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April 11, 2024. TOKYO, Japan.

JPX Working Papers highlight research and studies on changes in the market and regulatory environment with the aim of raising competitiveness. Conducted by officers and employees of JPX, its subsidiaries, and affiliates, as well as outside researchers, JPX Working Papers are intended to draw comments widely from academia, research institutions, and other market participants and observers.

Japan Exchange Group, Inc. (JPX) today published JPX Working Paper, Vol.42 "Impact of optimization of the tick size for TOPIX Mid 400 constituents".


* This Japanese version was released on January 31, 2024.


JPX Working Papers highlight research and studies on changes in the market and regulatory environment with the aim of raising competitiveness. Conducted by officers and employees of JPX, its subsidiaries, and affiliates, as well as outside researchers, JPX Working Papers are intended to draw comments widely from academia, research institutions, and other market participants and observers.The contents and opinions of the published papers belong to the individual authors and do not represent the official views of Japan Exchange Group, etc.


JPX Working Papers

(Reference) Japanese Website


Contact

Corporate Strategy Department, Japan Exchange Group, Inc. 

TEL:+81-3-3666-1361


January 19, 2024. SYDNEY, Australia


Cboe Australia (“Cboe” or “Cboe Australia”), a regulated stock exchange committed to transforming, improving and growing Australia’s securities and derivatives markets, today announced the introduction of Cboe quoted products to CFS Edge.


The full range of innovative Cboe quoted products are accessible to advisers using Colonial First State’s (CFS) new wealth management platform, CFS Edge.


Launched in August last year, CFS Edge is a contemporary wealth management platform, bringing world-class technology and capability to the Australian financial advice sector and their clients.


Cboe Australia President, Emma Quinn, said the partnership with CFS underlined Cboe’s commitment to offering cutting-edge investment solutions to a greater number of Australians.


“We are delighted to announce this exciting partnership with Colonial First State and expand investor access through CFS Edge,” she said.


“As our quoted product offering continues to grow, so too does demand from advisers and their clients for access to breakthrough investment options.”


“This partnership with CFS is also the latest step in our journey to provide Australian investors with access to globally quoted ETP’s and listed companies, which we expect to offer to Cboe participants from 2024, pending regulatory approval.” CFS Group Executive, Distribution, Bryce Quirk, said the partnership with Cboe served to provide further depth to CFS Edge.


“As advisers seek to build client portfolios designed to manage uncertain investment markets, it’s important they have access to the broadest possible range of investment solutions,” Mr Quirk said.


“By integrating Cboe Funds into CFS Edge, advisers and their clients will benefit from Cboe Australia’s wide range of premium ETFs and Quoted Managed Funds.”


January 3, 2024. ZURICH, Switzerland

SIX publishes the monthly key figures of SIX Swiss Exchange and BME Exchange on trading and listing activities in Switzerland and Spain.

Key Figures SIX Swiss Exchange

  • Trading turnover full year 2023: CHF 1,046.3 billion (previous year: CHF 1,208.1 bn) with 46,094,349 transactions (60,810,665).

  • Swiss blue chip index SMI® at 11,137.8 points (+3.8% versus the end of 2022)

  • 10 companies completed successful listings

  • 5 new product issuers and 1 trading participant joined

In the year 2023, ten companies chose to issue and list equity securities on SIX Swiss Exchange – with an aggregated transaction volume of around CHF 2.2 billion equivalent. The highlight of the year was the listing of Sandoz, the spin-off from Novartis, with a market capitalization of around CHF 10.5 billion. As the novelty of the year, R&S Group can be named as the company listed at SIX Swiss Exchange via a business combination with VT5 Acquisition Company, the first SIX-listed Swiss Special Purpose Acquisition Company (SPAC). And in addition, [eight] Chinese issuers listed Global Depository Receipts (GDRs) raising around USD 2.4 billion. Equally important is the fact that companies that are already listed made active use of the Swiss capital market and were able to raise around CHF 8.3 billion via equity capital increases in the past year (CHF 7.0 billion in 2022).


Around CHF 116 billion (CHF 114 billion in 2022) were raised by debt capital instruments (bonds and money market papers), out of which bonds raised an equivalent amount of CHF 116 billion (CHF 110 billion in 2022), exceeding the CHF 100 billion mark for the second time in a row. In total, the bond segment saw 436 new listings (393 in 2022), of which around 90% were denominated in Swiss Francs.


In the product segments, five new issuers joined SIX Swiss Exchange over the course of the year: the ETF issuers AXA Investment Managers and First Trust, the ETP issuer CAT Financial Products as well as the two investment fund issuers Zurich Invest Ltd and Sustainable Real Estate AG, adding two more real estate funds to the existing offering of 46 actively managed investment funds. In 2023, the number of both ETFs and structured products available to investors reached new records, with 1,700 and 60,000 respectively. For the first time, the number of newly listed structured products in a year passed the 100,000 threshold, reaching 102,504 (2022: 95,207), while 150 new ETFs were listed. 


Key Figures BME Exchange

  • The Spanish Exchange closed the year with 2.29 billion trades, 2.1% more than in 2022, and a capitalization of 1.2 trillion, up 16.8% on the previous year  

  • Fixed Income markets channeled EUR 405 billion of new funding, up 8.7%, boosted by the new Securities Markets Act 

  • New members and more functionalities in the MEFF Derivatives market 


The Spanish equities market closed the year with 2.29 million trades, 2.1% more than in December 2022. The cumulative effective volume traded through December was 301.2 billion euros. At December 31, the Spanish stock market had a capitalization of 1.2 trillion, up 16.8% on the previous year. The IBEX35® also followed this positive trend, rising by 22.8%. Including dividends distributed, the index's total return reached 28%. Capital increases amounted to 4,245 million euros (5,572 million in 2022). 


BME Growth added 10 new companies, 3 of which were SOCIMIS. Companies already listed on this market raised more than 540 million euros in capital increases. To continue supporting companies at all stages of their growth, BME launched BME Scaleup, a market aimed at companies in the early stages of development. 


BME's Fixed Income markets channeled more than €405 billion of new financing to the public and private sector, 8.7% more than in 2022. Particularly relevant for the AIAF Market was the entry into force in September of the new Securities Markets Law, which transferred to BME certain powers in admission to trading, facilitating issuance in the regulated market. Since then, new issues of bonds and promissory notes have been registered by Caixabank, Bankinter, Banco Santander, BBVA Global Markets, Abanca, Unicaja Banco, Banco Sabadell and Deutsche Bank. Meanwhile, the MARF, which celebrated its 10th anniversary in October, continued to grow with the debut of 12 new companies and more than 15 billion euros issued, 11.6% more than in 2022.  


The MEFF Derivatives market successfully implemented new functionalities in retail trading and introduced new features in options on the IBEX 35®. In addition, new members joined both the financial derivatives (TP ICAP Europe) and energy derivatives (Pavilion Energy Spain) segments, improving the overall diversity and competitiveness of the market. 


Detailed statistics on turnover and transaction volumes per segment compared with the previous month and previous year, on newly listed products and on the development of the most important indices can be found in the tables below. The website of SIX Swiss Exchange provides you with full access to our complete information offering. We provide you with the latest market data and comprehensive statistics for our entire securities universe. This includes order book information, prices, volumes and turnover figures as well as historical data and statistics. We also provide official notices of listed companies, management transactions and other relevant information to ensure safe and transparent trading. Discover more.


About SIX


SIX operates and develops infrastructure services for the Swiss and Spanish Stock Exchanges, for Post-Trade Services, Banking Services and Financial Information with the aim of raising efficiency, quality and innovative capacity across the entire value chain of the Swiss and Spanish financial centers. The company is owned by its users (120 banks). With a workforce of 4,044 employees and a presence in 20 countries, it generated operating income of CHF 1.5 billion and Group net profit of CHF 185.0 million in 2022.



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