MF Global has launched a research-led team, headed by managing
director Graham Elliott, that will try to give clients insight
on the most liquid Japanese equities and then expand into sales
The company has also changed the name of its Tokyo-based
business from FXA Securities to MF Global FXA Securities, to
reflect the diversity of its offering. FXA Securities, the
margin FX business owned by MF Global, has been operating in
Tokyo since 2000.
"Building on the success of our European research-led model,
the expansion into Japanese equities furthers our pan-Asia
growth strategy and enhances our client offering with access to
regional markets," said Bernie Dan, chief executive of MF
Global, in a statement.
Elliott said: "Over the last two years, the number of
research providers in Japan has declined markedly through
mergers or withdrawals from the market. As a result, investors
tell us that it has become increasingly difficult to find
quality research that they can rely on. So we are seizing what
we see as a prime opportunity to provide valuable analysis that
is independent and unconflicted, due to our agency-only
Elliott, a former CEO for Japan of US investment bank
Jefferies, joined MF Global in April and has built an initial
team of seven equity research analysts and a sales and
execution team of 11, with extensive experience in Japanese
markets. The team is set to expand to 10-15 analysts.
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