Japan Exchange Group, Inc., abbreviated as JPX or Nippon Torihikijo, is a Japanese financial services company headquartered in Tokyo and Osaka. It is a "financial instruments exchange holding company" subject to the regulations of the Financial Instruments and Exchange Act enforced by the Financial Services Agency. It is also monitored by a separate self-regulatory body called Japan Exchange Regulation, dedicated to ensuring neutral and effective self-regulation operations defined under the Financial Instruments and Exchange Act. The exchange group was formed by the merger of Tokyo Stock Exchange Group, Inc. and Osaka Securities Exchange Co., Ltd. on January 1, 2013. As a result of this merger and market reorganization, the Tokyo Stock Exchange became the sole securities exchange of JPX and the Osaka Exchange 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., and a central clearing counterparty, Japan Securities Clearing Corporation. Wikipedia