Yu Yoshida

CLSA Securities Japan Co., Ltd. (CLSA Japan) is the Japan-based brokerage subsidiary of CLSA Ltd., itself a subsidiary of CITIC Securities Co., Ltd. (SH: 600030; HK: 6030; PK: CIIHY) in China. The firm was established in 2004 as Calyon Securites Ltd. They subsequently became Credit Agricole Securities Asia B.V., Tokyo Branch and changed their name to CLSA Securities Japan Co., Ltd. in 2013 when they merged with CLSA Japan Co. Headquartered in Hong Kong, CLSA Japan provides brokerage services including Japanese & Asian research and European equities. The CLSA Japan team works closely with the global sales teams in London, NY, Hong Kong and Singapore.

Deutsche Securities, Inc. (DSI) is the Japanese brokerage subsidiary of Deutsche Bank Holdings (Luxembourg) SARL, itself a wholly-owned subsidiary of Deutsche Bank AG (NYSE: DB) in Germany. The firm was established in 1986 as Deutsche Bank Capital Markets (Asia) Ltd. and became Deutsche Securities Inc. in 2006. Located in Tokyo, DSI is the investment banking platform for the Deutsche Bank group in Japan. The firm provides services including research, sales and trading of bonds and equities, capital raising and M&A advisory for corporate and institutional clients. They have particular expertise in sectors such as automotive, chemicals, pharmaceuticals, consumer goods, energy, financials, media, telecommunications, technology, transportation and trading companies. The M&A division is in a leadership position in Japan, and structures deals including overseas investments by manufacturers, asset sales for restructuring corporations, and domestic mergers and acquisitions. DSI's activities include products and services related to fixed-income, equities and commodities as well as real estate investments and financing. Activities related to foreign exchange and money market are primarily operated by the Tokyo branch of Deutsche Bank.

Credit Suisse Securities Japan Ltd. (CSS Japan) is the Japanese securities brokerage subsidiary of Credit Suisse AG, which is owned by Credit Suisse Group AG (SWX: CSGN; NYSE: CS) in Switzerland. The firm was founded in 1985 as First Boston Securities Tokyo. It subsequently became CS First Boston Securities in 1989 and Credit Suisse First Boston in 1996. In 2006, they began operating as Credit Suisse Securities Japan Ltd. Headquartered in Tokyo, CSS Japan performs underwriting, research, sales and trading of government and corporate bonds, foreign exchange, securitized products and real estate-related assets for institutional clients, corporations and government bodies. In addition, the firm offers sales, trading, research, financing, prime brokerage and market-making in Japanese and international equity and equity-related securities, options, futures, risk management and hedging products.