Private Exchange ODX Opens in Japan

Economy

Tokyo, June 27 (Jiji Press)--The Osaka Digital Exchange, or ODX, a new private financial exchange in Japan, opened on Monday, starting trading of stocks and exchange-traded funds.

The ODX became the third private financial exchange to open in the country.

Operating between 8:20 a.m. and 4 p.m., longer than between 9 a.m. and 3 p.m., including a one-hour lunch break, at the Tokyo Stock Exchange, the new exchange is expected to serve as an alternative for the TSE, which has handled 90 pct of trading in Japan in terms of value.

Osaka Digital Exchange Co., the operator of the ODX, is 70 pct owned by SBI PTS Holdings Co., 20 pct by Sumitomo Mitsui Financial Group Inc. <8316> and 5 pct each by Nomura Holdings Inc. <8604> and Daiwa Securities Group Inc. <8601>.

"Our mission is to respond to individual investors' hopes to execute transactions at best possible prices," ODX President Kimio Mikazuki said at the exchange's opening ceremony held in Tokyo. He added that the ODX will aim to handle 3 pct of trading in the country in three years.

[Copyright The Jiji Press, Ltd.]

Jiji Press