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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.
TSE and other domestic stock exchanges have worked on transitioning from trading units of varying sizes of domestic listed stocks to a single trading unit of 100 shares for the purpose of improving market convenience for investors since November 2007. Thanks to the cooperation of listed companies and other market participants, the variety of trading units was successfully reduced from the former eight lots to a single lot of 100 shares on October 1, 2018. TSE will continue to strive to provide highly convenient markets.
TSE established a Biotech & Life Science Listing Consultation Desk that aims to support listing of companies in said industry. Having a dedicated team working directly with such companies at an early stage as they deliberate on whether to launch IPOs is expected to facilitate listing preparations. Moreover, the desk will be offering consultations to a wide-range of related parties, ranging from the prospective issuers themselves to market participants who support them. As such, TSE welcomes all those involved in the biotechnology and life sciences industry to contact the desk for more information about listing on TSE.
The roles of financial services in the centenarian era are drawing considerable attention and have been included in such key publications as "The Guideline of Measures for Ageing Society" by Cabinet Office, Government of Japan and "Financial Services in the Aging Society (interim report)" by Japan's Financial service Agency.
With this back drop, TSE held a symposium for the purpose of sharing challenges for the future and the direction of improvements on the topic with financial institutions and listed companies. With panel discussions by experts and attracting 170 participants, the symposium was a great success.
In connection with advancing research and discussion of the comprehensive exchange initiative as set out in its Medium-Term Management Plan, JPX concluded a non-disclosure agreement with Tokyo Commodity Exchange, Inc. as a prerequisite for entering into concrete discussions. Moving forward, both sides will closely examine the feasibility of the endeavor.
Dojima Rice Exchange is said to be the origin of securities exchanges in Japan and widely known as the forerunner to organized futures exchanges in the world. Aimed at commemorating the 30th anniversary of the launch of the equity index futures market in Japan, OSE constructed the new memorial monument, "A Grain of Light", designed by architect Mr. Tadao Ando at the renewed site of Dojima Rice Exchange with the cooperation of various entities.
JPX and Shanghai Stock Exchange (SSE) agreed to strengthen the cooperative relationship for discussions and promotional activities for creating schemes to facilitate listing of ETFs whose trust assets are of Japanese and Chinese asset classes. Moving forward, JPX and SSE will actively cooperate in two main areas: (i) conducting feasibility studies about developing a new environment for expanding opportunities to invest in each other's securities markets through the use of ETFs and (ii) investor-oriented promotional activities regarding Japanese and Chinese securities markets. The exchanges will discuss more details in cooperation with related parties and aim to further develop the Japanese and Chinese capital markets by expanding opportunities for investing in both countries.
JPX expressed its support for the Task Force on Climate-related Financial Disclosures (TCFD) under the Financial Stability Board. TCFD, a private-sector-driven task force established in 2015 in response to a request from G20 Finance Ministers and Central Bank Governors, had deliberated on recommendations and reports regarding climate-related financial disclosure. In June 2017, it released the final report. Over 500 entities around the world, including financial institutions, enterprises, governments, and international organizations, have shown their support for TCFD.
JPX has actively promoted ESG investment initiatives through such measures as formulating Japan's Corporate Governance Code, offering ESG-related indices and ETFs, launching an infrastructure fund market, and establishing an information platform for green and social bonds. As other relevant entities in Japan also promote initiatives for facilitating sustainability, JPX remains committed to continued promotion of ESG investment through its support of TCFD.