Japan Exchange Group
Japan’s principal exchange-group operator, overseeing the Tokyo Stock Exchange, Osaka Exchange, commodity-market infrastructure, clearing, market data, and related financial services.
Last updated October 27, 2026
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Overview
Japan Exchange Group, Inc. (JPX) is a Japanese financial-market infrastructure group headquartered in Tokyo and Osaka. It was created on January 1, 2013, through the combination of Tokyo Stock Exchange Group and Osaka Securities Exchange. The transaction brought Japan’s principal cash-equity venue and its leading derivatives venue under a single listed holding company, reflecting the consolidation of Japanese exchange infrastructure during a period of subdued domestic market activity and increasing international competition. JPX’s operating scope covers securities and derivatives markets, clearing and settlement-related infrastructure, market data, indexes, technology services, and self-regulatory functions. Tokyo Stock Exchange (TSE) is the group’s principal cash-equity marketplace and the venue for Japanese listed companies, exchange-traded funds, real-estate investment trusts, and other listed products. Osaka Exchange (OSE) is the group’s main derivatives venue, providing futures and options markets linked to equities, interest rates, indexes, and other financial instruments. The group also owns Tokyo Commodity Exchange (TOCOM), which joined JPX as a wholly owned subsidiary in 2019 and broadened the group’s exposure to commodity derivatives. JPX’s infrastructure includes Japan Securities Clearing Corporation, which serves as a central counterparty for clearing activities, and Japan Exchange Regulation, the group’s self-regulatory body. The group also operates JPX Market Innovation & Research, established in 2021 to consolidate and expand activities involving financial-market data, price indexes, systems, digital services, and related research. These activities give JPX a role beyond operating trading venues: it also supplies information, technology, benchmarks, and post-trade services used by brokers, institutional investors, listed companies, data vendors, and other market participants. The group’s structure was implemented through several stages after the 2013 holding-company merger. OSE’s cash-equity market was transferred to TSE in 2013, while derivatives-market and clearing functions were reorganized within the group. In 2014, Osaka Securities Exchange was renamed Osaka Exchange, and the derivatives markets of TSE were moved to OSE. The self-regulatory organization was subsequently renamed Japan Exchange Regulation. JPX also pursued international relationships, including cooperation with Bank of China, Singapore Exchange, and the partners involved in establishing Yangon Stock Exchange. JPX has continued to develop products and infrastructure rather than relying solely on traditional cash-equity trading. Its index business includes widely followed Japanese-market benchmarks and, from 2023, the JPX Prime 150 Index, designed to represent companies in the Prime Market with characteristics associated with capital efficiency and investor appeal. In 2024, an exchange-traded fund tracking the index and futures contracts based on it were introduced, extending the index into investable and derivatives products. The group is regulated as a financial instruments exchange holding company under Japan’s Financial Instruments and Exchange Act and is overseen by Japan’s Financial Services Agency. Its self-regulatory operations are conducted through a separate organization intended to support neutral and effective market supervision. JPX also maintains operational resilience through its Osaka presence, which was expanded in 2022 with an Osaka head office and Osaka IPO Center and was designed to provide business continuity support in the event of a major disaster affecting the Tokyo region. JPX remains an active, internationally significant exchange operator whose core positioning combines domestic market centrality, diversified exchange infrastructure, and technology- and data-enabled financial services.
History
Japan Exchange Group emerged from the consolidation of Japan’s two principal exchange operators. Tokyo Stock Exchange Group and Osaka Securities Exchange agreed in November 2011 to pursue a merger intended to create a more competitive and efficient national market infrastructure. The transaction received approval from Japan’s Fair Trade Commission in July 2012, and Japan Exchange Group began operating on January 1, 2013. The merger created a holding-company structure in which Tokyo Stock Exchange became JPX’s main securities venue and Osaka Exchange became its principal derivatives venue. JPX was listed on the Tokyo Stock Exchange in January 2013 under ticker 8697. Later that year, OSE’s cash-equity market was transferred to TSE, its self-regulatory functions were integrated into the Tokyo Stock Exchange’s regulatory organization, and its derivatives-clearing operations were moved into Japan Securities Clearing Corporation. These changes were intended to reduce duplication and establish clearer specialization among the group’s subsidiaries. In 2014, Osaka Securities Exchange was renamed Osaka Exchange, while derivatives markets previously operated by TSE were transferred to OSE. The group also renamed its self-regulatory organization Japan Exchange Regulation. JPX pursued international cooperation during this period, signing a memorandum of understanding with Bank of China, establishing a joint representative office with TSE in Hong Kong, developing a relationship with Singapore Exchange, and participating with Daiwa Institute of Research and Myanma Economic Bank in the creation of Yangon Stock Exchange. JPX broadened its business beyond equity and financial derivatives through the acquisition of Tokyo Commodity Exchange in October 2019. TOCOM became a wholly owned subsidiary and gave the group a stronger position in commodity derivatives. In November 2021, JPX created JPX Market Innovation & Research to organize activities in market data, price indexes, information technology, research, and services for financial-data distributors. In 2022, TSE and OSE moved their data and digital businesses into JPXI, and TSE’s technology-services subsidiary was integrated into the new company. The group also expanded its physical and operational presence in Osaka. In April 2022, JPX opened an Osaka head office and Osaka IPO Center. The Osaka base was intended to support business activity in the Kansai region and provide continuity for the group if a wide-ranging disaster disrupted operations in the Tokyo metropolitan area. JPX continued developing benchmark and derivative products with the launch of the JPX Prime 150 Index in July 2023. The index focuses on selected Prime Market companies and was subsequently supported by an exchange-traded fund listed in March 2024 and futures contracts launched on Osaka Exchange. Leadership of the group has included Atsushi Saito, Akira Kiyota, and Hiromi Yamaji, who became president and chief executive officer in 2023. Today, JPX comprises the holding company and a network of exchange, clearing, regulatory, technology, research, and market-data businesses. Its key entities include Tokyo Stock Exchange, Osaka Exchange, Tokyo Commodity Exchange, JPX Market Innovation & Research, Japan Exchange Regulation, and Japan Securities Clearing Corporation. The group operates under Japan’s financial-market regulatory framework and remains the central organizer of Japanese listed-market and derivatives infrastructure.
- 2024
JPX Prime 150 products expand
[1]An ETF and index futures linked to the JPX Prime 150 Index begin trading.
- 2023
JPX Prime 150 Index launches
[1]JPX introduces a new benchmark for selected companies in the Tokyo Stock Exchange Prime Market.
- 2022
Osaka head office and IPO Center open
[1]JPX strengthens its Kansai presence and creates an additional operational base for resilience and business continuity.
- 2021
JPX Market Innovation & Research is launched
[1]JPXI is established to develop market-data, indexes, technology, research, and related information services.
- 2019
Tokyo Commodity Exchange joins JPX
[1]JPX acquires TOCOM, adding a wholly owned commodity-exchange subsidiary.
- 2014
Osaka Exchange is created as the derivatives venue
[1]Osaka Securities Exchange changes its name to Osaka Exchange, and TSE derivatives markets are transferred to it.
- 2013
Japan Exchange Group is established
[1]JPX begins operations as the holding company created by the TSE Group–OSE merger.
- 2013
JPX is listed on the Tokyo Stock Exchange
[1]The newly formed group is listed on TSE under ticker 8697.
- 2013
Cash-equity and clearing activities are reorganized
[1]OSE’s cash-equity market moves to TSE, while derivatives-clearing activities are integrated into Japan Securities Clearing Corporation.
- 2012
Merger receives competition approval
[1]Japan’s Fair Trade Commission approves the proposed combination of the two exchange operators.
Products and positioning
Japan’s core financial-market infrastructure and a major international exchange group, combining securities trading, derivatives, clearing, indexes, market data, technology, and self-regulation.
Securities exchange
Tokyo Stock Exchange
Tokyo Stock Exchange is JPX’s principal cash-market venue and Japan’s central listing and trading platform for equities and other listed securities. Its markets include listed companies, exchange-traded funds, real-estate investment trusts, and related products. TSE also supports listing, disclosure, trading, and market-information functions for domestic and international participants.
Derivatives exchange · 2014
Osaka Exchange
Osaka Exchange is JPX’s main derivatives marketplace. Following the post-merger market reorganization, derivatives previously associated with TSE were concentrated at OSE. The venue offers futures and options linked to Japanese equities, indexes, interest rates, and other financial instruments, serving both hedging and investment users.
Commodity exchange
Tokyo Commodity Exchange
Tokyo Commodity Exchange is JPX’s commodity-market subsidiary. It became wholly owned by JPX in 2019 and extends the group’s derivatives business into commodity contracts. TOCOM adds commodity-market infrastructure to JPX’s existing securities and financial-derivatives operations.
Market index · 2023
JPX Prime 150 Index
The JPX Prime 150 Index was introduced in 2023 to represent selected Japanese companies listed on the Tokyo Stock Exchange Prime Market. It is designed as a benchmark for investors seeking exposure to prominent Japanese businesses and has been extended into investable and derivatives products through an ETF and index futures.
Clearing service
Japan Securities Clearing Corporation
Japan Securities Clearing Corporation is JPX’s central clearing-counterparty infrastructure. It supports the clearing of transactions conducted across relevant Japanese securities and derivatives markets, helping manage counterparty exposure and organize post-trade obligations within the exchange ecosystem.
Market data and technology services · 2021
JPX Market Innovation & Research
JPX Market Innovation & Research develops and provides financial-market data, price indexes, systems-related services, research, and digital capabilities. The subsidiary also incorporates data and technology functions transferred from TSE and OSE, making it a central part of JPX’s information and market-infrastructure strategy.
Controversies
2020
Tokyo Stock Exchange president steps down and successor takes over
Koichiro Miyahara stepped down as president and chief executive of the Tokyo Stock Exchange, and Japan Exchange Group head Akira Kiyota took over as head of the exchange. The article links Miyahara's departure to the prior month's system failure.
Brand decisions
2023
Launch the JPX Prime 150 IndexProduct launchBackground
JPX aimed to provide a benchmark focused on prominent Prime Market companies and investor-relevant measures of corporate quality and market appeal.
Action taken
JPX launched the JPX Prime 150 Index.
Aftermath
The index was subsequently used as the basis for an ETF and futures contract, expanding its market utility.
2022
Strengthen Osaka operations and resilienceStrategyBackground
JPX sought to deepen its Kansai presence and improve continuity if a major disaster affected the Tokyo region.
Action taken
The group established an Osaka head office and Osaka IPO Center and designated the Osaka base as a support location for wide-ranging disruption scenarios.
Aftermath
JPX gained a more substantial regional operating center alongside its Tokyo headquarters.
2021
Create JPX Market Innovation & ResearchStrategyBackground
Market data, indexes, systems, and research were becoming increasingly important complements to exchange trading.
Action taken
JPX established JPXI and later transferred TSE and OSE data and digital activities into the subsidiary.
Aftermath
JPX strengthened its dedicated platform for technology, information, indexes, and research services.
2019
Acquire Tokyo Commodity ExchangeM&ABackground
JPX sought to broaden its derivatives business beyond financial instruments and strengthen its position in commodity-market infrastructure.
Action taken
JPX acquired Tokyo Commodity Exchange, making it a wholly owned subsidiary.
Aftermath
Commodity derivatives became part of JPX’s consolidated exchange portfolio.
2013
Complete the TSE–OSE integrationM&ABackground
The creation of JPX required the two legacy exchange groups to divide and consolidate their cash-market, derivatives, clearing, and self-regulatory functions.
Action taken
JPX transferred OSE’s cash-equity market to TSE, moved derivatives-clearing activities into Japan Securities Clearing Corporation, and reorganized self-regulation within the group.
Aftermath
TSE became the group’s principal securities exchange while OSE developed into its main derivatives venue.
Recent events
- Unconfirmed
Tokyo Stock Exchange president steps down and successor takes over[3]
Reported:
Koichiro Miyahara stepped down as president and chief executive of the Tokyo Stock Exchange, and Japan Exchange Group head Akira Kiyota took over as head of the exchange. The article links Miyahara's departure to the prior month's system failure.
JPX announces post-trade information platform pilot[4]
Reported:
Japan Exchange Group (JPX) announced that it would test a distributed-ledger technology platform for sharing post-trade securities information from April through October.
Sources4 sources
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