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Nomura builds Latin American Foreign Exchange Sales and Trading Business

Nomura, the global investment bank, has expanded its Latin American Foreign Exchange coverage under the leadership of David Steck, Managing Director, Nomura Securities International, and newly-appointed Global Head of FX Sales. Liran Blum has been appointed Head of FX and Local Markets Americas Trading and Aloisio Teles has been appointed Head of FX LatAm Trading.

In his newly created position, David Steck will define and implement a global client strategy in FX and strengthen the firm’s global footprint. In the last 13 months Steck and his regional and global partners have launched Nomura’s FX Americas operations, which now employ more than 50 front office staff providing full G10 and Emerging Markets capabilities to a growing client base. Prior to joining Nomura, Steck spent 11 years at Deutsche Bank. Steck reports locally to Peter Hornick, Head of Fixed Income Sales Americas, and globally to Richard Gladwin, Global Head of Foreign Exchange and Commodities.

To build upon Nomura’s success to date in growing the Americas platform, Blum has been appointed Head of FX and Local Markets Americas Trading. Prior to joining Nomura in June 2009, Blum worked for SAC Capital Advisors as a portfolio manager and Lehman Brothers. Blum reports locally to Charlie Spero and Jeff Michaels, Joint Heads of Fixed Income and globally to Richard Gladwin.

To ensure continued progress in building Nomura’s Latin American business, Teles has been appointed Head of FX LatAm Trading. Prior to joining the firm in June 2009, Teles worked for SAC Capital Advisors as a portfolio manager focused on emerging markets. His prior experience also included working at Lehman Brothers and Banco Bozano Simonsen in Rio de Janeiro where he traded LatAm local market instruments. Teles’s extensive LatAm market knowledge, relationships and trading capabilities make him uniquely qualified to lead the effort in expanding Nomura’s local markets trading business.

Nomura now has an 8 person team trading Latin American Foreign Exchange focused on Brazil, Mexico and the Andean countries, supported by 4 salespeople and a 4 person strategy team lead by Tony Volpon, Nomura’s Brazil strategist. Nomura has an extensive Latin American product suite covering the currencies of Brazil, Mexico, Colombia, Chile and Peru. Its products include spot, forward and non-deliverable forwards, vanilla and exotic options, cross currency and interest rate swaps, Brazil on-shore futures, Brazil and Mexico sovereign bonds and structured products.

Source: Mondo Visione, 03.11.2011

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Filed under: Brazil, Chile, Colombia, Latin America, Mexico, News, Peru, , , , , , , , , ,

Tokyo Stock Exchange lists Indian ETF – S&P CNX Nifty linked ETF

Today, the Tokyo Stock Exchange approved the listing of the “NEXT FUNDS S&P CNX Nifty Linked Exchange Traded Fund” managed by Nomura Asset Management Co., Ltd.. The ETF is planned to be listed on Thursday, November 26, 2009.

This is the first ETF linked to Indian stocks to be listed on markets in Japan. The “S&P CNX Nifty Index” to which the ETF is linked is comprised of the 50 premier issues of the National Stock Exchange of India.

Code 1678 (ISIN JP3047100007)
Name NEXT FUNDS S&P CNX Nifty Linked Exchange Traded Fund
Fund Administrator Nomura Asset Management
Listing Date November 26, 2009
Trading Unit 100 units
Underlying Index S&P CNX Nifty Index

TSE entered into a memorandum of understanding with the National Stock Exchange of India on October 15, 2006. Through this ETF, TSE hopes to supply investors with better access to the Indian securities market and contribute to the development of the markets in both of our countries.

With this listing there will be a total of 69 ETFs listed on the Tokyo market, bringing us closer to the goal of 100 listed ETFs by fiscal year 2010, as laid out in the Medium-Term Management Plan. TSE will continue working to diversify the ETF market and improve the convenience of our market for all investors.

Additional ETF’s listed in Tokyo include Brazil’s IBOVESPA, China A Share CSI300 as well as  ETC (Exchange Trade Commodities) like Gold, Silver, Platinum and Palladium. See also TSE lists Brazilian ETF.

Tokyo Stock Exchange officel ETF site
ETFs on TSE November 2009 (.doc and .cvs)

Source: Tokyo Stock Exchange 06.11.2009

Filed under: Asia, Exchanges, India, Japan, News, , , , , , , , , , , , , , , , , , , , , , , , , ,

Sumitomo Trust QFII custody goes to Citi

Sumitomo Trust and Banking has named Citi Securities and Fund Services sole custodian for its new qualified foreign institutional investor (QFII) programme in China.

Under the mandate, Citi will provide custody services including settlement and safekeeping of assets, corporate action processing, income collection, recordkeeping and consolidated reporting to Sumitomo Trust. It will also offer relationship management, implementation and customer service in both China and Japan.

“As the first Japanese [trust] bank to receive an approved QFII license, the appointment of an experienced and innovative custodian bank was a key priority for us,” says Akira Inoue, a senior manager in the global product management office at Sumitomo Trust. “Through partnership and mutual understanding, we are extremely confident that Citi is the right choice for our QFII programme.”

The China Securities Regulatory Commission approved Sumitomo Trust for QFII status on July 15. As the only Japanese trust bank approved for the programme, it plans to develop a Chinese equity socially responsible investment fund for Japanese investors. Sumitomo Trust is still awaiting investment quotas from China’s State Administration of Foreign Exchange before it begins investing in Shanghai and Shenzhen listed A-shares.

Other Japanese financial institutions with QFII status include Dai-ichi Mutual Life Insurance, DAIWA Asset Management, Daiwa Securities SMBC, Mitsubishi UFJ Securities, Nikko Asset Management, Nomura Securities, Shinko Securities and Sumitomo Mitsui Asset Management.

In March Citi won a QFII custody mandate from South Korea’s Hanwha Investment Trust Management. According to a representative of the bank, it has eight existing QFII custody mandates and a “healthy pipeline” of new business in the works.

“In winning this important mandate, our unmatched track record in providing services for the most progressive QFII participants continues to gain momentum,” says Harle Mossman, Asia-Pacific managing director and regional head of investor services at Citi Securities and Fund Services.

According to the bank, Sumitomo Trust’s vetting process for a QFII custodian took less than a year.

For the 2008 fiscal year, Sumitomo Trust’s consolidated net income fell 74.3% to ¥7.9 billion ($83.6 million). A significant contributor to the fall was the bank’s multi-billion yen securities losses, including ¥57.4 billion in international asset-backed securities.

Source: AsianInvestor.com, 27.07.2009

Filed under: Asia, China, Exchanges, Japan, Korea, News, , , , , , , , , , , , , ,

Nomura Seeks Partner in China

Last week Nomura Holdings Inc. announced its search for a partner in China to help it establish an equity underwriting business. The brokerage house, Japan’s largest, also declared its goal to take in 50% of revenue from outside Japan by 2011, up from 30%.

These announcements come just as the equities market in China is starting to heat back up. Two weeks ago we discussed in the ChinaVest newsletter the re-introduction of IPOs to the Chinese markets. This week, Guilin Sanjin Pharmaceutical Co received bids for 584 times the number of shares available in the electronic traunche for China’s first IPO in 2009.

The Shanghai Composite Index, the world’s second-best performing major benchmark, is up 70% since January. Some projections indicate that Chinese companies could raise up to US$2.5 billion in local equity offerings in the second half of 2009. Nomura’s announcement indicates their desire for a piece of that US$2.5 billion dollar pie. “We want to be able to underwrite equity transactions in China, so we’re looking for joint venture partners. It’s a very important agenda,” commented a Nomura spokesman.

Nomura is not alone in their desire to take advantage of the apparent renaissance of China’s equity market. Both Credit Suisse and Deutsche Bank recently received approvals for securities ventures that can underwrite offerings in Shanghai and Shenzhen.

Source: chinavest.com, 10.07.2009

Filed under: Asia, Banking, China, Japan, News, Services, , , , , , , ,

TOKYO AIM Approves First J-Nomads

TOKYO AIM Inc., (“TOKYO AIM”) today approved six securities firms to operate as ‘Japanese Nominated Advisers’ (J-Nomads) on the new market:

Daiwa Securities SMBC Co. Ltd.
Mitsubishi UFJ Securities Co., Ltd.
Mizuho Investors Securities Co., Ltd.
Mizuho Securities Co., Ltd.
Nikko Citigroup Limited
Nomura Securities Co., Ltd.
(alphabetical order)

Tetsutaro Muraki, President and CEO of TOKYO AIM, said: “We are delighted to announce the first group of J-NOMADs based on the formal applications we have received. Reaching this crucial milestone means that companies can now start to prepare listing applications for the new market. J-NOMADs will be an integral part of the effective operation of TOKYO AIM, and we will build this exciting new stock exchange in partnership with them. We look forward to working closely with the J-NOMADs to welcome companies from Japan and the region with strong growth potential, providing them with a venue to raise much needed capital from professional investors.”

David Shrimpton, Chairman of Tokyo AIM, said: “The J-Nomads announced today include some of Japan’s leading securities houses. We are grateful for their close involvement and support throughout the development of TOKYO AIM and believe it provides a strong indication of their confidence in the potential of the market model. This market represents a unique opportunity in the region for issuers and advisers. As the market continues to develop, we expect to see the network of international participants expand further.”

J-Nomads are corporate finance advisers approved by TOKYO AIM. Their role is integral to the TOKYO AIM regulatory model and central to preserving the reputation and integrity of the market. Any company wishing to list on TOKYO AIM must appoint a J-Nomad who will manage the admission process. The J-Nomad will also confirm the overall appropriateness and suitability of the company to list on the market. Companies are obliged to retain a J-Nomad at all times while on TOKYO AIM, and to work closely with the J-Nomad who will provide the company and its directors with advice and guidance in respect of ongoing compliance with the TOKYO AIM rules.

Source:MondoVision, 11.06.2009

Filed under: Asia, Exchanges, Japan, News, Services, , , , , , , , ,

Asia: Investment banking revenues down, but not out

Net revenue generated by banks from core investment banking transactions in the Asia-Pacific region is down 25% to $1.3 billion in the first quarter from $1.7 billion in the same period last year, according to preliminary data from Dealogic, which tracks financial activity.

The drop is less pronounced than the 32% fall in global net revenue to $8.1 billion, and the 45% decline in the Americas to $3.4 billion. Indeed, as the market share held by the US has declined, the Asia-Pacific has increased its share and now accounts for 16% of global core investment banking revenue — up from a 14% share in the first quarter 2008.

Nomura leads the Asia-Pacific core investment bank revenue ranking with a 14% share — the Japanese bank also ranked first in the corresponding period in 2008 with a 9% share. Banking revenues in Japan were up 5% to $542 million, accounting for a 42% share of the market.

The dull spot is China, with a mere $80 million in investment banking revenues year-to-date, down 83% from this time last year. The country’s share in Asia-Pacific is a tiny 6.3%, not much more than Singapore’s 6%. Hong Kong isn’t looking much better, with just $13 million in investment banking revenue in the first quarter, down 68% from the same period last year and representing just 1% of the regional pie.

In terms of products, it comes as no surprise that equity capital markets (ECM) are suffering, with revenues down 75% in Asia ex-Japan, underscoring how much issuance has slowed particularly in China, Hong Kong and India. ECM is down just 39% if you include Australia and Japan and look at Asia-Pacific as a whole.

Nor should it raise too many eyebrows that the good news is to be found in the debt capital markets (DCM), particularly in Australia. If you include Australia and Japan, DCM revenues are up 67% in the Asia-Pacific, and that number stays high — at 65% — if you exclude Japan.

Challenging Nomura on the overall IB front is UBS, which leads the Asia-Pacific (ex-Japan) and Asia (ex-Japan) revenue rankings.

Dealogic defines investment banking revenue as comprising DCM, ECM and M&A transactions, including Chinese A-Shares. When actual fees are not disclosed, Dealogic determines the revenues using what it calls “revenue analytics”. Industry experts we spoke to about these rankings say the figures on bank revenues are “directionally accurate”. As one banker put it: “Banks looks directionally right but the numbers are potentially distorted by one or two deals and mis-estimated methodologies.” While that’s a fair point, unless banks announce their revenues down to the penny (and why would they?) this is a useful benchmark and one used by the banks for marketing.

Origingal Article here

Source: FinanceAsia, 30.03.2009

Filed under: Asia, Australia, Banking, China, Hong Kong, India, Japan, Risk Management, Services, Singapore, Wealth Management, , , , , , , , , , , , , ,

Fidessa LatentZero offers Nomura’s ModelEx algorithmic trading suite through its order and execution management solutions

Fidessa LatentZero, has today announced that it has integrated the ModelEx suite of algorithmic order execution strategies from Nomura into its Minerva Order and Execution Management System (OEMS) and EMS Workstation trading applications for the buy-side. ModelEx builds on and enhances the strong algorithmic capabilities Nomura acquired from Lehman Brothers’ European and Middle Eastern and Asian equities and investment banking operations in 2008.

The availability of ModelEx to Fidessa LatentZero’s European OEMS and EMS clients is a key part of the relaunch of Nomura’s electronic trading facility, and will in turn offer Fidessa LatentZero’s clients a comprehensive series of electronic trading options. The suite now includes more than 20 individual algorithms that support core strategies, as well as more specialised tactical, portfolio, conditional and dark strategies for both equities and futures. The suite also offers Fidessa LatentZero users the option of creating custom algorithms to support specific trading strategies.

Andrew Bowley, Head of Electronic Trading Product Management at Nomura says: “Nomura has enjoyed a strong working relationship with Fidessa group for some time, and we are very pleased to be re-launching our electronic trading franchise through the Fidessa LatentZero trading platforms.

Source: FidessaLatenzero, 04.03.2009

Filed under: News, Trading Technology, , , , , ,

Nomura launches Electronic Trading Platform In Asia-Pacific – Trading Live In Japan, Hong Kong, Singapore and Australia

Nomura, the pre-eminent Asia-based investment bank, this week announced the launch of its Asian Electronic Trading platform, providing clients with Direct Market Access (“DMA”) and Algorithms via its “ModelEx” platform connecting to equity markets in Japan, Hong Kong, Singapore and Australia. ModelEx is Nomura’s algorithmic trading platform which allows clients to electronically access its suite of automated trading strategies.

The firm expects to launch the platform in India, Taiwan and Korea by April 2009.

Nomura is unique in the electronic trading services (ETS) business for its award winning quantitative analytics and risk models, which provide pre- and post-trade analytics, market microstructure and quantitative research to help clients generate new and innovative trading ideas.

The new ETS team combines the best electronic trading capabilities of the Lehman Brothers acquisition, including the quantitative analytics team, developers of the algorithms, information technology and operations personnel, with Nomura’s strong client relationships and dominance in Japan.

Previously, Nomura has been active in the Japan ETS market in both DMA and Direct-Strategy-Access (DSA), utilizing its “Experts” algorithmic platform. The current ETS team, led by Managing Director Rob Laible, has maintained the Nomura platform while at the same time building-out the pan-Asian capabilities of ModelEx in order to ensure seamless execution and provide superior analysis and a competitive edge for its clients.

“Nomura is committed to establishing a world-class suite of electronic trading products for its customers globally, and we’ve been very focused over the last few months on re-establishing a market-leading platform in Asia,” said Rob Laible, Head of Nomura Electronic Trading Services in Asia. “We are well-positioned to offer our long-only clients, hedge funds, pension funds, and other institutional investors value-added and customized trading solutions and execution services.”

Nomura’s Asia-Pacific Equities division delivers the full resources of a multi-product execution platform to its clients globally. Committed to a state-of-the art risk management platform and market-leading research coverage and insight, Nomura provides its clients with a full-service equity broker offering, including structured and flow derivatives sales and trading, cash sales and trading, program and electronic sales and trading, quantitative advisory/analytics, structured derivatives and prime services.

Source: MondoVisione, 26.02.2009

Filed under: Asia, Australia, News, Trading Technology, , , , , , , , , , , , , , , , , , , , , , ,

Nomura India expands its capabilities in India

Nomura Financial Advisory and Securities (India)  has launched its Equity Sales and Trading and Investment Banking operations in India.

In October 2008, Nomura acquired the majority of Lehman Brothers’ employees in India, including the Equities Sales and Trading, Equity Research, Fixed Income Liquid Markets Sales and Trading, and Investment Banking teams.

By integrating the former Lehman Brothers India franchise and obtaining its Merchant Banking license and stock exchange memberships, Nomura India has expanded its capabilities in India through a wide range of onshore financial solutions spanning securities brokerage, securities underwriting and advisory services.

Takumi Shibata, COO of Nomura Holdings, commented: “India is one of the most important regions for Nomura’s global expansion. Under the leadership of Vikas Sharma, President and CEO of Nomura India, and with a strong team combining Nomura and former Lehman Brothers’ expertise in India, I am confident that our footprint in India will significantly expand.”

Vikas Sharma commented: “With the establishment of our onshore business platform, Nomura India will be able to further provide client-centric, world-class financial solutions that bridge India’s capital markets and the world.”

Source: Automated Trader, 05.02.2009

Filed under: Asia, India, News, Services, , ,

Nomura revives Lehman’s Indian equity trading unit

Japanese investment bank Nomura has launched onshore equity sales and trading in India, leveraging the local assets of investment bank Lehman Brothers that it purchased in 2008. A new entity offering a range of investment banking services, Nomura India, will be staffed by both Nomura and former Lehman Brothers employees.

“India is one of the most important regions for Nomura’s global expansion. Under the leadership of Vikas Sharma, President and CEO of Nomura India, I am confident that our footprint in India will significantly expand,” said Takumi Shibata, COO of Nomura Holdings, in a statement.

In October last year, Nomura acquired the majority of Lehman Brothers’ employees in India, including the equities sales and trading, equity research, fixed income liquid markets sales and trading and investment banking teams. The firm also obtained Lehman’s merchant banking licence and memberships to India’s two bourses – the National Stock Exchange and the Bombay Stock Exchange – which have allowed it to launch the equity sales and trading business.

Nomura India will initially focus on sales and trading of Indian equities, futures and options, but is seeking regulatory approval to offer direct market access (DMA) for institutional clients in Q2 this year. The firm said Lehman was among the first firms in India to launch algorithmic DMA and had market-leading capabilities in listed derivatives.

Nomura also intends to launch a fixed income business in India, pending regulatory approval.

Lehman Brothers’ entire equities and fixed income liquid markets team joined Nomura India. The combined group is led by Pankaj Vaish.

Source: The New Trader, 05.02.2009

Filed under: Asia, Exchanges, India, Trading Technology, , , , , , , ,