TSE eyes union with main rival
By Tim Kelly and Noriyuki Hirata |
March 11, 2011, Friday
|
Print Edition
Print Edition
THE Tokyo Stock Exchange may begin merger talks with its main Japanese rival to survive sector consolidation, but any domestic union will have to wait till its shares float and is seen at least two years away.
Atsushi Saito, the chief executive of the TSE, said combining the TSE's dominant position in cash equities trading and the smaller Osaka Securities Exchange's strength in derivatives could make for a strong alliance.
"They must be feeling a sense of crisis that they will be swallowed by the wave of overseas consolidation," said Tsutomu Yamada, market analyst at Kabu.com Securities. "But I'm not sure simply creating an 'all-Japan' bourse is the answer."
The TSE is now the world's fourth-biggest exchange by trading volume, having ceded ground to Shanghai. A merger with the OSE would help save on system development and other costs, but may not reverse its competitive decline.
Saito said, however, the TSE was focused on listing its own shares first before any merger. "We have that responsibility to our shareholders," Saito said in Tokyo, confirming earlier media reports of the planned talks.
That cautious approach contrasted with the OSE, whose president was quoted earlier yesterday as saying it would prefer a merger before the TSE floated its shares.
But, by doing so the TSE risks being caught in a backdoor listing that circumvented its own rules.
Atsushi Saito, the chief executive of the TSE, said combining the TSE's dominant position in cash equities trading and the smaller Osaka Securities Exchange's strength in derivatives could make for a strong alliance.
"They must be feeling a sense of crisis that they will be swallowed by the wave of overseas consolidation," said Tsutomu Yamada, market analyst at Kabu.com Securities. "But I'm not sure simply creating an 'all-Japan' bourse is the answer."
The TSE is now the world's fourth-biggest exchange by trading volume, having ceded ground to Shanghai. A merger with the OSE would help save on system development and other costs, but may not reverse its competitive decline.
Saito said, however, the TSE was focused on listing its own shares first before any merger. "We have that responsibility to our shareholders," Saito said in Tokyo, confirming earlier media reports of the planned talks.
That cautious approach contrasted with the OSE, whose president was quoted earlier yesterday as saying it would prefer a merger before the TSE floated its shares.
But, by doing so the TSE risks being caught in a backdoor listing that circumvented its own rules.
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