Regulators approve merger of Japan's 2 top bourses

Regulators in Japan gave the nod Thursday to the proposed merger between the Tokyo Stock Exchange and the Osaka Securities Exchange, the two bourses said. The Tokyo and Osaka bourses in January applied for the Japan Fair Trade Commission's approval. With the official green signal, the bourses are expected to merge in January 2013, under a holding company tentatively named Japan Exchange Group Inc. To accomplish the union, Tokyo Stock Exchange Group Inc. is to make a tender offer this summer to acquire a stake in Osaka Securities Exchange Company, (Kyodo) news agency reported today.