In 2002 the figure was below 20%: for a country famed for its technological prowess, Japan has been slow to switch from more traditional methods of bond sales to the electronic platforms that are the standard in Europe and the US. The main reason for this lag is all too human: the rise of electronic trading platforms will adversely affect the profit margins of the dealers that are being encouraged to adopt them.
“E-trading tends to increase transparency in a market, “ says Neil Katkov, manager of Celent’s Asia Research group and author of the report.
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