The dematerialization of stock certificates executed in January this year becomes the opportun ity of the social infrastructure construction of " Make to the electronic commerce " integrated as for the process of the portfblio investment . The committee over which Japan Se 7ities Dealers Association presided promoted the reform of securities clearing and settlement system of the dematerialization of stock certifi − cates and others with the character that crossed the industry as a Nationar

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... ct that the issuer , the in − vestor , the market participant( brokerage firm , bank, and trust bank, etc , ) , and each bond settlemerit infra − struc 亡 ure donor , Bank ofJapan , and the Financia 】Services Agency . etc. relate widely . However , 正 t has not come to oonstruct the business model as an ele ( 元ro 皿 ic commerce . An advanced case with Europe and America and the fact of my country industry are compared , and the importance ofthe mission profiling etc . in the businessmodel construction and the practical use ofP2M are discussed .