The Tokyo Stock Exchange (TSE) and Osaka Securities Exchange Co Ltd (OSE) said on Tuesday they would merge to cope with sluggish market conditions in Japan and build scale amid a flurry of global exchange consolidation.The move will create the world's third-largest bourse with a market value of listed stocks totalling $3.6 trillion as of the end of October. That trails only NYSE Euronext at $12 trillion and Nasdaq OMX Group Inc at nearly $4 trillion, according to the World Federation of Exchanges.But the new exchange still lacks a convincing strategy for expanding overseas, seen as a key challenge given the weak prospects for equities trading and new listings in Japan with the economy mired in deflation and marked by sluggish growth.The two said they would merge operations in 2013 after the larger but unlisted Tokyo bourse buys up to two-thirds of the listed Osaka exchange in a public tender offer. The TSE will offer 480,000 per share, versus the OSE's latest market price of 422,000 yen per share.
The NASDAQ OMX Group, Inc. is a holding company. The Company is a global exchange group that delivers trading, clearing, exchange technology, securities listing, and public company services across six continents. Shares of NDAQ fell by 1.99% or $-0.51/share to $25.16. In the past year, the shares have traded as low as $19.10 and as high as $29.71. On average, 2726760 shares of NDAQ exchange hands on a given day and today's volume is recorded at 1729356.
NYSE Euronext is a global operator of financial markets and provider of trading technologies. Shares of NYX fell by 1.03% or $-0.28/share to $26.80. In the past year, the shares have traded as low as $23.24 and as high as $41.60. On average, 3576380 shares of NYX exchange hands on a given day and today's volume is recorded at 2016370.
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