---
title: "大阪デジタルエクスチェンジ (ODX)"
aliases: ["ODX", "Osaka Digital Exchange", "大阪デジタルエクスチェンジ", "START"]
domain: securities
created: 2026-05-20
last_updated: 2026-07-30
last_tended: 2026-07-30
review_by: 2026-11-20
confidence: likely
tags: [securities, pts, security-token, digital-securities, market-infrastructure]
status: active
sources:
  - "https://www.odx.co.jp/ja/"
  - "https://www.odx.co.jp/ja/company/about/"
  - "https://www.odx.co.jp/en/news/article/dd45st6kma/"
  - "https://www.fsa.go.jp/menkyo/menkyoj/kinyushohin.xlsx"
---

# 大阪デジタルエクスチェンジ (ODX)

## Wiki route

This entry sits under [[securities/INDEX|securities index]]. Read it with [[securities/financial-instruments-business-operators-japan-index|financial instruments business operators japan index]] for adjacent context and [[financial-licenses/INDEX|JapanFG index]] for the broader system boundary.

## TL;DR

Osaka Digital Exchange operates an equity PTS and START, a proprietary trading system for security tokens. ODX's official company profile lists stock PTS operation and security-token PTS operation as its business, and its site describes START as a domestic first organized secondary market for security tokens.

For FinWiki, ODX is the bridge between old securities market structure and tokenized securities.

## System Map

The following table is scoped to public primary sources (odx.co.jp, fsa.go.jp). It restates licence / structure / product boundaries from those materials and does not invent market share, ranking, or unstated numerical claims. ^[source:odx.co.jp; fsa.go.jp]

| Layer | Reading |
|---|---|
| Legal name | 大阪デジタルエクスチェンジ株式会社 |
| Founded | 2021-04-01 |
| Registration | Kanto Local Finance Bureau FIBO No.3328 |
| Business | Equity PTS and security-token PTS operation. |
| Main shareholders | SBI PTS Holdings, SMFG, Nomura Holdings, Daiwa Securities Group, Cboe Worldwide Holdings. |
| Associations | JSDA supporting member; Japan STO Association and Japan Security Token Association supporting member. |

## Market Map

The following table is scoped to public primary sources (odx.co.jp, fsa.go.jp). It restates licence / structure / product boundaries from those materials and does not invent market share, ranking, or unstated numerical claims. ^[source:odx.co.jp; fsa.go.jp]

| Market | Reading |
|---|---|
| ODX Equity PTS | Third PTS venue for listed equities; intended to improve execution competition and liquidity. |
| START | Security-token secondary market with its own rulebook and START identifiers. |
| Tokenized deposit DvP tests | ODX has public news flow around tokenized-deposit settlement experimentation for security-token transactions. |

## Strategic Reading

ODX matters because it puts three themes into one entity:

- PTS competition against [[securities/tokyo-stock-exchange|TSE]] execution (peer venue: [[securities/japannext-securities|Japannext]]);
- security-token secondary liquidity tied to [[payment-firms/progmat|Progmat]] tokenization infrastructure;
- bank-backed digital settlement experiments coordinated with [[megabanks/smfg|SMFG]] / [[securities-firms/nomura-hd|Nomura]] / [[megabanks/sbi-hd|SBI HD]] shareholders.

It should be read together with [[fintech/jp-stablecoin-progmat|Progmat]], trust-type stablecoin design, and securities-settlement infrastructure ([[securities/japan-securities-depository-center|JASDEC]] / [[securities/japan-securities-clearing-corp|JSCC]]).

## Related

- [[securities/tokyo-stock-exchange]]
- [[securities/japannext-securities]]
- [[securities/japan-securities-clearing-corp]]
- [[securities/japan-securities-depository-center]]
- [[fintech/jp-stablecoin-progmat]]
- [[fintech/jp-trust-type-sc-architecture]]
- [[megabanks/sbi-hd]]
- [[megabanks/smfg]]
- [[securities-firms/nomura-hd]]
- [[securities-firms/daiwa-sg]]

## Sources

- ODX: Corporate site.
- ODX: Company profile.
- ODX: START launch-date notice.
- FSA: Financial instruments business operator list.