The Tokyo Stock Exchange (TSE) has announced that it will acquire the remaining 49% in Tokyo AIM, the market for small and medium enterprises, from the London Stock Exchange (LSE).
The TSE plans to integrate Tokyo AIM into its group of markets from 1 July 2012 and will re-brand the SME market as Tokyo Pro, making it a fully-owned TSE subsidiary. The necessary changes to the rules and regulations are available for public comment.
Launched in 2009 together with the LSE, Tokyo AIM provides alternative funding options for growing companies in Japan and Asia, giving them access to capital markets and a wider investor base on a platform designed for their needs. Reports suggest that a lack of listings since the market's launch contribute to the LSE's decision to divest its stake.
“We are thankful for having had access to the London Stock Exchange’s great experience through jointly operating Tokyo AIM,” said Atsushi Saito, president and CEO, TSE. “Ever since the establishment of Tokyo AIM, we have been deeply committed to further growing the professional investor market in Tokyo and providing growing companies in Asia with alternative funding options.”
Asian exchange reshuffle
Meanwhile, the Singapore Exchange (SGX) has set out a reform to its organisational structure. As a result of the revamp, SGX will divide itself into five units comprising: derivatives; istings; market data and access; posts-trade; and securities. The bourse's fixed income business will become a part of the enlarged securities unit, while the commodities business will be grouped within the derivatives unit. SGX president Muthukrishnan Ramswami will hold responsibility for the derivatives, market data and access, post-trade and securities segments. Further, Gan Seow Ann, co-president at SGX, is to resign and will stay on as advisor to the exchange.
Meanwhile, the Australian Securities Exchange has also appointed a new chairman to replace David Gonski, who left to take a job as chairman of the Future Fund. Rick Holliday-Smith, a director at ASX since 2006, replaces Gonski as ASX chairman.