3. Comprehensive realignment of ブックメーカー 合法 financial sector

With ブックメーカー 合法 financial turmoil taking place since ブックメーカー 合法 autumn in 1997, many financial institutions, while protecting themselves against ブックメーカー 合法 ongoing market instability, also began to pursue partnerships and mergers to strive for improvement of their financial position pursuant to ブックメーカー 合法 Tokyo Big Bang. ブックメーカー 合法 Tokyo Big Bang was ブックメーカー 合法 name given to Japanese-style financial system reforms introduced by ブックメーカー 合法 Ryutaro Hashimoto administration in November 1996. It aimed for upgrading Japan’s financial market functions so that Tokyo could more effectively compete with New York and London as an international financial center by 2001. In preparation for this grand initiative, ブックメーカー 合法 Financial Systems Reform Act was enacted in June 1998, launching a range of deregulation measures, including ブックメーカー 合法 full liberalization of brokerage commissions and a mutual participation framework between banking, securities and insurance businesses.

In this context, a number of leading financial corporations announced collaboration and partnership plans in 1998. The Industrial Bank of Japan and Nomura Securities decided on a business tie-up for derivatives trading and asset management and administration services which was announced in May. Nikko Securities and Travelers Group entered into an agreement in June on a business and capital tie-up for developing investment banking business in Japan. Sumitomo Bank and Daiwa Securities concluded an agreement on forming a joint venture for wholesale securities, derivatives trading and asset management businesses in July 1998. Following this, Daiwa Securities SB Capital Markets ブックメーカー 合法., Ltd. (renamed Daiwa Securities SMBC ブックメーカー 合法., Ltd., in April 2001) and Daiwa SB Investments Ltd. started operations in April 1999.

Consolidation of Financial Institutions in Japan Since 1990