Tokyo Stock Exchange Group Inc. won control of its Osaka rival, succeeding where more than $30 billion of other exchange merger bids have failed, as the country seeks to reassert its role as a financial hub for Asia.
The merger of Japan’s two biggest bourses won’t be derailed by the Tokyo Stock Exchange’s worst trading disruption in six years or European regulators blocking another deal last week, Osaka Securities Exchange Co. President Michio Yoneda said.
Osaka Securities Exchange Co. , the operator of Japan’s second-largest bourse, will offer an exchange-traded fund for start-ups as early as October, aiming to increase its lead over markets in South Korea and Hong Kong.
Tokyo Stock Exchange Group Inc.’s acquisition of Osaka Securities Exchange Co. is poised to gain regulatory approval, the first for a major bourse since $32 billion of global deals were vetoed in the past 14 months.
Tokyo Stock Exchange Group Inc. dropped plans to sell shares to the public while it is in talks to buy a controlling stake in Osaka Securities Exchange Co., a person with direct knowledge of the matter said.
As stock exchange mergers crumbled from Frankfurt and New York to Singapore and Sydney, traders have become only more convinced that Japan’s plan to combine its biggest bourses is the best bet to succeed.
Tokyo Stock Exchange Group Inc. , which runs the world’s second-largest equity market, plans to hold merger discussions with Osaka Securities Exchange Co. as takeovers sweep exchanges around the world.