The Tokyo Stock Exchange will begin talks with its smaller domestic rival, the Osaka Securities Exchange , on a possible merger aimed at surviving a wave of industry consolidation, a source said. A flurry of mergers and alliances among global exchanges has focused attention on how the TSE will compete, with bourses such as the Singapore Exchange and Australia's ASX looking to grow bigger by combining operations. Pressure on the Tokyo bourse to act intensified last month when Deutsche Boerse unveiled a deal to take over NYSE Euronext and create the world's largest exchange operator.
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