I Kiyoshi Nikami / 2012 3 277 1 111 166 60% 2006 3 288 228 60 21% 2008 9 1 1 28 1 300 30 FX 072 2012 winter / No.394
II 1 1 2004 34 3 2012 3 2 2 1 2004 3 2012 3 2004 3 2012 3 108 97 3,096,639 2,472,091 1,882,987 1,489,062 66.9% 66.6% 828,333 361,120 29.4% 16.2% 195,628 74,556 6.9% 3.3% 200,163 395,728 7.1% 17.7% 658,729 657,551 23.4% 29.4% 857,740 580,332 30.5% 26.0% 74,191 165,701 2.6% 7.4% 355,912 402,697 43,402 48,135 281,721 236,996 18,826 11,588 29,647 78,366 2,814,918 2,235,095 100.0% 100.0% 2,054,859 2,065,009 760,059 170,086 27.0% 7.6% 100 35 96 37 2 2 2 073
2 2004 3 2012 3 2004 3 2012 3 157 180 197,638 327,884 163,214 183,822 84.3% 61.3% 61,450 44,712 31.7% 14.9% 1,823 13,949 0.9% 4.7% 6,541 20,503 3.4% 6.8% 93,534 104,765 48.3% 34.9% 14,075 85,822 7.3% 28.6% 9,196 1,764 4.7% 0.6% 13,164 29,734 4,049 2,391 3,968 27,970 2,731 1,501 544 15,437 193,667 299,811 100.0% 100.0% 166,150 330,525 27,517 30,714 14.2% 10.2% N.A. 76 N.A. 72 2004 3 94% 2012 3 88% 2 9 074 2012 winter / No.394
9 27.0% 7.6% 14.2% 10.2 2 46 4 1 95% 3 95% 3 2004 3 2012 3 3 vs 2004 3 2012 3 2004 3 828,333 361,120 2012 3 777,400 314,800 93.9% 87.2% 25,575 27,977 3.1% 7.7% 1 3 ETF 075
1 2004 3 11,754 2012 3 13,050 0.19% 0.06% 1/3 93 7% 89% 11% 4 2004 3 2,070 2012 3 4,160 0.7% MMF 0.5% 60 3,000 2012 3 7,600 4 FA Corporate Financial Advisory Fee M&A M&A 4 FX 076 2012 winter / No.394
077 FA FA FA FX CFD Foreign Exchange FX 5 FX 4 CFD Contract For Difference FX FX 2012 3 5,805 11,400 1.7% 24 4 4 2010 5365 FX
10 4 2004 3 2008 3 2012 3 857,740 566,125 580,332 329,838 115,372 28,955 451,977 545,661 543,929 75,888 94,928 7,430 74,191 256,878 165,701 931,931 823,003 746,033 92.0% 68.8% 77.8% 35.4% 14.0% 3.9% 48.5% 66.3% 72.9% 8.1% 11.5% 1.0% 1 FX FX FX FX FX FX 078 2012 winter / No.394
079 6 Day Trading 2010 1 2 4 3 4 1 2000 3 2010 7 4 2 III 8 8 6 in a day (Trading) Day Trader 7
1 1 8 1 8 2011 4 6 391 2012 3 080 2012 winter / No.394
081 M&A MBO M&A MBO 2 1965 9 9 20
1951 1970 1980 IV 10 FA 1990 10 1997 082 2012 winter / No.394
083 1 1999 Pull 5 7 11 2 Fee 11 SBI 5 76 5 112 68.3% 24 32012 5
3 2000 principal base 90% 4 M&A MBO Financial Advisory Fee MBO Merchant Banking Principal Finance Principal Investment 084 2012 winter / No.394
085 V 1 Fee 40% 2 2012 3 280 112 2 24% 12 8 7 5 FX 13 12 24 32012 5 13
3 086 2012 winter / No.394
The Features of Securities Markets and the Business of Securities Firms Kiyoshi Nikami In general, the income statement is a reflection of the fate of the company s business. I do not leak exception to the income statement for the securities firms. While brokerage commissions of securities companies in Japan will be depleted, mutual fund sales commissions and others since 2000 have increased. Stock trading profit is reduced, debt is increasing also. These changes in the composition of income reflect the movement of the emphasis of the features that the Japanese securities market has. The Features of Securities Markets and the Business of Securities Firms Kiyoshi Nikami 087