Tokyo Stock Exchange and Osaka Securities Exchange win regulatory approval for planned merger

On 5 July 2012, the Tokyo Stock Exchange Group and the Osaka Securities Exchange received approval from the Japan Fair Trade Commission for their business combination. The TSE Group will now promptly commence a takeover bid for OSE shares. The two exchanges will subsequently conclude a merger agreement and seek approval at their respective general shareholders meetings. TSE Group and OSE are scheduled to complete the business combination on 1 January 2013.