In December 2014, Myanmar signed an agreement to set up its first stock exchange. The Yangon Stock Exchange Joint Venture Co. Ltd will be set up with Myanma Economic Bank sharing 51 percent, Japan's Daiwa Institute of Research Ltd 30.25 percent and Japan Exchange Group 18.75 percent. The Yangon Stock Exchange (YSX) officially opened for business on Friday, March 25, 2016. First Myanmar Investment Co., Ltd. (FMI) became the first stock to be traded after receiving approval for an opening price of 26,000 kyats ($22).