• Contact us
      • Contact Us
      Have a question?
      Try speaking to one of our experts
      Contact us
      Information
      • Careers
      • Privacy Notice
      • Cookie Notice
      • Terms of Use
      • Office Locations
      Sign up for industry updates
      Stay up to date on Celent's latest features and releases.
      Sign up
      • Privacy Notice
      • Cookie Notice
      • Manage Cookies
      • Terms of Use
      REPORT
      Private Trading Systems: Japan's Proto-ECNs
      5th April 2001
      //Private Trading Systems: Japan's Proto-ECNs
      Boston, MA, USA April 4, 2001

      Electronic Private Trading Systems in Japan

      Off-Exchange Trading Comes to Japan

      Recent months have seen the appearance of private trading systems, Japan's first off-exchange platforms for equities trading. Operated by securities firms, PTS systems seek to attract order flow by offering after-hours trading convenience to retail investors and execution advantages to institutional investors. In a new report entitled "Private Trading Systems: Japan's Proto-ECNs," Celent Communications presents an overview of both retail and institutional PTS systems, as well as the regulatory framework governing them, and assesses their long-term potential in Japan's equities market.

      Japanese Private Trading Systems

      RetailInstitutional
      Goldman Sachs Moon TradeJBT BB Kabushiki Super Trade
      Monex NighterJapanCross Securities

      According to Neil Katkov of Celent, "Like other recent efforts to jump-start Japan's equities markets, PTS systems will generate only limited trading volume in the short to medium term. Nevertheless, we believe they will have a strong influence on market structure far exceeding their size. Like ECNs in the US, PTS systems have introduced the potential for new trading centers to arise in competition with the existing exchanges. In fact, PTS systems may well lead to the creation of a Nasdaq-like shared quotation and trading system competing directly for trade volume with Japan's listed and OTC markets."

      A Table of Contents

      of Celent Communication's Institutional Securities & Investments research service can download the report electronically by clicking on the icon to the left.

      Details
      Geographic Focus
      Asia-Pacific, EMEA, LATAM, North America
      Industry
      Capital Markets