Oanda expands in Japanese forex market
Oanda Corporation, the New York-based foreign exchange dealer, has established Oanda Japan a subsidiary for institutional and retail clients in the Asia Pacific region.
The Tokyo-based subsidiary will support the company’s rapidly growing institutional client base in Japan and help build business across the Asia Pacific region, the company said in a statement.
Oanda Corporation, is a provider of online foreign exchange trading, global currency transfers and currency data.
“Institutional traders, particularly those in Japan, have long expressed a strong desire to access Oanda’s ultra-competitive spreads and deep forex liquidity,” said Michael Stumm, the company’s chief executive officer. “We launched Oanda Japan in response to a clear need in the Japanese forex market—the third most active forex trading market in the world.”
Oanda acquired a majority stake in Japanese broker MyGaika in October 2010 which has been renamed Oanda Japan. The subsidiary manages risks and sources liquidity independently so its platform pricing will vary from others in the group.
Tomitaka Ishimura, has been appointed managing director of Oanda Japan. He has a degree in economics from Osaka National University and brings “solid experience” in financial institutions, including trust banks where he was responsible for managing securities and forex trading services, the company said.