About TSE

History

Update : Nov. 05, 2001

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In the 1870's, a securities system was introduced in Japan and public bond negotiation began. This resulted in the request for a public trading institution; and, the "Stock Exchange Ordinance" was enacted in May 1878. Based on this ordinance, the "Tokyo Stock Exchange Co., Ltd." was established on May 15, 1878; and trading began on June 1st.

In March 1943, the "Japan Securities Exchange Law" was enacted to reorganize the Stock Exchange as a war-time controlled institution. On June 30, 1943, 11 stock exchanges throughout Japan were unified and a quasi-public corporation, the "Japan Securities Exchange", was established (dissolved in April, 1947).

With worsening war conditions and air-raids on the main island of Japan, the securities market was forced to suspend trading sessions on all securities markets from August 10, 1945. It was difficult to re-open the Stock Exchange by a Memorandum of Supreme Commander of Allied Powers (SCAP) in September 1945; however, trading was restarted by unofficial group transactions in December of 1945.

The Securities and Exchange Law was enacted in March of 1947, and entirely revised in April of 1948. On April 1, 1949, three stock exchanges were established in Tokyo, Osaka and Nagoya. Trading on these exchanges began on May 16. In July of that same year, five additional stock exchanges were established in Kyoto (merged into Osaka Securities Exchange in March 2001), Kobe (dissolved in October 1967), Hiroshima (merged into Tokyo Stock Exchange in March 2000), Fukuoka, and Niigata (merged with Tokyo Stock Exchange in March 2000). In addition, the Sapporo Securities Exchange was established in April 1950. Consequently, Japan now has five stock exchanges.

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TSE Historical Highlights

May 15, 1878 "Tokyo Stock Exchange Co., Ltd." established.
Jun. 30, 1943 "Japan Securities Exchange", a quasi-governmental organization, created by a merger of all existing stock exchanges in Japan.
Apr. 16, 1947 "Japan Securities Exchange" dissolved.
Apr. 1, 1949 "Tokyo Stock Exchange" in the present form founded (opened on May 16).
Jun. 1, 1951 Margin transactions introduced.
Apr. 2, 1956 Bond trading started.
Oct. 2, 1961 Second Section for stocks opened.
Oct. 1, 1966 Government bonds listed for the first time after World War II.
Oct. 2, 1967 New auction process put into practice with abolition of "Baikai" trades (off-exchange trades by members reported as TSE contracts)
Apr. 1, 1968 Licensing system for securities companies introduced in place of registration system.
Jul. 1, 1969 TOPIX (Tokyo Stock Price Index) inaugurated (January 4,1968=100).
May 11, 1970 Trading in convertible bonds started.
Oct. 15, 1970 TSE joined the International Federation of Stock Exchanges(FIBV).
Jul. 19, 1971 Book Entry Clearing System for stocks introduced.
Apr. 2, 1973 Yen-based foreign bonds listed for the first time.
Dec. 18, 1973 Foreign Stock Section opened.
Sep. 24, 1974 Market Information System (MIS) put into operation.
Apr. 1, 1977 Ad valorem brokerage commission system introduced.
Jan. 23, 1982 Computer-assisted Order Routing & Execution System (CORES) introduced.
May 13, 1985 Trading started in new market building.
Oct. 19, 1985 Trading in 10-year Japanese government bond futures started.
Feb. 1, 1986 10 securities companies including first 6 foreign companies joined the TSE membership.
May 23, 1988 22 securities companies including 16 foreign companies joined the TSE membership.
Sep. 3, 1988 Trading in TOPIX futures started.
Oct. 20, 1989 Trading in TOPIX options started.
Dec. 1, 1989 Trading in U.S. T-Bond futures started.
May 11, 1990 Trading in options on Japanese government bond futures started.
Nov. 19, 1990 10 securities companies including 3 foreign companies joined the TSE membership.
Nov. 26, 1990 Floor Order Routing and Execution System (FORES) introduced.
Oct. 9, 1991 Central Depository & Clearing System began its operation.
Apr. 1, 1994 Partial (over 1 billion yen) deregulation of brokerage commission was effected.
May 29, 1995 Investment Trust Beneficiary Certificate linked to "Nikkei 300 Stock Index Listed Fund" listed.
Feb. 16, 1996 Trading in 5-year Japanese government bond futures started.
Jul 18, 1997 Trading in equity options started.
Jan. 23, 1998 Trading in sector-stock price index futures started.
Apr. 1, 1998 Partial (over 50 million yen) deregulation of brokerage commission was effected.
Apr. 2, 1998 Calculation of new stock price index series started.
Jun. 29, 1998 ToSTNeT introduced.
Jul. 1, 1998 TDnet (Timely Disclosure Network) system introduced.
Dec. 1, 1998 Abolition of restriction on off-exchange trading for listed securities.
Apr. 2, 1999 50th Anniversary Ceremony was held.
Apr. 30, 1999 Stock trading floor was closed.
Jun. 1, 1999 Target (TSE wide area network) introduced.
Oct. 1, 1999 Liberalization of brokerage commission.
Oct. 1, 1999 Abolition of the fixed number of members was effected.
Nov. 11. 1999 The MOTHERS market for high-growth and emerging companies established
Mar. 1. 2000 Hiroshima and Niigata stock exchanges merge into TSE
May 9. 2000 Opening of TSE ARROWS
Nov. 1. 2001 Tokyo Stock Exchange, Inc. established after demutualization of TSE
Jan. 14, 2003 Commencement of operations at Japan Securities Clearing Corporation
Aug.1.2007 Tokyo Stock Exchange Group, Inc. established
Oct.17.2007 Establishment of Tokyo Stock Exchange Regulation
Nov.1.2007 Commencement of operations at Tokyo Stock Exchange Regulation

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