JapanCross is a 50:50 joint venture between Instinet International Corporation and Nikko Citigroup Limited and was established in 2001 to offer Japanese equity crossing services to institutional investors. Through its newly created division, JapanCrossing, Instinet will continue to offer PTS crossing services to institutional investors as a means to reduce transaction costs.
"Transfer of the JapanCross business to one of our parents is a natural next step in the evolution of PTS crossing services in Japan," said Katsuhisa Sakauchi, the CEO of JapanCross. "JapanCross has received substantial order flow from institutional investors, and transferring our PTS operations to a parent allows us to realize natural economies of scale. Both parents remain committed to the PTS crossing business and our customers will continue to benefit from these services."
"We are delighted that the JapanCross business has matured to a point where it can be included with our existing offerings to domestic and international Japanese equity investors. A principal focus of our service is to reduce transaction costs, including with the development of alternative markets such as JapanCrossing," said Tony Mackay, President of Instinet Japan Limited.
"Nikko Citigroup is pleased with the growth of crossing services in Japan. We fully support this next step in the evolution of PTS-based crossing services, which are more naturally offered as a part of a broader menu of electronic trading-based services. Nikko Citigroup is committed to providing clients with access to alternative trading venues, including Instinet's PTS-based crossing services," said John Nicolis, Co-Head of Equities at Nikko Citigroup.
(C) 2003 JapanCross Securities Co., Ltd. All rights reserved. JapanCross Securities Co., Ltd. is a securities broker registered in Japan. It is an independent broker created by a 50:50 joint venture between Instinet International Corporation and Nikko Citigroup Limited, a securities broker registered in Japan. Not intended as an offer or solicitation with respect to the purchase or sale of any security. INSTINET is a registered service mark in the United States and in other countries throughout the world. Japan Cross is a service mark of JapanCross Securities Co., LTD.
