DLJdirect-Sumitomo online JV to start on Friday
TOKYO, June 9 (Reuters) - U.S online broker DLJdirect Inc and several
Sumitomo group companies said on Wednesday their joint brokerage venture -- the country's first to specialise in online trading -- will start operations on Friday.
"We aim to become Japan's best and strongest online securities house,"
DLJdirect SFG Securities Inc President Atsushi Kunishige told a news
conference.
DLJdirect SFG will initially offer only trading in domestic stocks, but it plans to expand into European and U.S. markets, Kunishige said.
The joint venture, capitalised at three billion yen, was set up in March. It is half owned by DLJdirect, the online brokerage unit of U.S. investment bank Donaldson Lufkin & Jenrette , and 20 percent by Sumitomo Bank Ltd .
The remaining 30 percent is equally divided among four other Sumitomo group companies, Daiwa Securities Group Inc and Internet Initiative Japan Inc.
The DLJ-Sumitomo alliance is part of a recent wave of tie-ups between foreign and domestic firms aiming to cash in on Japan's potentially lucrative retail brokerage business.
Earlier this month, U.S. Internet brokerage Charles Schwab Corp and
Japanese non-life insurer Tokio Marine & Fire Insurance Co Ltd said they will set up a brokerage firm with both online trading and retail branches this autumn.
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