"We have developed a close working relationship with the Osaka Securities Exchange and are now in a position to launch the Nasdaq Japan Market in June, bringing us another step closer to our ultimate goal of linking pools of capital into a global digital stock market," said Frank G. Zarb, Chairman and Chief Executive Officer of the National Association of Securities Dealers, Inc. (NASD®)--parent of The Nasdaq Stock Market®.
"There is considerable interest from companies in the Nasdaq Japan Club and elsewhere to list on the Nasdaq Japan Market and we are working with the broker-dealer community to ensure that we build the market of choice," said Tatsuyuki Saeki, President and CEO of Nasdaq Japan, Inc. "We will now file our agreement with the Ministry of Finance and expect a favorable reaction to our plan."
"Japan is currently experiencing substantial growth in online trading activity and the Nasdaq Japan Market is positioned to take advantage of this opportunity like no other market," said Masayoshi Son, President and CEO of SOFTBANK CORP. "As of December 1999, 30 online brokers were in operation and as of January this year individual online trading accounts have risen from 200,000 to 500,000. Partnering with the OSE facilitates the effective implementation of our market and allows us to be a key player in accelerating this trend."
The business cooperation agreement states that the OSE will provide the Nasdaq Japan Market clearance and settlement services, market surveillance and review of listing applications. In addition, the computerized trading system currently used by the OSE will be leveraged for use by the Nasdaq Japan Market to allow for mid-2000 implementation. A completely new and innovative Nasdaq Japan trading system will be phased in as part of the NASD's global technology platform in 2001.
In June 1999, the NASD and SOFTBANK CORP. announced an agreement to establish Nasdaq Japan, Inc. a 50-50 joint venture to build an all-new electronic, Internet-based stock market for the growth of capital and globalization of the Japanese economy. For more information, visit www.nasdaq.co.jp.
The Osaka Securities Exchange was established on April 1, 1949, as a membership organization under the Japanese Securities and Exchange Law and is one of Japan's oldest and most respected securities exchanges. In order to keep pace with growing diversified needs, the OSE introduced a fully-automated computerized trading system, which is regarded as one of the most advanced systems in the world. Also, the OSE is the largest derivatives market in Japan. Nikkei 225 futures trading is well established as a key product among stock index futures traded on the world's futures exchanges. For more information, visit www.ose.or.jp.
SOFTBANK CORP. (Tokyo Stock Exchange: 9984) has emerged as one of the world's leading Internet market forces. Through its ownership positions in more than 300 Internet companies and its unique Internet management concept, it is able to create market synergies for its family of companies on a global scale. In Japan its activities encompass distribution, publishing, Internet media platforms, a broad range of e-commerce businesses, and joint ventures with companies including Microsoft, Cisco, Yahoo!, and the NASD. In the US, SOFTBANK is the largest shareholder in leading Internet companies including Yahoo! and ZDNet. In Europe, it has established Internet joint ventures with News Corp. and Vivendi, and is helping build Internet companies in Latin America, Australia, New Zealand, India, China and Korea. For more information, visit www.softbank.com and www.softbank.co.jp.
The NASD is the largest securities-industry, self-regulatory organization in the United States. The NASD is the parent of The Nasdaq Stock Market, the fastest growing stock market in the United States and the world's largest electronic market. Almost 5,000 companies are traded on Nasdaq®, including such major corporations as Microsoft, Intel, Dell Computer Corp., Cisco Systems, and Amgen. Through its subsidiary, NASD Regulation®, the NASD regulates securities markets, develops rules and regulations, provides a dispute resolution forum, and protection of the investor. For more information, visit www.nasd.com, www.nasdaq.com, and www.nasdaqnews.com.
