Ideal Future for the Integration of JASDAQ and Hercules
October 27, 2009
Osaka Securities Exchange
・
Jasdaq Securities Exchange

Introduction
Osaka Securities Exchange Co., Ltd. and Jasdaq Securities Exchange, Inc. are discussing specific
contents for the integration of JASDAQ, NEO and Hercules with the target set at next autumn. Thediscussion is build upon a report from The Committee to Consider the Ideal Future for theIntegration of Markets (Chairman: Mr. Kazuhito Ikeo, Professor, Faculty of Economics, KeioUniversity), which was released on June 29 in this year.
Today we release an overview and concepts of the new market. Also, we are consideringannouncing listing regulations at the earliest possible time.
The new market will have approximately 1,000 listed companies with uniqueness and become the
nation’s
largest in the number of listed companies, market capitalization, the number of IPOs and
trading value. We will accomplish the following tasks in order to build the high-confidence attractivemarket for SMEs and venture businesses.
1. Contribute to energizing the Japanese economy and regional economy through providing
listing opportunities with wide range of companies.
2. Provide attractive investment opportunities where investors can invest with confidence under
their self-responsibility.
We strengthen foundations of the nation's largest market for SMEs and venture businesses by
facilitating communication with stakeholders such as entrepreneurs, venture capitals, securitiesfirms and auditing firms, then will be the market for SMEs and venture businesses, which would bethe
world’s
benchmark of originality like NASDAQ in US.
１

JASDAQ Standard
For companies, which have certain level of
business size/results and are expected to expand
JASDAQ
884 companies
Hercules
（
Standard
）
77 companies
Hercules
（
Growth
）
74 companies
NEO
5 companies
For companies, which have unique
technologies or business models and rich growth-potential
1. Overview of The New Market
【
Market Name
】
Name of the new market will be well-known
“ＪＡＳＤＡＱ”
.
（
Segments into “
JQ
Standard” and “
JQ
Growth”）
JASDAQ Growth
IPO
IPO
Listed companies will move onto the new market from a day of the market integration
【
Basic Principle
】
As the
nation’s
largest market for SMEs and venture businesses, we support growth of new
industries, SMEs and ventures businesses through widely providing equity money andprovide the attractive investment opportunities with investors.
２
(as of September 30, 2009)
Targeting in autumn 2010

３
2. Three Concepts of The New Market
1. Confidence
• The new market enhances confidence for the whole market so that investors would be able to invest with
confidence based on the principle of self-responsibility.
3. Regional＆Global
• The new market contribute to energizing regional economies through supporting companies with growth
potential in their listing process in each regional area. (Regional)
• The new market supports listed companies in their global business, additionally, catches up to the global
standard in business models of exchanges and institutions.（Global)
2. Innovation
• The new market provides investors with opportunities to invest in companies which work on innovative
business bearing the Japan’s future economy. (Listing of innovative companies)
• The new market has enough liquidity to demonstrate the price-finding function and enhance convenience
for stakeholders such as investors, listed companies and securities firms as a financial-service provider. (Liquidity and convenience)