|In the aspect of revising Financial Instruments and Exchange Act of 2008, from the perspective in which it is essential to enable a variety of asset management or provision of funding opportunities in order to make the Japanese market more appealing and competitive, the system was organized in point of diversification of financial instruments so that markets with high degree of freedom can be founded by limiting direct participants in the market to professional investors, and Exchange Traded Funds (ETF) that invest in financial instruments are made possible widely. In addition, the regulation on disclosure was also relaxed drastically as the form of disclosure documents, language, accounting standards, etc. are not regulated by law, but instead are determined by persons who have established the markets. On the other hand, J-Nomad system was introduced, which is based on Tokyo Alternative Investment Market (AIM). It is specified that the Nominated Adviser (Nomad), who is the designated adviser, takes responsibility for the appropriacy of the listing or the subsequent operation. In order for these markets targeted at professional investors to succeed, inducing the participation of foreign investors is as important as attracting foreign enterprises to be listed. It is a major challenge whether to be able to secure the high liquidity with the participation of many investors. In Korea, Financial Services Commision drew up a "plan for founding a stock market exclusively for small and medium-sized businesses [tentatively named Korea New Exchange (KONEX)]" as a measure for innovating the financial environment for newly-founded as well as small and medium-sized businesses in April this year. Japanese people`s exertion to vitalize the Japanese capital market and consequentially to scale up the investment opportunities for Japanese investors is full of suggestions for us.