Mizuho Securities


Mizuho Securities
Mizuho Securities headquarters in Ōtemachi, Tokyo

Mizuho Securities Co., Ltd. (みずほ証券株式会社 Mizuho Shōken Kabushiki-gaisha?) is a Japanese investment banking and securities firm. It is a subsidiary of Mizuho Corporate Bank, Ltd., which is a wholly owned subsidiary of Mizuho Financial Group, the second-biggest Japanese financial services conglomerate.

Contents

History

The current Mizuho Securities is established by a merger between Shinko Securities and the former Mizuho Securities. The former Shinko Securities (a former equity-method affiliate of Mizuho Financial Group) and the former Mizuho Securities (a former consolidated subsidiary of Mizuho Financial Group) merged on 7 May 2009. The surviving entity was the former Shinko Securities, which changed its name to Mizuho Securities upon the merger. After the merger, Mizuho Financial Group holds 59.51% equity ownership of the new Mizuho Securities.[1]

Massive sale order of J-COM share incident

On 8 December 2005, Mizuho Securities erroneously placed an order to sell 610,000 shares of J-COM Co., Ltd. for one yen each, instead of a commissioned order to sell one share of J-COM Co., Ltd. for 610,000 yen at Tokyo Stock Exchange.[2] J-COM Co., Ltd. (J-COM Holdings Co., Ltd. since December 2009) is a Japanese staffing service company, which was listed on the Mothers (Market of the high-growth and emerging stocks) section of Tokyo Stock Exchange on the day.[3] As a result of this incident, Mizuho Securities accrued a loss of approximately 40.7 billion yen.[4]

Mizuho Securities brought a case for its damages of approximately 41.6 billion yen against the Tokyo Stock Exchange (TSE) insisting that Mizuho Securities could not cancel the order due to a fault in the TSE's computer system, and that TSE negligently failed to suspend the exchange despite the recognition of such an unusual order.[5]

On 4 December 2009, the Tokyo District Court made a judgment ordering TSE to pay Mizuho Securities approximately 10.7 billion yen, holding that: (i) TSE was grossly negligent in leaving its defective system which did not either duly process Mizuho Securities' cancellation or suspend the deal, and (ii) TSE was 70% at fault and Mizuho Securities was 30% at fault under Japanese comparative negligence rules.[6]

Mizuho Securities appealed the case to the Tokyo High Court.[7]

Overseas subsidiaries and offices

Mizuho Securities has the following subsidiaries and offices outside Japan.[8]

Europe and the Middle East

  • Mizuho International plc (UK) - Underwriting, sales and trading of marketable securities, custody services, etc.
  • Mizuho Bank (Switzerland) Ltd - Global wealth management services
  • Mizuho Saudi Arabia Company (Saudi Arabia) - Overseas business advisory service, M&A advisory, sales and trading of securities, investment advisory/agency, asset management, market research/reports

United States

  • Mizuho Securities USA Inc. - Underwriting, sales and trading of marketable securities and exchange listed derivatives brokerage etc. Mizuho Securities USA Inc. is a primary dealer in the United States.[9]
  • The Bridgeford Group - A division of Mizuho Securities USA Inc. providing M&A Advisory

Asia

  • Mizuho Securities Asia Limited (China) - Underwriting, sales and trading of securities , M&A advisory , asset management
  • Mizuho Securities (Singapore) Pte. Ltd. - Exchange listed derivatives brokerage , etc.
  • Mizuho Investment Consulting (Shanghai) Co., Ltd. (China) - China-related consulting
  • Beijing Representative Office (China) - Information gathering
  • Shanghai Representative Office (China) - Information gathering
  • Mumbai Representative Office (India) - Information gathering

References

  1. ^ "Form 20-F Mizuho Financial Group, Inc.". Financial Group, Inc.. 2009-08-19. p. 42. http://secfilings.nyse.com/files.php?symbol=MFG&fg=24. Retrieved 2010-04-14. 
  2. ^ Mizuho Securities v. Tokyo Stock Exchange (Tokyo District Court, 4 December 2009)
  3. ^ http://www.jcm.co.jp/corp/about/history.html
  4. ^ "News release re the first instance judgment rendered in the lawsuit for damages against the Tokyo Stock Exchange, Inc.". Mizuho Securities. 2009-12-04. p. 1. http://www.mizuho-sc.com/english/newsrelease/2009/pdf/20091204_01_en.pdf. Retrieved 2010-04-16. 
  5. ^ Mizuho Securities v. Tokyo Stock Exchange (Tokyo District Court, December 4, 2009)
  6. ^ Mizuho Securities v. Tokyo Stock Exchange (Tokyo District Court, 4 December 2009)
  7. ^ "News release re Tokyo District Court’s judgment regarding damages lawsuit to be pppealed, Inc.". Mizuho Securities. 2009-12-18. p. 1. http://www.mizuho-sc.com/english/newsrelease/2009/pdf/20091218_01_en.pdf. Retrieved 2010-04-16. 
  8. ^ http://www.mizuho-sc.com/english/info/global_network/index.html
  9. ^ "Primary Dealers List". Federal Reserve Bank of New York. 2010-04-01. http://www.newyorkfed.org/markets/pridealers_current.html. Retrieved 2010-04-16. 

External links


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