RealTime IT News

Nikko Securities, Fujitsu to Form Online Brokerage in Japan

Following Schwab's and DLJDirect's plunge into the Japanese brokerage market, Fujitsu Ltd. and The Nikko Securities Co., Ltd. Wednesday announced plans for an alliance that will include a joint venture Internet brokerage, dubbing the company-to-be Japan's first "introducing broker."

Both companies expect the combined service provided by the two well-known names will "thrive amidst the intensified competition of Japan's Big Bang financial deregulation."

The proposed name of the 50/50 joint venture is Internet Trading Securities. It is expected to launch in January.

The agreement will also involve Fujitsu's recently announced @nifty online network service. The site is expected to be rolled out by November. Details of how @nifty and Nikko subsidiary Nikko Beans will work together for the brokerage service were not released.

The partnership also calls for the formation of a separate joint venture company to develop and manage a system for the financial services market.