Regulatory Measures on Trading of Batonz Co. Ltd (Code 554A)
Summary
The Tokyo Stock Exchange issued pre-market trading restrictions on Batonz.Co.,Ltd. (Code: 554A) effective until the day the issue is first traded. Trading participants are required to receive purchase funds (in cash) from clients on the same day and are prohibited from making purchases in the issue on their proprietary accounts, including those under discretionary investment contracts. Quote renewals are capped at 230% of the previous day's final quote price, and both sell and buy market orders remain prohibited until the initial price is determined.
Broker-dealers and trading participants should review their pre-listing order management workflows to confirm that same-day cash receipt is captured for new issues subject to TSE special measures, and that proprietary account blocks are applied to these instruments until first trading is confirmed. The MRF exception provides a narrow carve-out where clients with excess MRF balances may have those funds allocated without a corresponding same-day cash deposit, which may require system-level validation.
What changed
TSE has imposed special pre-market trading restrictions on Batonz.Co.,Ltd. (Code: 554A) effective until first trade. The restrictions mandate that trading participants receive purchase funds in cash from clients on the same day (with an MRF exception) and prohibit all proprietary purchasing, including under discretionary investment contracts. Quote renewal is limited to 230% of the previous day's final quote price, with renewal intervals tied to order book conditions, and market orders remain prohibited until the initial price is set.
Trading participants and broker-dealers active on the TSE must ensure their systems and internal controls are configured to enforce same-day cash receipt for newly listed issues subject to these measures, and must block proprietary orders in the affected issue until first trading begins. Firms should verify that their order management systems can enforce the 230% price cap on quote renewals and the market-order prohibition.
What to do next
- Receive purchase funds (in cash) from clients on the same day, except for discretionary investment contracts
- Prohibit purchases in the issue on proprietary accounts until first trade
- Prohibit sell and buy market orders until the day the initial price is determined
Archived snapshot
Apr 21, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Market News
Apr. 21, 2026 TSE Regulatory Measures, etc. on Trading of Newly Listed Stocks : Batonz.Co.,Ltd.
Post 1. Issue: Batonz.Co.,Ltd. (Code: 554A)
Regulatory Measures (until the day an issue is first traded)
Trading participants are:
(1) required to receive purchase funds (in cash) from clients, other than those with discretionary
investment contracts, on the same day.*
(2) prohibited from making purchases in the issue on their proprietary accounts, including
those under discretionary investment contracts, until it is first traded.
*As long as a client's MRF (money reserve fund) is in excess of the purchase funds on the day
the issue is first traded, the MRF may be allocated to the purchase funds for a newly listed stock,
and trading participants will be deemed to have received the purchase funds (in cash) on the
same day even though the client did not make a corresponding deposit in cash on the day.Handling of quotes
(1) Until the first price is determined
Quotes displayed can be renewed up to 230% of the previous day's final quote price.
The price range and interval for quote renewal will depend on the situation in the order book
and be renewed by either 5% every 10 minutes or the renewal price range from the last quote
price every 3 minutes.
(2) Prohibition of market orders
Sell market orders and buy market orders will continue to be prohibited until the day when
the initial price is determined.
(3) After the first price is determined
After the first price is determined, price limits on bids and offers will be applied based on
such first price.
Enquiry
Tokyo Stock Exchange, Inc. Equities Department
TEL:Tel: +81-3-3666-0141
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