Nasdaq has been selected by Japan Exchange Group’s Osaka Exchange (OSE) to deliver its Eqlipse Trading and Market Surveillance platforms as the core of OSE’s next-generation derivatives infrastructure. The contract covers both low-latency multi-asset trading and AI-driven surveillance across OSE’s equity index futures, options and interest-rate derivatives. Implementation is scheduled to begin in Q3 2026, with a phased rollout expected to support peak trading volumes of up to 20 million contracts per day, representing a 30% capacity increase over the current system. This deal follows Nasdaq’s decade-long collaboration with OSE on market infrastructure and builds on existing deployments in Tokyo and regional clearing venues.

By migrating to Nasdaq Eqlipse Trading, OSE will gain sub-100 microsecond order-to-trade latency, scalable to accommodate a 50% year-over-year increase in derivatives transaction counts projected through 2028. The new market surveillance module employs machine-learning algorithms that have flagged over 95% of anomalous trading patterns in beta tests, reducing manual review workloads by 40%. OSE’s President Ryusuke Yokoyama highlighted that these capabilities will enable rapid product launches—up to 12 new derivatives contracts per year—while maintaining 99.999% system uptime and reinforcing Japan’s status as one of the top three global derivatives hubs by notional volume.

Beyond OSE, Nasdaq will extend its technology footprint across Japan’s broader financial services sector through integrations with its Calypso treasury platform, AxiomSL risk-and-regulatory reporting suite, and Trade Surveillance services. Over the past five years, Nasdaq’s systems have been adopted by 15 of Japan’s largest dealer banks and three major regulatory bodies, processing an aggregate $4.2 trillion in daily notional transactions. Senior Vice President R.G. Manalac noted that the expanded partnership underscores Nasdaq’s commitment to supporting mission-critical operations in Japan and positions the exchange group to innovate in areas such as tokenized derivatives and ESG-linked products.