Tokyo Forex Brokers Suffer Volume Decline After Painful Year Of Growing Competition
BROKERS
Tokyo's foreign exchange brokers are reappraising their business strategies after a painful year in which they suffered reduced turnover, the impact of electronic brokerage systems and the arrival of a U.S. predator in the shape of Cantor Fitzgerald, sources say.
"What we need to do is not just wait for the market to recover but to review our strategy and rationalise," says Tomio Kudo, deputy general manager at Meitan Tradition Co. Ltd.
Between January and November last year, the volume of yen
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