NASD, Softbank To Create E-Nasdaq In Japan
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The National Association of Securities Dealers, Inc. (NASD), has penned an agreement with Japan's Softbank Corp. to form a joint venture called Nasdaq-Japan which will develop and implement a new electronic Japanese stock market.
The electronic stock market will be based on The Nasdaq Stock Market screen-based approach to trading equity securities and will include the Internet as a key conduit.
"With the leadership of our strong Japanese partner, Softbank, we will utilize the power of the Internet to create an equity market that stimulates job creation and economic growth," said Frank G. Zarb, chairman and CEO of the NASD.
"Nasdaq's experience in creating the world's most advanced stock market will enable us to build a stock market for Japan that will stimulate capital growth and entrepreneurial activity that has long been dormant," noted Masayoshi Son, chairman and chief executive of Softbank.
According to NASD and Softbank, the new market will offer Japanese investors the opportunity to invest in the world's leading high-tech and high-growth stocks, and will provide enhanced access to equity capital for emerging Japanese firms.