The Nasdaq Stock Market (based in New York) has two tiers in the USA, the Nasdaq National Market and the Nasdaq SmallCap Market. Each tier has its own set of financial requirements that a company must meet to list its securities. Nasdaq also operates the OTC Bulletin Board, which is scheduled to be replaced by the Bulletin Board Exchange, or BBX, in 2003. The Nasdaq markets are not physical stock exchanges in the traditional sense and do not have an exchange floor, but instead use electronic trading and support systems. In 1998, Nasdaq and the American Stock Exchange combined into one corporate organisation: The Nasdaq-Amex Market Group. Outside the USA, Nasdaq operates the Nasdaq Canada, Nasdaq Europe and Nasdaq Japan exchanges.