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Warmest
greetings for the New Year. As we head into 2007, I'd like to wish
everybody health and further prosperity in the future.
With factors such as businesses persistently setting new records
in profit, the Japanese economy is continuing to maintain strength
from a fundamental standpoint.
While it is frustrating that this strength is not always reflected in market trends, market volume has continued to maintain high levels, and I believe that we are steadily building up the energy to surge upwards from here on out.
This year, we are encountering a truly critical period for releasing this enormous pent up energy and once again pushing forward towards revitalization, as well as deeply ingraining the idea of "from savings to investment" in our society, the seeds of which have already begun to be sown in our everyday lives.
We at the TSE have seriously reflected on the series of system troubles that occurred in the past, and will use to the maximum extent possible everything that we have learned through this reflection. First, we will fulfill the duty of acting as an infrastructural element that is required of us. In addition to expansion of the system currently in operation, this year we will steadily move forward towards switching over to the next-generation system currently in development by 2009, which will realize the world's highest level of speed and functionality.
In addition, the TSE will change our organizational structure this summer to a pure shareholding company under which a market operation company and a self-regulation corporation will be established. Our self-regulatory function is our lifeline as well as our most powerful weapon, and we will live up to the trust invested in us by everyone by further improving this function and ensuring independence.
Furthermore, exchanges all around the world are currently enveloped in a surge of mergers and acquisitions such as that between the New York Stock Exchange and Euronext. Right now only speculation exists, but from here on out, we will get a clearer picture of exactly what actual benefits are brought about by these alliances for market users such as listed companies and investors.
These are just a few of my impressions as we begin the new year. This is also a year in which we will newly embark on our journey to realize the listing of our shares by 2009. Meanwhile, we will endeavor to improve confidence and usability of the market and thereby gain the strength to triumph amidst accelerating inter-market competition by offering an internationally competitive system and self-regulatory function at a low cost. We earnestly ask for your continued support and cooperation in this matter.
Tokyo Stock Exchange, Inc.
Taizo Nishimuro
President/CEO
