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Tokyo Stock Exchange
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About the Tokyo Stock Exchange(TSE):
The Tokyo Stock Exchange is one of the important world exchanges, trading an average 1,540 million shars per day. it is one of five exchanges in Japan, but with 2,276 companies listed, the tokyo stock exchange is by far the largest. most of the TSE's listings are domestiv, although it also trades shares for 30 international companies.
The Tokyo Stock Exchange uses an elctronic, continuous auction system of trading.This means that brokers place orders online and when a buy and sell price match, the trade is automatically executed. Deals are made directly beteween buyer and seller, rather than though a market maker. The TSE uses price controls so that the price of a used to prevent dramativ swings in prices that may lead to market uncertainty or stock crashes. If a major swing in price occurs, the exchange can stop trading on that stock for a specifies period of time.
Stocks listed on the TSE are assigned to one of three markets: the First Section, Second Section, or Mothers ( market of the high-growth and emerging stocks).The high listing criteria must be met ffor the First section and all newly listed stocks begin on the Second Section, with less strict requirements. Stocks for high growth, emerging companies are listed on the Mothers market.The exchange undergoes a review at the end of each year, The First section currently has the most companies, with 1595 listings.
The Tokyo Stock Exchang also has a siginificant market for derivatives, which has been operating for twenty years.The TSE lists futures and options in indexes, equities, and japanese government bonds.
History ot the Tokyo Stock Exchange
The Tokyo Stock Exchange wast created in 1878, when a period of industrialiszation in Japan had created a need for its own exchange. I response to WWII, there was a reorganisation of the Japanese stock markets in 1943.Eleven stock exchanges in Japan, including the Tokyo stock exchange , were combined to form the japan securities exchange, which was partially run bu the government. Due to air raids on Japan, the stock market was closed in 1945 from august to december. japans stock markets were reorganized again 1949, when thre exchanges were established in Tokyo, Osaka, and Nagoya. Six more, in Kyoto, Kobe, hiroshima, Fukuoka, Niigata, and sapporo were created within the next year, leaving firve current japanese exchanges in Tokyo, Osaka, Nagoya,Fukuoka and Sapporo.
In 1969, the TSE developed the Tokyo Stock Price Indedx (TOPIX).This index is calculated with al first section japaneese common stocks and gives an overall indication of how well the stock market is performing. The stock exchange has claculated the TOPIX every minute since 1987.
The Tokyo Stock Exchange closed its trading floor in 1999 to replace it with a fully electronic system. This move was made as many world exchange were begining to competitiveness of the Tokyo Stock Exchange
Tokyo Stock Exchange Profile :
Address :-2-1 Nihombashi Kabutocho, Chuo-ku, Tokyo 103-8220 Japan
Telephone :-81.3 3666 0141
Trading Hours :-monday - Friday, 9:00 am - 11:00 am, 12:30 - 3:00 pm JST
Holidays :-Adult's Day, National Foundation Day, Vernal Equinox, Greenery Day, Constitution Memorial Day, A National Holiday, Children's Day, Ocean Day, Respect for the Aged Day, Autumn Equinox, Health-Sports Day, Culture Day, Labor Thanksgiving Day, Emperor's Birthday.
Securities :-Stocks, bonds, exchange traded funds, derivatives
Trading System :-Continuous auction
Key Staff Chairman :- Taizo Nishimuro. President and CEO - Takuo Tsurushima
The TSE is incorporated as a kabushiki kaisha with nine directors, four auditors and eight executive officers. Its headquarters are located at 2-1 Nihombashi Kabutocho, Chuo-ku, Tokyo, Japan. Its operating hours are from 9:00 to 11:00 am, and from 12:30 to 3:00 pm. From April 24, 2006, the afternoon trading session started at its usual time of 12:30 p.m.
Stocks listed on the TSE are separated into the First Section (for large companies), the Second Section (for mid-sized companies), and the "Mothers" section (for high-growth startup companies). As of March 2006, there are 1,721 First Section companies, 489 Second Section companies and 156 Mothers companies.
The main indices tracking the TSE are the Nikkei 225 index of companies selected by the Nihon Keizai Shimbun (Japan's largest business newspaper), the TOPIX index based on the share prices of First Section companies, and the J30 index of large industrial companies maintained by Japan's major broadsheet newspapers.
89 domestic and 19 foreign securities companies participate in TSE trading
Organisation Structure
There are four units working in TSE to maintain their day today operations.They are-
1) Corporate management unit.
2) Self regulation unit
3) Market operation unit
4) System unit
The workings in each units are as follows
1) Corporate management unit
a) Internal auding office b) secretary office c) corporate palanning d) General administration e) Human resources f) Treasury
2) Self regulation unit
I) listing division a) listing b) Listing examination II) Compliance division a) participant registration and inspectin b) market surveillance and compliance
3) Market operation unit
I) market division
a) equities b) derivatives c) clearing and settlement d) information services
II) capital markets promotion division
a) public relations b) listion promotions c) Global business development
4) System unit
a) It planning b) system development and operation c) system quality control Other
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