Merrill Lynch is today singled out as the best securities house
in the City for the quality of its research, narrowly beating Warburg Dillon Read.
The Financial Services Agency and securities houses
have been preparing to launch the new system since a relevant law was enacted in June 2004, and will continue to urge shareholders to turn their paper certificates into electronic data so they can continue to carry out their transactions smoothly.
Toyota Motor Corp., the second-largest shareholder in the securities house
with a 3.84 percent stake, is expected to agree to the swap deal, sources close to the matter said.
The Financial Services Agency plans to seek law revisions enabling it to issue an order to correct business practices to securities houses
that conduct transactions taking advantage of a law's loopholes, government sources said Sunday.
Starting next April, the bank will raise some 150 billion yen by issuing straight bonds on a quarterly basis for an annual total of 600 billion yen, with securities houses
Major securities houses
have been refraining from disclosing earnings estimates, saying business results could change substantially depending on economic conditions and the market environment.
The association of 268 securities houses
compiled the data based on replies to its questionnaire from 54 member brokerages offering online trading services.
The ''Big Three'' Japanese securities houses
were chosen from among 10 bidders for the role, including four foreign brokerages.
Their control of securities houses
other than Nomura Securities Co.
It has since floated 82,400 shares which are presently held mainly by securities houses
as well as major businesses in the Kansai region surrounding Osaka.
It has issued 82,400 shares which are held mainly by securities houses
as well as major businesses in the Kansai region centering on Osaka.
The idea is designed to promote tie-ups between banks and securities houses
in Japan, where many people prefer to deposit money with banks instead of making risky but higher-return investments, panel members said.