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The Tokyo Stock Exchange, or TSE, located in Tokyo, Japan, is the second largest

Tokyo Stock Exchange

stock exchange in the world by aggregate market capitalization of its listed companies, second only to the New York Stock Exchange. As of 31 December 2007, the Tokyo Stock Exchange had 2,414 listed companies with a combined market capitalization of $4.3 trillion.
Structure
The TSE is incorporated as a kabushiki kaisha with nine directors, four auditors and eight executive officers. Its headquarters are located at 2-1 Nihombashi Kabutocho, Chūō, Tokyo, Japan. Its operating hours are from 9:00 to 11:00 am, and from 12:30 to 3:00 pm. From April 24, 2006, the afternoon trading session started at its usual time of 12:30 p.m.
Stocks listed on the TSE are separated into the First Section (for large companies), the Second Section (for mid-sized companies), and the "Mothers" section (for high-growth startup companies). As of March 2006, there are 1,721 First Section companies, 489 Second Section companies and 156 Mothers companies.
The main indixes 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.
89 domestic and 19 foreign securities companies participate in TSE trading.
Other TSE-related institutions include:
The exchange's press club, called the Kabuto Club (兜倶楽部, Kabuto kurabu?), which meets on the third floor of the TSE building. Most Kabuto Club members are affiliated with the Nihon Keizai Shimbun, Kyodo News, Jiji Press, or business television broadcasters such as Bloomberg LP and CNBC. The Kabuto Club is generally busiest during April and May, when public companies release their annual accounts.
On 15 June 2007, the TSE paid $303 million to acquire a 4.99% stake in Singapore Exchange Ltd.
Hours
The exchange's normal trading sessions are from 09:00am to 11:00am and from 12:30pm to 3:00pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.
Alliances
The London Stock Exchange (LSE) and the TSE are developing jointly traded products and share technology, marking the latest cross-border deal among bourses as international competition heats up. The TSE is also looking for some partners in Asia, and more specifically is seeking an alliance with the Singapore Exchange (SGX), which is considered as becoming a leading financial hub in the Asia-Pacific region. Recently, some rumors close to the deal suggest that the TSE is preparing for a takeover of the SGX, or at least take a major stake, in the first semester of 2008. The TSE has already acquired a 5% stake in the SGX as of June 2007, deemed to be only the beginning of greater participation.
London Stock Exchange Group plc|London Stock Exchange joint venture
In July 2008 the London Stock Exchange (LSE) and the TSE announced a new joint venture Tokyo-based market, which will be based on the LSE's Alternative Investment Market (AIM).

东京证券交易所(Tokyo Stock Exchange，缩写：TSE 简称：东京证交所)，是世界四大证券交易所之一。

东京证券交易所简介
　　东京证券交易所是会员制的证券交易所，有资格成为交易所会员的只限于达到一定标准的证券公司。现拥有会员证券公司一百余家，其中约五分之一为外国的证券公司。
　　东京证券交易所的股票有两种方式：一种是在股票交易大厅里对第一部的250种大宗股票和外国股票进行的交易。交易大厅中有六个“U”形交易台，其中五个为国内股票交易台，一个为外国股票交易台，站在台外边的是正式会员公司派驻的交易员，站在台里边的是中介人会员。交易时，正式会员公司的交易员根据场外公司传来的指令，向台里边的中介人会员征徇，谈判买卖。中介人会员的任务是把各正式会员移交的买卖委托，按交易规则加以撮合，使买卖成交，成交结果由计算机储存处理。第二种方式是通过电脑成交。除在第一部交易的股票外，所有的上市股票都是用这种方式成交。各会员公司通过电脑的指令输入装置向交易所内的中央处理机发出指令，通过电脑的交易室内的专用终端装置，由交易所经纪人按照显示的报价情况加以撮合成交。
　　东京证券交易所对于买卖交易制定了许多详细的规则。其中，最基本的是交易市场的集中原则和竞争买卖的原则。市场集中交易原则，即把尽可能多的有价证券买卖集中于证券交易所交易（部分债券例外），旨在达到形成公正价格；现货交易原则，即只进行现货交易，不准进行期货交易。在东京交易市场上交易和买卖的有价证券，事先要经过东京证券交易所的上市资格审查。经审查认为符合上市标准的，呈报大藏大臣认可，方能上市。对于上市的有价证券，还要不断地进行严密地监督和审查，以决定其是否继续上市。
　　在东京证券交易所上市的国内股票分为第一部和第二部两大类，第一部的上市条件要比第二部的条件高。新上市股票原则上先在交易所第二部上市交易，每一营业年度结束后考评各上市股票的实际成绩，据此作为划分部类的标准。
　　东京证券交易所根据企业的发展阶段对应外国企业开设了“外国部”、“Mothers”两个市场。企业根据公司的规模及企业形象可选择任意一个市场。Mothers市场面向具有很高成长性的公司和国外新兴企业为对象，外国部则面向全球大型外国企业和业绩优良的企业。
东京证券交易所上市公司数目
截止2006年3月9日 共 2,367 家上市公司 （其中27家为外国公司）
市场第一部 1720（外国公司26家）
市场第二部 491 （外国公司0家）
Mothers 156 （外国公司1家）
东京证券交易所的发展特点
　　1、发行市场尚未充分发展
　　长期以来，大量的公众储蓄都依赖金融机构进行间接投资，使证券交易具有整批性、数量大等特点，同时也造成发行市场狭小，仅面向少数金融机构，使股票、债券的发行市场形成抽象的无形市场，与发达的流通市场相比较落后。
　　2、债券市场比较发达，股票市场相对落后
　　虽然日本只有一部分债券在交易所上市，但债券发行条件灵活，发行期长，个人认购额大，所以债券流通市场高度发达，促使债券市场得以迅速发展。日本大量过剩资本也吸引外国在日本发行日元债券筹集资金。因此，每年通过债券市场筹集的资金大大超过股票市场。
　　3、间接投资相对发达
　　一方面公众积累资金大部分存入金融机构；另一方面银行借助“窗口指导”，大大促进了经济高速增长，使企业严重依赖银行借款，形成大量债务资本。但近年来，经济高速发展使单一资金来源远远不能满足要求，于是证券市场得以迅速扩展，成为新的筹资渠道。
　　4、国家资本的直接投入占较大比重
　　由于日本是后起的资本主义国家，经济跳跃式发展的大量资金必须依靠国家筹集和分配。因此，大量国债仍将是东京证券交易所的主要交易对象。
网址：http://www.tse.or.jp