• Kyodo

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The Nagoya Stock Exchange transformed from a membership organization of securities firms into a stock company Monday, making it the third share-issuing firm among Japanese stock exchanges, following the Osaka Securities Exchange and the Tokyo Stock Exchange.

Member brokerages of the NSE have become shareholders of the stock firm, capitalized at 1 billion yen.

Noboru Kuroyanagi, 67, former vice president of Chubu Electric Power Co., heads the bourse.

The NSE apparently aims to revitalize its management and strengthen its ties with the business world by picking its first president from the local business community.

Trading at the NSE has been sluggish, with shares traded at the bourse accounting for only 0.6 percent of overall transactions across Japan in 2001.

Board directors are being brought in from outside the bourse in a bid to make management more transparent.

Iwao Isomura, vice chairman of Toyota Motor Corp., will be on the board.

The TSE, Japan’s largest bourse, became a stock company last November, while the OSE, the second-largest, became a stock firm last April.

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