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2008年7月14日 (月)

株券電子化

(Jul. 12, 2008) The Yomiuri Shimbun

Check your stocks before digitization

株券電子化 タンス株は名義確認しよう(7月12日付・読売社説)

(digitization=デジタル化する)

Securities of companies listed on stock exchanges will be digitized beginning Jan. 5, 2009. Although there is less than six months to go until the start of digitization, it appears that shareholders and even securities firms are not fully ready for the system's launch.

上場会社の株式が、来年1月5日から電子化される。あと半年に迫っているのに、株主や証券会社の対応が遅れているとの声が上がっている。

When paper is abandoned as the medium for securities, printing and storage costs, among other expenses, will be removed, resulting in annual cost cuts of more than 100 billion yen.

As the digitization of stocks is expected to result in huge savings, preparations should be meticulous so the system is launched without any glitches.

紙の株券をやめれば、印刷代や保管料などが不要になり、年間1000億円以上も節約できる。コスト削減が見込める株券電子化が混乱なくスタートを切れるよう、万全の準備を図るべきだ。

(medium=メディア、媒体) (meticulous=注意深い) (glitch=小さな欠陥)

After securities are digitized, paper securities will be invalid. Shareholders' rights will remain protected as their names and the amount of shares they hold will be electronically recorded.

電子化されると紙の株券は無効になるが、株主名や持ち株数などの電子情報が記録され、株主の権利はこれまで通りに守られる。

But shareholders should be careful because if they keep their securities in paper form at home, there may be cases in which their ownership rights will be invalidated.

ところが、株主が自宅などに保管している「タンス株」の場合は、株主の権利が失われる可能性もあるので注意が必要だ。

(invalidate=無効にする)

===

'Sugar bowl' shares at risk

(名義書換の株券は要注意)

The prime example would be a case in which a purchaser of securities failed to register the transfer of share ownership. This would mean that the previous shareholder would still be legally considered the owner of the shares.

特に問題なのが、購入後に株主の名義を書き換えず、他人名義になっている株券だ。

If such shares are digitized without the transfer of ownership having been registered, the previous holder of the shares will continue to be recorded as the shareholder. Furthermore, the actual shareholder will not be able to certify himself as the owner only on the basis of his possession of the paper shares. In addition to the shares that will have become invalid, the actual shareholder will need documentation to prove that the shares were transferred to him, or that he inherited them.

他人名義のまま電子化に移行すると、本当の持ち主とは別人が株主として記録される。無効になった株券だけでは株主だと証明できない。相続や譲渡されたことを証明する書類も要る。

(inherit=相続させる)

Shareholders who keep securities at home should confirm whether their names are printed on the back of the stock certificates. If not, the shareholders may be in trouble.

家にタンス株がある人は、株券の裏を見て、名義を確かめるべきだ。自分の名義にしておかないと、面倒に巻き込まれかねない。

Furthermore, even if shares kept at home have the actual shareholder's name on them, they may not be traded on stock markets for about a month before and after the start of the digitization of securities transactions.

Problems may be avoided if shareholders open accounts at securities firms and deposit their shares there before the system's launch. However, the depositing of securities into the accounts will be suspended two weeks before the system's launch.

さらにタンス株は自分名義でも、電子化の前後1か月ほどは市場で売買できなくなる。電子化前に証券会社に口座を開いて預ければこうした不便も防げるが、電子化の2週間前から、株券の預け入れはできなくなる。

Counters at securities firms are expected to be crowded with customers around the deadline dates for trading and depositing stocks. Therefore, shareholders should act now to prepare themselves for the new system's launch.

締め切り直前は、証券会社の窓口が混雑しそうだ。早めに対応した方が良いだろう。

The Japan Securities Dealers Association and other related organizations this year printed 55 million flyers to inform shareholders of the new system and advised them through newspaper advertisements and TV commercials to deposit their shares at securities firms and other institutions as soon as possible. But shareholders have been slow to do so.

日本証券業協会など関係機関は今年、5500万枚のチラシを作り、新聞・テレビの広告でも、早期の預け入れを呼びかけてきた。だが、反応はいまひとつだ。

flyer=flier=ビラ、ちらし)

===

Preparations slow

(遅れている準備)

Of the estimated 380 billion shares listed on stock markets in the nation, 13 billion, worth a total of 14 trillion yen, are believed to have been kept by individual shareholders as of the end of March this year. During the six months from September last year, only 1 billion shares were moved into accounts at securities firms.

Also, 12 billion shares are kept in institutional shareholders' coffers.

We hope the government will act wisely by taking steps to raise the public's awareness of the digitization of securities.

全上場株式3800億株のうち、個人のタンス株は今年3月末で130億株、時価総額で14兆円もある。昨年9月から半年で10億株しか減らなかった。法人が保管する株券も120億株残る。周知徹底に、もうひと工夫ほしい。

Meanwhile, about 300 companies, mainly securities brokerage firms, need to have their online systems connected with Japan Securities Depository Center Inc., which will administer securities data. It has been pointed out that some companies are behind schedule for hooking up to the system.

一方、電子化までに証券会社など約300社は、株券のデータを管理する証券保管振替機構とシステムをつなぐ必要がある。一部の会社で、システム対応が遅れているとの指摘もある。

hook up=機器をとりつける)

Nobody can deny the possibility that minor problems could develop into major disruptions involving the entire securities transaction settlement system. A situation in which securities transactions become paralyzed due to trouble with the new system must be avoided.

わずかな不具合が、証券決済のシステム全体に波及する可能性は否定できない。システムトラブルで証券取引がマヒするようなことが、あってはならない。

We hope those in the industry conduct tests and perform dry runs before the launch of the system, applying the utmost care.

業界関係者は、事前テストや訓練に全力で取り組んでほしい。

(dry run=予行演習、テスト)

(From The Yomiuri Shimbun, July 12, 2008)

20087120122  読売新聞)

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