NJ‰fs Impact on Japanese Security Industry

• Discipline of Intra-market Competition

• Since Nasdaq announced the launch of NJM, the Industry has experienced tremendous change:

  • TSE

    • Creation of Mothers
    • Relaxation of Listing Standard
    • Opening of Mothers International Section
    • Market Making Structure to be introduced
    • New section for Index Share has been contemplated
    • Moving toward Demutualization
  • OTC

    • Modernization of Trading System
    • Hybrid Market as its Next Generation Structure

• Accelerate the trend toward risk-money preference

  • Improvement in the perception for Venture Business
  • Provide Viable Exit Strategy for VCs
  • Jump in the number of IPOs ‰e99:107‰Æ‰f00:203 IPOs

Previous slide

Next slide

Back to first slide

View graphic version

Š|ŠCŠÏŠg‰F‰@ŠuŠ’ŠÏŠhŠCŠ‰‰[ŠW‰iÌZ”ð”ë«‚Í¢”EÁ‚ά«ˆÈsËÕ«Ö‰j

• «ã«ê‰AŠiŠXŠ_ŠbŠN«ˆŠuŠ’ŠÏŠh‰EŠCŠ‰‰[ŠW«æÍé«©«µ«É«¢«ƒ‰A«¾«¢«ß«ˆ«ôÏÒÈñ«ˆÍÃÛô«‚«Ü«À‰A“ƒ«õ«‚«è‰B

• «±«ˆŠOŠ’Št«‚«ÆÔô«©«À«ˆÛl«ÖÔÉÁΫ‚«¹Ï°«ÖŠCŠÏŠ^‰[ŠlŠbŠg«ª«´«ˆŠjŠ÷‰[ŠGŠRŠmŠ~‰[«ôÒu“�«µ«û90ÓNÎÑÌÐÁŸýªÁ~‰A“}Í®Ìè«æÍ“«Å‰AÓ‹ÓŠÁ««‚Á‚ά«ˆÈsËÕ«Ö«ª«À«ã«µ«û ‰B