Nippon Dispatches: Day One


After a short 21-hour trip from New York to Tokyo, I spent my first full day in the Nihonbashi and Akasaka districts speaking to local trading venue operators about the changes that have taken place in the Japanese equities market since the Tokyo Stock Exchange (TSE) launched its Arrowhead matching platform early in 2010.

They told me that the launch was when the Tokyo markets began to see true high-frequency trading as well as further liquidity fragmentation. Prior to the Arrowhead launch

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