I . Resignation and Election of Associate Members

Mr. Hoshino, Chairperson of the Committee, suggested that Mr. Amagi, Associate Member of the Committee, be replaced by Mr. Kei Kuzuhara (Bank of Tokyo-Mitsubishi UFJ), and it was approved.

II . Report of the Discussions at the “Global Meeting of Foreign Exchange Committees”

Mr. Hoshino, Chairperson of the Committee, reported that at the Global Meeting of Foreign Exchange Committees held in Singapore on December 2, 2009, the settlement risk after the failure of Lehman Brothers was discussed, and the participants shared the view that CLS had played a significant role in reducing settlement risk in foreign exchange market during the financial crisis.

Mr. Hoshino, Chairperson of the Committee, also reported that there was a discussion on establishing a central counterparty for foreign exchange derivatives transactions at the meeting, and he gave an additional explanation to it: the bill which passed the U.S. House of Representative on December 12th required currency options and non-deliverable forwards to be settled through a central counterparty, while foreign exchange swaps and outright forwards seemed to be excluded. As for the schedule going forward, he also explained that after the passage of the Senate bill which was currently under discussion, the congressional conference committee would resolve differences in these bills, and the bill was expected to be finalized in spring at the earliest.

III . Activities of Sub-Committees

1. Sub-Committee on BCP

Mr. Hoshino, Chairperson of the Sub-Committee, reported that, on January 6th, he explained the plan of the joint BCP exercise which would be conducted with the money market and securities market on February 8th to the participants.

2. Sub-Committee on Market Research

Mr. Nakano, Chairperson of the Sub-Committee, proposed to call a meeting of the Sub-Committee on Market Research in order to examine methods of surveying the market size of foreign exchange margin trading in the “Turnover Survey of Tokyo FX Market” which would be conducted in April this year, and it was approved. In addition, in order to survey the size of foreign exchange market more precisely, the Committee decided to consider whether it was more appropriate to change the basis for reporting from a trading-desk basis to a sales-desk basis.

3. Sub-Committee on E-Commerce

Mr. Koike, Chairperson of the Sub-Committee, reported that they had a meeting on December 11th last year, inviting Mr. Matsudaira from FXAll, and discussed recent trends in foreign exchange trading through electronic platform.

4. Sub-Committee on Education

Mr. Maeba, Chairperson of the Sub-Committee, reported that they would hold a Forex Seminar on February 15th, inviting Mr. Izuru Kato from The Totan Research Co. and Mr. Daisaku Ueno from Gaitame.Com Research Institute.

5. Sub-Committee on Committee Steering

Mr. Noguchi, Associate Member of the Committee, reported that the excess stock of printed “Description of 1998 FX and Currency Option Definitions” was disposed of.

IV . Schedule on the Annual General Meeting

Mr. Hoshino, Chairperson of the Committee, informed that the Annual General Meeting would be held on March 4th.