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JPX group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users.
Every month, we showcase the highlights of these efforts in short and concise summaries just for you.
Tokyo Stock Exchange (TSE), Inc. introduced a market making scheme to improve liquidity in the ETF market in 2018. Currently, 11 companies are registered as market makers, and since 2021, TSE has presented awards to market makers who have made significant contributions to the ETF market.
This year, VivCourt, Optiber, and Flow Traders were honored as the Best Market Makers, and five other companies were honored as Good Market Makers. In addition, this year, the RFQ platform for ETFs, CONNEQTOR started honoring a market maker with outstanding performance as Best Market Maker for CONNEQTOR, and Flow Traders was the first recipient of this award.
The prosperity of market makers enables investors to trade affordably and leads to market expansion. TSE remains committed to carrying out various initiatives in order to contribute to making it more convenient for investors in the ETF market.
The Asian and Oceanian Stock Exchanges Federation (AOSEF), at which Japan Exchange Group, Inc. (JPX) serves as the Secretariat, held the AOSEF Online Top Executives Meeting. The top executives of each 16 AOSEF member exchanges gathered for the first time in four years since the General Assembly held in Spring 2019.
At the meeting, after JPX Group CEO, Kiyota Akira opened the session with a warm address, executives heard a keynote address by Asian Development Bank President, Asakawa Masatsugu.
After lectures on sustainable economic growth in Asia and the expected roles of capital markets, executives shared information on developments and insights into initiatives at their own exchanges, and reaffirmed their intent to further deepen engagement and collaboration.
March 8 is designated as International Women's Day by the United Nations. Every year, exchanges around the globe hold a "Ring the Bell for Gender Equality" ceremony to show support for women's active participation in society. This year, women employees gathered around JPX's first woman executive officer to affirm the company's stance on gender equality.
Tokyo Stock Exchange, Inc. (TSE) and the Ministry of Economy, Trade, and Industry (METI) have jointly selected and announced the Health & Productivity Stock Selection. TSE and METI have recognized TSE-listed companies which have strategically carried out efforts with regard to their employees' health from a management perspective. This initiative aims to promote health and productivity management by introducing listed companies as attractive options to investors who place emphasis on improving corporate value in the long term. For the ninth year, we selected 49 enterprises in 31 industries based on assessments of criteria related to health management such as "Management philosophy and principles", "Organizational structure", "Implementation of systems and measures", and "Evaluation and improvement".
JPX Market Innovation & Research, Inc. (JPXI) announced the status as of the end of February 2023 of Proof of Concept (PoC) testing which it has been promoting regarding the disclosure of earnings reports in HTML. The number of listed companies disclosing their earnings reports in HTML format on a quarterly basis has increased since the start of PoC testing in December 2021. As of the end of February 2023, a cumulative total of over 2,400 listed companies (approximately 60% of listed companies) have voluntarily disclosed their earnings reports in HTML format. JPXI will continue to verify the effectiveness of this system and will consider making it permanent after PoC testing.
Tokyo Stock Exchange, Inc.（TSE）, in cooperation with the Ministry of Economy, Trade and Industry selects listed companies that are outstanding in terms of encouraging women's success, and labels them as "Nadeshiko Brands" as nadeshiko is a type of flower which is often used as a symbol for Japanese women. In light of the recent increase in demand to devise human resource strategies that are connected with management strategies, and to disclose related information, this initiative aims to effectively share information with regard to companies encouraging women's development in listed companies for capital and labor markets. This year, out of approximately 3,800 TSE-listed companies, 17 companies across 17 sectors were selected by evaluating the actions they have taken towards diversity-focused management in order to improve corporate value and how these actions are disclosed.
On March 30, JPX Market Innovation & Research. Inc. (JPXI) announced the outline of the JPX Prime 150 Index, a new index that selects stocks with a focus on their value creation.
The JPX Prime 150 Index is designed to help investors see which of the leading Japanese companies are expected to create value, and to make the index and its constituent stocks the target of medium- to long-term investment by institutional and individual investors in Japan and abroad. This will then contribute to the expansion of value-based management and will increase the appeal of the Japanese stock market.
JPX will proceed with the detailed design while taking into account the opinions of market participants, etc., and plan to start calculation on July 3, 2023.
Japan Exchange Group, Inc. (JPX) has updated its Medium-Term Management Plan for 2024. A year has passed since formulating the Medium-Term Management Plan for 2024, and while it is necessary to continue monitoring changes in the climate surrounding the Japanese economy such as monetary policies of central banks around the world and geopolitical trends, the Japanese government has formulated the Doubling Asset-based Incomes Plan and plans to make NISA permanent from 2024. JPX's role in realizing this and the "virtuous cycle of growth and distribution" has become more important than ever.
Therefore, in this update, while maintaining the general framework of the plan, JPX has made the necessary improvements to each of the measures in order to encourage mid- to long-term asset building among the public by supporting sustainable growth of companies, providing attractive products, and developing financial and economic education.
JPX also aims to increase the sharing of information both inside and outside Japan in order to deepen understanding of its initiatives.