By Marcus Leach

A deal worth $4.1 billion (£2.6 billion) will see Japan's two major stock exchanges merge to create what will be the the third biggest market in the world.

The exchanges in Tokyo and Osaka will merge and hold listed stocks worth in the region of $3.6 billion, bettered only by the NYSE Euronext, valued at $12 trillion, and Nasdaq OMX, worth around $4 trillion.

Talks have been ongoing for some months now and finally the merger has been agreed, bringing together the strengths in equities and derivatives of the two exchanges.

"For a Japanese stock exchange to survive such global competition as a player, it must establish a highly liquid and efficient market and enhance the convenience of investors and companies," the TSE and OSE said in a release.

The merger will see operations combined in 2013 with a tentative suggestion of the new name to be Japan Exchange Group.

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