Garban and MTS to do battle over Japanese market

Garban-Intercapital, the interdealer broker, is set to go head to head with rival electronic trading system MTS in a battle to dominate trading in the Japanese government bond market.

Garban-Intercapital, via Garban Totan Securities, has secured a licence from Japanese regulators to operate a government bond trading system in Japan. Garban Totan Securities is Garban's joint venture with Tokyo-based Totan, which claims to be the biggest derivatives broker in Japan.

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