Tokyo Stock Exchange Jasdaq

JASDAQ was a Japanese securities-market brand whose history began with an over-the-counter registration system established by the Japan Securities Dealers Association in 1963. It was created to provide quotation and trading infrastructure for securities that were not handled through Japan's principal exchange markets. In 1976, management of the system was transferred to Japan OTC Securities, a private company, and the operation gradually developed from a manually administered over-the-counter framework into a technology-based market. The JASDAQ automated quotation system became operational in 1991. Although its electronic model was sometimes compared with the NASDAQ system in the United States, JASDAQ was not affiliated with NASDAQ. Its role was specifically connected with the Japanese market and with the development of an organized venue for smaller, emerging, and growth-oriented companies. The brand became associated with electronic quotations, listed-equity trading, and access to companies outside the most established segment of Japan's exchange system. In 2004, JASDAQ received authorization from the Japanese prime minister to reorganize as a securities exchange. This transformation made it the first new securities exchange established in Japan in almost half a century. The change gave JASDAQ a more formal exchange structure and positioned it as a regulated venue rather than solely an over-the-counter quotation service. The independent phase ended on April 1, 2010, when the Osaka Securities Exchange acquired JASDAQ Securities Exchange. Osaka combined JASDAQ with its NEO and Nippon New Market-Hercules markets to create a consolidated JASDAQ market. The consolidation was intended to rationalize Japan's competing markets for emerging and smaller companies and to bring related listing and trading functions under one exchange operator. Following the creation of Japan Exchange Group through the integration of the Tokyo Stock Exchange and Osaka Securities Exchange, JASDAQ became part of the broader JPX market structure. It subsequently operated as a Tokyo Stock Exchange market section rather than as a separate exchange. JASDAQ included differentiated market categories, including Standard and Growth segments, reflecting different company profiles and listing characteristics. The market was known for electronic trading and for serving companies that were generally smaller or earlier in their corporate development than the largest companies on Japan's main market. JASDAQ's trading timetable included a pre-market session from 8:00 a.m. to 9:00 a.m. and a regular session from 9:00 a.m. to 3:00 p.m., excluding weekends and exchange holidays. These hours describe its historical operation and should not be interpreted as the schedule of a currently independent venue. The JASDAQ identity was ultimately retired as part of the Tokyo Stock Exchange's market restructuring. From April 4, 2022, JPX reorganized its cash-equity markets into Prime, Standard, and Growth markets. JASDAQ-listed companies were transferred principally into the Standard or Growth markets according to the applicable transition and listing arrangements. As a result, JASDAQ is now a historical market brand rather than a separately operating exchange or current TSE section.

JASDAQ originated in 1963, when the Japan Securities Dealers Association established an over-the-counter registration system for securities. The system was intended to support quotations and transactions in securities that did not trade through Japan's principal exchange markets. In 1976, operation was placed with Japan OTC Securities, a private company. This institutional arrangement continued while the market developed more sophisticated quotation and trading infrastructure. A significant technological transition occurred in 1991, when the JASDAQ automated quotation system began operating. The system gave the market an electronic foundation and helped distinguish JASDAQ from a purely manual over-the-counter service. Despite the similarity sometimes drawn between the names and electronic orientation of JASDAQ and NASDAQ, the two markets were unrelated. In 2004, JASDAQ was authorized to reorganize as a securities exchange. The authorization was historically notable because it made JASDAQ the first new securities exchange established in Japan in almost fifty years. The reorganization formalized its status as an organized exchange and strengthened its role in the trading and listing of smaller and growth-oriented companies. On April 1, 2010, the Osaka Securities Exchange acquired JASDAQ Securities Exchange. Osaka merged JASDAQ with its NEO and Nippon New Market-Hercules markets, creating a consolidated JASDAQ market. This transaction brought several Japanese markets serving emerging companies under one operator and reduced structural duplication among them. JASDAQ later became part of Japan Exchange Group after the integration of the Tokyo Stock Exchange and Osaka Securities Exchange. Within the resulting structure, it operated as a Tokyo Stock Exchange market section. Its historical categories included Standard and Growth segments, which differentiated companies by market profile and development characteristics. The market provided electronic trading, quotations, listing-related services, and price discovery for Japanese equities. The JASDAQ market ceased to exist as a distinct market identity when the Tokyo Stock Exchange implemented its cash-equity market restructuring on April 4, 2022. The new arrangement introduced Prime, Standard, and Growth markets. Companies previously associated with JASDAQ were transitioned into the new framework, principally through the Standard and Growth markets. JASDAQ therefore remains relevant as a historical predecessor and market brand, but it is no longer an independently operating exchange or current Tokyo Stock Exchange section.

• 2022

  JASDAQ market identity discontinued

  [2]Tokyo Stock Exchange Market Restructuringjpx.co.jp

  Tokyo Stock Exchange's new Prime, Standard, and Growth structure replaced the former JASDAQ market categories.

• 2013

  Integrated into Japan Exchange Group

  [1]JASDAQen.wikipedia.org

  Following the Tokyo Stock Exchange and Osaka Securities Exchange integration, JASDAQ became part of the Japan Exchange Group market structure.

• 2010

  Acquired by Osaka Securities Exchange

  [1]JASDAQen.wikipedia.org

  Osaka Securities Exchange acquired JASDAQ Securities Exchange and combined it with NEO and Nippon New Market-Hercules.

• 2004

  Authorized to become a securities exchange

  [1]JASDAQen.wikipedia.org

  JASDAQ received permission to reorganize as a securities exchange and became the first new Japanese exchange in almost five decades.

• 1991

  Automated quotation system launched

  [1]JASDAQen.wikipedia.org

  JASDAQ's automated quotation system became operational, establishing the electronic infrastructure for its market activity.

• 1976

  Management transferred to Japan OTC Securities

  [1]JASDAQen.wikipedia.org

  The over-the-counter system was placed under the management of Japan OTC Securities, a private operating company.

• 1963

  Over-the-counter registration system established

  [1]JASDAQen.wikipedia.org

  The Japan Securities Dealers Association established an over-the-counter registration system that formed the institutional origin of JASDAQ.

A Japanese electronic equity market focused historically on smaller, emerging, and growth-oriented companies, positioned between an over-the-counter quotation service and a fully organized securities exchange.

• Equity market segment

  JASDAQ Standard

  The Standard segment was the established-company side of the JASDAQ structure. It provided a listed-equity venue for companies that met the applicable listing and ongoing compliance requirements but were generally associated with the smaller-company and growth-market ecosystem rather than Japan's largest blue-chip market. The segment was retired during the 2022 Tokyo Stock Exchange market restructuring.

• Equity market segment

  JASDAQ Growth

  The Growth segment served companies with stronger growth profiles and developing business histories. It was designed within the JASDAQ framework to support access to public equity capital for emerging businesses and to provide investors with a distinct market category for such issuers. It ceased under the 2022 reorganization of Tokyo Stock Exchange markets.

• Electronic market infrastructure · 1991

  JASDAQ electronic quotation and trading system

  JASDAQ's electronic quotation infrastructure was the core technology behind its evolution from an over-the-counter registration system into a formal securities exchange and later a Tokyo Stock Exchange market section. The automated quotation system became operational in 1991 and supported price discovery and trading in participating Japanese securities.

• 2022

  Tokyo Stock Exchange cash-equity market restructuringStrategy

  Background

  Japan Exchange Group undertook a redesign of Tokyo Stock Exchange's cash-equity market categories.

  Action taken

  The Prime, Standard, and Growth markets replaced the previous market structure, including the JASDAQ identity.

  Aftermath

  JASDAQ ceased as a distinct market brand, while its listed companies were transferred into the new Tokyo Stock Exchange framework.

  Source

• 2010

  Acquisition and consolidation by Osaka Securities ExchangeM&A

  Background

  Japan had several venues serving smaller and emerging companies, including JASDAQ, NEO, and Nippon New Market-Hercules.

  Action taken

  Osaka Securities Exchange acquired JASDAQ Securities Exchange and merged the JASDAQ, NEO, and Nippon New Market-Hercules markets into a new JASDAQ market.

  Aftermath

  JASDAQ continued as a consolidated market under Osaka Securities Exchange and later became part of the Japan Exchange Group structure.

  Source

• 2004

  Reorganization as a securities exchangeOther

  Background

  JASDAQ had developed from an over-the-counter registration and quotation system into an electronic market and sought a more formal exchange status.

  Action taken

  JASDAQ obtained authorization to reorganize as a securities exchange.

  Aftermath

  The reorganization formalized JASDAQ's operating status and made it the first new securities exchange established in Japan in almost fifty years.

  Source

• 2022

  Tokyo Stock Exchange market restructuring retires the JASDAQ brand[2]Tokyo Stock Exchange Market Restructuringjpx.co.jp

  Other

  JPX's reorganization of Tokyo Stock Exchange cash-equity markets into Prime, Standard, and Growth resulted in the discontinuation of the JASDAQ market identity and the transfer of its companies into the new structure.

• 2013

  JASDAQ becomes part of the JPX market structure[1]JASDAQen.wikipedia.org

  M&A

  The integration of the Tokyo Stock Exchange and Osaka Securities Exchange placed JASDAQ within the Japan Exchange Group structure and the wider Tokyo Stock Exchange market framework.

• 2010

  Osaka Securities Exchange acquires JASDAQ Securities Exchange[1]JASDAQen.wikipedia.org

  M&A

  The Osaka Securities Exchange acquired JASDAQ Securities Exchange and combined it with the NEO and Nippon New Market-Hercules markets to establish the consolidated JASDAQ market.

• 2004

  JASDAQ reorganized as a securities exchange[1]JASDAQen.wikipedia.org

  Regulation

  JASDAQ received authorization to reorganize as a securities exchange, becoming Japan's first new securities exchange in nearly fifty years.

• 1991

  JASDAQ automated quotation system becomes operational[1]JASDAQen.wikipedia.org

  Product launch · Other

  JASDAQ introduced its automated quotation system, marking a major technological step in the development of its electronic market infrastructure.

1. 1JASDAQen.wikipedia.org
2. 2Tokyo Stock Exchange Market Restructuringjpx.co.jp