TITLE: Japan Securities Dealers Association Updates Guideline for When-Issued Transactions of Japanese Government Bonds BODY: On January 19, 2026, the Japan Securities Dealers Association (JSDA) enforced an updated guideline governing when-issued (WI) transactions of Japanese Government Bonds (JGBs). The guideline establishes market practices for JGB transactions executed before the official issue date, subject to the condition that the relevant JGB is issued on the originally planned date. WI transactions represent JGB transactions executed by market participants, primarily JSDA member firms, for a set period before the issue date and settled on or after the issue date. The guideline distinguishes between two categories: JGB transactions prior to the auction (executed from the Ministry of Finance's auction announcement until the official release of the serial number and coupon rate on the auction date) and WI transactions after the auction. For JGB transactions prior to the auction, the guideline specifies execution methods based on bond type. Fixed coupon JGBs are transacted on a semi-annual compound yield basis, while floating-rate JGBs are concluded with a spread from the reference rate. Traded prices are calculated using formulas provided in the guideline's appendix, with flexibility permitted where market conditions or practices warrant alternative pricing arrangements. Settlement occurs on the originally planned issue date, unless parties agree otherwise. The guideline addresses procedures for auction postponement or cancellation. If the Ministry of Finance cancels or postpones the issuance, WI transaction contracts are deemed cancelled as the condition precedent is not fulfilled. However, if a JGB reopening occurs (additional issuance of an identical existing JGB), the condition precedent is deemed accomplished and settlement proceeds using the existing relevant JGB. Market participants should ensure compliance with the Financial Instruments and Exchange Act when conducting WI transactions as part of their business operations.

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Horizon Scanning Outline. Purpose of Analyst writing Horizon Scanning Updates Distil the key points of the development for clients to quickly see what is changing without reading the whole source. Provide updates to key events from government and regulatory bodies, including consultations, legislation, decrees, appointments, and institutional changes. Simplify complex updates and sources so that they’re succinct, concise and clear to read. Consistently structure and write updates in the same format. Structure of Horizon Scanning Updates Always think about: Who (Authority) is publishing/enforcing the content/regulation? Where (Jurisdiction)? What type of document or announcement is it (e.g., consultation, regulation, decree, appointment, institutional change)? What is changing/being informed? Who is this update applicable to (credit, e-money institutions, etc.)? Why is this update noteworthy? What is its significance? When is the update applicable? Title Describe what the update is about. Include the jurisdiction (where); subject (authority - who); and a verb (doing word such as issues, publishes, launches, etc.- what). All titles should be written in present tense. Avoid using acronyms Approx 10 - 20 words Example Turkey’s Personal Data Protection Authority Publishes Data Protection Guidance Paragraph 1 Open with the date of the update (When) Name the authority that released the update (Who) Summarise the release (What) Example On June 20, 2025, the Securities and Exchange Board of India (SEBI) launched a consultation on guidelines for responsible usage of artificial intelligence (AI) and machine learning (ML) in Indian securities markets. Paragraph 2 Summarise key points. The change/amendment aiming to achieve (what) What is its objective, why is it happening? Why is it significant? (why) Who does it impact or concern? (Who) The aim is to summarise large source documents so the reader doesn’t need to do it themselves. 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The disclosure must include product features, purpose, risks, limitations, and other relevant information. Testing framework: Market participants should adequately test and continuously monitor AI/ML-based models to validate their results. Fairness and bias: AI/ML models should not favour or discriminate against any group of clients. Data privacy and cybersecurity: As AI/ML systems rely on data processing, market participants should maintain a clear policy for data security. Paragraph 3 Acts as a “Call To Action”. Provide forward looking context: What actions need to be taken? Who needs to take action? Next steps to the development. Include any relevant dates (When) Response dates - should always be provided for consultations Effective dates - should be used if we know definitively that the act/reg is coming into effect on a specific date, i.e., it has been passed/adopted. Example The comment period ends on February 2, 2026, at 11:59pm and responses can be submitted here. The comment response is expected to be published in April 2026. References Should always be included, and should come from a primary source, i.e., an authority, not a news source. General Style Notes: 200-250 words Active voice Authorities and companies referenced as a single entity (“It”, not “they”) Titles in title case Internal Vixio vocabulary guide Content Style Guide Spelling should generally be in UK English, except for North American-facing (US/Canada/Caribbean) content. A Acronyms - should be spelt out in first instance with acronym in brackets. For example, Financial Conduct Authority (FCA). Act - when just referring to “the act”, it does not need a capital a. Active prose - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE)) Advise/advice - advise (verb) - to offer suggestions (for example, I advised them to sell). - advice (noun) - give formal suggestions (for example, I gave them advice). Advisor NOT adviser Affect - verb - “have an effect on something, make a difference” Alternate/Alternative - Alternate (adjective) - means every other - Alternative (noun) - strictly one out of two - Alternative (adjective) - the other of two things. Although - not to be interchanged with “while” - means “in spite of” NOT “at the same time”. AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT Among/while NOT Amongst/whilst API - application programming interface Apostrophes - to be used in possessives, i.e. an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s). Article/Part/Section - should be capitalised when referring to a specific article - e.g., Article 4 of the Gambling Act. Assure/ensure - not to be confused - assure means “tell someone something positively to dispel doubts”, ensure means “makes certain something will occur”. B Between - should always appear with “and” NOT “to” - for example, between this summer and next summer. Big tech - two words, breaks convention of other tech words Bills - U.S. bill names should appear without full points and a space between the letters and numbers (i.e. SB 522 NOT SB522 or S.B. 522). Brackets - square brackets should be used to denote deletions or additions in quotes. Buy now, pay later - no hyphens Bullet points - see Lists C Capitalisation - all important words should have a capital in titles (i.e. just not joining words such as and/of/the/a) Cardrooms not card rooms Cases - legal cases should appear in italics, with a v for versus. Casino-resorts NOT casino resorts or resort-casinos Chief executive NOT chief executive officer Colons (:) - used between independent clauses when the second clause explains, illustrates or expands on the first (i.e. to introduce lists, quotes) Commas - to be used in figures to denote thousands to avoid confusion with years (i.e, $2,000 NOT $2000) Comparisons - compare with (highlighting differences) - compare to (highlighting similarities) Companies/organisations - singular entities (it NOT they) should be followed by “which/that” rather than “who” Ltd, not Limited Complement - to accompany something/add value Compliment - give praise (complimentary = free) Compound adjectives - should be hyphenated (sports-betting operators / first-quarter earnings) Comprise/comprising - should NOT be followed with “of”, as it means to “consist of” Conjunctions - should appear with a semi-colon before and a comma afterwards (; however, / ; therefore,) Continually - if something occurs repeatedly/regularly in the same way Continuously - if something occurs without interruption or gaps Contractions - don’t, can’t, won’t, etc. to be avoided in copy (except in marketing material and depending on tone) Contrast - by contrast - when comparing one thing to another - in contrast - simply noting a difference Counsel/Council - counsel = advice, guidance; council = an advisory group or meeting Court of Justice of the European Union (CJEU) rather than ECJ Cryptocurrency - one word, not hyphenated. Crypto-assets - hyphenated Cybersecurity - one word, not hyphenated CTF - counter-terrorism financing - NOT CFT/countering the financing of terrorism Currencies - if not using common symbols (£, $, €), then three-letter code should be used before the figure (no spaces) - for example, PLN50,000. Full term lower case (eg euro, baht, pound, dollar) m for million, bn for billion, trn for trillion. D Date format - Month, Day, Year (e.g., March 7, 2019) For Insights & Analysis summary text: can just say “today”, e.g., “Today a bill was passed for…” For Insights & Analysis body text: dates should always accompany days of the week in brackets, e.g., “On Wednesday (June 8) a bill was passed...” For NIBs: always use dates rather than days. Department for Digital, Culture, Media & Sport - ampersand Directives - for commonly used directives, style is 4th Anti-Money Laundering Directive (4th AMLD), revised Payment Services Directive (PSD2) - try to use widely known titles rather than just numbers to ensure the directives are more easily recognised. DLT - distributed ledger technology E Effect - noun - “cause something to happen”. Em dash (—) - should be used as a conjunction, not a hyphen or en dash (–). Ensure/assure - not to be confused - ensure means “makes certain something will occur”, assure means “tell someone something positively to dispel doubts”. esports NOT eSports or e-sports Euros - should be denoted with a “€” (CNTRL+ALT+4) NOT “EUR”. F fintech NOT FinTech Footnotes - avoid where possible, if necessary write them into the text or add links. G GGR - “gross gaming revenues” Government - does not need a capital g. Governor - should be written out in full, NOT Gov. Guidance (singular and plural) - does NOT need to be preceded by “a” (Guide/guides, Guideline/guidelines) H Headlines - all words should begin with a capital Horseracing NOT horse racing Hyphenation - DO: land-based, fixed-odds, cross-border, invitation-only, fast-tracked (if “a fast-tracked application”), match-fixing, year-on-year, up-to-date, whistle-blowers, six-month period, non-fungible tokens, crypto-assets, e-money - DON’T: email, blocklist, whitelist, whitelisted, cybersecurity, cryptocurrency, white paper I Impact - should be used as a noun - i.e. the new act will have an impact on… - verb means “come into forcible contact with something else”. - using “affect” as a verb is more accurate. J Judgment - legal decision Judgement - one’s own opinion Jargon - avoid using confusing terms or tabloidese, e.g. use players rather than punters. Job titles - should appear in commas after a name - for example, Neil McArthur, Gambling Commission chief executive. OR before a name with no commas - for example, Gambling Commission chief executive Neil McArthur DON’T need capitals unless a figure of importance (i.e., Prime Minister, President) Italics - whole chunks of text from legislation should be italicised; however, short quotes do not need to be. Justice Department - U.S. Department of Justice - to appear with caps (as requested by US team). K KYC - know your customer L Legislature - does not need a capital l. Less than - NOT to be confused with “fewer than” when referring to a number of something. i.e. fewer than 100 gambling tables. Licence - noun (UK), i.e. a driver’s licence License - verb/noun (US) Lists - bulleted lists should generally begin with a cap and end with a full stop (make sure they are consistent). M MONEYVAL NOT Moneyval More than - to be used instead of “over”. i.e., more than 20 players rather than over 20 players. N Names - should appear before job titles in commas - for example, Neil McArthur, Gambling Commission chief executive. Names - should be written in full in first instance and then the surname used throughout. Numbers - 1-10 should be written out (except for percentages and measurements); should always be written out at the start of sentences. Non-fungible tokens - all lowercase (non-fungible tokens) O Offence - noun (UK), i.e. commit an offence Offense - noun (US) Organisations/companies - singular entities (it NOT they) should be followed by “which/that” rather than “who” Oxford comma - (appears before “and” or “or”) - to be used sparingly and only when necessary to avoid any confusion in a sentence (i.e., where more than one “and/or” appears). Over - should not be used as a replacement for “more than”. P Parliament - does not need a capital p. Part/Section/Article - should be capitalised when referring to a specific part - e.g., Part 4 of the Gambling Act Passive voice - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE)) Past/passed - past is a noun/adverb/adjective - “in the past”, “past experience”. - passed is the past tense of “to pass” - “the law was passed in government”. Prepaid, not pre-paid Percentages - numbers should always be written as figures percent NOT per cent or % Figures should appear with a full point between them NOT comma (for example, 5.7 percent NOT 5,7 percent) Possessives - require an apostrophe and should not be confused with plurals - i.e., an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s). Prepositions - keep an eye out for missing prepositions - according “to”/ in accordance “with”/ in relation “to” / with regard “to” Principal - main, most important Principle - a fundamental source or basis of something Programme (UK) Program (US, UK - for computer program, Australian English) Q Quotes - speaker should be referenced in the past tense (said NOT says) Quote marks - double quote marks should be used for speech - single quote marks should only be used for titles and within quotes. (See Quote reference sheet for more information on how to use quotes.) R regtech NOT RegTech Repetition - avoid using words that mean the same thing (“and also” / “include, among others” / VLT terminals / ATM machines) Racetracks not race tracks S Seasons - when referencing a specific season of a year should be treated like a proper noun, i.e. should include a capital - Winter 2018. Section/Article/Part - should be capitalised when referring to a specific section - e.g., Section 4 of the Gambling Act. Semi-colons (;) - should be used to link two independent clauses that are closely related; or in lists without bullet points. (Do not overuse - often a full stop and new sentence will be better.) Sports betting NOT sportsbetting Sports team names Storey (pl. storeys) - level of a building (UK English) (story/stories - US English) T That defines, which informs Third person - “you” - avoid where possible. Titles - all important words should begin with a capital (i.e. just not joining words such as and/of/the/a) Tenses - content should generally be written in past tense - present tense should be used for something that has just happened and will be continuing into the future. U United States abbreviated to U.S. (Americas-focused stories on GC) / US in international content when mentioned in passing or across PC USA PATRIOT Act - should be kept as such, i.e. with caps, as it’s an acronym for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act”) U.S. Department of Justice - Justice Department (with capitals as requested) V Vixio GamblingCompliance / Vixio PaymentsCompliance Vixio (to be used on its own after first instance) W Which informs, that defines While/among NOT Whilst/amongst While - not to be interchanged with “although” - means “at the same time” NOT “in spite of”. X Y Year quarters - Q1, Q2, H1, H2, etc. Z Acronyms AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT API - application programming interface DLT - distributed ledger technology --- Now, given the above instructions and style guide, please generate a horizon scanning update based on the following webpage content. Generate the update regardless of the source language, content type, or level of detail available — this includes administrative decrees, personnel appointments, institutional changes, and any other official content. Use whatever information is present. （Tentative Translation） JSDA Guideline for When-Issued Transactions of Japanese Government Bonds January 19, 2026 Version Japan Securities Dealers Association The Table of Contents Ⅰ. General 1. Purpose 2. Enforcement Ⅱ. Guideline for When-Issued Transactions of Japanese Government Bonds 1. Definitions and Legal Perspective (1) Definitions (a) WI transactions of JGBs (JGB transactions before an issue date) (b) JGB transactions prior to the auction (2) Legal Perspective of WI transactions of JGBs 2. Market Practices for JGB transactions prior to the auction (1) Eligible JGBs (2) Execution Methods (3) Fixing Methods, etc. of a traded price (4) Change of an Execution Method on the auction date (5) Transactions Statements (6) Timing of Settlement 3. Market Practices for WI transactions of JGBs after the auction 4. Procedures in the case of postponement etc. of the JGB auction or issuance (1) Procedures in the case of cancellation or postponement of the issuance (2) Procedures in the case of cancellation of the auction (3) Procedures in the case of postponement of the auction (4) Procedures in the case of a reopening of the JGB (Appendix) The calculation formula from a yield or a spreadα to a traded price I. General 1. Purpose The Japanese government bond market has been mirroring active implementation of various market reforms recently, including the dematerialization of Japanese Government Bonds (hereinafter referred to as “JGBs”) pursuant to the enforcement of the “Law Concerning the Establishment of Related Laws for Improvement of the Securities Market through Reform of the Securities Settlement System, etc.” in January 2003, and the diversification of issue type and the reduction of underwriting ratio by the JGB underwriting syndicate group to secure smooth and stable absorption amidst large scale issuances. In addition, the “Future Vision on the Financial System and Administration” (Report prepared by the Future Vision Round Table Meeting on the Japanese Version of the Financial System and Administration) published in July 2002 suggested that necessary deliberations should be made to introduce so-called When-Issued (“WI”) transactions of JGBs. Amidst these developments, the Ministry of Finance requested Japan Securities Dealers Association (JSDA) that market participants should take the principal role in deliberating and implementing the market practices required to prepare a favorable environment for adopting WI transactions and thereby to facilitate smoother subscription at JGB auctions. In response to this request, JSDA formed a “Study group for Market Practices of WI Transactions” directly under the Fixed Income and New Business Committee in November 2002, and this Study group had actively deliberated the nature and substance of market practices. Incidentally, we gave special consideration not to change the current market practices, which had been already developed by market participants for JGB transactions between the auction and the issue date (first settlement date). Based on the consensus of the Study group, JSDA produced the “Guideline for When-Issued Transactions of Japanese Government Bonds” (“Guideline”) prescribing market practices with which market participants are to comply, in order to ensure the smooth introduction of WI transactions. We hope that the Guideline will be widely accepted and applied as established market practices by market participants, and thereby contribute to the smooth introduction of WI transactions of JGBs. Please note that the Guideline will not impose any restrictions on the statutory rights of market participants. 2. Enforcement The Guideline will take effect on January 19, 2026. *This Guideline will be reviewed and revised from time to time when necessary. II. Guideline for When-Issued Transactions of Japanese Government Bonds 1. Definitions and Legal Perspective (1) Definitions (a) WI transactions of JGBs (JGB transactions before an issue date (first settlement date)) “WI transactions of JGBs” represent JGB transactions executed by market participants (mainly JSDA member firms) for a set period of days before the issue date under the condition precedent that the relevant JGB shall be issued on the originally planned issue date, and settled on or after the issue date. The WI transactions should be commenced from the time when the probability of issuance of the relevant JGB becomes considerably high (that is, when the Ministry of Finance announces the expected auction date of the relevant JGB, expected issue date, expected issue amount and expected maturity date (“auction announcement”), and when the terms thereof are clarified). (b) JGB transactions prior to the auction Among WI transactions of JGBs, “JGB transactions prior to the auction” represents JGB transactions subject to an issuance of which an auction announcement is made by the Ministry of Finance, and executed by market participants with the conditions precedent during the period from the time of the auction announcement to the time of official release of the serial number and coupon rate of the relevant JGB on the auction date. However, even if the serial number and coupon rate are known before the auction date, the transactions executed prior to the auction date shall be deemed as ”JGB transactions prior to the auction”. the issue date the time of auction announcement the auction date (first settlement date) JGB transactions prior to the auction WI transactions of JGBs (2) Legal Perspective of WI transactions of JGBs “WI transactions of JGBs” can be interpreted as legal action subject to the conditions precedent prescribed in Article 127, Paragraph 1 of the Civil Law, where contracts are concluded prior to the issue date, with conditions precedent that the relevant JGB shall be issued on the scheduled issue date. In other words, they are transactions effected prior to the issue date of the relevant JGB, with conditions precedent that the relevant JGB shall be issued on the originally planned issue date (completion of the issuance of JGB), and are transactions that the parties involved have agreed upon the settlement of the relevant JGB after the completion of the issuance on the originally planned issue date. Please note that “WI transactions of JGBs” that JSDA member firms conduct as a part of their businesses are trading of the securities under the Financial Instruments and Exchange Act, and shall be executed in compliance with the procedures as prescribed in the Act. 2. Market Practices for JGB transactions prior to the auction (1) Eligible JGBs Among JGBs issued through auctions, JGBs eligible for transactions prior to the auction shall be, in principle, the JGBs for which the expected auction date, expected issue date, expected issue amount and expected maturity date are announced by the Ministry of Finance prior to the auction date. (2) Execution Methods JGB transactions prior to the auction shall be executed in the following manners: (a) For the fixed coupon JGBs, transactions shall be concluded on a semi-annual compound yield basis. (b) For the floating-rate JGBs, transactions shall be concluded with the spread from the reference rate (spreadα). Please note that the execution method for the discount JGBs, such as Treasury Bills, etc, shall be in accordance with the market practices for transactions on and after the auction date. (3) Fixing Methods, etc. of a traded price In the case mentioned in (2) (a) and (b) above, a traded price shall be determined by the following manner: (a) When a contract is formed on a semi annual compound yield or a spreadα etc. and a traded price is fixed after the auction, the traded price shall be calculated in accordance with the formula described in the Appendix immediately after the official release of the coupon rate or spreadα, and such a traded price must be confirmed promptly by the seller and the buyer. However, in cases where the formula set out in the Appendix is considered not to appropriately represent the traded price due to changes in market conditions such as the negative interest rates, or changes in market practices relating to JGB auctions, the foregoing does not preclude the settlement at a price calculated in a manner agreed between parties to the transaction. (b) The contract date (trade date) is not the date when the traded price is fixed, but the date when the transaction is initially concluded. (4) Change of an Execution Method on the auction date For the interest-bearing JGBs eligible for JGB transactions prior to the auction, an execution method mentioned in (2) (a) and (b) above should be changed, in principle, to a simple yield basis or a price basis at the time when the serial number and coupon rate or spreadα are released on the auction day, (5) Transactions Statements Transactions statements and other statutory books shall be prepared and kept in accordance with the relevant laws and regulations. (6) Timing of Settlement The traded JGBs shall be settled on the originally planned issue date in principle. However, this does not preclude the separate agreement between parties to the transaction. 3. Market Practices for WI transactions of JGBs after the auction The execution methods of WI transactions after the auction should be provided in the same manner as those of JGB secondary transactions on and after the issue date. 4. Procedures in the case of postponement etc. of the JGB auction or issuance (1) Procedures in the case of cancellation or postponement of the issuance When the issuance of JGB is cancelled or postponed, the contracts of WI transactions shall be deemed to be cancelled because the condition precedent prescribing the issuance on the originally planned date is not finally attained at that time. However, this does not preclude the separate agreement between parties to the transaction. (2) Procedures in the case of cancellation of the auction When the Ministry of Finance announces the cancellation of the JGB auction and in addition that the issuance will not be implemented on the originally planned date, the contracts of the JGB transactions prior to the auction shall be deemed to be cancelled because the condition precedent prescribing the issuance on the originally planned date is not finally attained at that time. (3) Procedures in the case of postponement of the auction In case the Ministry of Finance announces the postponement of the JGB auction and does not hold the auction by one business day prior to the originally planned issue date, the contracts of the JGB transactions prior to the auction shall be deemed to be cancelled because such condition precedent prescribing the issuance on the originally planned date could not be fulfilled at that time. However, this does not preclude the separate agreement between parties to the transaction. (4) Procedures in the case of a reopening of the JGB（Note 1） Once the Ministry of Finance announces a reopening of the JGB, even if the issuance of the new JGB is cancelled or postponed afterwards, the condition precedent shall be deemed to be accomplished on and as of the originally planned issue date (completion of the issuance) and the settlement shall be carried out by the existing relevant JGB based on the contents of contracts of the WI transactions. However, this does not preclude the separate agreement between parties to the transaction. (Supplementary Provision) Establishment of the Guideline: July 31, 2003. Amendment of the Guideline: October 28, 2003. Enforcement of the Guideline: February 23, 2004. （Note 1） Reopening refers to the method of JGB issuance that the Ministry of Finance additionally issues the exact same JGB as an existing one. Amendment of the Guideline: September 28, 2007 Establishment of the Guideline: October 1, 2007 Amendment of the Guideline: January 19, 2026 Establishment of the Guideline: January 19, 2026 （ Appendix ） ① Fixed Coupon Japanese Government Bonds C C x 100 ｛ 1 1 ｝ P = ( 1 + 2 2 0 r 0 ) 3 2 6 F 5 + r x ( 1 + 2 0 r 0 ) 3 2 6 F 5 - ( 1 + 2 0 r 0 ) 3 2 6 F 5 + N - 1 100 C 2A + (1 + 2 0 r 0 ) 3 2 6 F 5 + N - 1 - 2 x 3 65 P：Price C：Nominal Coupon Rate (In % on Annual Basis) r：Semi Annual Compound Yield (%) A：Days from the First Accrual Date to the Issue Date N：Number of Interest Payments to the Maturity Date F：182.5 - A ① In the calculation process, each calculation results shall be rounded to ten (10) decimal places. ②P shall be rounded down to three (3) decimal places. ② Floating Rate Japanese Government Bonds K-αf P = ( 1 + K 2 - 0 2 α 0 t ) 3 2 6 F 5 + ( K -α K f) - x α 1 t 00 x ｛ ( 1 + K 2 - 1 α 0 0 t ) 3 2 6 F 5 - ( 1 + K 2 - α 0 0 1 t ) 3 2 6 F 5 + N - 1 ｝ 100 K -αf 2A + - x (1 + K - α t ) 3 2 6 F 5 + N - 1 2 3 65 200 P：Price K：Reference Rate (%) αf：“α” fixed through the Auction (%) αt：“α” traded between counterparts in WI Transaction (%) A：Days from the First Accrual Date to the Issue Date (Days) N：Number of Interest Payments to the Maturity Date F：182.5 - A ① In the calculation process, each calculation results shall be rounded to ten (10) decimal places. ②P shall be rounded down to three (3) decimal places. However, In case of αf＝αt, P shall be 100. ③ The calculation of the nominal coupon rate in the calculation process (specifically, the sign and decimal precision of α in “K - αf” and “K - αt” in the above formula) shall follow the product-specifications published by the Ministry of Finance. However, if it is deemed inappropriate to use the above calculation formula based on market conditions, etc., the foregoing does not preclude the settlement at a unit price calculated in a manner agreed upon between parties to the transaction other than the above calculation formula. ④ For “K - αf” and “K - αt,” the lower limit shall be set at 0%.

wi_guideline0313.pdf

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