Japan exchanges to merge in 2013

TOKYO, Nov 19 (AFP): Japan's two major bourses have agreed to merge in about January 2013, creating the world's second-largest stock exchange, reports said Saturday. The presidents of the Tokyo Stock Exchange (TSE) and Osaka Securities Exchange (OSE) reached a basic agreement Friday on the merger, the Nikkei business daily reported, citing unnamed sources. The two will integrate their operations within a few years after the merger by reorganising into four units specialising in cash stocks, derivatives, settlement and self-regulation, the Nikkei and Yomiuri newspapers reported. The exchanges both declined to confirm the reports, but the Nikkei and Yomiuri said the companies would both hold board meetings Tuesday.