Ryo Yagi

Morgan Stanley MUFG Securities Co., Ltd. is the Japanese broker-dealer subsidiary of Morgan Stanley (NYSE: MS) in the US. Headquartered in Tokyo, the firm was founded in 1984 and provides investment banking, sales & trading, real estate and investment management products and services. It offers securities services including global sales and trading in fixed income and equities, debt and equities financing and investment research. The firm is a provider of products and services in fixed income, equities, global capital markets and investment research to corporations and institutional clients in Japan.

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (MUMSS) is an independent securities brokerage firm headquartered in Tokyo, Japan. The firm was founded in 1948 through a joint venture between Mitsubishi UFJ Securities Holdings Co. Ltd. and Morgan Stanley Japan Holdings Co. Ltd. MUMSS offers domestic retail brokerage services to corporate and institutional clients.