Japan Exchange Group, Inc., abbreviated as JPX or Nippon Torihikijo, is a Japanese "financial instruments exchange holding company" subject to the regulations of the Financial Instruments and Exchange Act enforced by the Financial Services Agency. JPX owns three licensed "financial instruments exchange" corporations: Tokyo Stock Exchange, Inc., Osaka Exchange, Inc., and Tokyo Commodity Exchange, Inc. It was formed by the merger of TSE and OSE on January 1, 2013. As a result of this merger and market reorganization, TSE became the sole securities exchange of JPX and OSE became the largest derivatives exchange of JPX. In 2019, JPX acquired TOCOM to expand derivatives trading business in the commodity market. It also has an IT services and research arm, JPX Market Innovation & Research, Inc., a self-regulatory body, Japan Exchange Regulation, and a central clearing counterparty, Japan Securities Clearing Corporation. As of June 2021, it is the world's fifth-largest stock exchange operator, behind NYSE, NASDAQ, SSE, and HKSE. Wikipedia