(June 19 – 14:40 ET) – NASDAQ Japan launched this morning, marking the first step in the race to create the first global trading platform.
The NASDAQ Japan Market, which is part of the Osaka Securities Exchange, launched eight Japanese companies for trading today: including, Xnet Corp., Creek & River Co., Sugi Pharmacy Co., Digital Design Co., Digicube Co., Don Quijote Co., Honda Verno Tokai Co. and Masternet Co. The OSE operates NASDAQ Japan, maintaining standards, performing clearance and settlement, listing examination, and market surveillance.
The market is a joint venture of the NASD and Softbank Corp., operating as a private, for-profit enterprise. Plans to launch NASDAQ Japan were announced less than a year ago. By 2001 it plans to launch its own hybrid market structure, using firm quotations, limit orders and market orders in an integrated electronic system.
Frank Zarb, chairman and CEO of the NASD says, “Today marks an important step forward in the global trading of stocks. The opening of NASDAQ Japan sets the stage for a common technology platform linking Asia with Europe and the United States. It will be a win for companies, who will get access to new pools of liquidity. It will be a win for investors, who will get quicker and cheaper access to a wider range of equities. And it will be a win for countries, whose economies benefit from the wealth and job creation fostered by the NASDAQ market.”
NASDAQ also has plans underway for markets in Hong Kong and Europe. It has signed an agreement to create NASDAQ Canada in co-operation with the province of Quebec, too. NASDAQ’s main rival both in the U.S. and in creating a global market is the NYSE. Last month the NYSE announced that it is talking with nine other markets including Toronto, Tokyo and Brazil about creating a Global Equity Market of its own by linking each market’s systems for 24 hour trading.
http://www.nasdaq-japan.com