[English Translation]

MARKET-MAKING REGULATIONS FOREQUITY INDEX DAILY FUTURES TRANSACTIONSTOKYO FINANCIAL EXCHANGE INC.

(This is an English translation of the Market-Making Regulations for Equity Index Daily
Futures Transactions, which original 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 themeaning of the words, provisions and stipulations of these Regulations shall be decided inaccordance with the Japanese language text. Tokyo Financial Exchange Inc. (“TFX”)
assumes no responsibility for accuracy, correctness, or contents of this English text.)

Market-Making Regulations For
Equity Index Daily Futures Transactions

Table of Contents
Page
Article 1.

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

Article 2.

Definitions ........................................................................................................... 1

Article 3.

Designation of Equity Index Market Maker ........................................................ 1

Article 4.

Designated Market-making Period ...................................................................... 2

Article 5.

Compliance Rules for Submission of MM Bids and Offers ................................ 2

Article 6.

Questioning on MM Bids and Offers, etc. ........................................................... 2Article 7.

Revocation of Equity Index Market Maker, etc. ................................................. 3Article 8.

Resignation of Equity Index Market Maker ........................................................ 3

Article 9.

Exemption of Par-contract Exchange Fees .......................................................... 3

Article 10. Notice of Amendment to Regulations ................................................................. 3
Article 11.

Decision and Notice of Necessary Matters.......................................................... 4

Article 12. Notification of Equity Index Market-Making Operator ...................................... 4
Article 13. Notification of Equity Index Operating ID for Equity Index Market-Making .... 4

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Equity Index Market-Making Regulations
Table of Contents

Article 1.

Purpose

These Regulations set forth the matters that the Exchange considers necessary
to stipulate in connection with the duties to be executed by Equity Index Market Makers
to fulfill their obligations assumed as an Equity Index Market Maker (hereinafter called“Equity Index Market-Making”) and other relevant matters, pursuant to Chapter IV ofthe Special Provisions for Trading Regulations for Equity Index Daily Futures
Transactions (hereinafter called the “Equity Index Special Provisions”).

Article 2.

Definitions

Unless otherwise set forth herein, the terms used herein shall have the meanings
as defined in the Articles of Incorporation, the Trading Regulations and the Equity Index
Special Provisions.

Article 3.

Designation of Equity Index Market Maker

3.1
When the Exchange seeks applications for designation as Equity Index MarketMaker pursuant to Article 10.1 of the Equity Index Special Provisions, an application
period shall be specified and the procedure for applications and designation shall be
implemented.
3.2
An Equity Index Daily Futures Trading Member, etc. or a person seeking tobecome an Equity Index Daily Futures Trading Member, etc. who desires to be
designated as Equity Index Market Maker (hereinafter called an “applicant”) shall,
within the application period set forth in Article 3.1 above, submit to the Exchange“Application for Designation as Equity Index Market Maker” in the form prescribed bythe Exchange.
3.3
When the Exchange conducts a screening for designating Equity Index MarketMakers, the applicants shall be screened by taking into comprehensive consideration
their trading experiences, etc. on the Exchange, any other domestic or foreign financial
instruments exchange, etc. to which it belongs, and financial markets and others, theirstatus of systems, back-office operations and support scheme necessary for performing
obligations to be fulfilled as an Equity Index Market Maker during the designated1

Equity Index Market-Making Regulations

market-making period to be prescribed by the Exchange, and other relevant matters.
3.4
When the Exchange designates an Equity Index Market Maker, the Exchange
shall specify the date and time from which the term for such designation will take effectand communicate it to the Equity Index Market Maker in writing.

Article 4.

Designated Market-making Period

The designated market-making period designated by the Exchange separately as
specified in Article 11.1 of the Equity Index Special Provisions shall be a period
commencing at the opening of the pre-open period and ending at the close of the Market
Trading Period set forth in Articles 5.1 through 5.10 of the Equity Index Special
Provisions respectively for each type of the Equity Index Daily Futures transactions.

Article 5.

Compliance Rules for Submission of MM Bids and Offers

In submitting any MM bid or offer pursuant to the conditions separately
prescribed by the Exchange under Article 11.1 of the Equity Index Special Provisions, anEquity Index Market Maker shall comply with the following rules.
(1)

The price difference between an MM offer and an MM bid to besubmitted shall be within a range that the Exchange will determine asbeing equitable.

(2)

Each MM bid or offer to be submitted shall be in a volume that theExchange will determine as being equitable.

Article 6.

Questioning on MM Bids and Offers, etc.

When the Exchange deems necessary to do so for sound operation of Equity
Index Market-Making, the Exchange may question any Equity Index Market Maker
about its submission of MM bids and offers and the Equity Index Market Maker shall
respond to such questioning.

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Article 7.

Revocation of Equity Index Market Maker, etc.

If the Exchange invokes a moratorium on the operation as an Equity Index
Market Maker in whole or in part or revoke designation as Equity Index Market Maker
pursuant to Article 14.1 of the Equity Index Special Provisions, the Exchange shallspecify the time from which the moratorium or revocation will take effect and give awritten notice of the moratorium or revocation to the concerned Equity Index MarketMaker.

Article 8.

Resignation of Equity Index Market Maker

8.1
If an Equity Index Market Maker resigns pursuant to Article 16 of the Equity
Index Special Provisions, the Equity Index Market Maker shall provide the Exchangewith at least six (6) month’s prior written notice specifying the time of resignation whichshall not be within twelve (12) months after the start of the term of Equity Index MarketMaker.
8.2
Notwithstanding the provisions of Article 8.1 above, if it becomes difficult for
an Equity Index Market Maker to continue Equity Index Market-Making due to any
reason that the Exchange will determine as being truly unavoidable, the Equity Index
Market Maker shall be allowed to resign as Equity Index Market Maker.

Article 9.

Exemption of Par-contract Exchange FeesThe Exchange shall exempt par-contract exchange fees as set forth in Article
11.1 of the Trading Member Regulations with respect to Equity Index Daily Futurescontracts executed by an Equity Index Market Maker by its Equity Index
Market-Making.

Article 10.

Notice of Amendment to Regulations

If the Exchange amends these Regulations, the Exchange shall give an advancenotice to that effect to Equity Index Daily Futures Trading Members, etc.

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Equity Index Market-Making Regulations

Article 11.

Decision and Notice of Necessary Matters

11.1
In addition to the provisions of these Regulations, the Exchange may prescribe
detailed rules or take proper steps for any necessary matters.
11.2
If any detailed rules are prescribed or any steps are taken pursuant to Article
11.1 above, the Exchange shall notify Equity Index Market Makers without delay.

Article 12.

Notification of Equity Index Market-Making Operator

12.1
In order to receive any request set forth in Article 12.3 below or any other noticefrom the Exchange, an Equity Index Market Maker shall authorize its Equity Index
Officer to appoint and dismiss one ore more liaison officer(s) representing the EquityIndex Market Maker to be selected from its employees resident in the workplace where
its Member’s terminal device is installed (hereinafter called “Equity Index
Market-Making Operator(s)”).
12.2
If an Equity Index Market-Making Operator is appointed or replaced pursuant
to Article 12.1 above, the Equity Index Market Maker or its Equity Index Officer shallnotify the Exchange in advance in the prescribed form.
12.3
If the Exchange intends to request submission of a bid and offer or give anyother notice to an Equity Index Market Maker who has appointed Equity Index
Market-Making Operator in accordance with these Regulations or any detailed rules orsteps as set forth in Article 11 above, the Exchange may make such request or notice tothe Equity Index Market Maker’s Equity Index Market-Making Operator instead of its
Equity Index Officer.

Article 13.

Notification of Equity Index Operating ID for Equity Index
Market-Making

For its Equity Index Market-Making, an Equity Index Market Maker shall use
the Equity Index Operating ID to be specified by the Exchange.

4Equity Index Market-Making Regulations

SUPPLEMENTARY PROVISIONS
The amended Regulations shall take effect as from September 20, 2014.

SUPPLEMENTARY PROVISIONS
The amended Regulations shall take effect as from June 27, 2017.

SUPPLEMENTARY PROVISIONS
The amended Regulations shall take effect as from October 26, 2020.

SUPPLEMENTARY PROVISIONS
The amended Regulations shall take effect as from February 28, 2022.

SUPPLEMENTARY PROVISIONS
The amended Regulations shall take effect as from September 11, 2023.

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Equity Index Market-Making Regulations

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Equity Index Market-Making Regulations