Applicability of Distributed Ledger Technology to Capital Market Infrastructure Atsushi Santo?, Ikuo Minowa?, Go Hosaka , Satoshi Hayakawa§, Masafumi Kondo , ? ? Shingo Ichiki , Yuki Kaneko? ? August 30, 2016 Vol. 15 ? Fintech Laboratory, New Business Development, Corporate Strategy, Japan Exchange Group , Inc. (jpx-fintech@jpx.co.jp) ? § ? IT Development, Tokyo Stock Exchange, Inc. IT Development, Osaka Exchange, Inc. Clearing & Settlement Development, Japan Exchange Group , Inc. 1 | This material was compiled based on the results of research and studies by directors, officers, and/or employees of Japan Exchange Group, Inc., its subsidiaries, and affiliates (hereafter collectively the ”JPX group”) with the intention of seeking comments from a wide range of persons from academia, research institutions, and market users. The views and opinions in this material are the writer’s own and do not constitute the official view of the JPX group. This material was prepared solely for the purpose of providing information, and was not intended to solicit investment or recommend specific issues or securities companies. The JPX group shall not be responsible or liable for any damages or losses arising from use of this material. 2 | Acknowledgement We would like to take this opportunity to express our deep appreciation to our PoC test partners, IBM Japan, Ltd., Nomura Research Institute, Ltd., and CurrencyPort Limited, and test participants from the Japanese financial industry*