Nasdaq Deepens Footprint in Japan as Osaka Exchange Selects Eqlipse Platform for Derivatives Overhaul
The Osaka Exchange (OSE)—a subsidiary of the Japan Exchange Group—has selected Nasdaq (NDAQ) to provide the technology backbone for its next-generation derivatives platform.
Under the agreement, OSE will deploy Nasdaq’s Eqlipse Trading and Market Surveillance platforms. The deal represents a significant modernization effort for the Japanese exchange, designed to improve latency performance and scalability while integrating artificial intelligence to monitor market integrity.
Modernization and Competitiveness
The upgrade comes as global exchanges face increasing pressure to handle surging transaction volumes and evolving market structures. According to the announcement, the Eqlipse platform will provide OSE with multi-asset capabilities and ultra-low latency trading. Crucially, the system features a scalable architecture meant to accommodate rapid volume fluctuations and allow for the quicker rollout of new financial products.
OSE President and CEO Ryusuke Yokoyama described the partnership as a reinforcement of a long-standing collaboration between the two entities.
"The platform will significantly enhance the foundation of derivatives trading at OSE," Yokoyama said. "By combining Nasdaq’s expertise with our own experience, we believe we can provide all market stakeholders with a safer and more efficient trading environment."
Surveillance and Integrity
Beyond execution, the contract includes the deployment of Nasdaq’s Market Surveillance technology. The system utilizes advanced analytics and AI-driven capabilities to detect potential market abuse and manipulation, a critical component for maintaining institutional investor confidence in the region's derivatives market.
Magnus Haglind, Head of Capital Markets Technology at Nasdaq, noted that the infrastructure is designed to anticipate future market shifts.
"OSE's modernization program reflects their commitment to delivering world-class market infrastructure that enhances Japan's position as a leading global derivatives market," Haglind stated.
Expanding Nasdaq’s Reach in Asia
This contract further entrenches Nasdaq as a dominant technology vendor within Japan’s financial services ecosystem. The U.S.-based technology group already provides mission-critical systems, including Calypso and AxiomSL solutions, to many of Japan’s major financial institutions for capital markets, treasury, and regulatory compliance.
R.G. Manalac, Nasdaq’s Senior Vice President for Asia Pacific, highlighted the strategic nature of the deal, noting that the partnership spans decades.
"This expanded partnership with OSE reinforces our role in helping Japanese markets compete and innovate on the global stage," Manalac said.
Nasdaq currently provides technology to over half of the world’s top 25 stock exchanges and more than 35 central banks and regulators.
Norbert Gehrke
