| Japan Exchange Group, Inc. | |
| Native Name: | 株式会社日本取引所グループ |
| Native Name Lang: | ja |
| Romanized Name: | Kabushiki gaisha Nippon Torihikijo Gurūpu |
| Former Name: | Osaka Securities Exchange Co., Ltd. (1949–2013) |
| Type: | Public KK |
| Area Served: | Japan |
| Key People: | Akira Kiyota, President & CEO |
| Num Employees: | 1,223 |
| Num Employees Year: | 2022 |
| Industry: | Financial services |
,[1] abbreviated as JPX or Nippon Torihikijo, is a Japanese "financial instruments exchange holding company"[2] subject to the regulations of the Financial Instruments and Exchange Act enforced by the Financial Services Agency.
The exchange group was formed by the merger of Tokyo Stock Exchange (TSE) and Osaka Stock Exchange (OSE) on January 1, 2013. As a result of this merger and market reorganization, TSE became the sole securities exchange of JPX and OSE became the largest derivatives exchange of JPX.
JPX owns three licensed "financial instruments exchange" corporations: Tokyo Stock Exchange, Inc.,[3] Osaka Exchange, Inc.,[4] and Tokyo Commodity Exchange, Inc. (TOCOM).[5] It also has an IT services and research arm, JPX Market Innovation & Research, Inc. (JPXI),[6] a self-regulatory body, Japan Exchange Regulation (JPX-R),[7] and a central clearing counterparty, Japan Securities Clearing Corporation (JSSC).[8]
As of June 2021, JPX is the world's fifth-largest stock exchange operator, behind NYSE, NASDAQ, SSE, and HKSE.[9]
The roots of JPX trace back to November 22, 2011, when TSE and OSE decided to merge into one, as a solution to slowing market conditions in Japan.[10] The merger was subsequently approved on July 5, 2012 when the Japan Fair Trade Commission approved the TSE-OSE merger, paving the way for the formation of JPX.[11] On January 1, 2013, JPX was launched.[12] The remainder of the merger was realized through a series of changes:
In December 2014, JPX concluded a Letter of Interest (LOI) with Singapore Exchange. In the same month, JPX signed a joint venture agreement with Daiwa Institute of Research Ltd., the research arm of Daiwa Securities Group, and Myanma Economic Bank to establish Yangon Stock Exchange.
In May 2015, TSE and OSE opened a joint branch office in Singapore.
On October 1, 2019, JPX acquired Tokyo Commodity Exchange, Inc. (TOCOM), to expand its derivatives trading business in the commodity market. In turn, TOCOM became a wholly owned subsidiary of the Group.
On November 25, 2021, JPX launched a new subsidiary, JPX Market Innovation & Research, Inc. (JPXI), which would provide financial market data and index services and system-related services to financial data vendors.[13]
On April 1, 2022, in order to strengthen business activities in the Kansai region, JPX established Osaka Head Office and Osaka IPO Center in the Osaka Securities Exchange Building at Kitahama, Osaka.[14] [15] The Osaka site would take over the entire operations of JPX in the event of a wide-ranging disaster in the National Capital Region. TSE and OSE transferred and integrated their data and digital businesses into JPXI.[16] TSE also merged its IT services arm, Tosho System Service Co., Ltd. (TSS), into JPXI, which would inherit the rights and obligations of all business carried out by TSS, such as system development, operations, consulting, and telecommunication services.
In July 2023, JPX launched a new stock market index, the, to track the performance of the Japanese blue chips.[17] Subsequently, on March 18, 2024, Nomura Asset Management listed an exchange-traded fund (ETF) for the index on TSE,[18] the same day that index futures contract was launched on OSE.[19]
The JPX has been led by a President & CEO (combined in one role) since its formation in 2013.
JPX is a corporate group formed by the holding company, Japan Exchange Group, Inc., and its subsidiaries: