Japan Exchange Group

Japan Exchange Group

JPX traces its modern form to the 2013 combination of the Tokyo Stock Exchange Group and Osaka Securities Exchange, creating a single entity that controls Japan's primary and secondary securities infrastructure. It operates the Tokyo Stock Exchange, Osaka Exchange, and Tokyo Commodity Exchange, alongside a self-regulatory body and the Japan Securities Clearing Corporation. The group covers the full transaction lifecycle — listing, trading, clearing, and market surveillance — across equities, government bonds, equity index futures, and commodity derivatives. Its venues list more than 3,700 companies, including Toyota Motor, Sony Group, and Mitsubishi UFJ Financial Group. Derivative coverage spans Nikkei 225 futures, TOPIX futures, JGB futures, and TOCOM precious metals. JPX is itself a publicly traded company on the Tokyo Stock Exchange. Its subsidiary JPX Research Institute handles index calculation and data services. The group also runs a financial literacy platform and a sustainability hub. In May 2026, JPX updated its daily margin trading disclosures and short-selling restriction lists across its public market data portal. No global exchange group has equivalent depth in a single domestic market. The combination of exchange monopoly, integrated clearing through JSCC, and in-house regulation creates a narrow, defensible infrastructure business that generates revenue from trading fees, listing charges, and market data — not from risk-taking.