Japan Exchange Group Posts Solid Third-Quarter Result
Japan Exchange Group announced a solid third-quarter result that was largely in line with our expectations. Net profit for the third quarter was JPY 12.3 billion, versus JPY 10.1 billion in the second quarter and JPY 11.6 billion in the year-ago period. The result was mainly driven by an improvement in market conditions and lower operating expense, but offered no new strategic initiatives to alter our long-term view on the wide-moat-rated exchange. We raise our fair value estimate by 8% to JPY 1...Japan Exchange Group is a holding company engaged in the provision of financial instrument exchange services. Through its four major subsidiaries, Tokyo Stock Exchange, Osaka Exchange, Japan Exchange Regulation and Japan Securities Clearing, Co. provides market infrastructure for financial instruments including financial instrument exchange. Co. also offers traders and investors reliable venues for trading listed securities and derivative instruments, as well as clearing and settlement services through a central counterparty. Co. was established through the business combination between Tokyo Stock Exchange and Osaka Securities Exchange on Jan 1 2013.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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