History

The world’s first institutional futures exchange: "Dojima Rice Exchange"

Dojima Rice Exchange

The origin of securities exchanges stems from Edo Period, when the exchange for rice & crop was established in Osaka, center of Japanese economy.

Each prefecture set up its own warehouses in Osaka for shipping & preservation of their rice (to be taxed by the government), and sold them to merchants. One of the most famous merchants was "Yodoya", which was based upon the southern part of Yodoyabashi area. Some other merchants gradually gathered to create one market.

This market was called "Yodoya-Komeichi", which was the first securities trading in the nation.

Later on, the market was moved to Dojima in 1697 and officially approved as "Dojima Rice Exchange" by Japan's shogunate government in 1730. At that time, rice futures trading, the trades recorded and settled in books of accounts, was mainly conducted, and it is known to be the world’s first institutional futures exchange.

Dojima Rice Exchange (13 languages) (https://www.jpx.co.jp/dojima/)

The chronological table of Osaka Securities Exchange Co.,Ltd.

May 1878	Stock exchange regulation enacted.
Jun. 1878	Osaka Stock Exchange Co., Ltd. established.
Aug. 1878	Started trading.
Jun. 1879	Trading of shares of Osaka Stock Exchange started as the first stock trading.
Sep. 1922	Short-term settlement trading started. Osaka Stock Exchange around 1899
Apr. 1935	"New Market Building" completed.
Jun. 1943	Became the Osaka Division of the Japan Securities Exchange during the Pacific War. (Dissolved in Apr. 1947.)
Aug. 1945	Japan Securities Exchange suspended operations.
Apr. 1949	Osaka Securities Exchange established. Equity trading started (in May 1949).
Jun. 1951	Credit transaction system introduced.
Apr. 1956	Bond market opened.
Oct. 1961	Second section for stocks established.
Oct. 1966	Trading in "Government Bond" started.
May 1970	Convertible bond market opened.
Oct. 1973	Became an associate member of the Federation Internationale des Bourses de Valeurs (FIBV). (WEF in 2001: World Federation of Exchange)
Sep. 1974	Computerized Market Information System launched.
Jun. 1983	Became a member of EASEC. (AOSEF in 1990: East Asian and Oceanian Stock Exchanges Federation)
Nov. 1983	"Special Designated Issues" System, called "New Second Section", introduced.
Dec. 1984	Ten Minute Earlier Opening System for representative issues selected from among the first section stocks introduced.
Jun. 1987	Equity futures trading started.
Jun. 1987	Trading in "Osaka Stock Futures 50 (OSF50)" started. (Trading of "OSF50" was ceased on Mar. 20, 1992.)
Sep. 1988	Trading in "Nikkei Stock Average Futures (Nikkei 225 Futures)" started
Oct. 1988	Computer-assisted trading system for "OSF50" and "Nikkei 225 Futures" began operation.
Jun. 1989	Trading in "Nikkei Stock Average Options (Nikkei 225 Options)" started.
Dec. 1989	Computer-assisted trading system for "Nikkei 225 Options" began operation.
1990	Trading value of "Nikkei 225 Futures" became the highest in the world, exceeding "S&P 500 Futures", CME.
Feb. 1991	Computer-assisted trading system for stocks began operation.
May 1991	Became a member of the IAOECH. (IOMA in 1993:lnternational Options Markets Association)
1991	Trading value of "Nikkei 225 Options" became the highest in the world, exceeding "S&P 100 Options", CBOE.
Dec. 1991	Country fund market opened.
Mar. 1992	"OSF 50" ceased trading in its futures contracts.
Apr. 1992	The Japan Securities Depository Centre (JASDEC), Osaka Office began its operation at the OSE.
Feb. 1994	Trading in "Nikkei Stock Index 300 Futures and Options (Nikkei 300 Futures / Options)" started.
Oct. 1994	The Exchange became an affiliate member of the International Organization of Securities Commissions (IOSCO).
May 1995	Trading in "Nikkei 300 Stock Index fund" started.
Jan. 1996	"New Market", a system with "Issues listed under alternative listing criteria",introduced.
Apr. 1996	"Nikkei 300 Futures" Inter-month Spread Trading started.
Apr. 1996	New trading platform (for stocks and futures) launched.
Oct. 1996	Foreign stock market established.
May 1997	"Nikkei 225 Futures" Inter-month Spread Trading started.
Jul. 1997	Equity Options Trading started.
Dec. 1997	Cross Trading System (for large block trades, execution at closing price and basket trades) started.
Jun. 1998	Trading in "Sector Index Futures and Options" started. (Trading of these products was ceased on Nov. 30, 2000.)
Dec. 1998	New Market Section established.
Jan. 1999	"J-NET Market" opened.
Apr. 1999	Launched fully automated computerized trading system for stocks, futures, and options.
Jul. 1999	Full computerization of trading at the OSE was completed.
Nov. 1999	Full computerization of trading at the OSE was completed.
Nov. 1999	Non-Auction Large Block Trades for Stock Index Futures and Options started.
Feb. 2000	"Private Finance Initiative (PFI) market" established.
May 2000	"Nasdaq Japan Market" established. (Trading on "Nasdaq Japan Market" started on Jun. 19, 2000.)
Jun. 2000	Tokyo branch office opened.
Oct. 2000	SPAN® introduced.
Nov. 2000	Trading in "Sector Index Futures and Options" ceased.
Dec. 2000	"OptiMark Market" opened. (Trading on the Market was ceased on Jun. 26, 2001)
Mar. 2001	OSE merged with Kyoto Stock Exchange.
Apr. 2001	OSE demutualized.
Apr. 2001	Established foreign stock market for Nasdaq Japan.
May 2001	DVP settlement system was introduced.
Jun. 2001	"ETFs Market" established. (Started trading on Jul. 13, 2001)
Dec. 2001	"Venture Funds Market" established. (Started trading on Jan. 15, 2002)
Jul. 2002	"FTSE Japan Index Exchange Traded Fund (ETF)" started trading.
Jul. 2002	"DJIA™ Futures", "MSCI JAPAN Index(SM) Futures" and "FTSE™ Japan Index Futures" started trading.
Nov. 2002	Became a member of ISG (Intermarket Surveilance Group).
Dec. 2002	Name change of the "Nasdaq Japan Market" to Nipon New Market- "Hercules".
Jan. 2003	Debt assumption operation started as a derivatives clearing organization.
Jan. 2003	Designating Japan Securities Clearing Corporation as a clearing organization of equities etc.
Apr. 2003	New Market Section abolished. All the issues were transferred to Nippon New Market - "Hercules" (Growth section).
Apr. 2003	IPO Transaction Participant introduced.
Jul. 2003	Starting the calculation and publication of "Hercules Indices".
Dec. 2003	Listing rules for REITs introduced. (Started trading on May 17, 2004)
Apr. 2004	Listed OSE shares on Nippon New Market - "Hercules".
May 2004	IOMA (International Options Market Association) held in Osaka.
Feb. 2005	Derivatives clearing system launched.
Apr. 2005	Trading in "RN Prime Index Futures" started.
Dec. 2005	Participated in "TDnet system".
Jan. 2006	New trading platform (for Hercules-listed domestic stocks) launched.
Feb. 2006	New Trading Platform (for all products) launched.
Jul. 2006	Setting up Self-Regulation Committee (internal committee of board meeting).
Jul. 2006	Trading in "Nikkei 225 mini" started.
Feb. 2007	"J-NET trading" for Securities Options introduced.
Mar. 2007	Listing rules for "Commodity price linked/ foreign price index linked Exchange Traded Fund (ETF)" introduced.
Aug. 2007	"Gold-Price-Linked Exchange Traded Fund" started.
Sep. 2007	Evening session trading (from 16:30 to 19:00 for index futures/ options) started.
Oct. 2007	"SSE 50 Index linked Exchange Traded Fund" listed.
Oct. 2007	Setting up Self-Regulation Committee based on "Financial Instruments and Exchange Act".
Mar. 2008	New trading screening platform launched.
Mar. 2008	Backup center went into operation.
Sep. 2008	20th anniversary of the start of the Nikkei 225 Futures.
	Signing Memorandum of Understanding with CME Group.
	Currency linked Exchange Traded Fund listed.
	Covered Warrants listed.
Oct. 2008	Extending evening session trading hours (to 20:00).
Nov. 2008	Co-location Service started.
Dec. 2008	Making Jasdaq Securities Exchange, Inc. OSE's consolidated subsidiary by acquiring 76.1% of the company's shares.
Feb. 2009	Signing Memorandum of Understanding with NASDAQ OMX Group.
Feb. 2009	Remote Transaction Participant System established.
Apr. 2009	Credit rating obtained.
Jun. 2009	20th anniversary of the start of the "Nikkei 225 Options".
Jul. 2009	Listing rules for domestic mutual fund as ETF is introduced.
Jul. 2009	"Exchange FX Margin Trading (OSE-FX)" started. (Trading of "OSF-FX" was ceased on Oct. 23, 2014.)
Aug. 2009	"Simplex WTI ETF" listed.
Sep. 2009	The Jasdaq trading system was integrated to the OSE trading system.
Sep. 2009	Making Jasdaq Securities Exchange, Inc. OSE's wholly-owned subsidiary by acquiring all the shares.
Feb. 2010	"TOCOM Platinum Index linked Exchange Traded Fund" and "TOCOM Gold Futures prices linked Exchange Traded Fund" listed.
Apr. 2010	Merged with Jasdaq Securities Exchange, Inc. History of Jasdaq Securities Exchange, Inc.
Jul. 2010	Extending evening session trading hours (to 23:30).
Aug. 2010	"NEXT FUNDS NASDAQ-100® Exchange Traded Fund" listed.
	"NEXT FUNDS Dow Jones Industrial Average Exchange Traded Fund" listed.
	Signing Memorandum of Understanding with Shenzhen Stock Exchange (SZSE).
Sep. 2010	Signing Memorandum of Understanding with Korea Exchange (KRX).
Oct. 2010	Started our operation of the new "JASDAQ", the integrated market of "Hercules", "JASDAQ" and "NEO".
Oct. 2010	Starting the calculation and publication of "JASDAQ TOP-20".
Dec. 2010	Launched Analyst Report Platform Service.
	"JASDAQ-TOP20 ETF" listed.
	"KOKUSAI S&P500 VIX SHORT-TERM FUTURES INDEX ETF" listed.
Feb. 2011	New derivatives trading system "J-GATE" launched.
Apr. 2011	Signing Memorandum of Understanding with Bombay Stock Exchange (BSE).
Jul. 2011	Night session trading (extending index futures/ options trading hours to 3:00 on the next day) started.
Jul. 2011	Signing Strategic Partnership with CME Group.
Nov. 2011	Extending cash trading hours.
Dec. 2011	"KOKUSAI S&P500 VIX MID-TERM FUTURES INDEX ETF" listed.
Feb. 2012	Launched "Nikkei 225 VI Futures".
Apr. 2012	"Nikkei 225 Leveraged Index" listed.
Apr. 2012	"Nikkei 225 Inverse Index" listed.
May 2012	Launched "OSE DJIA Futures".