The Tokyo Stock Exchange (TSE) and the Osaka Securities Exchange (OSE) have disclosed that they are aiming to merge their cash equities trading platforms by July 2013.
The news came Monday as the two exchanges outlined key dates for their merger, which was announced in November 2011 and will be effective in January.
The bourses also officially announced they were aiming to integrate their derivatives trading platforms by March 2014.
Also revealed Monday was the new company’s proposed management structure. Hiroyuki Iwakuma, current TSE senior executive vice president, will become the TSE’s new president and OSE deputy president Motoharu Fujikura, a former Ministry of Finance official, will head the OSE.
Current TSE president, Atsushi Saito, will take the role of chief executive officer of the merged entity, Japan Exchange Group, while OSE president Michio Yoneda becomes chief operating officer.
The announcement comes on the heels of good news for the country’s alternate venues.
Japan’s Financial Services Agency announced Friday the country’s proprietary trading systems (PTSs) will now be exempted from the country's take-over-bid (TOB) rule.
The proposed rule was initially announced in June. Under the amendments, PTS participants are to be exempted from the 5% TOB restriction.