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This paper focuses on the business system of NC Network, the most successful electronic B-to-B market for the Japanese manufacturing industry. NC Network provides services such as a search engine based on production technology, a bulletin board that fosters reciprocity, and an infrastructure that highlights unique production technologies to foster adequate competition and to reduce opportunistic behavior. In contrast to unsuccessful electronic markets, NC Network promotes matching, facilitates exchange, and provides solid infrastructure. This demonstrates why a successful electronic market should contain adequate economic and social institutions. This paper elucidates the business system of a successful electronic market that serves the Japanese manufacturing industry.