Review of TSE Cash Equity Market Structure

Following the business combination of Tokyo Stock Exchange Group and Osaka Securities Exchange, which formed Japan Exchange Group, Inc., TSE integrated the cash equity markets in July 2013. During the integration, to avoid confusion and any unnecessary burden on listed companies, as well as investors, the structure of the cash equity market was unchanged.

As a result, TSE operates four cash equity markets for investors, including non-professional; First Section, Second Section, Mothers, and JASDAQ, as of October 2018. Potential improvements are seen around the structure of the cash equity markets and related listing rules. Therefore, TSE is conducting a review on the current cash equity market structure and how the market should be structured in the future.

Consultation Paper "Review of TSE Cash Equity Market Structure"

In December 2018, TSE published the Consultation Paper "Review of TSE Cash Equity Market Structure" and conducted the public consultation. (From 21 December 2018 until 31 January 2019).

"Consultation Paper "Review of TSE Cash Equity Market Structure"" icon-pdf
"Related Data" icon-pdf
Market News "Consultation Paper "Review of TSE Cash Equity Market Structure" published" (Dec. 21, 2018)

Comments Received from Market Participants in Response to the "Review of the TSE Cash Equity Market Structure"

In March 2019, TSE published the "Comments Received from Market Participants in Response to the Review of the TSE Cash Equity Market Structure" and the "Current Issues regarding TSE Cash Equity Market Structure (Summary of Current Issues)."

TSE has conducted public consultation as well as individual meetings, inviting comments from wide range of stakeholders. TSE has categorized the market responses received, and has published the "Comments Received from Market Participants in Response to the Review of the TSE Cash Equity Market Structure." Also, TSE has summarized the market responses and outlined the discussion points regarding the current issues of the market structure, publishing it as "Current Issues regarding TSE Cash Equity Market Structure (Summary of Current Issues)."

"Comments Received from Market Participants in Response to the Review of the TSE Cash Equity Market Structure" icon-pdf
"Current Issues regarding TSE Cash Equity Market Structure (Summary of Current Issues) " icon-pdf
News Release ""Comments Received from Market Participants in Response to the Review of the TSE Cash Equity Market Structure" etc. published" (Mar. 28, 2019)
Market News "TSE Establishes an Advisory Group to Review the TSE Cash Equity Market Structure" (Oct. 29, 2018)