The attempt of US hi-tech stockmarket Nasdaq to branch out into Japan is over.

The board of Nasdaq Japan voted to cease operations, following days of speculation that the end was in sight for the three year old venture.

Nasdaq Japan was originally launched at the height of the share boom in 1999 as part of the parent company's hopes to create a 24-hour global market.

The Nasdaq dream was that investors could trade stocks listed on its exchange in any currency at any time of day or night.

Nasdaq Japan operated as a part of the Osaka Exchange

"We're withdrawing from Japan," John Hilley, chairman and chief executive of Nasdaq International said. " Nasdaq Japan is ceasing its operations."

Shattered dreams

"The story of Japan is bad timing and bad market conditions," he added.

Nasdaq was still committed to its European ventures and hoped one day to operate a global exchange, he added.

At the height of the dot.com fever, many exchanges dreamed of forming part of or dominating a truly global exchange.

Many alliances were forged and dismantled.

Nasdaq's admission of even temporary defeat in its ambition highlights the fact that a truly global exchange is still some years away.

Nasdaq Japan operates as a section of the Osaka Stock Exchange ( OSE), Japan's second largest exchange. Stocks listed on the defunct Nasdaq Japan market will continue to be traded on this exchange.

The OSE has said it has initial plans to rename the market the "Japan New Market" and continue its operation.

Nasdaq Japan trades the shares of 98 start-up companies. Nasdaq owns 43% of the company, with another 43% owned by Japanese hi-tech investment firm Softbank.

Last week, Nasdaq said it was taking a $10.3m charge on its investment in Japan, sparking speculation the end was nigh.