Japan Exchange Group, Inc. (JPX) is the holding company for Japan's principal securities and derivatives markets, formed on January 1, 2013 through the merger of Tokyo Stock Exchange Group and Osaka Securities Exchange. Its core operating subsidiaries are the Tokyo Stock Exchange (TSE), which lists cash equities across the Prime, Standard and Growth market segments plus the TOKYO PRO Market, and the Osaka Exchange (OSE), which trades derivatives including Nikkei 225 futures and options and Japanese Government Bond futures. Japan Securities Clearing Corporation (JSCC), also part of the group, acts as central counterparty for cash equities, JGBs, exchange traded derivatives and OTC interest rate swaps, novating trades to guarantee settlement regardless of a participant default. JPX runs a vertically integrated model: it owns the listing venue, the derivatives venue, the commodity futures venue and the single clearing house that settles trades across all of them, rather than operating as a standalone cash equities market. Tokyo Commodity Exchange (TOCOM), acquired in 2019, was folded into this structure in 2020: its non energy futures, including precious metals, rubber and agricultural products, were transferred to Osaka Exchange and their clearing centralised under JSCC, leaving TOCOM to run only energy and electricity futures. Its customer base is domestic and international institutional investors, broker dealers and listed companies. The April 2022 restructuring of TSE into Prime, Standard and Growth tiers was meant to tighten governance and liquidity standards for the top tier, and by April 2026 the Standard tier had, for the first time, overtaken Prime in number of listed companies, a shift attributed to tougher continuing listing criteria pushing firms out of Prime. JPX is itself listed on the Tokyo Stock Exchange (ticker 8697, Prime Market) and is regulated by Japan's Financial Services Agency, with self-regulatory functions carried out by its subsidiary Japan Exchange Regulation (JPX-R). It maintains dual headquarters in Kabutocho, Tokyo and Kitahama, Osaka, and reported roughly 1,223 employees group-wide per its most recent public disclosure. For fiscal year 2025 (ended March 2026), JPX reported consolidated operating revenue of about 198.7 billion yen and net income attributable to owners of the parent of about 79.1 billion yen, up roughly 22.5% and 29.5% year on year respectively, driven by higher trading and clearing volumes. Hiromi Yamaji serves as Group CEO; effective April 1, 2026, Ryusuke Yokoyama, previously president of Osaka Exchange, was promoted to Group COO and named concurrently as President and CEO of Tokyo Stock Exchange. JPX is in the middle of a multi year overhaul of TOPIX, its flagship broad market index. Starting with the periodic review scheduled for October 2026, constituents will be selected from all three TSE market segments by market capitalisation and liquidity rather than being effectively confined to Prime-eligible issues, with stocks dropped from the index having their weighting phased out over eight quarterly steps to limit market impact. A second periodic review under the new methodology is scheduled for October 2028.
