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New private financial exchange opens in Japan, first in 12 years

Osaka Digital Exchange Co. President Kimio Mikazuki takes part in an opening event for the commencement of trade in Tokyo on June 27, 2022. (Kyodo)

TOKYO (Kyodo) -- A new private financial exchange, hoping to be an alternative for the Tokyo Stock Exchange, opened Monday in Japan, becoming the third such exchange and the first to be launched in 12 years in the country, the operator said.

    The Osaka Digital Exchange or ODX offers trading of stocks and exchange-traded funds from 8:20 a.m. to 4 p.m. on weekdays, longer than the TSE's trading hours o 9 a.m. to 3 p.m., with a plan to introduce next year blockchain, an advanced technology for preventing data hacking.

    Online financial giant SBI Holdings Inc. owns a 70 percent stake in ODX's operator, Osaka Digital Exchange Co., through its wholly owned subsidiary SBI PTS Holdings. Sumitomo Mitsui Financial Group Inc. holds a 20 percent stake with the remainder equally split between Nomura Holdings Inc. and Daiwa Securities Group Inc.

    "We would like to boost momentum for investment in collaboration with the Tokyo Stock Exchange and others," Kimio Mikazuki, president of Osaka Digital Exchange, said at an opening event at the company's Tokyo head office.

    Mikazuki also expressed a willingness to contribute to efforts at turning its namesake, Osaka, into an international financial center.

    The comment comes as Osaka Gov. Hirofumi Yoshimura has indicated that Osaka has what it takes to serve as an international financial hub.

    SBI Holdings is pushing for a plan to create, in cooperation with the local governments, an international financial center in the western Japan prefectures of Hyogo and Osaka, which has Japan's first integrated bourse for stocks and commodity futures.

    Yoshitaka Kitao, the top executive of SBI Holdings, has said at a press conference that "the time has come to create the next-generation international financial center" in Osaka and Hyogo.

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