Source: Osaka Securities Exchange, International Securities Exchange
The Osaka Securities Exchange Co., Ltd. (OSE) and International Securities Exchange Holdings, Inc. (ISE) today announced the termination of their Memorandum of Agreement (MOA) to create a jointly owned equity options trading platform for the Japanese market.
Given market developments in Japan, OSE has changed strategic direction to concentrate on strengthening its core business, and as such, elected to terminate the MOA that would have led to the establishment of a new joint venture with ISE.
Michio Yoneda, President and CEO of OSE, said, "This adoption of a new strategic direction will allow us to concentrate on growing our core business and further improving our technology platform. We deeply regret the announcement of the termination of the MOA with ISE and offer our sincere appreciation for ISE's understanding in the matter."
Gary Katz, President and CEO of ISE, said, "Although we are very disappointed that our joint venture with OSE did not come to fruition, we recognize OSE's corporate priorities have changed, and we respect their decision to end discussions related to our joint project."