The Tokyo Stock Exchange will reorganise into a holding company in October, and form a business alliance with the New York Stock Exchange, says Taizo Nishimuro, president of TSE.
TSE’s subsidiaries such as market operations and general administrator will follow under the new TSE organisation.
Nishimuro is expected to be named chairman of the company, while Saito Atsushi, president of Industrial Revitalization Corporation Japan, is being nominated for the presidency. Management details will be released in April.
An announcement concerning the alliance with NYSE will come at the end of January, after Nishimura visits the US for final discussions. Primarily, the two are expected to reach an agreement on the mutual listings of listed products and collaborate on system-related issues.
There is also word that the two have been discussing capital tie-ups, a joint development trading system, mutual listings of investment trusts and system backup plans.