October 23, 2018 / 6:19 AM / 24 days ago

TSE owner to start merger talks with commodity exchange-source

TOKYO, Oct 23 (Reuters) - Japan Exchange Group Inc (JPX) will start talks merger with smaller rival Tokyo Commodity Exchange Inc, a source familiar with the matter said on Tuesday.

Merging JPX, owner of Tokyo Stock Exchange, with the commodity exchange, known as TOCOM, would create an integrated bourse that offers trades in stocks, derivatives and commodities futures.

The idea of a merger to create a Japanese bourse that would be in the same league as Intercontinental Exchange Inc. has been spoken about for years without any action being taken.

The two exchanges are planning to start talks by the year-end, said the source, who was not authorised to discuss the matter publicly.

JPX also owns Osaka Exchange Inc, which runs derivatives markets such as index futures and JGB futures.

In a statement, JPX said it has said in its current medium-term business plan that it has been studying ways to realise “an integrated exchange,” but added no concrete progress has been made at this moment. TOCOM also gave a similar statement. (Reporting by Takahiko Wada and Taiga Uranaka; Editing by Simon Cameron-Moore)

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