Osaka Securities Exchange (OSE) it will establish a “remote transaction participant system” to give foreign securities companies that don’t have branches in Japan direct access to the Exchange’s markets. OSE said in its announcement that the system will help it to enhance the liquidity of its markets and improve their pricing and competitiveness.
From now, OSE will look to secure the approval of the Financial Services Agency (FSA) for the establishment of the necessary rules and amendments. Following that, OSE says that it will start accepting applications around spring 2009. According to a press report, the planned timeframe is for OSE to introduce the system in May, and to start actual trading through the system around summer 2009.
The Tokyo Stock Exchange (TSE) announced its own “remote participant trading system” in late September 2008, and plans to implement the system this month.
D.C.