Tokyo bourse may not IPO before merger: CEO

The Tokyo Stock Exchange may not make an initial public offering before its planned merger with the Osaka Securities Exchange , the head of the Tokyo bourse said on Wednesday. Atsushi Saito also told Reuters in an interview that he feels responsibility to seal the deal with his smaller domestic rival before stepping down. Merger talks between the unlisted TSE and the listed Osaka exchange first began in March, amid a wave of proposed mergers and alliances among global exchanges.
Progress has been slow since, with the two exchanges struggling to agree on how they will merge their businesses. Saito, who originally said he wanted to list the Tokyo exchange before proceeding with a merger, said on Wednesday that avoiding an IPO (initial public offering) might speed up the process.