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.
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. |
| Trading in "Osaka Stock Futures 50 (OSF50)" started. (Trading of "OSF50" was ceased on Mar. 20, 1992.) |
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| 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. |
| 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. |
| 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. |
| 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. |
| "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".
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| Jan. 2003 | Debt assumption operation started as a derivatives clearing organization. |
| 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). |
| 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). |
| 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. |
| Setting up Self-Regulation Committee based on "Financial Instruments and Exchange Act". | |
| Mar. 2008 | New trading screening platform launched. |
| 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. |
| 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. |
| "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. |
| 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". |
| 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. |
| 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. |
| "Nikkei 225 Inverse Index" listed. | |
| May 2012 | Launched "OSE DJIA Futures". |