The closure of Nasdaq Japan has highlighted the difficulties experienced by the US exchange's international divisions, but Nasdaq Europe remains positive after a difficult first year and a half.

There have been no IPOs on Nasdaq Europe since it launched in March 2001, when it acquired Easdaq, the pan-European exchange, and trading volumes are struggling to reach first gear. The total monthly turnover for share trading last month was €38.3m ($37.5m), half of it in companies not listed on the exchange.