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. The exchange group was formed by the merger of Tokyo Stock Exchange and Osaka Stock Exchange 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. JPX owns three licensed "financial instruments exchange" corporations: Tokyo Stock Exchange, Inc., Osaka Exchange, Inc., and Tokyo Commodity Exchange, Inc. 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, JPX is the world's fifth-largest stock exchange operator, behind NYSE, NASDAQ, SSE, and HKSE. Wikipedia