Nasdaq has suffered a setback in its plans to become an
international exchange offering 24/7 trading. Nasdaq Japan is
closing its operations and the president of the Nasdaq stock market
says it plans to give more of its attention to Europe. However,
market participants are doubtful that the exchange will have much
success there either.
Nasdaq cites poor economic and market conditions for the closure
of Nasdaq Japan. The business was predicated around attracting
IPOs, and Nasdaq's 30% of the IPO marketplace in Japan was
obviously not enough to sustain the business. Efforts to implement
Nasdaq's hybrid platform in Japan were also unsuccessful because
the Osaka stock exchange failed to approve it.
It seems there will be little short-term impact on companies
listed on Nasdaq Japan as they are physically listed on the Osaka
stock exchange and Nasdaq will allow the exchange to continue to
use its brand until the end...
