This is a summary of a presentation for INVESTORS DAY. President and CEO, Nomura Holdings, Inc.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "This is a summary of a presentation for INVESTORS DAY. President and CEO, Nomura Holdings, Inc."

Transcription

1 INVESTORS DAY Junichi Ujiie President & CEO Nomura Holdings, Inc. December 2002 This is a summary of a presentation for INVESTORS DAY. Date: Place: Speaker: 6 December, 2002 (Friday) 7 th floor Nomura Securities Co., Ltd. Junichi Ujiie President and CEO, Nomura Holdings, Inc. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2002 Nomura Holdings, Inc. All rights reserved. Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura. The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information. This document contains statements that may constitute, and from time to time our management may make "forward-looking statements" within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions. The consolidated financial information in this document for the six months ended September 2002 is not subject to audit. 1

2 Outline of Presentation Review of Operating Results Business Environment Group Strategy Corporate Governance 1. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2002 Nomura Holdings, Inc. All rights reserved. 2. Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made. 3. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura. 4. The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information. 5. This document contains statements that may constitute, and from time to time our management may make "forward-looking statements" within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions. 6. The consolidated financial information in this document for the six months ended September 2002 is not subject to audit. 2 2

3 Review of Operating Results 3

4 Review of Operating Results (US GAAP) (Billions of yen) Income before income taxes (LHS) Net income (LHS) ROE (RHS) (%) * 9.1** FY00.3 (1/2) FY01.3 (1/2) FY02.3 (1/2) FY03.3 1H 2 0 * Includes cumulative effect of accounting change **ROE = (annualized rate) (Income before cumulative effect of accounting change x 2 + Cumulative effect of accounting change) (Shareholders equity at the beginning of period + Shareholders equity at the end of period) / 2 4 This graph illustrates income before income taxes, net income and ROE from fiscal year ended March 31, 2000 to the semi-annual results for fiscal year ended March 31, Income before income taxes and annualized ROE for the six months ended September 2002 amounted to billion yen and 9.1% respectively. The average ROE for the period was 9.9%, while our average ROE target is 10-15% over the medium to long term. 4

5 Business Environment 5

6 Business Environment Progress of Structural Reform! Movement of Individual Financial Assets! Acceleration of Corporate Restructuring 6 This slide explains our business environment. We have faced a particularly harsh business climate with the Japanese stock market dipping to new lows since the bursting of the economic bubble. However, we believe the fundamentals have not changed and that structural reform is progressing, namely, the movement of individual financial assets in pursuit of better returns, and acceleration of corporate restructuring. 6

7 Business Environment Movement of Individual Financial Assets (1) Financial Products Selection Criteria (%) Because the yield is favorable (LHS) Because capital gains are expected in the future (RHS) (%) Note: The three possible answers in the survey are profitability, security, and liquidity. The graph shows a breakdown of why those surveyed chose to emphasize profitability. Profitability is made up of favorable yield and expected capital gains. Source: Nomura Financial Research Center, based on the Public survey on saving and spending conducted by the Central Council for Financial Services Information on 6,000 households from June 21 to July First, I would like to touch upon the movement of individual financial assets using the following three slides. The graph in this slide illustrates a public opinion survey conducted by the Central Council for Financial Service Information on the criteria of financial product selection. The percentage of those surveyed choosing expected capital gains has shown a consistent recovery and is comparable to pre-bubble levels, while the percentage of people opting for favorable yield has been exhibiting signs of a downward trend. 7

8 Business Environment Movement of Individual Financial Assets (2) (Trillions of yen) yen Investment in Foreign Assets by Individuals Yen-US$ 6-Month US$ Deposit Interest* (RHS) yen (%) \ / $ yen Individual foreign securities investments (LHS) Individual foreign currency deposits (LHS) Mar. Jun. Sept. Dec. 99 Mar. Jun. Sept. Dec. 00 Mar. Jun. Sept. Dec. 01 Mar. Jun. Sept. Dec. 02 Mar. Jun. *Bank of Tokyo Mitsubishi 6-month US dollar term deposit interest rate on the first business day of each month Source: Nomura Research Institute 8 0 Second, this graph illustrates investment in foreign securities by individuals, individual foreign currency deposits, the yen-us dollar exchange rate and US dollar deposit interest rate. Although the US dollar deposit interest rate has declined substantially since March 2001 and the yen has not always fallen against the dollar, individuals investment in foreign assets has grown consistently. As such, we believe individual investors have started to diversify their currency allocation. 8

9 Business Environment Movement of Individual Financial Assets (3) (Billions of yen) 1, TOPIX & Individuals Net Purchase on Equity Individual net purchases (LHS) TOPIX (RHS) 3,000 2, , Source: Compiled by Nomura Research Institute from Tokyo Stock Exchange data 9 Third, this graph illustrates TOPIX movements and individuals net purchase on equity since During the period of stock decline, individual investors tended to be net buyers. In other words, individuals actively took risks because they regarded a declining market as a good investment opportunity. It is said that the general risk tolerance of individual investors in Japan is low. However, individual financial assets are expected to shift from bank deposits to the securities markets, where higher rates of return are anticipated. 9

10 Business Environment Acceleration of Corporate Restructuring (1) (% of market value) 65% 60% Shareholder Mix Corporate Investors 55% 50% 45% 40% 35% Financial Investors 30% FY96.3 FY97.3 FY98.3 FY99.3 FY00.3 FY01.3 FY02.3 Corporate investors: Non-financial companies and financial companies (excluding trust accounts) Financial investors: Trust accounts, individual investors, and foreign investors Trust accounts: Trust bank holdings (equity distribution survey base) minus equity among other marketable securities (in financial statements) Source: Compiled by Nomura Securities Financial Research Center based on the results of a share ownership survey carried out by the National Conference of Stock Exchanges and annual reports of various companies. 10 This graph shows that the shareholder mix comprises corporate investors, whose main purpose is cross shareholding, and financial investors, who, like institutional investors, look for financial returns. In light of the ongoing unwinding of cross shareholdings, the share of financial investors has already exceeded that of corporate investors. Financial investors, who focus on capital efficiency, put pressure on management and accelerate corporate restructuring. Let s look at an example in the next slide. 10

11 Business Environment Acceleration of Corporate Restructuring (2) (No. of deals) 2,500 2,000 1,500 M&A Deals Out-In In-Out In-In Entering New Markets Strengthening Existing Business Group Restructuring 1, Note: Calculated on a calendar year basis excluding financial institutions. Figures for 2002 have been annualized between January and September Source: Compiled by Nomura Securities Financial Research Center using data collated from newspapers and periodicals 11 This graph shows the number of M&A deals among Japanese corporations. The line graphs illustrate their purpose. Most of them aim at strengthening existing businesses and group restructuring. This indicates that pressure from financial investors is also playing an important role. 11

12 Business Environment Acceleration of Corporate Restructuring (3) (Spread DI) (%) AAA - BBB BB - B CCC - Bank Loan Interest Rate Spreads DI* Based on Corporate Credit Ratings Apr.00 Jul.00 Oct.00 Jan.01 Apr.01 Jul.01 Oct.01 Jan.02 Apr.02 Jul.02 Oct.02 * This chart shows the difference between percentage distribution of financial institutions that reported widening and narrowing spreads. Figures increase as more financial institutions report widening spreads. Note: Ratings conform with banks in-house ratings and responses are subject to banks judgment and classification. As a yardstick, domestic long-term bonds are rated as AAA-BBB (highest rating), BB-B (middle rating) and CCC and below (lowest rating). Source: Compiled by Nomura Securities Financial Research Center from the BOJ s Senior Loan Officer Opinion Survey on Bank Lending Practices at Large Japanese Banks. 12 Next is the change in banks lending practices. This graph illustrates a bank loan interest rate spread diffusion index based on corporate credit ratings. More banks are requiring higher loan interest rate spreads from lower credit rating companies than before. As such, normalization of bank lending practices urges corporations to accelerate restructuring, such as withdrawal from non-profitable businesses. At the same time, the change in loan spreads will further contribute to the growth of the Japan s bond and securitization product markets. Consequently, individual investors will enjoy returns from a range of different securities products. 12

13 Group Strategy 13

14 Group Strategy Group Vision To be a Globally Competitive Japanese Financial Services Group 250 (%) Nomura s Relative Performance Nomura Holdings Securities industry (excluding Nomura Holdings) Banking industry Nomura Holdings 100 TOPIX Now let s move to group strategy. Based on the business environment previously mentioned, our group strategy remains unchanged. That is, to become a globally competitive Japanese financial services group focused on Japan, where we can expect a high rate of growth. Viewed in terms of the relative performance of Nomura Holdings, we have been outperforming the market and industry. Having said that, we will further endeavor to increase shareholder value by improving our global competitiveness. 14

15 Group Strategy Business Execution Structure Nomura Holdings President & CEO: Junichi Ujiie Advisory Board Strategic Management Committee!! Establish Group Strategy!! Capital Allocation Monitoring: Nomura Value Added & Other Measurements Domestic Retail Director Takashi Yanagiya Global Wholesale Director Hiroshi Toda Asset Management Director Kazutoshi Inano 15 This slide shows the business execution structure in place to achieve our management objectives. The Strategic Management Committee is responsible for formulating group management strategy and the allocation of management resources by closely examining the business plans of our three businesses. In addition, the Advisory Board, made up of top managers of prestigious Japanese companies, offers valuable management advice enabling a versatile management approach. Business line heads are given discretion to execute business within the management resources allocated. The Strategic Management Committee monitors performance using Nomura Value Added and other measurements. 15

16 Group Strategy Strengths of Nomura Group Close Cooperation Among Three Divisions Solid Client Base Overseas Investing Needs Solution Finding Needs Domestic Retail Individual Investors Corporates & Public Sector Institutional Investors Financing Needs Equity Finance Debt Finance Global Wholesale Improvement of Capital Efficiency M&A Advisory Asset Restructuring Securitization Asset Management 16 Nomura Group s strengths are characterized by close cooperation among its three divisions and a solid customer base both in and outside of Japan. For example, our Domestic Retail division provides high value-added products supplied by our Global Wholesale division. Additionally, by building up a solid track record in product distribution, our Global Wholesale division is able to secure high-profile deals. 16

17 Group Strategy Priorities Domestic Retail! Expand business in anticipation of further growth in the securities market! Serve customers by focusing on their core values Global Wholesale! Materialize profit from rapidly expanding business opportunities! Recognize and take risks Asset Management! Enhance asset management capability! Enhance sales channels via banks! Strengthen defined contribution pension plan business 17 With this slide I would like to clarify our priorities. First, in Domestic Retail we seek to expand business in anticipation of further growth in the Japanese securities market. In order to realize this, we serve customers by focusing on their core values those they regard as most important and are willing to pay for. Second, in Global Wholesale, we seek to materialize profit from rapidly expanding business opportunities as well as recognize and take risks. Third, in Asset Management we seek to enhance our asset management capability and investment trust distribution via banks as well as strengthen our defined contribution pension plan business. 17

18 Corporate Governance 18

19 Corporate Governance Enhanced with Shift to Holding Company Structure Outside Directors We have appointed 2 of 11 directors from outside the Company Audit Committee* One outside director is included among the six committee members Executive Compensation Committee Two of the three committee members are outside directors *The committee is charged with promoting proper corporate behavior and enhancing our ability to conduct internal auditing. 19 As for the enhancement of corporate governance, we took the following measures when we transferred to a holding company structure. First, Nomura Holdings has 11 directors, two of whom are outside directors. Second, the Audit Committee was formed in order to check the appropriateness of each subsidiary s activity and develop internal audit systems for the Nomura Group. An outside director participates in this committee. Third, we established the Executive Compensation Committee to discuss modalities for Nomura Group compensation. External board members form the majority of this committee. Under enhanced corporate governance, we seek to realize sustained growth of shareholder value. 19

20 Nomura Holdings, Inc. nomura.com 20

Deutsche Bank 2014 Global Financial Services Investor Conference

Deutsche Bank 2014 Global Financial Services Investor Conference Connecting Markets East & West Deutsche Bank 2014 Global Financial Services Investor Conference Shigesuke Kashiwagi, CFO Nomura Holdings, Inc. May 28, 2014 Nomura Unique hybrid of retail brokerage/asset

More information

Tackle for the Dream. April 2013

Tackle for the Dream. April 2013 Medium Term Management Plan Tackle for the Dream April 2013 Table of Contents t 1. Background and Positioning of the Medium Term Management Plan P2 2. Outline of the Medium Term Management Plan P3 3. Financial

More information

driven by short-term traders

driven by short-term traders Domestic ETF market's rapid growth driven by short-term traders Atsuo Urakabe 10. June. 2014 Executive Summary Domestic ETF/ETN trading volumes were buoyant in fiscal 2013 by virtue of a sharp increase

More information

Highlights of 1H FY2015 Results. November 18, 2015

Highlights of 1H FY2015 Results. November 18, 2015 Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27

More information

Funds in Court Information Guide INVESTMENT RISKS

Funds in Court Information Guide INVESTMENT RISKS Funds in Court Information Guide INVESTMENT RISKS NOTE: The information in this document is for information purposes only. The information is not intended to be and does not constitute financial advice

More information

IR Best Practice & the Tools Needed to Achieve it

IR Best Practice & the Tools Needed to Achieve it IR Best Practice & the Tools Needed to Achieve it Belgrade March 2011 Andrew Crockett Senior Specialist Corporate Services Thomson Reuters INTRODUCING THOMSON REUTERS We provide intelligent information

More information

Sumitomo Trust & Banking. Information Meeting on Financial Results for 1HFY2004

Sumitomo Trust & Banking. Information Meeting on Financial Results for 1HFY2004 Sumitomo Trust & Banking Co., Co., Ltd. Information Meeting on Financial Results for 1HFY24 December 1, 24 The quality trust bank 1 Aiming to become the quality trust bank The quality trust bank Trust

More information

COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors

COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors Who can benefit from Commodity Structured Notes? Corporate or commercial clients looking to hedge commodity

More information

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment Chartbook Contact: Sebastian Becker +49 69 91-3664 Global Risk Analysis The unwinding of Yen carry trades Some empirical evidence 3 2 1-1 -2-3 -4 October 31, 28 Many years before the sub-prime crisis hit

More information

Consolidated Financial Results April 1, 2001 - June 30, 2001

Consolidated Financial Results April 1, 2001 - June 30, 2001 Consolidated Financial Results April 1, 2001 - June 30, 2001 August 3, 2001 In preparing its consolidated financial information, ORIX Corporation and its subsidiaries have complied with accounting principles

More information

Morgan Stanley Reports $928 Million in Second Quarter Earnings

Morgan Stanley Reports $928 Million in Second Quarter Earnings Contact: Investor Relations Media Relations William Pike Ray O Rourke 212-761-0008 212-761-4262 For Immediate Release Morgan Stanley Reports $928 Million in Second Quarter Earnings NEW YORK, June 22, 2005

More information

Consolidated Summary Report < under US GAAP> for the Fiscal Year Ended March 31, 2001

Consolidated Summary Report < under US GAAP> for the Fiscal Year Ended March 31, 2001 Consolidated Summary Report < under US GAAP> for the Fiscal Year Ended March 31, 2001 Date: August 2, 2001 Company Name (code number) : Mitsubishi Tokyo Financial Group, Inc. (8306) (The Mitsubishi Trust

More information

AIMING AT THE BEST PRACTICE OF BANK MANAGEMENT -LAUNCH OF A NEW MEDIUM-TERM MANAGEMENT PLAN, REFORM OF THE MANAGEMENT SYSTEM, CHIBA BANK NEWS

AIMING AT THE BEST PRACTICE OF BANK MANAGEMENT -LAUNCH OF A NEW MEDIUM-TERM MANAGEMENT PLAN, REFORM OF THE MANAGEMENT SYSTEM, CHIBA BANK NEWS AIMING AT THE BEST PRACTICE OF BANK MANAGEMENT -LAUNCH OF A NEW MEDIUM-TERM MANAGEMENT PLAN, REFORM OF THE MANAGEMENT SYSTEM, REVISION OF THE HEADQUARTERS ORGANIZATION, AND REVISION OF THE PERSONNEL SYSTEM-

More information

Consolidated Financial Results for the Fiscal Year Ended March 31, 2016 [under Japanese GAAP]

Consolidated Financial Results for the Fiscal Year Ended March 31, 2016 [under Japanese GAAP] This English version is a translation of the original Japanese document and is only for reference purposes. In the case where any differences occur between the English version and the original Japanese

More information

Preliminary Consolidated Financial Results for the Six Months Ended September 30, 2012 (Prepared in Accordance with Japanese GAAP)

Preliminary Consolidated Financial Results for the Six Months Ended September 30, 2012 (Prepared in Accordance with Japanese GAAP) November 1, 2012 Sony Financial Holdings Inc. Preliminary Consolidated Financial Results for the Six Months Ended September 30, 2012 (Prepared in Accordance with Japanese GAAP) Tokyo, November 1, 2012

More information

UFJ Holdings, Inc. The 5 th Japanese Financial Service Conference. October 8, 2003

UFJ Holdings, Inc. The 5 th Japanese Financial Service Conference. October 8, 2003 UFJ Holdings, Inc. The 5 th Japanese Financial Service Conference October 8, 2003 - Table of Contents - Management Reform Initiatives ---------------- 2 - Progress on Group Integration ----------------

More information

Finding income and managing risk in a near-zero interest-rate environment

Finding income and managing risk in a near-zero interest-rate environment Aging Workforce Series Finding income and managing risk in a near-zero interest-rate environment William Martin, Head of Fixed-Income Portfolio Management TIAA-CREF Executive Summary Yields in traditional

More information

I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations.

I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations. I will now give you an overview of our third quarter financial results using the document titled Consolidated Results of Operations. Please turn to page two. 1 For the nine months to December, net revenue

More information

Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed. Table Of Contents

Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed. Table Of Contents May 17, 2012 Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed Primary Credit Analyst: Arturo Sanchez, Mexico City (52) 55-5081-4468;arturo_sanchez@standardandpoors.com

More information

of Fiscal 2006 (Consolidated)

of Fiscal 2006 (Consolidated) Outline of Financial Results for the 3rd Quarter of Fiscal 2006 (Consolidated) Feb.3, 2006 For Immediate Release Company Name (URL http://www.fhi.co./jp/fina/index.html ) : Fuji Heavy Industries Ltd. (Code

More information

Bank of Ghana Monetary Policy Report. Financial Stability Report

Bank of Ghana Monetary Policy Report. Financial Stability Report BANK OF GHANA E S T. 1 9 5 7 Bank of Ghana Monetary Policy Report Financial Stability Report Volume 5: No.1/2013 February 2013 5.0 Introduction Conditions in global financial markets have improved significantly

More information

Quarterly Financial Supplement - 1Q 2016

Quarterly Financial Supplement - 1Q 2016 Quarterly Financial Supplement - 1Q 2016 Page # Consolidated Financial Summary... 1 Consolidated Income Statement Information... 2 Consolidated Financial Information and Statistical Data... 3 Consolidated

More information

Shares Mutual funds Structured bonds Bonds Cash money, deposits

Shares Mutual funds Structured bonds Bonds Cash money, deposits FINANCIAL INSTRUMENTS AND RELATED RISKS This description of investment risks is intended for you. The professionals of AB bank Finasta have strived to understandably introduce you the main financial instruments

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight

More information

The Daiwa Securities Group has made a new start with strong solidarity and passion.

The Daiwa Securities Group has made a new start with strong solidarity and passion. To Our Shareholders and Investors The Daiwa Securities Group has made a new start with strong solidarity and passion. Shigeharu Suzuki, President and CEO Daiwa Securities Group Inc. 12 daiwa securities

More information

DSIP List (Diversified Stock Income Plan)

DSIP List (Diversified Stock Income Plan) Kent A. Newcomb, CFA, Equity Sector Analyst Joseph E. Buffa, Equity Sector Analyst DSIP List (Diversified Stock Income Plan) Commentary from ASG's Equity Sector Analysts January 2014 Concept Review The

More information

Merrill Lynch The Japanese Banks & Financial Services Conference. October 18, 2001

Merrill Lynch The Japanese Banks & Financial Services Conference. October 18, 2001 Merrill Lynch The Japanese Banks & Financial Services Conference October 18, 2001 The Daiwa Bank, Ltd. President:Yasuhisa Katsuta The Asahi Bank, Ltd. Senior Managing Director: Yukio Yanase Contents P1

More information

AEON Credit Service and AEON Bank Conclude Share Exchange Agreement and Management Integration Agreement for Transition to a Holding Company System

AEON Credit Service and AEON Bank Conclude Share Exchange Agreement and Management Integration Agreement for Transition to a Holding Company System September 12, 2012 Registered Company Name: AEON Credit Service Co., Ltd. President and CEO: Kazuhide Kamitani Stock Listing: Tokyo Stock Exchange, First Section (Code No.: 8570) Contact: Hideki Wakabayashi,

More information

Introduction to Australian Real Estate Debt Securities

Introduction to Australian Real Estate Debt Securities 1 Introduction Introduction to Australian Real Estate Debt Securities Superannuation fund investors and managers have for a long time invested in real estate as part of their asset allocation in the belief

More information

Consolidated Financial Results April 1, 2014 September 30, 2014

Consolidated Financial Results April 1, 2014 September 30, 2014 Consolidated Financial Results April 1, 2014 September 30, 2014 October 30, 2014 In preparing its consolidated financial information, ORIX Corporation and its subsidiaries have complied with accounting

More information

Materials for FY2015 2Q Results Briefing - Conference Call. Nov. 18, 2015 (Wed)

Materials for FY2015 2Q Results Briefing - Conference Call. Nov. 18, 2015 (Wed) Materials for FY2015 2Q Results Briefing - Conference Call Nov. 18, 2015 (Wed) Contents Summary of FY 2015 2Q Results Consolidated Earnings for FY 2014 2Q Page 1-4 Domestic Non-life Insurance Companies

More information

SBI E*TRADE SECURITIES Co., Ltd. Financial Review

SBI E*TRADE SECURITIES Co., Ltd. Financial Review SBI E*TRADE SECURITIES Co., Ltd. Financial Review Interim Fiscal Year 2006 October 26, 2006 SBI E*TRADE SECURITIES Co., Ltd. Stock code: 8701 The items in this document are provided by E*TRADE SECURITIES

More information

Consolidated and Non-Consolidated Financial Statements

Consolidated and Non-Consolidated Financial Statements May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,

More information

Morgan Stanley Reports Full-Year and Fourth Quarter 2010:

Morgan Stanley Reports Full-Year and Fourth Quarter 2010: Media Relations: Jeanmarie McFadden 212-761-2433 Investor Relations: Celeste Mellet Brown 212-761-3896 Morgan Stanley Reports Full-Year and Fourth Quarter 2010: Full-Year Net Revenues of $31.6 Billion

More information

Ford Credit Earns Full-Year 2014 Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion*

Ford Credit Earns Full-Year 2014 Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion* Ford Credit Earns Full-Year Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion* DEARBORN, Mich., Jan. 29, 2015 Ford Motor Credit Company reported a pre-tax profit of $1.9 billion in, its highest

More information

Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2016

Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2016 MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 2989 Investor Relations Inquiries Investor Relations Group

More information

Access to Japanese Markets

Access to Japanese Markets Access to Japanese Markets CFTC International Regulators Meeting U.S.A. March 16, 2005 Naohiko Matsuo Director for International Financial Markets Agenda Structure of the FSA and regulatory outline Access

More information

occasional paper on economic statistics SINGAPORE HOUSEHOLD BALANCE SHEET: 2005 UPDATE AND RECENT TRENDS

occasional paper on economic statistics SINGAPORE HOUSEHOLD BALANCE SHEET: 2005 UPDATE AND RECENT TRENDS occasional paper on economic statistics SINGAPORE HOUSEHOLD BALANCE SHEET: 2005 UPDATE AND RECENT TRENDS Singapore Department of Statistics June 2006 Papers in this Occasional Paper Series provide an informal

More information

Brief Statement of the Third Quarter Financial Results for the Fiscal Year Ending March 2016 [Japanese GAAP (Consolidated)]

Brief Statement of the Third Quarter Financial Results for the Fiscal Year Ending March 2016 [Japanese GAAP (Consolidated)] (Translation for reference only) In the event of any discrepancy between this translated document and the original Japanese document the original document shall prevail. Brief Statement of the Third Quarter

More information

Nikko Asset Management Launches Japan High-Dividend Low-Volatility Smart Beta ETF

Nikko Asset Management Launches Japan High-Dividend Low-Volatility Smart Beta ETF Press Release November 11, 2015 Nikko Asset Management Launches Japan High-Dividend Low-Volatility Smart Beta ETF Listed Index Fund MSCI Japan Equity High Dividend Low Volatility to debut on TSE on Dec

More information

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $5.94 AND INCREASES THE QUARTERLY DIVIDEND TO $0.65 PER COMMON SHARE

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $5.94 AND INCREASES THE QUARTERLY DIVIDEND TO $0.65 PER COMMON SHARE The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $5.94 AND INCREASES THE QUARTERLY DIVIDEND TO $0.65 PER COMMON SHARE

More information

MITSUBISHI ELECTRIC ANNOUNCES NIHON KENTETSU CO., LTD. BECOMING A 100% SUBSIDIARY THROUGH SHARE EXCHANGE

MITSUBISHI ELECTRIC ANNOUNCES NIHON KENTETSU CO., LTD. BECOMING A 100% SUBSIDIARY THROUGH SHARE EXCHANGE FOR IMMEDIATE RELEASE No. 2364 Investor Relations Inquiries: Media Contact: Yasumitsu Kugenuma Travis Woodward Corporate Finance Department Public Relations Department Tel: +81-3-3218-2391 Tel: +81-3-3218-2346

More information

Monetary Policy and Mortgage Interest rates

Monetary Policy and Mortgage Interest rates Monetary Policy and Mortgage Interest rates July 2014 Key Points: Monetary policy, which operates through changes in the official cash rate (OCR), is the main lever of macroeconomic management in Australia

More information

Hitachi Announces Progress of 2015 Mid-term Management Plan

Hitachi Announces Progress of 2015 Mid-term Management Plan FOR IMMEDIATE RELEASE Hitachi Announces Progress of 2015 Mid-term Management Plan Tokyo, May 14, 2015 --- Hitachi, Ltd. (TSE:6501 / Hitachi ) today announced the current status of its progress of the 2015

More information

FY 2012 SECOND QUARTER (CUMULATIVE) CONSOLIDATED FINANCIAL RESULTS (April 1, 2012 to September 30, 2012)

FY 2012 SECOND QUARTER (CUMULATIVE) CONSOLIDATED FINANCIAL RESULTS (April 1, 2012 to September 30, 2012) FY 2012 SECOND QUARTER (CUMULATIVE) CONSOLIDATED FINANCIAL RESULTS (April 1, 2012 to September 30, 2012) 1.Company Name : SANKEN ELECTRIC CO., LTD. 2.Code NO : 6707 3.Headquarters : 363 Kitano, Niizashi,

More information

INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Building a Better Portfolio: The Case for High Yield Bonds

INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Building a Better Portfolio: The Case for High Yield Bonds 14\GBS\22\25062C.docx INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Building a Better Portfolio: The Case for High Yield Bonds By Adam Marks, Area Vice President and Jamia Canlas, Senior Analyst By looking

More information

Chapter 1 THE MONEY MARKET

Chapter 1 THE MONEY MARKET Page 1 The information in this chapter was last updated in 1993. Since the money market evolves very rapidly, recent developments may have superseded some of the content of this chapter. Chapter 1 THE

More information

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 Contact: Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 AIG REPORTS FIRST QUARTER 2006 NET INCOME OF $3.20 BILLION NEW YORK, NY, May 10, 2006 American International

More information

Economic indicators dashboard

Economic indicators dashboard AS OF NOVEMBER 17, 2015 Economic indicators dashboard Vist www.blog.helpingadvisors.com for the full commentary of the Economic Indicators Dashboard. MOST RECENT 3-MO. trend TYPICAL range EXTREME range

More information

investment activities

investment activities lakyara Deregulation of Chinese insurers' investment activities Takeshi Jingu 10. January. 2013 Executive Summary In 2012, the Chinese insurance industry experienced a slowdown in premium revenue growth

More information

SUMMARY PROSPECTUS. BlackRock Funds SM. Service Shares BlackRock Science & Technology Opportunities Portfolio Service: BSTSX JANUARY 28, 2016

SUMMARY PROSPECTUS. BlackRock Funds SM. Service Shares BlackRock Science & Technology Opportunities Portfolio Service: BSTSX JANUARY 28, 2016 JANUARY 28, 2016 SUMMARY PROSPECTUS BlackRock Funds SM Service Shares BlackRock Science & Technology Opportunities Portfolio Service: BSTSX Before you invest, you may want to review the Fund s prospectus,

More information

Federated High Income Bond Fund II

Federated High Income Bond Fund II Summary Prospectus April 30, 2016 Share Class Primary Federated High Income Bond Fund II A Portfolio of Federated Insurance Series Before you invest, you may want to review the Fund s Prospectus, which

More information

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $4.02

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $4.02 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $4.02 NEW YORK, April 17, 2014 - The Goldman Sachs Group, Inc. (NYSE:

More information

S&P 500 Composite (Adjusted for Inflation)

S&P 500 Composite (Adjusted for Inflation) 12/31/1820 03/31/1824 06/30/1827 09/30/1830 12/31/1833 03/31/1837 06/30/1840 09/30/1843 12/31/1846 03/31/1850 06/30/1853 09/30/1856 12/31/1859 03/31/1863 06/30/1866 09/30/1869 12/31/1872 03/31/1876 06/30/1879

More information

Positioning Fixed Income for Rising Interest Rates

Positioning Fixed Income for Rising Interest Rates Positioning Fixed Income for Rising Interest Rates Investment Case: High-Yield Bonds Hedged with U.S. Treasuries Market Vectors Investment Grade Floating Rate ETF Designed to hedge the risk of rising interest

More information

Investing in High Yield Bonds of Emerging Countries that Continue to Achieve High Growth

Investing in High Yield Bonds of Emerging Countries that Continue to Achieve High Growth Press Release November 22, 2010 Investing in High Yield Bonds of Emerging Countries that Continue to Achieve High Growth Emerging High Yield Bond Fund, Accept Applications at Sumitomo Mitsui Banking Corporation

More information

Sberbank Group s IFRS Results for 6 Months 2013. August 2013

Sberbank Group s IFRS Results for 6 Months 2013. August 2013 Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB

More information

UNDERSTANDING PARTICIPATING WHOLE LIFE INSURANCE

UNDERSTANDING PARTICIPATING WHOLE LIFE INSURANCE UNDERSTANDING PARTICIPATING WHOLE LIFE INSURANCE equimax CLIENT GUIDE ABOUT EQUITABLE LIFE OF CANADA Equitable Life is one of Canada s largest mutual life insurance companies. For generations we ve provided

More information

Notice of Share Split, Amendment to the Number of Shares to Constitute One Unit and Partial Amendment to the Articles of Incorporation

Notice of Share Split, Amendment to the Number of Shares to Constitute One Unit and Partial Amendment to the Articles of Incorporation May 15, 2013 Koichiro Watanabe President and Representative Director Code: 8750 (TSE First section) Notice of Share Split, Amendment to the Number of Shares to Constitute One Unit and Partial Amendment

More information

FY2011 Third Quarter Consolidated Financial Results (Prepared in accordance with U.S. GAAP) (Period ended December 31, 2011) (Unaudited)

FY2011 Third Quarter Consolidated Financial Results (Prepared in accordance with U.S. GAAP) (Period ended December 31, 2011) (Unaudited) FY2011 Third Quarter Consolidated Financial Results (Prepared in accordance with U.S. GAAP) (Period ended December 31, 2011) (Unaudited) Advantest Corporation (FY2011 Q3) January 27, 2012 Company name

More information

implementing management vision looking forward five years

implementing management vision looking forward five years Results for the interim period of the year ending March 31, The Asahi Bank, Ltd. 1. Strong earnings base : Net operating profit exceeded forecast issued at the beginning of the period Sharp focus on domestic

More information

Rating Methodology by Sector. Non-life Insurance

Rating Methodology by Sector. Non-life Insurance Last updated: March 26, 2012 Rating Methodology by Sector Non-life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made

More information

Morgan Stanley Reports Fourth Quarter and Full Year 2015:

Morgan Stanley Reports Fourth Quarter and Full Year 2015: Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Fourth Quarter and Full Year 2015: Fourth Quarter Net Revenues of $7.7 Billion and Earnings

More information

GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $4.93

GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $4.93 The Goldman Sachs Group, Inc. 85 Broad Street New York, New York 10004 GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $4.93 RECORD QUARTERLY NET REVENUES OF $13.8 BILLION NEW YORK, July

More information

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards]

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards] The figures for these Financial Statements are prepared in accordance with the accounting principles based on Japanese law. Accordingly, they do not necessarily match the figures in the Annual Report issued

More information

The World s First Fund Developed in Cooperation with the World Bank to Invest in World Bank Green Bonds: SMBC Nikko World Bank Bond Fund

The World s First Fund Developed in Cooperation with the World Bank to Invest in World Bank Green Bonds: SMBC Nikko World Bank Bond Fund Press Release January 26, 2010 The World Bank The World s First Fund Developed in Cooperation with the World Bank to Invest in World Bank Green Bonds: SMBC Nikko World Bank Bond Fund (Nikko AM, Timothy

More information

Quarterly Securities Report

Quarterly Securities Report Quarterly Securities Report (The third quarter of the 39th fiscal year) ACOM CO., LTD. Quarterly Securities Report 1. This document has been outputted and printed by adding a table of contents and page

More information

TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO. shareholders equity ratio and ROE both rose to over 10%.

TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO. shareholders equity ratio and ROE both rose to over 10%. TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO During the fiscal year ended March 31, 2004, attained record-high total revenues, income before income taxes, and net income. We also made steady progress in

More information

1. CONSOLIDATED OPERATING RESULTS

1. CONSOLIDATED OPERATING RESULTS 1. CONSOLIDATED OPERATING RESULTS (1) Qualitative Information of Consolidated Performance 1. Overview of Consolidated Performance Three months ended June 30, 2014 (From April 1, 2014 to June 30, 2014)

More information

THE CURRENT STATUS OF JAPANESE REAL ESTATE MARKET SECURITIZATION OF REAL ESTATE

THE CURRENT STATUS OF JAPANESE REAL ESTATE MARKET SECURITIZATION OF REAL ESTATE THE CURRENT STATUS OF JAPANESE REAL ESTATE MARKET SECURITIZATION OF REAL ESTATE Hogiko IWATA, Japan It has been a long time since the Japanese bubble economy burst. Japanese land prices have continued

More information

Investor Presentation For the year ended on March 31, 2010

Investor Presentation For the year ended on March 31, 2010 Investor Presentation For the year ended on March 31, 2010 June 2010 INFORMATION DEVELOPMENT CO., LTD. 1 Today s Presentation 1. Consolidated Performance Overview 2. Industry Trend and Comparison with

More information

A portfolio that matches your plans.

A portfolio that matches your plans. A portfolio that matches your plans. Amerivest Core Portfolios powered by Morningstar Associates Expert investment management Tailored portfolio recommendations Straightforward, competitive pricing Dedicated

More information

Fiscal year ending March 2008 3rd Quarter Financial Results (cumulative)

Fiscal year ending March 2008 3rd Quarter Financial Results (cumulative) Fiscal year ending March 2008 3rd Quarter Financial Results (cumulative) January 2008 Osaka Gas Co., Ltd 1 I. Consolidated results for 3rd quarter and full-year forecast Management information is available

More information

To Our Shareholders, Customers and Employees

To Our Shareholders, Customers and Employees 6 The Sumitomo Trust & Banking Co., Ltd. 2004 Annual Report To Our Shareholders, Customers and Employees To Our Shareholders, Customers and Employees Atsushi Takahashi President and CEO With rapidly implemented

More information

Statement of Financial Condition

Statement of Financial Condition Financial Report for the 14th Business Year 5-1, Marunouchi 1-Chome, Chiyoda-ku, Tokyo Citigroup Global Markets Japan Inc. Rodrigo Zorrilla, Representative Director, President and CEO Statement of Financial

More information

Sample of Pre-Study Materials for THE DALTON REVIEW

Sample of Pre-Study Materials for THE DALTON REVIEW Sample of Pre-Study Materials for THE DALTON REVIEW Review for the CFP Certification Examination THE DALTON REVIEW BROUGHT TO YOU BY DALTON EDUCATION Sample of Pre-Study Materials Dalton Education, L.L.C.

More information

Selected Financial Summary (U.S. GAAP) Toyota Motor Corporation Fiscal years ended March 31

Selected Financial Summary (U.S. GAAP) Toyota Motor Corporation Fiscal years ended March 31 Page 44 Selected Financial Summary (U.S. GAAP) [1 of 2] Consolidated Segment Information Consolidated Quarterly Financial Summary Consolidated Financial Statements Selected Financial Summary (U.S. GAAP)

More information

A GUIDE TO FLOATING RATE BANK LOANS:

A GUIDE TO FLOATING RATE BANK LOANS: Contact information: Advisor Services: (631) 629-4908 E-mail: info@catalystmf.com Website: www.catalystmf.com A GUIDE TO FLOATING RATE BANK LOANS: An Attractive Investment for a Rising Interest Rate Environment

More information

AUTOMATED CURRENCY TRADING

AUTOMATED CURRENCY TRADING AUTOMATED CURRENCY TRADING The objective, automated and time efficient way how to diversify your investment activity fully under own control. 1 AlgoFxSolution.com INTRODUCTION We are a technology company

More information

Medium-term Business Plan

Medium-term Business Plan Mitsubishi UFJ Financial Group, Inc. Medium-term Business Plan Tokyo, May 15, 2015 --- Mitsubishi UFJ Financial Group, Inc. (MUFG) announced today that it has formulated its medium-term business plan for

More information

Acquisition of Nikko Cordial Securities Inc. and Other Businesses Sumitomo Mitsui Financial Group, Inc. Sumitomo Mitsui Banking Corporation

Acquisition of Nikko Cordial Securities Inc. and Other Businesses Sumitomo Mitsui Financial Group, Inc. Sumitomo Mitsui Banking Corporation May 1, 2009 Acquisition of Nikko Cordial Securities Inc. and Other Businesses Sumitomo Mitsui Financial Group, Inc. Sumitomo Mitsui Banking Corporation Objectives of Acquisition of Target Shares, etc.

More information

MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents

MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents Page # MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents 1. Quarterly Consolidated Financial Summary 2. Quarterly Consolidated Income Statement Information 3. Quarterly Consolidated Financial

More information

Average Coupon. Annualized HY Return 1996-1998 18 358 12.62% 10.32% 2005-2007 24 346 8.51% 8.44%

Average Coupon. Annualized HY Return 1996-1998 18 358 12.62% 10.32% 2005-2007 24 346 8.51% 8.44% UNDER THE SCOPE Walking the Line Is There a Magic Line for High Yield Spreads? April 2014 Is a credit spread of 400 bps a magic line for high yield? Is it easily crossed like the Maginot Line, is it a

More information

CHAPTER 4 Securities Markets

CHAPTER 4 Securities Markets REVIEW QUESTIONS CHAPTER 4 Securities Markets 4-1. The third market involves OTC transactions in securities listed on the organized exchanges. The fourth market involves direct transactions among large

More information

Module 1 Introduction to ETFs

Module 1 Introduction to ETFs Module 1 Introduction to ETFs Course #: Title Topic 1: Big picture investing... 3 Which stock to buy?... 3 Why take a big picture approach?... 3 How can you invest in the market?... 4 Topic 2: What are

More information

Redemption of Shares Class A Sales Charge Waivers beginning on page 37 of the Fund s Statement of Additional Information.

Redemption of Shares Class A Sales Charge Waivers beginning on page 37 of the Fund s Statement of Additional Information. USA Mutuals Barrier Fund Trading Symbols: Institutional Class Shares VICVX Investor Class Shares VICEX Class A Shares VICAX Class C Shares VICCX Summary Prospectus July 29, 2015 Before you invest, you

More information

As of July 1, 2013. Risk Management and Administration

As of July 1, 2013. Risk Management and Administration Risk Management Risk Control The ORIX Group allocates management resources by taking into account Group-wide risk preference based on management strategies and the strategy of individual business units.

More information

Investment Banking in Japan. Junichi Ujiie President and Chief Executive Officer The Nomura Securities Co., Ltd.

Investment Banking in Japan. Junichi Ujiie President and Chief Executive Officer The Nomura Securities Co., Ltd. Investment Banking in Japan Junichi Ujiie President and Chief Executive Officer The Nomura Securities Co., Ltd. Good evening ladies and gentlemen. It is really a pleasure to see all of you here at the

More information

Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank

Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development Asian Development Bank November 2009 A. Noy Siackhachanh Advisor Office of Regional Economic Integration

More information

Back-to-Basics Stock Investment Focusing on Japanese Equity Investment and Dividends

Back-to-Basics Stock Investment Focusing on Japanese Equity Investment and Dividends Press Release December 3, 2010 Back-to-Basics Stock Investment Focusing on Japanese Equity Investment and Dividends Back-to-Basics Japanese Equity Fund Applications Accepted from December 6 Nikko Asset

More information

Recent Trends in Japanese Foreign-Exchange Margin Trading

Recent Trends in Japanese Foreign-Exchange Margin Trading 28-E-3 Recent Trends in Japanese Foreign-Exchange Tai Terada, Naoto Higashio, Jun Iwasaki Foreign Exchange Operations Financial Markets Department September 28 Foreign-exchange margin trading 1 by individual

More information

Policy for Record Retention for Rating Services

Policy for Record Retention for Rating Services Policy for Record Retention for Rating Services Issued by: Moody s Compliance Department Applicable to: All MIS Employees and select Moody s Shared Services Employees Effective Date: December 14, 2015

More information

Solutions Platform & Due Diligence Executing from the foundation of strategic asset allocation

Solutions Platform & Due Diligence Executing from the foundation of strategic asset allocation Solutions Platform & Due Diligence Executing from the foundation of strategic asset allocation We emphasize a thorough, disciplined process designed to identify and monitor what we believe to be the best

More information

Announcement of Completion of Heraeus Holding GmbH s Dental Materials Business Share Purchase

Announcement of Completion of Heraeus Holding GmbH s Dental Materials Business Share Purchase July 1, 2013 Mitsui Chemicals, Inc. Announcement of Completion of Heraeus Holding GmbH s Dental Materials Business Share Purchase Mitsui Chemicals, Inc. (Toshikazu Tanaka, President & CEO) announced in

More information

DB Corporate Pensions puzzled by the negative interest rate policy Allocation to alternatives reaches record high

DB Corporate Pensions puzzled by the negative interest rate policy Allocation to alternatives reaches record high Tokyo Building 2-7-3, Marunouchi, Chiyoda-ku Tokyo, 100-6432, Japan This is a translation of the Japanese press release issued in Tokyo on 27 th June, 2016. Press Release J.P. Morgan Asset Management releases

More information

Notes to Consolidated Balance Sheet

Notes to Consolidated Balance Sheet Notes to Consolidated Balance Sheet 1. Amounts less than one million yen have been omitted. 2. Standards for recognition and measurement of trading assets and liabilities are as follows: Recognition: Trading

More information

ANNOUNCEMENT OF FINANCIAL RESULTS. PANASONIC REPORTS THIRD QUARTER AND NINE-MONTH RESULTS - Sales downturn led to a decrease in earnings -

ANNOUNCEMENT OF FINANCIAL RESULTS. PANASONIC REPORTS THIRD QUARTER AND NINE-MONTH RESULTS - Sales downturn led to a decrease in earnings - FOR IMMEDIATE RELEASE Media Contacts: February 4, 2009 Investor Relations Contacts: Akira Kadota (Japan) Kazuo Sasaki (Japan) International PR Investor Relations (Tel: +81-3-3578-1237) (Tel: +81-6-6908-1121)

More information

CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009

CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009 CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009 (March 1, 2009 to May 31, 2009) July 9, 2009 F&A Aqua Holdings, Inc. is listed on the First Section of the Tokyo Stock Exchange under the securities

More information

2016 Summary Prospectus

2016 Summary Prospectus April 18, 2016 Global X S&P 500 Catholic Values ETF NASDAQ: CATH 2016 Summary Prospectus Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund

More information

SUMMARY PROSPECTUS SDIT Short-Duration Government Fund (TCSGX) Class A

SUMMARY PROSPECTUS SDIT Short-Duration Government Fund (TCSGX) Class A May 31, 2016 SUMMARY PROSPECTUS SDIT Short-Duration Government Fund (TCSGX) Class A Before you invest, you may want to review the Fund s Prospectus, which contains information about the Fund and its risks.

More information