• Kyodo

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After more than half a year of talks, Tokyo Stock Exchange Group Inc. and Osaka Securities Exchange Co. have finally decided to merge in January 2013, a crisis-driven move in response to growing pressure from international rivals.

“The TSE could become one among (many) local exchanges from (its position) as a leading world financial center,” a TSE official said of the decline in the bourses’ international presence, with the Shanghai Stock Exchange exceeding the TSE in terms of average daily trading value in 2010.

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