Q2 2020 Japan Exchange Group Inc Earnings Call Transcript

Oct 31, 2019 / NTS GMT
Atsushi Tabata - Japan Exchange Group, Inc. - Executive Officer of Treasury, Corporate Communications & IR and CFO

Good morning, ladies and gentlemen. I'd like to thank you for taking time out of your busy schedules to attend today. Without further ado, I'd like to speak about the first half earnings for JPX.

First, on Page 4, the cash equities market trends are shown here. First half market trends, I would like to look back on very -- in a very broad-brush manner. What is surrounded in red lines is the first half cash equities average daily trading value. The blue dotted line -- what is surrounded in the blue dotted line is the previous year's first half cash equities average daily trading value.

Now if we are to break this down, the numbers for each of the markets are shown here. In a nutshell, year-on-year -- on a year-on-year basis, this term was minus 13% or so. And I'm sure you're well aware that stock prices were not bad, but the liquidity or the value has declined considerably. And as a result, the trading value has declined, and that is the actual situation.

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