The Australian Securities Exchange (ASX) has entered into a significant agreement with the Tokyo Stock Exchange, Inc. (TSE) and Fujitsu Limited to collaborate on the development of a cutting-edge SaaS-based Request for Quote (RFQ) platform. This collaboration, formalized through a Memorandum of Understanding (MOU) signed on June 2, 2025, aims to revolutionize the ETF pricing process in Australia by introducing a state-of-the-art SaaS RFQ platform designed and managed by Fujitsu.
The core of this innovative platform is the CONNEQTOR system, originally developed by TSE, a renowned RFQ platform in Asia. Since its launch in February 2021, the CONNEQTOR system has garnered substantial success, facilitating over 290 users to streamline their ETF trading activities, resulting in cost savings and enhanced operational efficiency. Notably, the platform achieved a record monthly trading value of JPY 306.4 billion in April 2025.
Fujitsu will play a pivotal role as the service provider for the Fujitsu RFQ platform, overseeing service development, provision, and utilization support. TSE, as the licensor and operator of the CONNEQTOR system, will extend its expertise to assist in the implementation of the platform, ensuring a seamless integration process.
Andrew Walton, General Manager of Trading at ASX, expressed enthusiasm about the collaboration, emphasizing the potential benefits the Fujitsu RFQ platform could bring to the Australian market. Walton highlighted the platform’s capability to enhance liquidity and price discovery, ultimately supporting the growth of the market segment and its stakeholders. ASX plans to engage extensively with industry players to gather feedback and evaluate the feasibility of launching the platform by the first half of 2026.
Satoshi Takura, Senior Executive Officer at the Tokyo Stock Exchange, shared his optimism about the joint effort, emphasizing the value of offering a service based on TSE’s CONNEQTOR to global markets. Takura underscored the aim to contribute to the global ETF market’s advancement through technological innovation and international market functionalities.
Masaru Yagi, Corporate Executive Officer at Fujitsu Limited, expressed excitement about the opportunity to provide the Fujitsu RFQ platform to the Australian Securities Exchange. Leveraging Fujitsu’s extensive experience in developing and maintaining financial infrastructure with cutting-edge technology, Yagi expressed confidence in the partnership with the Tokyo Stock Exchange, foreseeing enhanced value creation for ASX and its global clientele.
Looking ahead, Fujitsu, in collaboration with TSE, envisions expanding the Fujitsu RFQ platform to other exchanges worldwide and exploring additional opportunities for collaboration. This initiative marks a significant step towards modernizing ETF trading practices and fostering technological advancements in the global financial landscape.
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