As of June 2021, JPX is the world's fifth-largest stock exchange operator, behind NYSE, NASDAQ, SSE, and HKSE.[10]
History
JPX Osaka head office and Osaka IPO center (Osaka Securities Exchange Building)
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.[11] 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.[12] On January 1, 2013, JPX was launched.[13] The remainder of the merger was realized through a series of changes:
On January 4, 2013, JPX was listed at TSE's First Section (8697). JPX also assumed OSE's own ticker symbol (also 8697).[13]
On July 16, 2013, The cash equity market of OSE was transferred and integrated into TSE.[13] The self-regulatory operations of OSE were integrated into Tokyo Stock Exchange Regulation.[13] The derivativesclearing operations of OSE were integrated into Japan Securities Clearing Corporation.[13]
On October 1, 2013, Japan Securities Clearing Corporation merged with Japan Government Bond Clearing Corporation.[13]
On March 24, 2014, Osaka Securities Exchange Co., Ltd was renamed Osaka Exchange, Inc. The TSE derivatives market was transferred and integrated into OSE.[13]
On April 1, 2014, Tokyo Stock Exchange Regulation was renamed Japan Exchange Regulation.[13]
On July 11, 2014 JPX signed a comprehensive Memorandum of Understanding (MOU) with Bank of China Limited.[13]
On November 1, 2014, TSE and OSE opened a joint representative office in Hong Kong.[13]
In May 2015, TSE and OSE opened a joint branch office in Singapore.[13]
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.[13]
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.[14]
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.[15][16] The Osaka site would take over the entire operations of JPX in the event of a wide-ranging disaster in the National Capital Region.[16] TSE and OSE transferred and integrated their data and digital businesses into JPXI.[17] 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.[17]
In July 2023, JPX launched a new stock market index, the JPX Prime 150 Index [ja], to track the performance of the Japanese blue chips.[18] Subsequently, on March 18, 2024, Nomura Asset Management listed an exchange-traded fund (ETF) for the index on TSE,[19] the same day that index futures contract was launched on OSE.[20]
Senior leadership
The JPX has been led by a President & CEO (combined in one role) since its formation in 2013.
List of Presidents and CEOs
Atsushi Saito (2013–2015)[21]
Akira Kiyota (2015–2023)[22]
Hiromi Yamaji (since April 2023)[22]
Subsidiaries
JPX is a corporate group formed by the holding company, Japan Exchange Group, Inc., and its subsidiaries:[3]
^"Company Profile | Japan Exchange Regulation". Japan Exchange Group. Retrieved 2022-01-28.
^"Company Profile | Japan Securities Clearing Corporation". www.jpx.co.jp. Retrieved 2022-01-28.
^"Largest stock exchange operators worldwide as of June 2021, by market capitalization of listed companies (in trillion U.S. dollars)". Statista.
^"Tokyo and Osaka stock exchanges to merge". BBC News. November 22, 2011. Retrieved May 10, 2013.
^"Japan approves merger of Tokyo and Osaka exchanges". BBC News. July 5, 2012. Archived from the original on 2013-04-19. Retrieved July 7, 2012.
^ a b c d e f g h i j k l m n"History | Japan Exchange Group". Japan Exchange Group. Retrieved 2022-01-28.
^"Establishment of New Subsidiary" (PDF). Japan Exchange Group, Inc. 2021-11-25. Retrieved 2022-09-15.
^"Access | Osaka Office". Japan Exchange Group. Retrieved 2022-08-21.
^ a b"Establishment of Japan Exchange Group, Inc. Osaka Head Office". Japan Exchange Group. Retrieved 2022-08-21.
^ a b"Restructuring of Subsidiaries for Launch of JPX Market Innovation & Research, Inc. Operations" (PDF). Japan Exchange Group, Inc. 2022-02-22. Retrieved 2022-08-21.
^"Japan launches Prime 150 stocks benchmark to help investors identify value". CNBC. 3 July 2023.
^"Nomura to Launch New ETF Designed to Track Performance of JPX Prime 150 Index on TSE". Nomura.
^"Osaka Exchange Launches JPX Prime 150 Index Futures". Japan Exchange Group.
^"Japan Exchange chief executive to retire". 8 April 2015.
^ a b"JPX taps TSE President Hiromi Yamaji as new CEO". 16 December 2022.
Sources
"JPX Report 2022" (PDF). Japan Exchange Group, Inc.
Further reading
"JPX Report 2023" (PDF). Japan Exchange Group, Inc.