Japan Exchange Group

The Tokyo Stock Exchange (TSE) and the Osaka Securities Exchange (OSE) merged in 2012 to establish the Japan Exchange Group (JPX), effective January 1, 2013. The exchange group provides market infrastructure for financial instruments through its subsidiaries: TSE, OSE, Tokyo Stock Exchange Regulation (TSER) and Japan Securities Clearing Corporation (JSCC).

The combination of the two exchanges will integrate the cash products and derivatives markets of the two exchanges. TSE will be the cash products market operator, while the OSE will be the derivatives market operator.

TSE provides listing services and facilitates electronic trading of securities in the secondary market. OSE provides a marketplace for transactions of securities and securities related futures and options.

JSCC provides cross-market clearing operations for cash product trades executed in all securities exchange markets in Japan. Derivatives trades on the TSE market and OSE derivatives are also cleared by JSCC. The clearing operations of JSCC extend to derivatives trades on the TSE market, OSE derivatives, over-the-counter (OTC) derivatives, credit default swaps (CDS) and interest rate swaps.