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His t ory of TS E
K abut o-c ho plac es of int eres t
The s t oc k t rading f loor has at t rac t ed at t ent ion as a s y mbol of t he s ec urit ies and f inanc ial mark et s of our c ount ry f or more t han 120 y ears s inc e f loor t rading began at t he f ormer Tok y o S t oc k E x c hange, t he predec es s or of t he c urrent Tok y o S t oc k E x c hange, on J une 1, 1878. Howev er, t he s t oc k t rading f loor was c los ed on A pril 30, 1999 in an ef f ort t o ac c elerat e t he s peed and reduc e t he c os t of t rans ac t ions by member s ec urit ies c ompanies , and s eek f urt her ef f ic ienc y in t he Tok y o mark et . A t t he s it e of t he s t oc k t rading f loor, " TS E arrows " was opened on May 9, 2000 as a new s y mbol of t he Tok y o mark et . This page int roduc es t he his t ory of t he s t oc k t rading f loor along wit h s ome pic t ures .
Opening of the former Tokyo Stock Exchange to the early Showa era Appearance of the former Tokyo Stock Exchange at the time of its foundation The f ormer Tok y o S t oc k E x c hange, whic h was t he predec es s or of t he c urrent Tok y o S t oc k E x c hange, was f ounded. (May , 1878)
Floor trading at the former Tokyo Stock Exchange in the early Meiji era I n t he early Meiji era, f loor c lerk s work ed in k imono. (I n t he 1880s )
Floor trading at the former Tokyo Stock Exchange in the middle of the Meiji era I n t he middle of t he Meiji era, t he s t oc k t rading f loor was renewed as t he s c ale of t he mark et ex panded. The mos t ac t iv ely t raded s t oc k was t he f ormer Tok y o S t oc k E x c hange's s t oc k . (I n t he 1890s )
Floor trading at the former Tokyo Stock Exchange in the early Showa era I n t he early S howa era, a great deal of gov ernment bonds were is s ued during wart ime. (I n t he 1930s )
Opening of the Japan Securities Exchange to opening of the current Tokyo Stock Exchange Opening ceremony of Japan Securities Exchange 11 ex c hanges ac ros s t he c ount ry were merged int o t he J apan S ec urit ies E x c hange wit h t he f ormer Tok y o S t oc k E x c hange's s t oc k inc orporat ed int o t he c ont rolled ec onomy during wart ime. (Marc h, 1943)
Dome under the control of General Headquarters of the Allied Forces (GHQ) Floor t rading was s us pended in A ugus t 1945 wit h aggrav at ion of t he war s it uat ion. A f t er t he war ended, t he s t oc k t rading f loor was oc c upied by t he GHQ unt il J anuary 1948. (A round 1946)
Floor trading at the time of reopening of Tokyo Stock Exchange The J apan S ec urit ies E x c hange was dis s olv ed in 1947 while a large number of s hares were realloc at ed t o public inv es t ors due t o a break up of J apanes e " Zaibat s u" c onglomerat es . P os s es s ing s t oc k s immediat ely bec ame popular wit h s ec urit ies priv at iz at ion and promot ions . Trading at t he Tok y o S t oc k E x c hange res umed in May , 1949. (May , 1949)
Placing trading posts at the time of opening of Tokyo Stock Exchange 12 U-s haped t rading pos t s were plac ed at t he t ime of opening of Tok y o S t oc k E x c hange. (May 1949)
1959 to the end of the former stock trading floor Black Boards at the stock trading floor P ric es of t rans ac t ions were writ t en on t he blac k board wit h c halk . (1959)
Floor trading in the 1960s I n t he 1960s , t he s ec urit ies indus t ry s uf f ered f rom t he heav ies t blow in t he pos t war era due t o t he s lumping ec onomy and s luggis h s t oc k and inv es t ment t rus t t rading. I n J anuary 1968, t he regulat ory f ramework s of s ec urit ies c ompanies were s hif t ed t o a lic ens ing s y s t em. (I n 1969)
Floor trading when the market price information system began operations The pric es of s t oc k s were dis play ed on t he elec t ronic s ignboard when t he mark et inf ormat ion s y s t em began operat ing at t he s t oc k t rading f loor. (S ept ember, 1974)
GEKITAKU (clappers which were beaten when transactions were executed) GE K I TA K U t rading, group c ompet it iv e c all auc t ion t rading s t art ed in t he middle of t he era where s t oc k s is s ued by Tok y o S t oc k E x c hange were t raded in Dec ember 1900, and c ont inued unt il Dec ember 1982. (I n t he 1980s )
Floor trading in the 1980s The f ormer s t oc k t rading f loor in t he 1980s is s hown t o t he right .
Opening of the new stock trading floor to its closing Opening ceremony of the new stock trading floor Upon t he c omplet ion of t he new s t oc k t rading f loor building, t he f loor was opened on t he s it e of t he f ormer main building. (May 1985)
Floor trading at the new stock trading floor (1) A boom in s t oc k s s t art ed around 1985 when t he new s t oc k t rading f loor was opened. (I n t he lat t er half of t he 1980s )
Floor trading at the new stock trading floor (2): Introduction of a system to streamline operations at stock trading floor(November, 1990) TS E c omput eriz ed relev ant operat ions at t he s t oc k t rading f loor, s uc h as plac ing and mat c hing orders , whic h had been done manually . Wit h t he c omput eriz at ion of t he operat ions , plac ing orders on-line bec ame pos s ible als o f or s t oc k s t raded in t he s t oc k t rading f loor if t he order was a s mall lot (les s t han s pec if ic v olume), whic h res ult ed in ac c elerat ing c omput eriz at ion of relev ant operat ions at t he s t oc k t rading f loor.
Floor trading at the new stock trading floor (3) A c c elerat ing t he c omput eriz at ion gradually reduc ed t he number of c lerk s on t he s t oc k t rading f loor. (Mid-1990s )
Last closing session of the year on the stock trading floor The las t c los ing s es s ion of t he y ear on t he s t oc k t rading f loor is s hown t o t he lef t . A large number of people inv olv ed in t he s ec urit ies indus t ry pac k ed t he s t oc k t rading f loor, reminis c ing about t he old day s and hoping t o mak e a lif e-long memory . (On Dec ember 30, 1998)
Last opening session of the year on the stock trading floor The las t opening s es s ion of t he y ear on t he s t oc k t rading f loor is s hown t o t he right . This is t he las t look at employ ees in k imono, whic h was t he es t ablis hed c us t om of Tok y o S t oc k E x c hange. (J anuary 4, 1999)