Tokyo Stock Exchange (TYO ot TSE)

Tokyo Stock Exchange is the main Japanese stock exchange and the world's second-largest one in terms of transactions volume. As of 31 December 2007, the Tokyo Stock Exchange had 2,414 listed companies with a combined market capitalization of $4.3 trillion.

TYO accounts for 85% of Japanese stocks' turnover. The main indices tracking the TSE are the Nikkei 225 index of companies selected by the Nihon Keizai Shimbun (Japan's largest business newspaper), the TOPIX index based on the share prices of First Section companies, and the J30 index of large industrial companies maintained by Japan's major broadsheet newspapers; shares, bonds, options and futures on some shares and bonds, futures on TOPIX are also traded.

The trading is executed in 3 sections. The first one is for the shares of big companies. About 70% of the companies, whose shares are quoted in the first section, are included in the quoted lists of stock exchanges of Osaka and Nagoya. The second section makes lower demands on the listing and is intended for the shares of small companies (about 400 issuers). International shares are quoted in the third section. Under TYO there is over-the-counter market of the shares registered in the Securities Dealers Association of Japan. Members of TYO are permanent participants acting as principals or agents ('saitori') who are allowed to act as intermediaries between permanent members.

At the end of 1991 automatic system of transactions' execution got started on over-the-counter market. At present, the trading is basically automated and executed through computer-assisted

Order Routing and Execution System for Futures and Options (CORES), albeit there is the trading of 150 types of the shares executed in the first section on the basis of open outcry.

TSE is opened from Monday through Friday from 00:00 to 06:00 (GMT).