Tokyo, Osaka Bourses to Merge into World's No. 2
By wchung | 19 Mar, 2026

Tokyo Stocks Exchange Group Inc. (TSE) and Osaka Securities Exchange Co. (OSE) will merge in January 2013 to create the world’s second-largest stock exchange, the firms announced Tuesday. The move comes amid consolidation by bourses around the world.

The market capitalization of the stocks listed on the merged exchange will reach ¥280 trillion ($3.67 trillion) as of the end of September, a distant second to the $13.39 trillion market cap for stocks on the New York Stock Exchange as of Dec. 2010.

When the two Japanese bourses merge into a holding company at the rate of 0.2019 OSE shares for one TSE share, OSE will be the surviving company.

TSE President Atsushi Saito will become chief executive officer of the holding company while OSE President Michio Yoneda will be its chief operating officer.

The merger will involve the unlisted TSE taking a majority stake in the listed OSE in a public tender offer in the spring of 2012.

Saito and Yoneda are scheduled to explain the merger in a press conference Tuesday afternoon.