Goldman Sachs, Morgan Stanley To Join Japan's First ECN
Thursday, March 2, 2000
TOKYO (Nikkei)--Goldman Sachs Group Inc., Morgan Stanley Dean Witter & Co. and seven other securities firms will take part in creating Japan's first electronic communications network (ECN) for online trading.
The project, led by Mitsui & Co. (8031) and online brokers DLJdirect SFG Securities Inc. and Monex Inc., will focus on executing online orders from individual investors after Japan's stock exchanges close their on-floor trading.
The participation of major securities firms will provide the ECN project with the liquidity it needs to ensure smooth execution of buy and sell orders.
The other seven securities firms are: Lehman Brothers Holdings Inc., Indosuez W.I.Carr Ltd., Schwab Tokio Marine Securities Co., H.I.S. Kyoritsu Securities Co., Iwai Securities Co. and a joint venture between Bank of Tokyo-Mitsubishi (8315) and TD Waterhouse Group Inc. of the U.S.
The 12 firms will launch a venture, capitalized at 100 million yen, this month. Mitsui & Co. will have a 50.5% stake in the venture, with the 11 other firms each taking an equal stake in the remaining 49.5%. Operations are slated to begin in autumn 2000.
(The Nihon Keizai Shimbun Thursday morning edition) |
