www.jpx.co.jp/equities/trading/margin/rights/03.html
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権利入札 | 信用取引の権利処理 | 日本取引所グループ
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https://www.jpx.co.jp/equities/trading/margin/rights/03.html
About this page
This page explains the "rights bidding" system used in margin trading by the Japan Exchange Group. When a stock split occurs in system margin trading, the rights processing price determined through bidding by securities finance companies is used to adjust the agreed price. Using a concrete example, the page describes how the "selling bid" process works when the outstanding loan balance exceeds the lending balance. Shares not handled through new stock subscription applications are put up for auction, with the final rights processing price calculated by multiplying the average successful bid price by the split ratio.
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