| Softbank, E*Trade to Establish Electronic E-Securities Firm in Japan
June 9, 1998 (TOKYO) -- Softbank Corp. and E*TRADE Group Inc. of
the United States said they will establish a joint venture
company for electronic securities transactions in Japan.
|It is tentatively named "E*Trade KK." Initially, the ratio of
share ownership will be 58 percent by Softbank Group and 42
percent by E*Trade.
The new company is scheduled to be established in June 1998. It
will provide services such as electronic securities transactions
through the Internet.
In the United States, the ratio of online transactions in
relation to all stock transactions by individual investors has
been increasing each year. The new company is being established
based upon an expectation that such development of electronic
transactions, along with deregulation of stock-handling
commissions in Japan, will vitalize the securities market in
The new company will also promote partnerships with the Softbank
Group. Under consideration are possibilities such as marketing
cooperations with Yahoo Japan Corp., which operates an Internet
search site; GeoCities Japan Corp., which provides free home
pages; and with Morningstar Japan, which specializes in financial
ratings in the field of investment trust business.
The plan is to capitalize the new company at 2.7 billion yen
(US$19 million). Yoshitaka Kitao, senior vice president and CFO
of Softbank, will serve as the representative for the new company
before its actual establishment.
More information in English is at:
(High-Tech News Center)