JAPAN EXCHANGE GROUP INC

Overview

Japan Exchange Group, Inc. (JPX) operates Japan’s financial-market infrastructure. Through group companies including the Tokyo Stock Exchange, Osaka Exchange, Tokyo Commodity Exchange and Japan Securities Clearing Corporation, it provides securities and derivatives markets, listing, clearing, market information and related services. Its exchange operations are centered in Japan, with offices in New York, London, Beijing, Hong Kong and Singapore.[1]+2

JPX’s corporate philosophy is to contribute to an affluent society through sustainable market development, reliable and transparent markets, and convenient, efficient and creative services. For the financial year ended March 31, 2026, operating revenue was ¥198.735 billion; the group reported 1,252 employees as of that date.[4]+2 [2]+9

Products & services

For the fiscal year ended March 31, 2026, Japan Exchange Group’s products and services included cash-equity trading, listed derivatives, clearing, listing services, market information, and trading-system connectivity. Cash-equity products include stocks, ETFs, ETNs, and REITs, traded through systems including arrowhead and ToSTNeT. Trading services generated ¥77,399 million, or 38.9% of operating revenue; cash-equity transaction fees were ¥55,265 million.[7]+2 JPX describes arrowhead as having response times of about 0.2 milliseconds.[10]

Listed derivatives include equity-index futures and options, government-bond and interest-rate futures, and commodity derivatives. Named contracts include TOPIX Futures, Nikkei 225 Futures and Options, and 10-year JGB Futures.[11][12] In FY2026, financial-derivatives transaction fees were ¥9,279 million and commodity-derivatives fees were ¥1,280 million.[9] Clearing services include central-counterparty clearing and settlement for securities and derivatives: JSCC assumes clearing obligations, nets trades, issues settlement instructions, and guarantees settlement. Clearing-services revenue was ¥54,242 million, or 27.3% of operating revenue, including revenue from deposited collateral assets.[9]+2

Listing services comprise initial and additional listing fees, based on issue amount, and annual listing fees, based on listed-company market capitalization; FY2026 revenue was ¥18,682 million, or 9.4% of operating revenue.[15]+3 Information services provide market data to vendors and include index-business revenue; these services generated ¥33,669 million, or 16.9% of operating revenue. JPX also offers paid market data and J-Quants Pro datasets through API, SFTP/CSV, and Snowflake.[18]+3 System services include arrownet connectivity and co-location, which enables users to install equipment at JPX’s system center. FY2026 system-services revenue was ¥13,838 million, or 7.0% of operating revenue; JPX reports one-way network latency of about 60 microseconds via an access point and 3 microseconds via co-location.[21]+3 [7]+16

Geographic presence

Japan Exchange Group’s operations are centered in Japan, with its principal domestic market infrastructure and head and Osaka offices in Tokyo and Osaka, respectively.[24][25] Its overseas presence includes representative offices in New York, London, Beijing and Hong Kong, and a branch in Singapore.[3] The company has also described London offices used for research and promotional activities.[26]

JPX’s FY2026 results report operating revenue in aggregate and by business category, but the reviewed materials do not provide revenue by country or region.[5] As of March 31, 2026, the group reported 1,252 employees, including 223 at Japan Exchange Group, Inc. and 305 at Tokyo Stock Exchange, Inc.; the profile does not give a geographic breakdown of employees.[6] [24]+5

Business segments

Japan Exchange Group reports a single segment, the financial instruments exchange business; it does not disclose separate segment revenues or profits. Its FY2026 reporting instead breaks operating revenue into six categories. Of ¥198,735 million total operating revenue, trading services contributed ¥77,399 million (38.9%), clearing services ¥54,242 million (27.3%), listing services ¥18,682 million (9.4%), information services ¥33,669 million (16.9%), system services ¥13,838 million (7.0%), and other revenue ¥902 million (0.5%).[27]+2

Trading services include transaction, participant, access and trading-system-facility fees; clearing services cover fees related to the clearing corporation’s assumption of obligations from financial-instrument transactions.[29][30] Listing services comprise initial/additional and annual listing fees. Information services mainly include market-information provision and index-business revenue.[15][18] System services mainly comprise arrownet network and co-location usage fees.[21] System services became a separate revenue category in FY2025; the prior presentation had five categories.[31]+2

JPX also uses a functional group framing of Cash Equities Trading, Derivatives Trading, Market-Related Services, Clearing and Self-Regulation; this is not a separate reported segment breakdown, and revenue contributions for these functions are not disclosed.[2][27] Japan Exchange Regulation carries out self-regulatory work including listing examinations, listed-company monitoring, participant examinations and inspections, and market surveillance.[34] [27]+12

Company history

The group’s historical roots trace to the establishment of the Tokyo and Osaka exchanges in 1878. Their modern predecessors were re-established in 1949.[35]+2

Japan Exchange Group was formed on January 1, 2013, through the merger of Tokyo Stock Exchange Group and Osaka Securities Exchange. In 2013, the cash-equity market of Osaka Securities Exchange was transferred to Tokyo Stock Exchange; in 2014, derivatives trading was consolidated at Osaka Exchange, the renamed Osaka Securities Exchange.[38]+2

JPX expanded into commodity derivatives through its acquisition of Tokyo Commodity Exchange in 2019. In 2022, Tokyo Stock Exchange reorganized its cash-equity market into Prime, Standard and Growth segments.[41][42] [35]+7

Sources

• www.jpx.co.jp[1]
• JAPAN EXCHANGE GROUP INC — Presentation (2026 Y)[2][9]
• www.jpx.co.jp[3]
• www.jpx.co.jp[4]
• JAPAN EXCHANGE GROUP INC — Press release (2026 Y)
  15 citations

  [5][7][11][15][16][18][21][22][27][28][29][30][31][32][33]
• www.jpx.co.jp[6]
• JAPAN EXCHANGE GROUP INC — Full financial report (2025 Y)
  7 citations

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• www.jpx.co.jp[10]
• www.jpx.co.jp[12]
• www.jpx.co.jp[13]
• www.jpx.co.jp[14]
• www.jpx.co.jp[17]
• www.jpx.co.jp[19]
• www.jpx.co.jp[20]
• www.jpx.co.jp[23]
• www.jpx.co.jp[36]
• www.jpx.co.jp[37]
• www.jpx.co.jp[39]
• www.jpx.co.jp[40]
• www.jpx.co.jp[41]
• www.jpx.co.jp[42]