Tokyo Stock Exchange Group, Inc. (hereafter "TSE Group") and Osaka Securities Exchange Co., Ltd. (hereafter "OSE") agreed on the business combination in November last year. In accordance with the Anti-Monopoly Act, TSE Group and OSE filed a notification to the Japan Fair Trade Commission (hereafter the "JFTC") on January 4 this year and the JFTC has reviewed the business combination since then. We understand that the JFTC has conducted strenuous review within a short period of time, taking into full account the competition conditions in various fields of business.
Following the approval of the JFTC, TSE Group will promptly commence a takeover bid for OSE shares as announced in "Agreement regarding Business Combination between Tokyo Stock Exchange Group, Inc. and Osaka Securities Exchange Co., Ltd." released on November 22, 2011. TSE Group and OSE will subsequently conclude a merger agreement and seek approval at our respective general shareholders meetings. The business combination is scheduled to be completed on January 1, 2013.
We will continue working toward the business combination to strengthen our presence as a global financial center, increase convenience for market users, and also contribute to raising the competitiveness of the Japanese financial and capital market in our efforts to revitalize the Japanese economy.
Atsushi Saito
President & CEO
Tokyo Stock Exchange Group, Inc
