Member who is liable to pay a Japanese Yen Cash Settlement
Variation (hereinafter called the “Payer Clearing Member”) shall procure the necessary
fund for the payment of the same in its Japanese Yen Settlement Account in an
immediately available fund by 11:00 a.m. of the relevant Japanese Yen Settlement Date.

Article 12.

Debit to Clearing Member’s Japanese Yen Settlement Account

The Designated Japanese Yen Settlement Bank shall debit the amount stated in
the Credit/Debit Request to the Payer Clearing Member’s Japanese Yen Settlement
Account and credit the same amount to the Exchange’s Japanese Yen Settlement Accountin an immediately available fund by 11:00 a.m. of the relevant Japanese Yen Settlement
Date.

Article 13.

Credit to Clearing Member’s Japanese Yen Settlement Account

The Designated Japanese Yen Settlement Bank shall debit the amount stated in
the Credit/Debit Request to the Exchange’s Japanese Yen Settlement Account and credit
the same amount to the Japanese Yen Settlement Account of the Clearing Member who
should receive the Japanese Yen Cash Settlement Variation (hereinafter called the “Payee
Clearing Member”) in an immediately available fund by 14:00 p.m. of the relevantJapanese Yen Settlement Date.

Article 14.

Method of Advising to Exchange

The Handling Office of Designated Japanese Yen Settlement Bank shall advise
the Exchange that it has settled the credit and/or debit transaction under Article 12 hereof
or Article 13 above by submitting “Credit/Debit Completion Report” in the form ofSchedule 3 attached hereto to the Exchange by 15:00 p.m. of the relevant Japanese Yen
Settlement Date.

Japanese Yen Settlement Regulations
8

Article 15.

No Requirement to Advise Clearing Member

The Handling Office of Designated Japanese Yen Settlement Bank shall not be
required to advise its settlement of the credit and/or debit transaction under Article 12 or
13 hereof to the relevant Clearing Member.

CHAPTER IV.
(Deleted)

Articles 16 through 22(Deleted)

CHAPTER V.
SETTLEMENT OF JAPANESE YEN ADJUSTMENT MONEY

Article 23.

Request to Designated Japanese Yen Settlement Bank for Settlementof Payment and Receipt

23.1
With respect to any Japanese Yen Adjustment Payment, the Exchange shallrequest the Handling Office of Designated Japanese Yen Settlement Bank to handle thesettlement set forth in Article 24 below and Article 25 hereof by 9:00 a.m. of theJapanese Yen Settlement Date with respect to such Japanese Yen Adjustment Payment(hereinafter simply called “Japanese Yen Settlement Date” in this Chapter V).
23.2
The Exchange shall make the request referred to in Article 23.1 above by
delivering to the Handling Office of Designated Japanese Yen Settlement Bank theCredit/Debit Request in the form of Schedule 3 attached hereto with any amendment
which the Exchange may deem appropriate.

Japanese Yen Settlement Regulations
9Article 24.

Debit to Exchange’s Japanese Yen Adjustment Payment Settlement
Account

Where the Linked Overseas Clearing House is liable to pay a Japanese Yen
Adjustment Payment, the Designated Japanese Yen Settlement Bank shall debit theamount stated in the Credit/Debit Request to the Exchange’s Japanese Yen Adjustment
Payment Settlement Account and credit the same amount to the Exchange’s Japanese
Yen Settlement Account in an immediately available fund by the time provided in therelevant Service Agreement of the relevant Japanese Yen Settlement Date

Article 25.

Credit to Exchange’s Japanese Yen Adjustment Payment Settlement
Account

Where the Linked Overseas Clearing House should be paid a Japanese Yen
Adjustment Payment, the Designated Japanese Yen Settlement Bank shall debit theamount stated in the Credit/Debit Request to Exchange’s Japanese Yen Settlement
Account and credit the same amount to the Exchange’s Japanese Yen Adjustment
Payment Settlement Account in an immediately available fund by the time provided in
the relevant Service Agreement of the relevant Japanese Yen Settlement Date.

Article 26.

Method of Advising to Exchange

The Handling Office of Designated Japanese Yen Settlement Bank shall advise
the Exchange that it has settled the credit and/or debit transaction under Article 24 hereof
or Article 25 above by submitting “Credit/Debit Completion Report” in the form ofSchedule 3 attached hereto to the Exchange by 15:00 p.m. of the relevant Japanese Yen
Settlement Date.

CHAPTER VI.

Japanese Yen Settlement Regulations
10

HANDLING OF ADVERSE INCIDENTS

Article 27.

Communication Method upon Method of Advising of Inability to
Credit/Debit Transaction

In the event that the Handling Office of Designated Japanese Yen Settlement
Bank cannot settle the credit and/or debit transaction provided in Article 12 hereof due tofailure of the Payer Clearing Member to funding in its Japanese Yen Settlement Accountor cannot settle the credit and/or debit transaction provided in Article 24 hereof due tofailure of the Linked Overseas Clearing House, notwithstanding of its being liable to pay
the relevant Japanese Yen Adjustment Payment, to procure funding pursuant to theprovisions of the relevant Link Agreement, the Handling Office of Designated Japanese
Yen Settlement Bank shall communicate such fact to the Exchange by telephone by
11:00 a.m. of the relevant Japanese Yen Settlement Date, and serve a written notice ofthe same effect to the Exchange immediately thereafter.

Article 28.

Funding in Exchange’s Japanese Yen Settlement Account

28.1
If the fund within the Exchange’s Japanese Yen Settlement Account establishedand maintained in any Designated Yen Settlement Bank becomes insufficient as a resultof Article 27 above, the Exchange shall credit the amount of the deficiency to the same
Exchange’s Japanese Yen Settlement Account in an immediately available fund.
28.2
The credit to the Exchange’s Japanese Yen Settlement Account pursuant to
Article 28.1 above shall be made by 11:15 a.m. of the relevant Japanese Yen Settlement
Date.

Article 29.

Refusal of Payment to Clearing Member

29.1
In the event that a Payee Clearing Member fails to pay or deposit the amount ofany money payable or depositable to the Exchange when due in accordance with theprovisions of the Trading Regulations, the Special Provisions for Options, the Special
Provisions for Trading Regulations for FX Daily Futures Transactions, the Special
Provisions for Trading Regulations for Equity Index Daily Futures Transactions, theJapanese Yen Settlement Regulations11

Clearing Regulations, the Regulations for Margin and Unsettled Market Derivatives
Contracts, the Regulations for Margin and Unsettled Contracts for FX Daily Futures
Transactions, the Regulations for Margin and Unsettled Contracts for Equity Index Daily
Futures Transactions, the Regulations for Margin and Unsettled Contracts for FX
Clearing Futures Transactions, the FX Exchange Margin Settlement Regulations, theEquity Index Exchange Margin Settlement Regulations, the FX Clearing Exchange
Margin Settlement Regulations or these Regulations, the Exchange may refuse to pay
any Japanese Yen Cash Settlement Variation due to the Payee Clearing Member.
29.2
If the Exchange refuses to pay any Japanese Yen Cash Settlement Variation due
to the Payee Clearing Member under Article 29.1 above, it shall offer the DesignatedJapanese Yen Settlement Bank to which the Exchange has previously requested to handle
the Credit/Debit Request with respect to the Payee Clearing Member in accordance withthe provisions of Article 10 hereof, that the Exchange correct the same Credit/Debit
Request by 11:30 a.m. of the relevant Japanese Yen Settlement Date.
29.3
After the Exchange makes the correction pursuant to Article 29.2 above, it shallpromptly prepare a new Credit/Debit Request and deliver the same to the same
Designated Japanese Yen Settlement Bank.

Article 29-2. Change of Designated Time29-2.1 In the case of Article 27, 28 or 29 hereof or if the Exchange otherwise
determines it truly unavoidable to do so, the Exchange may change any time designatedin connection with any of the procedures set forth in Chapters III and V hereof.
29-2.2 When the Exchange has changed any time designated in connection with any
procedures in accordance with Article 29-2.1 above, the Exchange shall immediately
inform such change to all Clearing Members and the Designated Japanese Yen
Settlement Bank.

CHAPTER VII.

Japanese Yen Settlement Regulations
12

MISCELLANEOUS PROVISIONS

Article 30.

Exemption of Application of Deposit Transaction Terms andConditions

30.1
With respect to payment of Japanese Yen Cash Settlement Variation to the
Exchange, no Clearing Member shall be required to draw current checks or present ordeliver passbook or withdrawal request to the Designated Japanese Yen Settlement Bankin which the Clearing Member’s Japanese Yen Settlement Account is established andmaintained notwithstanding the deposit transaction terms and conditions prescribed by
the Designated Japanese Yen Settlement Bank.
30.2
The provisions of Article 30.1 above shall apply mutatis mutandis to any and all
payments by the Exchange to Clearing Members, wherein “Clearing Member” used in
Article 30.1 above shall be read as “the Exchange”, “the Exchange” used in Article 30.1
above shall be read as “Clearing Member”, and “Clearing Member’s Japanese Yen
Settlement Account” shall be read as “Exchange’s Japanese Yen Settlement Account”
respectively.
30.3
With respect to Japanese Yen Adjustment Payment, the Exchange shall not be
required to draw current checks or present or deliver passbook or withdrawal request to
the Designated Japanese Yen Settlement Bank in which the Exchange’s Japanese Yen
Adjustment Payment Settlement Account is established and maintained notwithstanding
the deposit transaction terms and conditions prescribed by the Designated Japanese Yen
Settlement Bank.

Article 31.

Revision of These Regulations

The Exchange may revise these Regulations after notifying such effect toClearing Members and Japanese Yen Settlement Banks in advance.

Article 32.
32.1

Determination of Necessary Matters, etc.

The Exchange may establish detailed rules to prescribe necessary matters otherJapanese Yen Settlement Regulations
13

than those set forth herein or take other necessary steps in order to secure proper andreliable Japanese Yen Settlement for Japanese Yen Cash Settlement Variations.
32.2
Whenever the Exchange has prescribed any detailed rules or taken any steps set
forth in Article 32.1 above, the Exchange shall notify the Japanese Yen Settlement Banksand Clearing Members to that effect without delay.
32.3
The Exchange may establish detailed rules to prescribe necessary matters otherthan those set forth herein or in the Link Agreements or take other necessary actions inorder to secure appropriate Japanese Yen Settlement with respect to Japanese Yen
Adjustment Payments.
32.4
Whenever the Exchange has prescribed the detailed rules or taken the action set
forth in Article 32.3 above, it shall notify such effect to the Designated Japanese Yen
Settlement Bank which the Exchange designates as such.

Article 33.

Settlement of Fund Between Designated Japanese Yen Settlement
Banks

Matters necessary to prescribe in connection with settlement of funds between
Designated Japanese Yen Settlement Banks in order to adjust the balances in Exchange’s
Japanese Yen Settlement Accounts established and maintained in said DesignatedJapanese Yen Settlement Banks for the purpose of Japanese Yen Settlement as set forth
herein shall be prescribed by the Exchange in separate regulations.

Article 34.

Costs and Expenses

Each Clearing Member who has requested a Japanese Yen Settlement withrespect to Japanese Yen Cash Settlement Variation shall bear the handling fees and othercosts and expenses of the Designated Japanese Yen Settlement Bank which handled therequested Japanese Yen Settlement, and pay the same in the manner and at the rate
separately agreed upon between the said Designated Japanese Yen Settlement Bank andthe Clearing Member.

Japanese Yen Settlement Regulations
14

Article 35.

Burden of Damages

35.1
Any damages which a Clearing Member, a Japanese Yen Settlement Bank or the
Exchange shall incur or sustain shall be borne by each of them by itself.
35.2
If a Clearing Member has failed to make Japanese Yen Settlement by thedeadline set forth herein, the Clearing Member shall pay a default interest accrued on theamount due which shall be calculated per diem based on a year of 365 days at the rate of
14% per annum. Where a deadline of Japanese Yen Settlement set forth herein is set asa specific time of a specific day, if a Clearing Member has failed to make the Japanese
Yen Settlement by that time, the Clearing Member shall pay a default interest accrued fora period of delay including the full day on which the said deadline falls.
35.3
If any damages arise but the liable party therefor is not clear, the Clearing
Member, the Japanese Yen Settlement Bank and the Exchange shall discuss among otherto determine the liable party or allocation of such damages.

SUPPLEMENTARY PROVISIONS
The amended Japanese Yen Settlement Regulations shall take effect as from
April 23, 2012.

SUPPLEMENTARY PROVISIONS
The amended Japanese Yen Settlement Regulations shall take effect as from
April 12, 2021.

SUPPLEMENTARY PROVISIONS
The amended Japanese Yen Settlement Regulations shall take effect as fromJapanese Yen Settlement Regulations
15

March 20, 2023.

Japanese Yen Settlement Regulations
16