Japan Eyes Further Transformation after Exchange Merger

Inter-city rivalry has always been a factor in modern civilization, for a number of reasons. Ask a New Yorker what they think of Boston’s baseball team, or watch a soccer match between Coventry City and Birmingham’s Aston Villa. Competition can be visceral, whatever the medium, and it’s historically been no different in Japan.

Regional rivalries between Tokyo and Osaka are well-known in Japan, and trading has been clearly delineated—equities in Tokyo, derivatives in Osaka—for some time. Indeed,

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