JPX, TOCOM Reach Broad Accord on Integration
Tokyo, Feb. 15 (Jiji Press)--Japan Exchange Group Inc. <8697>, or JPX, and Tokyo Commodity Exchange Inc., or TOCOM, have broadly agreed to integrate their operations by the end of this year, informed sources said Friday.
The integration is set to create, as early as next year, a comprehensive exchange that will allow investors to trade various products, including shares and commodity futures, the sources said.
JPX, which has Tokyo Stock Exchange Inc. and Osaka Exchange Inc. under its wing, is expected to conduct a tender offer by September this year to make TOCOM a wholly owned subsidiary.
JPX and TOCOM are likely to formalize the integration plan at their respective board meetings in March and sign the deal at the end of that month, according to the sources.
The idea of creating a comprehensive exchange was proposed in 2007 by the first administration of Prime Minister Shinzo Abe.
[Copyright The Jiji Press, Ltd.]