Nasdaq Japan ceases operations
16 August 2002 | 8934 views | 0
Nasdaq Japan, which operates through the Osaka Securities Exchange (OSE), has effectively ceased operations, after its directors voted to take the company to dormant status, due to concerns about the "current economic circumstances."
OSE was given notice by Nasdaq Japan's board on August 16 of its intention to terminate, with effect from October 15, 2002, the business co-operation agreement between OSE and Nasdaq. Companies listed on the NASDAQ Japan Market will retain their listing on the OSE, and there will be no disruption to trading, according to Nasdaq Japan.
Despite attracting nearly 100 companies to the Nasdaq Japan market since its launch in June 2000, the board decided the venture could not be sustained in the current business climate. "Nasdaq deeply regrets having to take this step in Japan," says Rick Ketchum, president, Nasdaq Stock Market. "The decision to wind down our operations in Japan in no way changes Nasdaq's commitment to our international strategy and we will continue to leverage market opportunities, particularly in Europe."
Yoshihisa Katsuya, president of Nasdaq Japan says:"This was a truly difficult decision. We wish to reassure all issuers and investors that we will work in close co-operation with the OSE and other parties to ensure a smooth transition."