Japan Exchange Group, or JPX, is a vertically integrated exchange group formed by the merger of Tokyo Stock Exchange, or TSE, and Osaka Securities Exchange, or OSE, in 2013. Following the merger, TSE forms the cash equities markets, while derivatives are traded on the OSE. JPX is the majority owner in Japan Securities Clearing Corporation, or JSCC, which clears securities traded on both TSE and OSE, all other equity exchanges, and proprietary trading systems in Japan. Over-the-counter financial instruments including Japanese Government Bonds, credit default and interest-rate swaps are also cleared by JSCC. The merger with Tokyo Commodities Exchange is a long-term growth opportunity for JPX to expand into commodities and energy-related derivatives products.