Morgan Stanley Hires Saito From UBS to Lead Electronic Trading in Japan
Morgan Stanley MUFG Securities Co., formed in May, appointed Saito earlier this month as executive director overseeing electronic trading in Japan, said Natsuo Nishio, a Tokyo-based spokesman for the venture.
The New York-based bank in January hired Deutsche Bank AG’s Zach Tuckwell as head of electronic trading in Asia. Last month it became the first brokerage to trade on Nomura Holdings Inc.’s Chi-X Japan proprietary trading system, Nishio said.
Morgan Stanley’s trading commissions rose 35 percent to $1.3 billion in the quarter ended June 30 from a year earlier and accounted for 17 percent of total revenue in the period.
Saito formerly was head of direct execution services at UBS Securities Japan Ltd.