For Prospective Issuers

Markets of TSE

Update : Aug. 14, 2013


What are TSE's markets?

TSE's markets include the 1st Section, 2nd Section, Mothers, JASDAQ, and TOKYO PRO Market.

1st Section/2nd Section

The 1st and 2nd Sections are the markets for leading major and medium-sized domestic and overseas corporations, and compose the central market of Japan. In particular, the 1st Section is a top-class international market in terms of both scale and liquidity, with much of the trading conducted by international investors. The 1st and 2nd Sections are collectively referred to as the "Main Market."


Mothers is a market for emerging growth companies hoping to step up to the 1st Section in the near future. As such, applicant companies are required to have "high growth prospects." In order to determine the growth prospects of an applicant, the lead managing securities company will examine the company's business model and business environment. As a fund-raising venue for many growing companies, there are no requirements regarding scale or industry. Following listing on Mothers, many companies move on to list on the 1st Section.


JASDAQ is based on the concepts of reliability, innovation, and regional/international presence. Additionally, JASDAQ provides a "Standard" section for experienced growth companies of a certain scale, and "Growth" section for companies with a unique technology or business model and high growth prospects for the future.


TOKYO PRO Market was established based on the "Professional-oriented market system" introduced in an amendment to the Financial Instruments and Exchange Act in 2008. In TOKYO PRO Market, exchange-approved J-Advisers conduct listing examination of prospective companies and offer post-listing support in place of the exchange. Please click here for more details regarding the market.

Initial Listing and Section Transfer

When a company lists on the TSE market, it is referred to as "Initial Listing." After listing, it is possible for companies to transfer from the 2nd Section to the 1st Section, or from Mothers or JASDAQ to the 1st or 2nd Sections.

Initial Listing

This refers to a company's first listing on the TSE market.
When an unlisted company lists on the market, it is referred to as an "IPO (Initial Public Offering)" or "Direct Listing."

Additionally, the listing of companies already listed on another exchange is referred to as "technical listing." Technical listings are subject to examination based on the same criteria used for IPOs.

Assignment to 1st Section

This term refers to when a company listed on TSE's 2nd Section is assigned to the 1st Section. Such companies are subject to 1st Section Assignment Examination.

Section Transfer

This refers to when a company listed on Mothers or JASDAQ is reassigned to the Main Market (1st/2nd Sections). Such companies are subject to Section Transfer Examination.
Additionally, it is possible for companies to be reassigned from the Main Market or Mothers to JASDAQ.

  • (*)When companies listing on the TSE market which are already listed on another exchange qualify as initial listings, and not Section Transfers.

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