About TSE
History
Update : Nov. 05, 2001
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.
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 |
