Abstract
The dematerialization of stock certificates executed in January this year becomes the opportunity of the social infrastructure construction of "Make to the electronic commerce" integrated as for the process of the portfolio investment etc. The committee over which Japan Securities Dealers Association presided promoted the reform of securities clearing and settlement system of the dematerialization of stock certificates and others with the character that crossed the industry as a National project that the issuer, the investor, the market participant (brokerage firm, bank, and trust bank, etc.), and each bond settlement infrastructure donor, Bank of Japan, and the Financial Services Agency, etc. relate widely. However, it has not come to construct the business model as an electronic commerce. An advanced case with Europe and America and the fact of my country industry are compared, and the importance of the mission profiling etc. in the business model construction and the practical use of P2M are discussed.
