Major world stock exchange expands investor access to

Tokyo Stock Exchange
Major world stock exchange expands investor access to include timely inancial news with Web-based system

In the fast-paced world of international invest-ment, time is money. Within minutes, billions
of dollars change hands over the Tokyo Stock Exchange (TSE), one of the world’s major stock
exchanges. To an outsider, the frenzied buying and selling of stocks might seem almost random.
Yet behind most stock sales and purchases is a well-thought-out investment strategy driven
in part by current inancial news. Recognizing this, the Tokyo Stock Exchange developed an
innovative system, called the Timely Disclosure Network (TDnet), that gives investors instant
access to Adobe Portable Document Format (PDF) iles with inancial information on TSE-
listed companies.

The Tokyo Stock Exchange launched TD net in 1998, and soon after it recommended to the
1,940 companies listed on the Exchange that they submit disclosure documents in Adobe PDF.
The reasons, according to Koji Yoshida, who oversees disclosure for the TSE, are simple:
“Compact Adobe PDF iles maintain the integ-rity of company information, deliver it in a format that is universally accessible, and can be distributed quickly over the Internet.” This rapid,ficient document distribution is critical, since the TDnet Web site can receive more than one million hits daily from viewers worldwide.

Speed, convenience with Adobe PDF
Each listed company on the TSE iles approxi-mately 20 pages of disclosure documents, such as annual and interim inancial reports and other press releases. Previously, these docu-ments were submitted on paper and stored at TSE ofices. Financial analysts and investors who wanted to review information had to come to the Exchange and read the papers, making infor-mation dificult to access for most people. By moving documents online in Adobe PDF, the TSE greatly expanded investor access to inancial information and streamlined the delivery of disclosure documents for companies.

Now, listed companies use Adobe Acrobat soft-ware to create Adobe PDF iles that the TSE dis-tributes over satellite and private networks and posts on TDnet for immediate viewing. During peak periods, the TSE can receive as many as 700 documents daily from listed companies. “TDnet is a powerful system that shortens the distance between investors and companies,” explains Yoshida. “With platform- and application-independent Adobe PDF iles, we know that inves-tors—no matter where they are and no matter what systems they are
using—can access essential inancial information.”

Easy conversion of any document
An important factor in the TSE’s decision to adopt Adobe Acrobat and Adobe PDF for online document delivery is the openness of both the application and the format. Because the TSE
does not dictate which application listed com-panies must use to create disclosure statements,

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