ASX, TSE, and Fujitsu Partner to Develop SaaS-Based RFQ Platform

The Australian Securities Exchange (ASX), Tokyo Stock Exchange, Inc. (TSE), and Fujitsu Limited announced the signing of a Memorandum of Understanding (MOU) to develop a Software-as-a-Service (SaaS) based Request for Quote (RFQ) platform. Fujitsu will develop and provide this platform to ASX, leveraging TSE's existing "CONNEQTOR" RFQ platform for the ETF market.

This initiative aims to modernize the ETF pricing process in Australia. The CONNEQTOR system, which forms the foundation of this new platform, has been operational since February 2021 and has facilitated significant cost reductions and efficiency improvements for over 290 users in ETF trading, with its monthly trading value reaching JPY 306.4 billion in April 2025. Fujitsu will be responsible for the development, provision, and support of the Fujitsu RFQ platform, while TSE will offer implementation support as the licensor and operator of the CONNEQTOR system.

Andrew Walton, General Manager, Trading, ASX, commented, "ASX is excited to partner with Fujitsu and TSE to explore the opportunities the Fujitsu RFQ platform can deliver for the Australian market. With the ability to increase liquidity and price discovery, ASX sees the potential to support the development of this market segment and its participants."

Satoshi Takura, Senior Executive Officer, Tokyo Stock Exchange, added, "By providing international and diverse market functions, we hope to contribute to the development of the global ETF market from a technological perspective."

Masaru Yagi, Corporate Executive Officer, SEVP, Fujitsu Limited, expressed confidence that the partnership "will unlock even greater value for the ASX and its global customers." The collaboration plans to explore expanding the Fujitsu RFQ platform to other exchanges worldwide.