Report
Michael Wu
EUR 101.80 For Business Accounts Only

Japan Exchange Group targets growth as integration from merger completes.

We recently met with wide-moat-rated Japan Exchange Group, or JPX, for an update following its recent fiscal result and its medium-term strategy. We also met with unlisted peer Tokyo Commodities Exchange Group, or Tocom, as the exchange reached a memorandum of understanding late last year with narrow-moat-rated Singapore Exchange, or SGX, in developing the liquefied natural gas, or LNG, derivatives market and electricity futures. Our long-term thesis on the two exchanges is unchanged. We expect ...
Underlying
Japan Exchange Group Inc.

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Michael Wu

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