NASDAQ from OTC Market to Securities Exchange and Its Enlightenments

This paper includes a brief review of NASDAQ's (National Association of Securities Dealers Automated Quotation) changing from an electronic quotation of OTC market to a national securities market of the U.S., from membership to corporate and its route of becoming a transnational group. Analyze NASDAQ in the technology & services innovations, the system & mechanism innovations and the characteristics of both. And further analyze the enlightenments of NASDAQ's successful experience on the building of China's OTC market and the direction of further research. This article holds: The building of China's OTC market should use corporate as the organizational form of market, from internal governance structures and external governance mechanisms to promote the system and institution-building and innovations, and stimulate the technology & services innovations. Analyzing NASDAQ will be a good starting point for analysis about the building of China's OTC market.