Shareholders of Tokyo Stock Exchange Group Inc. and Osaka Securities Exchange Co. gave their OK on Tuesday to the bourses' plan to merge Jan. 1 and create Japan Exchange Group Inc., which will be the holding company for the two exchanges.
The merger will create one of the largest securities exchanges in the world, but the new entity will likely face challenges in fighting competition and invigorating sluggish Japanese securities trading.
Combined, the nation's two biggest bourses will rank fourth in the world in terms of the aggregate value of shares of the businesses listed as of October.