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{{Short description|Japanese financial instruments exchange holding company}}
{{Short description|Japanese financial instruments exchange holding company and its corporate group}}
{{Infobox company
{{Infobox company
| name = Japan Exchange Group, Inc.
| name = Japan Exchange Group, Inc.
Line 5: Line 5:
| native_name_lang = ja
| native_name_lang = ja
| romanized_name = Kabushiki gaisha Nippon Torihikijo Gurūpu
| romanized_name = Kabushiki gaisha Nippon Torihikijo Gurūpu
| former_name = [[Osaka Securities Exchange]] (1949–2013)
| former_name = [[Osaka Securities Exchange]] Co., Ltd. (1949–2013)
| type = [[Public company|Public]] [[kabushiki gaisha|KK]]
| type = [[Public company|Public]] [[kabushiki gaisha|KK]]
| traded_as = {{tyo|8697}}
| traded_as = {{tyo|8697}}
Line 13: Line 13:
| image_size = 220px
| image_size = 220px
| image_caption = Facade of the JPX head office (Tokyo Stock Exchange building)
| image_caption = Facade of the JPX head office (Tokyo Stock Exchange building)
| predecessors = {{Unbulleted list|Osaka Securities Exchange Co., Ltd.|{{ill|Tokyo Stock Exchange Group|lt=Tokyo Stock Exchange Group, Inc.|ja|東京証券取引所グループ}}}}
| predecessors = {{plainlist|
⚫
| foundation = {{Unbulleted list|''[[De jure]]'' on {{start date and age|1949|4|1|df=yes}} as Osaka Securities Exchange Co., Ltd.|''[[De facto]]'' on {{start date and age|2013|4|1|df=yes}} as Japan Exchange Group, Inc.}}
*Osaka Securities Exchange Co., Ltd.
⚫
| location = {{Unbulleted list|[[Kabutocho]], [[Chūō, Tokyo|Chūō]], [[Tokyo]], [[Japan]]|[[Kitahama Station (Osaka)|Kitahama]], [[Chūō-ku, Osaka]], [[Osaka]], Japan}}
*[[Tokyo Stock Exchange|Tokyo Stock Exchange, Inc.]]}}
| area_served = Japan
| foundation = {{plainlist|
⚫
| key_people = Akira Kiyota, [[President (corporate title)|President]] & [[chief executive officer|CEO]]
⚫
*''[[De jure]]'' on {{start date and age|1949|4|1|df=yes}} as the Osaka Securities Exchange Co., Ltd.
⚫
| num_employees = 1,223
*''[[De facto]]'' on {{start date and age|2013|4|1|df=yes}}}}
| num_employees_year = 2022
| location = [[Kabutocho]], [[Chūō, Tokyo|Chūō]], [[Tokyo]], [[Japan]]<br>
⚫
| industry = [[Financial markets]]
⚫
[[Kitahama Station (Osaka)|Kitahama]], [[Chūō-ku, Osaka]], [[Osaka]], Japan
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| services = {{Unbulleted list|[[Stock exchange|Securities exchange]]|[[Derivatives exchange]]|[[Central counterparty clearing]]|[[Market data]]}}
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| key_people = Atsushi Saito, [[chief executive officer|CEO]]
⚫
| subsid = {{Unbulleted list|[[Tokyo Stock Exchange]]|[[Osaka Exchange]]|[[Tokyo Commodity Exchange]]|[[JPX Market Innovation & Research]]|[[Japan Securities Clearing Corporation]]}}
⚫
| num_employees =
⚫
| homepage = {{URL|http://www.jpx.co.jp/english/|jpx.co.jp/}}
⚫
| industry = [[Financial services]]
| footnotes = {{Sfn|Japan Exchange Group, Inc.|2022|p=88}}
⚫
| services = [[Stock exchange|Securities exchange]]<br>[[Derivatives exchange]]<br>
[[Clearing house (finance)|Clearing house]]
⚫
| subsid = [[Tokyo Stock Exchange]]<br>[[Osaka Exchange]]<br>[[Tokyo Commodity Exchange]]<br>JPX Market Innovation & Research<br>Japan Exchange Regulation<br>Japan Securities Clearing Corporation
⚫
| homepage = {{URL|http://www.jpx.co.jp/english/|JPX.co.jp/}}
}}
}}


{{Nihongo|'''Japan Exchange Group, Inc.'''|株式会社日本取引所グループ|[[Kabushiki gaisha|Kabushiki-gaisha]] Nippon Torihikijo Gurūpu}}, abbreviated as '''JPX''' or '''Nippon Torihikijo''', is a Japanese "[[Financial instrument|financial instruments]] [[Exchange (organized market)|exchange]] [[holding company]]"<ref name=":3">{{Cite web |title=Company Profile {{!}} Japan Exchange Group |url=https://www.jpx.co.jp/english/corporate/about-jpx/profile/index.html |access-date=2022-08-23 |website=Japan Exchange Group |language=en}}</ref> subject to the regulations of the [[Financial Instruments and Exchange Act]] enforced by the [[Financial Services Agency]]. JPX owns three "financial instruments exchange" corporations: the [[Tokyo Stock Exchange, Inc.]] (TSE)<ref>{{Cite web |title=Company Profile {{!}} Tokyo Stock Exchange |url=https://www.jpx.co.jp/english/corporate/about-jpx/profile/01.html |access-date=2022-08-23 |website=Japan Exchange Group |language=en}}</ref>, the [[Osaka Exchange|Osaka Exchange, Inc.]] (OSE)<ref>{{Cite web |title=Company Profile {{!}} Osaka Exchange |url=https://www.jpx.co.jp/english/corporate/about-jpx/profile/02.html |access-date=2022-08-23 |website=Japan Exchange Group |language=en}}</ref>, and the [[Tokyo Commodity Exchange|Tokyo Commodity Exchange, Inc.]] (TOCOM)<ref>{{Cite web |title=Company Profile {{!}} Tokyo Commodity Exchange |url=https://www.jpx.co.jp/english/corporate/about-jpx/profile/05.html |access-date=2022-08-23 |website=Japan Exchange Group |language=en}}</ref>. It was formed by the merger of TSE and 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. In 2019, JPX acquired TOCOM to expand derivatives trading business in the [[commodity market]]. It also has an IT services and research arm, JPX Market Innovation & Research, Inc. (JPXI),<ref>{{Cite web |title=Company Profile {{!}} JPX Market Innovation & Research |url=https://www.jpx.co.jp/english/corporate/about-jpx/profile/06.html |access-date=2022-08-21 |website=Japan Exchange Group |language=en}}</ref> a self-regulatory body, Japan Exchange Regulation (JPX-R),<ref>{{Cite web |title=Company Profile {{!}} Japan Exchange Regulation |url=https://www.jpx.co.jp/english/corporate/about-jpx/profile/03.html |access-date=2022-01-28 |website=Japan Exchange Group |language=en}}</ref> and a [[Clearing house (finance)|clearing house]], [[:ja:日本証券クリアリング機構|Japan Securities Clearing Corporation]] (JSSC).<ref>{{Cite web|title=Company Profile {{!}} Japan Securities Clearing Corporation|url=https://www.jpx.co.jp/jscc/en/company/profile.html|access-date=2022-01-28|website=www.jpx.co.jp}}</ref> As of June 2021, it is the world's fifth-largest stock exchange operator, behind [[NYSE]], [[NASDAQ]], [[Shanghai Stock Exchange|SSE]], and [[Hong Kong Stock Exchange|HKSE]].<ref>{{cite web|title=Largest stock exchange operators worldwide as of June 2021, by market capitalization of listed companies (in trillion U.S. dollars)|url=https://www.statista.com/statistics/270126/largest-stock-exchange-operators-by-market-capitalization-of-listed-companies/|access-date=|website=Statista}}</ref>
{{Nihongo|'''Japan Exchange Group, Inc.'''|株式会社日本取引所グループ|[[Kabushiki gaisha|Kabushiki-gaisha]] Nippon Torihikijo Gurūpu|[[Corporate Number]]: 9120001098575}},<ref>{{Cite web |title=株式会社日本取引所グループの情報 |url=https://www.houjin-bangou.nta.go.jp/henkorireki-johoto.html?selHouzinNo=9120001098575 |website=[[National Tax Agency]] Corporate Number Publication Site}}</ref> abbreviated as '''JPX''' or '''Nippon Torihikijo''', is a Japanese [[financial services]] company headquartered in [[Tokyo]] and [[Osaka]]. It is a "[[financial instrument]]s [[Exchange (organized market)|exchange]] [[holding company]]"<ref name=":3">{{Cite web |title=Company Profile {{!}} Japan Exchange Group |url=https://www.jpx.co.jp/english/corporate/about-jpx/profile/index.html |access-date=2022-08-23 |website=Japan Exchange Group |language=en}}</ref> subject to the regulations of the [[Financial Instruments and Exchange Act]] enforced by the [[Financial Services Agency]]. It is also monitored by a separate self-regulatory body called Japan Exchange Regulation (JPX-R),<ref>{{Cite web |title=Company Profile {{!}} Japan Exchange Regulation |url=https://www.jpx.co.jp/english/corporate/about-jpx/profile/03.html |access-date=2022-01-28 |website=Japan Exchange Group |language=en}}</ref><ref name=":5">{{Cite web |title=Necessity of Self-Regulatory Operations |url=https://www.jpx.co.jp/english/regulation/outline/necessity/index.html |access-date=2024-08-25 |website=Japan Exchange Group |language=en}}</ref> dedicated to ensuring neutral and effective self-regulation operations defined under the Financial Instruments and Exchange Act.<ref name=":5" /><ref>{{Cite web |title=Outline of Self-Regulatory Operations |url=https://www.jpx.co.jp/english/regulation/outline/about/index.html |access-date=2024-08-25 |website=Japan Exchange Group |language=en}}</ref>


The exchange group was formed by the merger of {{Ill|Tokyo Stock Exchange Group|lt=Tokyo Stock Exchange Group, Inc.|ja|東京証券取引所グループ}} and Osaka Securities Exchange Co., Ltd. on January 1, 2013. As a result of this merger and market reorganization, the [[Tokyo Stock Exchange]] (TSE) became the sole [[securities exchange]] of JPX and the [[Osaka Exchange]] (OSE) became the largest [[derivatives exchange]] of JPX.
==Timeline==

* November 22, 2011 - TSE and OSE decided to merge into one, as a solution to slowing market conditions in Japan.<ref>{{Cite news |title= Tokyo and Osaka stock exchanges to merge |url= https://www.bbc.co.uk/news/business-15831403 |publisher= BBC News |date= November 22, 2011 |access-date= May 10, 2013}}</ref>
JPX owns three licensed "financial instruments exchange" corporations: [[Tokyo Stock Exchange, Inc.]],<ref>{{Cite web |title=Company Profile {{!}} Tokyo Stock Exchange |url=https://www.jpx.co.jp/english/corporate/about-jpx/profile/01.html |access-date=2022-08-23 |website=Japan Exchange Group |language=en}}</ref> [[Osaka Exchange|Osaka Exchange, Inc.]],<ref>{{Cite web |title=Company Profile {{!}} Osaka Exchange |url=https://www.jpx.co.jp/english/corporate/about-jpx/profile/02.html |access-date=2022-08-23 |website=Japan Exchange Group |language=en}}</ref> and [[Tokyo Commodity Exchange|Tokyo Commodity Exchange, Inc.]] (TOCOM).<ref>{{Cite web |title=Company Profile {{!}} Tokyo Commodity Exchange |url=https://www.jpx.co.jp/english/corporate/about-jpx/profile/05.html |access-date=2022-08-23 |website=Japan Exchange Group |language=en}}</ref> It also has an IT services and research arm, [[JPX Market Innovation & Research|JPX Market Innovation & Research, Inc.]] (JPXI),<ref>{{Cite web |title=Company Profile {{!}} JPX Market Innovation & Research |url=https://www.jpx.co.jp/english/corporate/about-jpx/profile/06.html |access-date=2022-08-21 |website=Japan Exchange Group |language=en}}</ref> and a [[central counterparty clearing|central clearing counterparty]], [[Japan Securities Clearing Corporation]] (JSSC).<ref>{{Cite web|title=Company Profile {{!}} Japan Securities Clearing Corporation|url=https://www.jpx.co.jp/jscc/en/company/profile.html|access-date=2022-01-28|website=www.jpx.co.jp}}</ref>
* July 5, 2012 - The [[Japan Fair Trade Commission]] approved the TSE-OSE merger.<ref name="bbcnews">{{Cite news |title=Japan approves merger of Tokyo and Osaka exchanges |url=https://www.bbc.co.uk/news/business-18718093 |publisher=BBC News |date=July 5, 2012 |access-date=July 7, 2012 |archive-url=https://www.webcitation.org/68yTmUDcN?url=http://www.bbc.co.uk/news/business-18718093 |archive-date=2012-07-07 |url-status=live }}</ref>

* January 1, 2013 - JPX was launched.<ref name=":0">{{Cite web |title=History {{!}} Japan Exchange Group |url=https://www.jpx.co.jp/english/corporate/about-jpx/history/index.html |access-date=2022-01-28 |website=Japan Exchange Group |language=en}}</ref>
As of June 2021, JPX is the world's fifth-largest stock exchange operator, behind [[NYSE]], [[NASDAQ]], [[Shanghai Stock Exchange|SSE]], and [[Hong Kong Stock Exchange|HKSE]].<ref>{{cite web|title=Largest stock exchange operators worldwide as of June 2021, by market capitalization of listed companies (in trillion U.S. dollars)|url=https://www.statista.com/statistics/270126/largest-stock-exchange-operators-by-market-capitalization-of-listed-companies/|access-date=|website=Statista}}</ref>
* January 4, 2013 - JPX was listed at TSE's First Section (8697). JPX also assumed OSE's own [[ticker symbol]] (also 8697).<ref name=":0" />

⚫
* July 16, 2013 - The cash equity market of OSE was transferred and integrated into TSE.<ref name=":0" /> The self-regulatory operations of OSE were integrated into Tokyo Stock Exchange Regulation. <ref name=":0" /> The [[Derivatives market|derivatives]] [[Clearing (finance)|clearing]] operations of OSE were integrated into Japan Securities Clearing Corporation.<ref name=":0" />
==History==
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* October 1, 2013 - Japan Securities Clearing Corporation merged with Japan Government Bond Clearing Corporation.<ref name=":0" />
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[[File:Osaka-Securities-Exchange-01.jpg|thumb|JPX Osaka head office and Osaka IPO center (Osaka Securities Exchange Building)|225x225px]]
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* March 24, 2014 - Osaka Securities Exchange Co., Ltd was renamed Osaka Exchange, Inc. The TSE derivatives market was transferred and integrated into OSE.<ref name=":0" />

* April 1, 2014 - Tokyo Stock Exchange Regulation was renamed Japan Exchange Regulation.<ref name=":0" />
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.<ref>{{Cite news |title= Tokyo and Osaka stock exchanges to merge |url= https://www.bbc.co.uk/news/business-15831403 |publisher= BBC News |date= November 22, 2011 |access-date= May 10, 2013}}</ref> 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.<ref name="bbcnews">{{Cite news |title=Japan approves merger of Tokyo and Osaka exchanges |url=https://www.bbc.co.uk/news/business-18718093 |publisher=BBC News |date=July 5, 2012 |access-date=July 7, 2012 |archive-url=https://archive.today/20130419180054/http://www.bbc.co.uk/news/business-18718093 |archive-date=2013-04-19 |url-status=live }}</ref> On January 1, 2013, JPX was launched.<ref name=":0">{{Cite web |title=History {{!}} Japan Exchange Group |url=https://www.jpx.co.jp/english/corporate/about-jpx/history/index.html |access-date=2022-01-28 |website=Japan Exchange Group |language=en}}</ref> The remainder of the merger was realized through a series of changes:
⚫
* July 11, 2014 - JPX signed a comprehensive Memorandum of Understanding (MOU) with [[Bank of China|Bank of China Limited]].<ref name=":0" />
* November 1, 2014 - TSE and OSE opened a joint representative office in [[Hong Kong]].<ref name=":0" />
* On January 4, 2013, JPX was listed at TSE's First Section (8697). JPX also assumed OSE's own [[ticker symbol]] (also 8697).<ref name=":0" />
⚫
* On July 16, 2013, The cash equity market of OSE was transferred and integrated into TSE.<ref name=":0" /> The self-regulatory operations of OSE were integrated into Tokyo Stock Exchange Regulation.<ref name=":0" /> The [[Derivatives market|derivatives]] [[Clearing (finance)|clearing]] operations of OSE were integrated into Japan Securities Clearing Corporation.<ref name=":0" />
* December 4, 2014 - JPX concluded a Letter of Interest (LOI) with [[Singapore Exchange]].<ref name=":0" />
⚫
* On October 1, 2013, Japan Securities Clearing Corporation merged with Japan Government Bond Clearing Corporation.<ref name=":0" />
⚫
* December 23, 2014 - JPX signed a [[joint venture]] agreement with [[:ja:大和総研|Daiwa Institute of Research]] Ltd., the research arm of [[Daiwa Securities Group]], and [[Myanma Economic Bank]] to establish [[Yangon Stock Exchange]].<ref name=":0" />
⚫
* On March 24, 2014, Osaka Securities Exchange Co., Ltd was renamed Osaka Exchange, Inc. The TSE derivatives market was transferred and integrated into OSE.<ref name=":0" />
⚫
* May 1, 2015 - TSE and OSE opened a joint branch office in [[Singapore]].<ref name=":0" />
* October 1, 2019 - JPX acquired Tokyo Commodity Exchange, Inc., which became a wholly owned subsidiary of the corporation.<ref name=":0" />
* On April 1, 2014, Tokyo Stock Exchange Regulation was renamed Japan Exchange Regulation.<ref name=":0" />
⚫
* On July 11, 2014 JPX signed a comprehensive Memorandum of Understanding (MOU) with [[Bank of China|Bank of China Limited]].<ref name=":0" />
⚫
* April 1, 2022 - JPX launched a new subsidiary, JPX Market Innovation & Research, Inc. (JPXI), which would provide financial market data and index services and system-related services.<ref name=":1">{{Cite web |date=2022-02-22 |title=Restructuring of Subsidiaries for Launch of JPX Market Innovation & Research, Inc. Operations |url=https://www.jpx.co.jp/english/corporate/news/news-releases/0063/b5b4pj000004plr9-att/20220222_E_2.pdf |access-date=2022-08-21 |website=Japan Exchange Group, Inc.}}</ref> The data and digital businesses of TSE and OSE were integrated into JPXI.<ref name=":1" /> TSE's IT services arm, Tosho System Service, Co. Ltd., which was tasked with system development, operations, consulting, and telecommunication businesses, was also merged into JPXI.<ref name=":1" />
* On November 1, 2014, TSE and OSE opened a joint representative office in [[Hong Kong]].<ref name=":0" />
⚫
* April 1, 2022 - In order to strengthen business activities in the [[Kansai region]], JPX established Osaka Head Office and Osaka [[Initial public offering|IPO]] Center in the Osaka Securities Exchange Building at [[Kitahama Station (Osaka)|Kitahama]], Osaka.<ref>{{Cite web |title=Access {{!}} Osaka Office |url=https://www.jpx.co.jp/english/corporate/about-jpx/access/01.html |access-date=2022-08-21 |website=Japan Exchange Group |language=en}}</ref><ref name=":2">{{Cite web |title=Establishment of Japan Exchange Group, Inc. Osaka Head Office |url=https://www.jpx.co.jp/english/corporate/news/news-releases/0060/20220331-01.html |access-date=2022-08-21 |website=Japan Exchange Group |language=en}}</ref> The Osaka site would take over the entire operations of JPX in the event of a wide-ranging disaster in the [[National Capital Region (Japan)|National Capital Region]].<ref name=":2" />

⚫
In December 2014, JPX concluded a Letter of Interest (LOI) with [[Singapore Exchange]].<ref name=":0" /> In the same month, JPX signed a [[joint venture]] agreement with [[:ja:大和総研|Daiwa Institute of Research]] Ltd., the research arm of [[Daiwa Securities Group]], and [[Myanma Economic Bank]] to establish [[Yangon Stock Exchange]].<ref name=":0" />

⚫
In May 2015, TSE and OSE opened a joint branch office in [[Singapore]].<ref name=":0" />

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.<ref name=":0" />

⚫
On November 25, 2021, JPX launched a new subsidiary, JPX Market Innovation & Research, Inc. (JPXI), which would provide financial [[market data]] and [[price index]] services and system-related services to [[financial data vendor]]s.<ref>{{Cite web |date=2021-11-25 |title=Establishment of New Subsidiary |url=https://www.jpx.co.jp/english/corporate/news/news-releases/0010/b5b4pj000004jfcv-att/20211125_E.pdf |access-date=2022-09-15 |website=Japan Exchange Group, Inc.}}</ref>

⚫
On April 1, 2022, in order to strengthen business activities in the [[Kansai region]], JPX established Osaka Head Office and Osaka [[Initial public offering|IPO]] Center in the Osaka Securities Exchange Building at [[Kitahama Station (Osaka)|Kitahama]], Osaka.<ref>{{Cite web |title=Access {{!}} Osaka Office |url=https://www.jpx.co.jp/english/corporate/about-jpx/access/01.html |access-date=2022-08-21 |website=Japan Exchange Group |language=en}}</ref><ref name=":2">{{Cite web |title=Establishment of Japan Exchange Group, Inc. Osaka Head Office |url=https://www.jpx.co.jp/english/corporate/news/news-releases/0060/20220331-01.html |access-date=2022-08-21 |website=Japan Exchange Group |language=en}}</ref> The Osaka site would take over the entire operations of JPX in the event of a wide-ranging disaster in the [[National Capital Region (Japan)|National Capital Region]].<ref name=":2" /> TSE and OSE transferred and integrated their data and digital businesses into JPXI.<ref name=":1">{{Cite web |date=2022-02-22 |title=Restructuring of Subsidiaries for Launch of JPX Market Innovation & Research, Inc. Operations |url=https://www.jpx.co.jp/english/corporate/news/news-releases/0063/b5b4pj000004plr9-att/20220222_E_2.pdf |access-date=2022-08-21 |website=Japan Exchange Group, Inc.}}</ref> 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.<ref name=":1" />

In July 2023, JPX launched a new [[stock market index]], the {{Ill|JPX Prime 150 Index|ja|JPXプライム150指数}}, to track the performance of the Japanese [[Blue chip (stock market)|blue chips]].<ref>{{cite web|url=https://www.cnbc.com/2023/07/03/japan-launches-prime-150-stocks-benchmark-to-help-investors-identify-value.html|title=Japan launches Prime 150 stocks benchmark to help investors identify value|date=3 July 2023 |publisher=CNBC}}</ref> Subsequently, on March 18, 2024, [[Nomura Group|Nomura Asset Management]] listed an [[exchange-traded fund]] (ETF) for the index on TSE,<ref>{{cite web|url=https://www.nomuraholdings.com/news/nr/etc/20240228/nam20240228_a.html|title=Nomura to Launch New ETF Designed to Track Performance of JPX Prime 150 Index on TSE
|publisher=Nomura}}</ref> the same day that index futures contract was launched on OSE.<ref>{{cite web|url=https://www.jpx.co.jp/english/corporate/news/news-releases/0060/20240318-01.html|title=Osaka Exchange Launches JPX Prime 150 Index Futures|publisher=Japan Exchange Group}}</ref>

== 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)<ref>{{Cite web |date=8 April 2015 |title=Japan Exchange chief executive to retire |url=https://www.thetradenews.com/japan-exchange-chief-executive-to-retire/?layout=print}}</ref>
* Akira Kiyota (2015–2023)<ref name=":4">{{Cite web |date=16 December 2022 |title=JPX taps TSE President Hiromi Yamaji as new CEO |url=https://asia.nikkei.com/Business/Companies/JPX-taps-TSE-President-Hiromi-Yamaji-as-new-CEO}}</ref>
* Hiromi Yamaji (since April 2023)<ref name=":4" />


== Subsidiaries ==
== Subsidiaries ==
⚫
[[File:Osaka-Securities-Exchange-01.jpg|thumb|JPX Osaka head office and Osaka IPO center (Osaka Securities Exchange building)]]
JPX is a [[corporate group]] formed by the holding company, Japan Exchange Group, Inc., and its subsidiaries:<ref name=":3" />
JPX is a [[corporate group]] formed by the holding company, Japan Exchange Group, Inc., and its subsidiaries:<ref name=":3" />


* Tokyo Stock Exchange, Inc. (TSE) - operator of the [[Tokyo Stock Exchange]]
* Tokyo Stock Exchange, Inc. (TSE) - operator of [[Tokyo Stock Exchange]]
* Osaka Exchange, Inc. (OSE) - operator of the [[Osaka Exchange]]
* Osaka Exchange, Inc. (OSE) - operator of [[Osaka Exchange]]
* Tokyo Commodity Exchange, Inc. (TOCOM) - operator of the [[Tokyo Commodity Exchange]]
* Tokyo Commodity Exchange, Inc. (TOCOM) - operator of [[Tokyo Commodity Exchange]]
* JPX Market Innovation & Research, Inc. (JPXI) - IT services and research arm
* JPX Market Innovation & Research, Inc. (JPXI) - IT services and research arm
* Japan Exchange Regulation (JPX-R) - self-regulatory body
* Japan Exchange Regulation (JPX-R) - self-regulatory body
* Japan Securities Clearing Corporation (JSSC) - clearing house
* [[Japan Securities Clearing Corporation]] (JSSC) - clearing house
* Other consolidated subsidiaries
* Other consolidated subsidiaries


==See also==
==See also==
{{portal|Companies|Japan|Money}}
* [[2013 in Japan]]
* [[2013 in Japan]]
* [[List of commodities exchanges]]
* [[List of commodities exchanges]]
* [[List of futures exchanges]]
* [[List of futures exchanges]]
* [[List of stock exchanges]]
* [[List of stock exchanges]]
* [[QUICK Corp]]
* [[Yangon Stock Exchange]]
* [[Yangon Stock Exchange]]


==References==
==Notes==
{{Reflist}}
{{Reflist}}

==Sources==
* {{cite web |ref={{harvid|Japan Exchange Group, Inc.|2022}} |url=https://www.jpx.co.jp/english/corporate/investor-relations/ir-library/integrated-report/tvdivq0000008t9q-att/JPXReport2022_A3.pdf |title=JPX Report 2022 |publisher=Japan Exchange Group, Inc.}}

== Further reading ==

* {{cite web |ref={{harvid|Japan Exchange Group, Inc.|2023}} |url=https://www.jpx.co.jp/english/corporate/investor-relations/ir-library/integrated-report/tvdivq0000008t9q-att/JPXReport2023_A3.pdf |title=JPX Report 2023 |publisher=Japan Exchange Group, Inc.}}


==External links==
==External links==
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* {{Official website|https://www.jpx.co.jp/}} {{in lang|ja}}
* {{Official website|https://www.jpx.co.jp/}} {{in lang|ja}}
* {{Official website|https://www.jpx.co.jp/cn/}} {{in lang|zh}}
* {{Official website|https://www.jpx.co.jp/cn/}} {{in lang|zh}}
* [https://www.jpx.co.jp/english/listing/ir-clips/interview/index.html Top Executive Interviews "SOU"]

{{Stock exchanges top 25}}
{{Stock exchanges top 25}}


Latest revision as of 19:14, 9 September 2024

Japan Exchange Group, Inc.
Native name
株式会社日本取引所グループ
Kabushiki gaisha Nippon Torihikijo Gurūpu
FormerlyOsaka Securities Exchange Co., Ltd. (1949–2013)
Company typePublic KK
TYO: 8697
IndustryFinancial markets
Predecessors
Founded
  • De jure on 1 April 1949; 75 years ago (1949-04-01) as Osaka Securities Exchange Co., Ltd.
  • De facto on 1 April 2013; 11 years ago (2013-04-01) as Japan Exchange Group, Inc.
Headquarters
Area served
Japan
Key people
Akira Kiyota, President & CEO
Services
Number of employees
1,223 (2022)
Subsidiaries
Websitejpx.co.jp/
Footnotes / references
[1]

Japan Exchange Group, Inc. (株式会社日本取引所グループ, Kabushiki-gaisha Nippon Torihikijo Gurūpu, Corporate Number: 9120001098575),[2] abbreviated as JPX or Nippon Torihikijo, is a Japanese financial services company headquartered in Tokyo and Osaka. It is a "financial instruments exchange holding company"[3] subject to the regulations of the Financial Instruments and Exchange Act enforced by the Financial Services Agency. It is also monitored by a separate self-regulatory body called Japan Exchange Regulation (JPX-R),[4][5] dedicated to ensuring neutral and effective self-regulation operations defined under the Financial Instruments and Exchange Act.[5][6]

The exchange group was formed by the merger of Tokyo Stock Exchange Group, Inc. [ja] and Osaka Securities Exchange Co., Ltd. on January 1, 2013. As a result of this merger and market reorganization, the Tokyo Stock Exchange (TSE) became the sole securities exchange of JPX and the Osaka Exchange (OSE) became the largest derivatives exchange of JPX.

JPX owns three licensed "financial instruments exchange" corporations: Tokyo Stock Exchange, Inc.,[7] Osaka Exchange, Inc.,[8] and Tokyo Commodity Exchange, Inc. (TOCOM).[9] It also has an IT services and research arm, JPX Market Innovation & Research, Inc. (JPXI),[10] and a central clearing counterparty, Japan Securities Clearing Corporation (JSSC).[11]

As of June 2021, JPX is the world's fifth-largest stock exchange operator, behind NYSE, NASDAQ, SSE, and HKSE.[12]

History

[edit]
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.[13] 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.[14] On January 1, 2013, JPX was launched.[15] 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).[15]
  • On July 16, 2013, The cash equity market of OSE was transferred and integrated into TSE.[15] The self-regulatory operations of OSE were integrated into Tokyo Stock Exchange Regulation.[15] The derivatives clearing operations of OSE were integrated into Japan Securities Clearing Corporation.[15]
  • On October 1, 2013, Japan Securities Clearing Corporation merged with Japan Government Bond Clearing Corporation.[15]
  • On March 24, 2014, Osaka Securities Exchange Co., Ltd was renamed Osaka Exchange, Inc. The TSE derivatives market was transferred and integrated into OSE.[15]
  • On April 1, 2014, Tokyo Stock Exchange Regulation was renamed Japan Exchange Regulation.[15]
  • On July 11, 2014 JPX signed a comprehensive Memorandum of Understanding (MOU) with Bank of China Limited.[15]
  • On November 1, 2014, TSE and OSE opened a joint representative office in Hong Kong.[15]

In December 2014, JPX concluded a Letter of Interest (LOI) with Singapore Exchange.[15] 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.[15]

In May 2015, TSE and OSE opened a joint branch office in Singapore.[15]

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.[15]

On November 25, 2021, JPX launched a new subsidiary, JPX Market Innovation & Research, Inc. (JPXI), which would provide financial market data and price index services and system-related services to financial data vendors.[16]

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.[17][18] The Osaka site would take over the entire operations of JPX in the event of a wide-ranging disaster in the National Capital Region.[18] TSE and OSE transferred and integrated their data and digital businesses into JPXI.[19] 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.[19]

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.[20] Subsequently, on March 18, 2024, Nomura Asset Management listed an exchange-traded fund (ETF) for the index on TSE,[21] the same day that index futures contract was launched on OSE.[22]

Senior leadership

[edit]

The JPX has been led by a President & CEO (combined in one role) since its formation in 2013.

List of Presidents and CEOs

[edit]
  • Atsushi Saito (2013–2015)[23]
  • Akira Kiyota (2015–2023)[24]
  • Hiromi Yamaji (since April 2023)[24]

Subsidiaries

[edit]

JPX is a corporate group formed by the holding company, Japan Exchange Group, Inc., and its subsidiaries:[3]

See also

[edit]

Notes

[edit]
  1. ^ Japan Exchange Group, Inc. 2022, p. 88.
  2. ^ "株式会社日本取引所グループの情報". National Tax Agency Corporate Number Publication Site.
  3. ^ a b "Company Profile | Japan Exchange Group". Japan Exchange Group. Retrieved 2022-08-23.
  4. ^ "Company Profile | Japan Exchange Regulation". Japan Exchange Group. Retrieved 2022-01-28.
  5. ^ a b "Necessity of Self-Regulatory Operations". Japan Exchange Group. Retrieved 2024-08-25.
  6. ^ "Outline of Self-Regulatory Operations". Japan Exchange Group. Retrieved 2024-08-25.
  7. ^ "Company Profile | Tokyo Stock Exchange". Japan Exchange Group. Retrieved 2022-08-23.
  8. ^ "Company Profile | Osaka Exchange". Japan Exchange Group. Retrieved 2022-08-23.
  9. ^ "Company Profile | Tokyo Commodity Exchange". Japan Exchange Group. Retrieved 2022-08-23.
  10. ^ "Company Profile | JPX Market Innovation & Research". Japan Exchange Group. Retrieved 2022-08-21.
  11. ^ "Company Profile | Japan Securities Clearing Corporation". www.jpx.co.jp. Retrieved 2022-01-28.
  12. ^ "Largest stock exchange operators worldwide as of June 2021, by market capitalization of listed companies (in trillion U.S. dollars)". Statista.
  13. ^ "Tokyo and Osaka stock exchanges to merge". BBC News. November 22, 2011. Retrieved May 10, 2013.
  14. ^ "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.
  15. ^ 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.
  16. ^ "Establishment of New Subsidiary" (PDF). Japan Exchange Group, Inc. 2021-11-25. Retrieved 2022-09-15.
  17. ^ "Access | Osaka Office". Japan Exchange Group. Retrieved 2022-08-21.
  18. ^ a b "Establishment of Japan Exchange Group, Inc. Osaka Head Office". Japan Exchange Group. Retrieved 2022-08-21.
  19. ^ 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.
  20. ^ "Japan launches Prime 150 stocks benchmark to help investors identify value". CNBC. 3 July 2023.
  21. ^ "Nomura to Launch New ETF Designed to Track Performance of JPX Prime 150 Index on TSE". Nomura.
  22. ^ "Osaka Exchange Launches JPX Prime 150 Index Futures". Japan Exchange Group.
  23. ^ "Japan Exchange chief executive to retire". 8 April 2015.
  24. ^ a b "JPX taps TSE President Hiromi Yamaji as new CEO". 16 December 2022.

Sources

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Further reading

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