Leo Nakada

Deutsche Securities, Inc. (DSI) is the Japanese brokerage subsidiary of Deutsche Bank Holdings (Luxembourg) SARL, itself a wholly-owned subsidiary of Deutsche Bank AG (NYSE: DB) in Germany. The firm was established in 1986 as Deutsche Bank Capital Markets (Asia) Ltd. and became Deutsche Securities Inc. in 2006. Located in Tokyo, DSI is the investment banking platform for the Deutsche Bank group in Japan. The firm provides services including research, sales and trading of bonds and equities, capital raising and M&A advisory for corporate and institutional clients. They have particular expertise in sectors such as automotive, chemicals, pharmaceuticals, consumer goods, energy, financials, media, telecommunications, technology, transportation and trading companies. The M&A division is in a leadership position in Japan, and structures deals including overseas investments by manufacturers, asset sales for restructuring corporations, and domestic mergers and acquisitions. DSI's activities include products and services related to fixed-income, equities and commodities as well as real estate investments and financing. Activities related to foreign exchange and money market are primarily operated by the Tokyo branch of Deutsche Bank.

Macquarie Capital Securities (Japan) Ltd. (MCS-J) is a securities brokerage firm and a wholly-owned subsidiary of Macquarie International Investments, which in turn is a subsidiary of Macquarie Bank Ltd. (SY: MBL), based in Australia. Established in 2004 following the acquisition of the Asian equity division of ING Groep NV (NYSE: ING) by Macquarie, MCS-J provides trading and financial analysis services to Japanese and overseas institutions as well as hedge funds. The firm specializes in Japanese equity, economic research, fundamental research at the company level, quantitative analysis, information on infrastructure funds and other funds, equity derivatives and structured products. They also act as intermediary for Macquarie Bank in the equity-linked notes private placement market. The firm's analysts research themes including Japanese reflation, global industries and Asian technologies. MCS-J is located in Tokyo, and operates in close cooperation with Macquarie sales teams in London, Geneva, Frankfurt, New York and Boston.