The Tokyo Stock Exchange Group (TSE) and the Osaka Securities Exchange (OSE) today filed notification to the Japan Fair Trade Commission regarding their proposed business merger. The regulatory requirement is in line with in Japan’s anti-monopoly act.
TSE and OSE have jointly applied to the Prime Minister for approval to restructure the exchanges’ business plans in accordance with the national competition laws.
The move comes after the launch of the proposed merged exchange’s joint committee, which met for the first time on 29 December.
After the inaugural joint committee meeting, TSE president Atsushi Saito and OSE head Michio Yoneda said there was a need for the merger to happen swiftly so that Japan could maintain its competitiveness in Asian markets.
The long-awaited merger between TSE and OSE was finally announced 22 November and is currently slated for January 2013.
The combined value of stocks on the two exchanges is currently around US$3.6 trillion, meaning the new Japan Exchange Group would leapfrog the London Stock Exchange to become the world’s third-largest bourse operator behind the US’s NYSE Euronext and Nasdaq OMX.