What Wasꦉ the Japan Association of Securities Dealers Automat✱ed Quotation (Jasdaq)?

The Japan Association of Securities Dealers Automated Quotation (Jasdaq) was an automated stock exchange based in Japan that focused on emerging venture companies. Originally an independent stock exchange, it was merged into the Tokyo Stock Exchange in 2013 and phased out in 2022. Like the Nasdaq exchange,ꦛ it was a fully electronic tra☂ding platform.

How the Jasdaq Worked

The precursor to the Jasdaq was an 澳洲幸运5官方开奖结果体彩网:over-the-counter stock trading platform created by the Japan Securities Dealers Association in 1963. In 1991, this system was converted to an electronic market and rebranded as the Jasdaq Securities Exchange in 2004. This transition was pivotal for the Jasdaq, as it marked its formal recognition as a stock exchange. Before 2004, the Jasdaq facilitated OTC trades but did not hold a formal stock exchange license from the government.

Companies had to meet several criteria to list on a stock exchange in Japan, including a minimum number of shareholders, 澳洲幸运5官方开奖结果体彩网:market capitalization, net assets, and years ꦡof operation. Because of its focus on early and ܫventure-stage businesses, Jasdaq's listing requirements were more lenient than the TSE, which hosted more established businesses.

The Jasdaq formed part of a robust ecosystem of 澳洲幸运5官方开奖结果体彩网:stock exchanges operating in Japan, which include the Osaka Exchange (OSE), the Nagoya Stock Exchange, the Sapporo Secu𝐆rities Exchange, and the Fukuoka Stock Exchange.

Closure of the Jasdaq

As has been true in many countries, Japan's stock exchanges have undergone a series of 澳洲幸运5官方开奖结果体彩网:consolidations. The OSE acquired the Jasdaq in 2008. In 2013, the OSE and 澳洲幸运5官方开奖结果体彩网:Tokyo Stock Exchange (TSE) merged to form the Japan Exchange Group. The JPX is the world's fifth largest exchange as of 2023, behind the 澳洲幸运5官方开奖结果体彩网:New York Stock Exchange, Nasdaq, Euronext, and the Shanghai Stock Exchange.

Within the JPX, there were four sections: the TSE First Section, the TSE Second Section, the Jasdaq, and the Mothers Exchange. However, these four sections were consolidated when the TSE was restructured into three sections: the prime market, the standard market, and the growth market. As the components of the Jasdaq were folded into the new sections, the Jasdaq stopped trading on April 4, 2022.

The Bottom Line

The Jasdaq was an electronic stock exchange with a focus on venture-backed companies, similar to the NASDAQ. Originally an independent exchange, it was merged into the Tokyo Stock Exchange and consolidated with other marketplaces in 2022.