Tokyo close slightly down to $248 equivalent. Frankfurt appears to be following down slightly to $238 at mid day. The last US close at $270 may be under pressure in the morning.
More on developments for Nasdaq Japan:
Monday, May 8, 2000
Eight Firms Apply For Nasdaq Japan Listings; More Expected
TOKYO (Dow Jones)--The Nasdaq Japan stock market on Monday received applications from eight companies seeking to list on the new market when it starts trading June 19, Nasdaq Japan officials said Monday.
Seven companies applied under the market's "standard" listing criteria, which focuses more on current performance, while one company applied under "growth" prospect criteria, Yoshiaki Sugio, an Osaka Securities Exchange official in charge of listing approvals, told a news conference.
Nasdaq Japan is run by Nasdaq Japan Inc., a joint venture between Softbank Corp. (9984) and the U.S. National Association of Securities Dealers Inc., in cooperation with the Osaka bourse.
The first group of listing applicants does not include an affiliate of Softbank. Morningstar Japan K.K., a subsidiary of Softbank, is expected to submit a listing application in "the next few days" with the aim of listing by the end of June, Nasdaq Japan Inc. President Tatsuyuki Saeki said at the news conference.
On May 2, the Ministry of Finance officially approved the establishment of Nasdaq Japan as part of the Osaka bourse, and on Monday the new market began taking applications.
The OSE, in charge of screening listing applications, has already given the eight applicants preliminary approval and will make a final decision by May 18, the OSE's Sugio said.
Nasdaq Japan expects about 10 new listings each month through the rest of the year, Saeki said.
The eight listing applicants are: Xnet Corp., Creek & River Co., Sugi Pharmacy Co., Digital Design Co., Digicube Co., Don Quijote Co., Honda Verno Tokai Co. and Masternet Co.
Xnet Corp., Creek & River, Sugi Pharmacy and Digital Design are currently held in private, while Digicube and Masternet will move from the over-the-counter market run by the Japan Securities Dealers Association.
Don Quijote, currently listed on the Tokyo Stock Exchange's Second Section, is applying for transfer to the TSE's Mothers market at the same time it's seeks listing on Nasdaq Japan, a Don Quijote executive said.
Honda Verno is currently listed on the Nagoya Stock Exchange. Honda Verno President Kazuho Takahashi did not say whether the company plans to delist from the exchange.
Cisco Systems K.K., which was earlier expected to be among the first listees, has not decided whether to list on Nasdaq Japan, Saeki said, declining to comment further.
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