As the global banks jostle for position in the Asian electronic trading business, Morgan Stanley is making a strong bid to cement its foothold in the region.
The newest addition is Takayuki Saito, who starts today as head of electronic trading in
Saito was previously head of UBS's pan-Asian direct-execution business, a role he held since 2001. Prior to UBS, he worked at Credit Suisse and Bloomberg before that. UBS says it has not named a replacement as yet, but declined to comment further.
He will drive the expansion of electronic trading services for Morgan Stanley MUFG Securities, the entity that is part of the joint venture between Morgan Stanley and Mitsubishi UFJ Financial Group,
The Japanese e-trading market is widely expected to see strong growth in volumes following the July 29 launch of alternative trading platform Chi-X, which as a lit venue will compete directly with the Tokyo Stock Exchange. As it happens, Morgan Stanley was the first to trade on Chi-X Japan.
Morgan Stanley’s hiring of senior executives such as Tuckwell and Steve Davis -- who moved from Credit Suisse earlier this year to run the