Off-exchange trading - Shijougaitorihiki

Japanese: 市場外取引 - しじょうがいとりひき

In Japan's stock exchange rules, the principle is that member securities companies must trade listed securities within the exchange market. This is called the market concentration principle, but as an exception, each exchange allows off-market trading in special cases. The main cases in which off-market trading (also called off-exchange trading) is permitted are: (1) trading of listed stocks that the exchange deems necessary for customers to trade when trading is suspended; (2) secondary offerings, handling of secondary offerings, or subscriptions to secondary offerings approved by the exchange; (3) trading by members of one exchange on another exchange market; (4) representation or selling of purchases in tender offers; (5) trading of odd lots that are less than the trading unit; (6) trading in competitive bidding conducted by the government or securities finance companies; and (7) trading of listed bonds that are not subject to market concentration obligations, such as government bonds with a face value of 1 million yen or more but less than 10 million yen, excluding trading in an integral multiple of the trading unit.

Source: Heibonsha World Encyclopedia, 2nd Edition Information

Japanese:

日本の証券取引所諸規則においては，会員証券会社が行う上場有価証券の売買は取引所市場内で執行することが原則とされている。これを市場集中原則というが，例外として各取引所は特別の場合に市場外の取引を認めている。市場外取引(場外取引ともいう)が認められる事例のおもなものは，(1)売買取引停止中の上場銘柄につき売買を行うことが顧客のために必要と取引所が認めたものの売買，(2)取引所が承認した売出し，売出しの取扱いまたは売出しへの応募，(3)ある取引所の会員が別の取引所市場で行う売買，(4)株式公開買付け(TOB)による買付けの代理または売付け，(5)売買単位に満たない端株の売買，(6)国または証券金融会社が行う競争入札に参加して行う売買，(7)上場債券の売買のうち市場集中義務が課されていないもの，たとえば国債では額面100万円以上額面1000万円未満の売買で売買単位の整数倍の売買を除くもの，である。

出典　株式会社平凡社世界大百科事典第２版について　情報

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