§ Mr. Chris Smith
To ask the Chancellor of the Duchy of Lancaster what information he has as to what criteria will be used in determining which four British institutions take up the Japanese offer of four seats on the Tokyo stock exchange.
§ Mr. Maude
The Tokyo stock exchange announced on 19 October the criteria for vetting candidates for the 22 new seats. These include the applicant's scale of business, its financial standing, its past business performance, the length of time it has engaged in securities business in Japan and its operational capability as a potential member of the exchange. A special admission fee of 500 million yen is payable, plus some additional costs. Determination of new members is subject to the approval of the exchange's ad hoc committee on membership structure and the board of governors of the exchange. The number and names of successful British candidates will not be known until next month.