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Japan Exchange Group

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Japan Exchange Group

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), 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" subject to the regulations of the Financial Instruments and Exchange Act enforced by the Financial Services Agency of Japan. It is also monitored by a separate self-regulatory body called Japan Exchange Regulation (JPX-R), dedicated to ensuring neutral and effective self-regulation operations defined under the Financial Instruments and Exchange Act.

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., Osaka Exchange, Inc., and Tokyo Commodity Exchange, Inc. (TOCOM). It also has an IT services and research arm, JPX Market Innovation & Research, Inc. (JPXI), and a central clearing counterparty, Japan Securities Clearing Corporation (JSCC).

As of July 2024, JPX is the world's fifth-largest stock exchange operator, behind NYSE, NASDAQ, SSE, and Euronext, exceeding $5.8 trillion in July 2024.

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. 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. On January 1, 2013, JPX was officially launched. 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.

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