Japan’s equity brokers captured market share from foreign rivals last year, led by Mizuho Securities and SMBC Nikko Securities, according to a survey by Greenwich Associates.
Japanese firms made greatest inroads from foreign and offshore institutions that generate the majority of the market’s trading commissions and have traditionally been the stronghold of non-Japanese brokers.
Foreign firms continue to cut across Asia. CLSA cut more than 20 people this week, post its integration with Citic Securites according to a person familiar with the move, and this month Standard Chartered closed its global cash equities division.
Nomura Securities, Daiwa Securities and Mitsubishi UFJ Morgan Stanley...
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