# JAPAN EXCHANGE GROUP INC

Summary updated: 2026-09-28T14:17:04.950002Z
Canonical: https://finbar.com/research/companies/japan-exchange-group

## Overview

Japan Exchange Group, Inc. (JPX) operates Japan’s financial-market infrastructure. Formed in 2013 through the combination of the Tokyo and Osaka exchange groups, it operates markets for securities and derivatives through the Tokyo Stock Exchange and Osaka Exchange, and a commodity market through the Tokyo Commodity Exchange. Its group also provides clearing, market data and index services, and market regulation. JPX is headquartered in Tokyo and has an office in Osaka. [1](https://www.jpx.co.jp/english/corporate/about-jpx/business/)[2](https://www.jpx.co.jp/english/corporate/about-jpx/profile/)

JPX’s stated purpose is to support a more affluent society by maintaining fair, reliable markets and providing efficient, transparent market services. For the fiscal year ended March 2025, it reported consolidated operating revenue of ¥162.2 billion and 1,248 employees. [3](https://www.jpx.co.jp/english/corporate/investor-relations/tvdivq000000lbh5-att/JPXReport2026_English.pdf)[4](https://www.jpx.co.jp/english/corporate/investor-relations/ir-library/securities-reports/tcgh5100000049ke-att/Annual_Securities_Report_fy2024.pdf)
[5](https://app.finbar.com/go?id=T16575216)[6](https://app.finbar.com/go?id=T16575219)[7](https://app.finbar.com/go?id=P144946831)[1](https://www.jpx.co.jp/english/corporate/about-jpx/business/)[2](https://www.jpx.co.jp/english/corporate/about-jpx/profile/)[3](https://www.jpx.co.jp/english/corporate/investor-relations/tvdivq000000lbh5-att/JPXReport2026_English.pdf)[4](https://www.jpx.co.jp/english/corporate/investor-relations/ir-library/securities-reports/tcgh5100000049ke-att/Annual_Securities_Report_fy2024.pdf)

## Products & services

Japan Exchange Group offers cash-market trading through the Tokyo Stock Exchange for stocks, exchange-traded funds (ETFs) and real estate investment trusts (REITs). The Osaka Exchange and Tokyo Commodity Exchange offer listed derivatives, including Nikkei 225 and TOPIX futures and options, Japanese government bond futures, short-term interest-rate futures and commodity derivatives. Its clearing arm, Japan Securities Clearing Corporation, clears exchange-traded products as well as over-the-counter interest-rate swaps and Japanese government bonds. [8](https://app.finbar.com/go?id=P144946197)[9](https://app.finbar.com/go?id=P144946243)[10](https://app.finbar.com/go?id=P144946305)

Its trading infrastructure includes arrowhead for cash-market orders, J-GATE for derivatives and ToSTNeT for off-auction transactions such as basket trades and closing-price trades. JPX also sells network connectivity through arrownet and access to its systems and market-data feeds through co-location services. Information products include TOPIX and other indices, index-constituent data and J-Quants Pro, which delivers Japanese-market datasets to corporate users through methods including API and SFTP. [11](https://www.jpx.co.jp/english/systems/equities-trading/01.html)[12](https://www.jpx.co.jp/english/systems/derivatives-trading/01.html)[13](https://www.jpx.co.jp/english/systems/equities-trading/03.html)[14](https://www.jpx.co.jp/english/systems/network/index.html)[15](https://www.jpx.co.jp/english/systems/connectivity/01.html)[16](https://www.jpx.co.jp/english/markets/paid-info-equities/reference/01.html)[17](https://www.jpx.co.jp/english/markets/other-data-services/j-quants-pro/index.html)

For the fiscal year ended March 2025, trading services accounted for 39.8% of operating revenue, clearing for 21.2%, information services for 19.7% and listing services for 10.7%; other revenue, including connectivity and co-location fees, accounted for 8.7%. [18](https://app.finbar.com/go?id=T16575960)
[8](https://app.finbar.com/go?id=P144946197)[9](https://app.finbar.com/go?id=P144946243)[10](https://app.finbar.com/go?id=P144946305)[18](https://app.finbar.com/go?id=T16575960)[18](https://app.finbar.com/go?id=T16575960)[18](https://app.finbar.com/go?id=T16575960)[18](https://app.finbar.com/go?id=T16575960)[18](https://app.finbar.com/go?id=T16575960)[11](https://www.jpx.co.jp/english/systems/equities-trading/01.html)[12](https://www.jpx.co.jp/english/systems/derivatives-trading/01.html)[13](https://www.jpx.co.jp/english/systems/equities-trading/03.html)[14](https://www.jpx.co.jp/english/systems/network/index.html)[15](https://www.jpx.co.jp/english/systems/connectivity/01.html)[16](https://www.jpx.co.jp/english/markets/paid-info-equities/reference/01.html)[17](https://www.jpx.co.jp/english/markets/other-data-services/j-quants-pro/index.html)

## Geographic presence

Japan Exchange Group’s principal operating locations are in Japan. It has head offices in Tokyo and Osaka; its group operates securities markets through the Tokyo Stock Exchange and derivatives markets through Osaka Exchange and Tokyo Commodity Exchange. The exchange names and office locations do not limit participation in those markets to those cities. [2](https://www.jpx.co.jp/english/corporate/about-jpx/profile/)[1](https://www.jpx.co.jp/english/corporate/about-jpx/business/)

Outside Japan, the group maintains representative offices in New York, London, Beijing and Hong Kong, and a branch in Singapore. These locations support engagement with overseas investors; the Singapore branch was established with a particular focus on connections with investors and issuers in Southeast Asia. [19](https://www.jpx.co.jp/english/corporate/about-jpx/access/02.html)[20](https://www.jpx.co.jp/english/corporate/news/news-releases/0010/20150420-01.html)
[S1][S2][2](https://www.jpx.co.jp/english/corporate/about-jpx/profile/)[1](https://www.jpx.co.jp/english/corporate/about-jpx/business/)[19](https://www.jpx.co.jp/english/corporate/about-jpx/access/02.html)[20](https://www.jpx.co.jp/english/corporate/news/news-releases/0010/20150420-01.html)

## Business segments

Japan Exchange Group reports one operating segment—the financial instruments exchange business—rather than separate reportable segments for its exchanges and subsidiaries. It also breaks down operating revenue by service. For the year ended March 2025, trading services contributed approximately 40% of revenue, clearing services 21%, listing services 11%, information services 20%, and other revenue 9%.[21](https://app.finbar.com/go?id=P144951138)[5](https://app.finbar.com/go?id=T16575216)

Trading services comprise fees tied to securities and derivatives trading, as well as access and trading-system usage fees.[22](https://app.finbar.com/go?id=P144946838)[23](https://app.finbar.com/go?id=P144946839) Clearing services principally comprise fees for clearing transactions through Japan Securities Clearing Corporation.[24](https://app.finbar.com/go?id=P144946841)[25](https://app.finbar.com/go?id=P144946842) Listing services include initial, additional and annual listing fees, while information services cover market data and index-related revenue.[26](https://app.finbar.com/go?id=P144946844)[27](https://app.finbar.com/go?id=P144946845)[28](https://app.finbar.com/go?id=P144946847)[29](https://app.finbar.com/go?id=P144946848) Other revenue is primarily associated with arrownet network usage and co-location services.[30](https://app.finbar.com/go?id=P144946850)[31](https://app.finbar.com/go?id=P144946851)
[21](https://app.finbar.com/go?id=P144951138)[5](https://app.finbar.com/go?id=T16575216)[5](https://app.finbar.com/go?id=T16575216)[5](https://app.finbar.com/go?id=T16575216)[5](https://app.finbar.com/go?id=T16575216)[5](https://app.finbar.com/go?id=T16575216)[22](https://app.finbar.com/go?id=P144946838)[23](https://app.finbar.com/go?id=P144946839)[24](https://app.finbar.com/go?id=P144946841)[25](https://app.finbar.com/go?id=P144946842)[26](https://app.finbar.com/go?id=P144946844)[27](https://app.finbar.com/go?id=P144946845)[28](https://app.finbar.com/go?id=P144946847)[29](https://app.finbar.com/go?id=P144946848)[30](https://app.finbar.com/go?id=P144946850)[31](https://app.finbar.com/go?id=P144946851)

## Company history

Japan Exchange Group (JPX) traces its roots to securities exchanges established in Tokyo and Osaka in 1878. The postwar Tokyo Stock Exchange and Osaka exchange were founded in 1949, and both later developed derivatives markets, including stock-index futures trading that began in 1988. [32](https://www.jpx.co.jp/english/corporate/about-jpx/history/01-01.html)[33](https://www.jpx.co.jp/corporate/about-jpx/history/00-01.html)[34](https://www.jpx.co.jp/english/corporate/news/news-releases/0060/20230901-03.html)

JPX was established on January 1, 2013, through the combination of Tokyo Stock Exchange Group and Osaka Securities Exchange. It subsequently consolidated the Osaka cash-equity market into the Tokyo Stock Exchange in July 2013 and the Tokyo derivatives market into Osaka Exchange in March 2014. Tokyo Commodity Exchange became a JPX subsidiary in 2019. In 2022, the Tokyo Stock Exchange reorganized its equity markets into the Prime, Standard and Growth segments. [35](https://www.jpx.co.jp/english/corporate/index.html)[36](https://www.jpx.co.jp/english/corporate/about-jpx/history/)[37](https://www.jpx.co.jp/english/corporate/about-jpx/history/05.html)[38](https://www.jpx.co.jp/english/corporate/news/news-releases/0060/20220404-01.html)
[32](https://www.jpx.co.jp/english/corporate/about-jpx/history/01-01.html)[33](https://www.jpx.co.jp/corporate/about-jpx/history/00-01.html)[34](https://www.jpx.co.jp/english/corporate/news/news-releases/0060/20230901-03.html)[35](https://www.jpx.co.jp/english/corporate/index.html)[36](https://www.jpx.co.jp/english/corporate/about-jpx/history/)[37](https://www.jpx.co.jp/english/corporate/about-jpx/history/05.html)[38](https://www.jpx.co.jp/english/corporate/news/news-releases/0060/20220404-01.html)

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5. [JAPAN EXCHANGE GROUP INC — Full financial report (2025 Y), p46](https://app.finbar.com/go?id=T16575216)
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11. [www.jpx.co.jp](https://www.jpx.co.jp/english/systems/equities-trading/01.html)
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35. [www.jpx.co.jp](https://www.jpx.co.jp/english/corporate/index.html)
36. [www.jpx.co.jp](https://www.jpx.co.jp/english/corporate/about-jpx/history/)
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38. [www.jpx.co.jp](https://www.jpx.co.jp/english/corporate/news/news-releases/0060/20220404-01.html)

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