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A panel set up by Financial Services Minister Kaoru Yosano recommended Wednesday that the Tokyo Stock Exchange Inc. consider installing takeover defenses and adopting a holding company structure before listing its shares on the Tokyo bourse in 2009.

The panel report calls the listing of shares on stock exchanges a “global trend.” If the TSE lists its own shares, it should consider introducing takeover defenses because it could become a takeover target of overseas bourses, the panel said.

After the report was presented, however, TSE President Taizo Nishimuro told reporters that “Excessive antitakeover measures should not be taken, given the development of the market.”

The report says the TSE should play a role as major stock market in Asia by forming alliances with other markets in the region.

It also recommends the TSE adopt a holding company structure and spin off its regulatory division into a separate company under the holding firm.

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