The Japan Exchange Group (JPX), which operates the Tokyo Stock Exchange (TSE) and Osaka Exchange (OSE), released its financial figures for the first half (H1) of 2018 this Monday. Unfortunately for us, JPX’s statement did not publish a thorough assessment of H1’s results and, as such, it is difficult to ascertain how successful they have been.

As with last year, the firm appears to have released positive statistics but not provided those that might indicate the firm has not been successful. This is not to say that JPX has performed badly this year, only that the firm has decided to emphasize the areas in which it has performed strongest.

For example, when reporting on H1 of this year, the firm revealed that trading in TOPIX Futures had reached the highest level, in a half year period, that the firm had experienced in its history. In its release for the equivalent period last year, the firm simply didn’t cover the same instruments, and so no year-on-year comparison can be made.

Similarly, in its equivalent report for 2017, the firm noted that trading in TSE REIT Index futures reached their highest recorded level in a half-year period. This year the firm didn’t detail the levels of TSE REIT Index futures trading.

ETFs up

In some areas, the JPX did provide the data that would enable a year-on-year comparison. For instance, trading in first section stocks on the TSE increased by 18 percent, in terms of average daily trading value, from ¥2.64 trillion ($23.80 billion) to ¥3.11 trillion ($28.11 billion).

Similarly, trading in exchange-traded funds (ETFs) also grew from H1 of last year. In the first half of 2017, JPX recorded an average monthly trading value, in the ETF market, of ¥3.12 trillion ($28.16 billion). This year that increased to ¥3.40 trillion ($30.72 billion), an approximately 9 percent increase.

As making a clear-cut comparison between last year, or previous years is difficult, it is hard to give a definitive assessment of JPX’s performance in H1 of this year. In some areas, it is clear, however, that the exchange did well.

For instance, the firm saw record high levels in half-year trading in the TOPIX Banks Index, TSE Mothers Index Futures and Nikkei 225 Weekly Options.

Outside of this, as not all trading statistics for instruments were reported, it is unclear how the firm performed.