Translate

Friday, May 26, 2017

Friday Feature Book Review: The Quants by Scott Patterson (Math Geniuses) ザ・クオンツ: スコット・パタースン 世界経済を破壊した天才たち

I first thought this book would be dry, but I was very wrong. It reads like a mystery thriller in many ways. It is a great quantitative finance backgrounder for anybody wanting to know how hedge funds and investment banks moved into the quant space. Citadel, Renaissance, Morgan Stanley's PDT team or the Global Alpha team at Goldman Sachs, are all explained in great detail. You get to know who the key people have been who have driven trading to new levels. They all have unique stories and personal backgrounds, and poker seems to be a theme that is repeated that ties many of them together. Clearly numbers are a passion to many of the key quant traders. I do not think this is a learned habit, but comes to a few very naturally. 

The true titans of quant trading are real human beings and they are all driven to succeed in various ways. Edward Thorp is a key early figure who may have started this new computerised money stream. He began by playing poker and counting cards with the mathematical accuracy of odds making. While at MIT he created a poker betting system that worked and later wrote a book on it. It was called "Beat the Dealer" and has inspired many other quants who have a similar dual interest in quant mathematics and poker. Many other inspiring quant backgrounds are also profiled all throughout the book. 

They include Peter Muller, a California boy who created PDT (Process Driven Trading). This was the internal quant hedge fund team within Morgan Stanley that generated billions is P/L for the firm. Cliff Asness worked at Goldman Sachs in the Global Alpha team, but left to start his own quant firm called AQR that now runs over USD180BN in AUM. Boaz Weinstein started as a credit derivatives trader within Deutsche Bank and was blessed with being in the right place at the right time. Although he always was focused on finance and had an internship even in high school at age 17. He started young and created Saba Capital after he left Deutsche Bank. It now runs over USD1BN in AUM.

Jim Simons, the code cracker from the US government left academia and started his own firm Renaissance Technologies with a very unique style with over USD100BN in AUM. Unlike many others, he prefers PhD staffers with NO financial background. Why teach great minds to "unlearn" any financial viewpoint, just start them fresh with an open mind. Ken Griffin, wanted to learn about the stock market as a child at age 12. He traded from his dorm room at Harvard and created Citadel Investment Group straight out of college. This was due to his ability to figure out convertible bond arbitrage and the profits waiting to be made. He now runs over USD26BN in AUM. Clearly there is no shortage of variety in the personalities of these quant entrepreneurs.

There is no secret to making money in the end. The pure quant goal of finding "the truth" or ultimate money making program is like a mirage, and is forever on the horizon. A lot of work is needed to think of, conceptualize, plan, practice and test before going live. It is a never ending process that never ends. Markets themselves change, so no perfect quant program can ever exist. The individuals who started quant trading and those who continue today are driven people. They are outliers and can never be considered ordinary in attitude. They need to find the number. It is in their nature. They do not seem to compromise or just leave it until later, whenever that could be. 


The Top 3 Takeaways from this book that really impact any reader are:

1) There is a lot of history to the quant space going back to the 1960s when computers first began to spread widely. There also seems to be a direct link between poker and the motivations of many of the key quant founders. 

2) The value of quant trading brings together the power of a single computer program instead of a dozen trader minds. The leverage of this potential only gets higher with every new more powerful computer. There is no limit to its improvement over time.

3) The capital markets are always driven by innovation, and quant trading has already found its place. From now on, how much of any manual trading will be left in the hands of humans, is the only real unanswered question. The power of trading algos can only refined itself.

The main point that needs to be understood is that quant trading has its place, but is imperfect by its very nature. Past behavior may repeat itself, but not always in ways that seem logical. Accepting the imperfect is needed by even the best quants. Perfect storms do exist within financial markets. Black swans are a reality. Never, is a very long time for many, but so called "one in a million events" seem to happen more frequently than may quants can sometimes accept. Two of the biggest worries that the author makes in 2010 are about the future. Would crashes happen quickly, as in within 5 minutes? Well, flash crashes and the end of Knight Ridder proved that would be true. The second was about the ETF liquidity crunch. Is this the next bubble that will pop from leverage? Time will tell. Quant finance has its place and serves its function well most of the time. Overall 99% is a pretty good number to me, even if it is not 100%. I see and fully accept any quant market P/L value, and do not worry about the missing fraction, but then again, I am not a quant. This book was very eye opening and very engaging. Highly recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 50,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業50,000以上のフォロワーが既に持っています!クリックしてください


For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Friday, May 19, 2017

Friday Feature Book Review : The Entrepreneur: 25 Golden Rules! by Bill Heinecke アジアの起業家:ビル・ハイネケ: 億万長者からの25のルール

There are 25 rules to becoming a billionaire, and this is according to a real one. Not some Donald Trump type who inherited his father's business, but from scratch, as in zero cash. Not many expat high school kids skip college, clean offices at night, sell advertising by day, and sell the business to become a millionaire by age 21. Opportunity comes rarely, and must be seized right away, not when you are ready. Bill Heinecke, now a billionaire in Thailand, is such a person, and is running hotels and restaurants all over Asia today. 

This book is about his 25 golden rules. Valuable insight from a billionaire, after more than 40 years in Asian business, and they come from a very valuable source, direct on the job experience. Many in the media feel he is the Richard Branson of Asia, and I agree with the comparison.

Bill explains 25 clear rules that are basic to any entrepreneur who seeks to start a business. He started 2 when he was 18, a cleaning business AND an advertising firm. All of his lessons come with realistic constructive views on what is important and what is not. He also touches on the sacrifices needed. 

One of my favorites is about being committed, and working part-time. If you work 100% of time for $100, you cannot work 90% of the time and expect $90. The money is made in the last 10%. There is no clear reward in climbing Mount Everest 90% of the way up. You have to finish what you start, and close any deal. That is how you really get paid as an entrepreneur. That is how you learn and build upon your own success. 

He was the Thailand partner for Pizza Hut for over 20 years, and fought back corporate actions to break away with a more successful brand called "The Pizza Company" still running smoothly today. His battles over the the Royal Garden Resort with Goldman Sachs, are other business battle scars that he reveals in full detail right from inside the boardroom. 


The Top 3 Takeaways from this book that really impact any reader are:


1) There is a lot to learn about hard work that takes a long time. Persistence over time is key. Easy quick ways to riches are often not solid.

2) There is a real art to introducing foreign brands into any new market. The product or service does not sell by itself. Local tastes have to be understood and adapted.

3) A local expert is tough to beat. If you know your own market deeply, a foreign management team can easily lose when trying to enter from overseas.

Bill Heinecke has a current net worth according to Forbes of over US$1.1BN. He runs Minor International which now runs 100 hotels, 250 retail outlets, and 1500 restaurants in 18 countries, mostly in Asia. If you did not know about him before, he is worth learning about. This book and its 25 golden rules, are the foundation needed for any self made billionaire to use as a guide, and that is the bottom line. 

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click on our TopMoneyJobs list here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 50,000+ followers already have! Follow us now and click here! 

あなたがアジア日本セールストレーディングバンキング、フィンテックのお仕事に興味がある場合は、こちらをクリックしてください。ティエムジェィパートナーズTwitterでフォローしてください! 世界中のTwitter1のリクルーターです50,000以上の企業が既にフォロワーです!クリックしてください。




For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Friday, May 12, 2017

CEO Asia Q&A: 金融インタビュー : Seth Friedman -- Shiroyama Consulting セス・フリードマン: 白山コンサルティング

Today, we interview Seth Friedman, the Co-Founder of Shiroyama Consulting in Tokyo. It is a Financial Services Technology, Consulting, and Representative Agent Services firm. Their clients are primarily overseas based DMA algo & high frequency trading firms within the equities space as well as sell-side firms in Japan and overseas.  It is also working on some exciting Fintech applications utilizing Blockchain, customized hardware, and custom configurable integrated circuits for global trading IT systems. 


1)    When did you start Shiroyama Consulting? Why did you choose to start your firm in Tokyo, Japan? What is your main business and current state of operations?
Shiroyama Consulting is an outgrowth and extension of the work that each of the 3 partners has been involved in for many years; collectively, the 3 partners have more than 65 years of relevant professional experience. We’ve taken our accumulated knowledge and experience and packaged it as a unified set of products and services. We are focused on operating in the fields of Financial Services Technology, more popularly known as FinTech, and the intersection of FinTech and Regulatory Environments. We've formalized our organization with the legal formation of a US-based LLC and Japan-based KK earlier in 2017.

 2) There has been a lot of talk about “HFT Regulation” in Japan, could you explain what this is all about?
The financial services environment in Japan is on the verge of significant change with the impending introduction of a vastly revised Financial Instruments and Exchange Act (FIEA) which was submitted to the Diet by the Cabinet Office on March 3, 2017. The revised regulatory framework will bring a host of technical, organizational, disclosure, record-keeping, and educational challenges. The revised FIEA focusses on three main areas, 1. High-Speed-Trading Regulations (what has been described somewhat ominously as HFT Regulation and includes more than 20 new Articles); 2. Exchange Groups; and 3. Information Disclosure. These proposed regulations are publically available on Japanese Government websites but currently are officially only available in Japanese.

The regulatory changes in the area of high-speed-trading will impact a relatively small segment of the automated-trading and quantitative investor community generally described by non-practitioners as High Frequency Trading (HFT); the exact number of impacted firms cannot be determined (most likely between 18 and 60+ firms) until the Cabinet Office and FSA defines what it describes as HFT Conduct. As a result, there is enormous uncertainty as to what technology techniques, investment strategies, and firms will be impacted. Once a definition is created, a firm that falls within the definition will be officially categorized as an HFT Operator.
Once judged an HFT Operator, a firm will have to establish an onshore presence, either by opening an office themselves or utilizing the services of a representative agent; a firm could also respond by changing their infrastructure setup and trading behavior to no longer be an HFT Operator, or cease activity in Japan all-together. The short-term and long-term impact to trading and overall liquidity could be unpredictable, sudden, and inconsistent. Certainly there will be unintended and unforeseen consequences.

While small in number (relatively speaking) HFT Operators represent a very large proportion of activity on venues. With slightly less than 50% of traded volume and more than 65% of submitted orders originating from TSE Co-Location an enormous percentage of liquidity is potentially affected by how HFT Operators respond to the new regulations. The corresponding uncertainty concerns not only HFT Operators, but others who fear the potential impact if a significant percentage of liquidity is affected.

3) Where do you see the opportunity for your firm to grow? What key advantage do you have today in Japan?
We have two main long-term business streams 1. Financial Services Technology; and 2. Consulting and Representative Agent Services. We see an immediate regulatory-driven opportunity in the Japanese environment with longer-term opportunities in other Asia-Pacific, EMEA, and American environments. The short-term opportunities in Japan are driven by the FIEA, the forthcoming definition of HFT Conduct, and detailed rules regarding registration requirements. Depending on the final form of these it is possible that anywhere from 18 to 60+ firms could be directly impacted. Registration requirements, which include the need to describe strategy details, could become extraordinarily complicated. Will firms be required to document the high-level firm strategy, or individual investment strategies at a sub-firm, pm, or asset class level? We won’t know until Cabinet Office Orders are issued at some point after the revised FIEA is passed by the Diet. No matter the outcome, we’ll be able to help firms understand the regulations, the processes and procedures of registration, and adhering to record-keeping requirements.

Our experience and expertise is aligned to deliver significant value to all stakeholders; buy-side, sell-side, venue, and regulatory. Our team has vast experience from previous sell-side and buy-side roles from a number of perspectives including extensive interaction with regulators and venues not only in Asia, but particularly in Japan, design and implementation of sub-microsecond automated execution strategies, and conceptualizing and bringing to market paradigm-shifting capabilities such as US patented network-based packet analysis tools for regulatory compliance and microwave communication networks to significantly reduce data transmission latencies. We deeply understand trading systems and environments, the buy-side quantitative hedge fund space including in-depth experience with the HFT segment, and the buy-side real-money asset manager environment.

The new regulations are targeted at an investor community which is largely offshore to Japan. We see a strong need to help these investors understand, adapt, and conform to the new regulatory environment in a country that many find challenging to navigate. Further, in an environment where the FSA seemingly perceives venues and sell-side firms as biased in a certain direction, we believe our objectively un-biased stance, which is informed by many years of sell-side and multi-faceted buy-side experience, will be extremely beneficial to the overall environment including the formulation of feasible regulations.

We will strive to advise and assist offshore clients in their direct relationship with the FSA and to assist the FSA in its effort to understand and maintain up-to-date awareness of the organization, staffing, technology, trading, legal, and funding structures which are utilized by HFT Operators. 

4) Tell us about your Fintech and Blockchain initiatives for trading services in future.
Our second phase of business operation will involve leveraging our in-depth experience conceptualizing, developing, evangelizing, and implementing ultra-performant infrastructure and trading systems on a global scale. We are well underway in the design of future-view systems and have been looking at ways to push the envelope to achieve even higher performance, efficiency, transparency than exists today. These initiatives embrace many factors types of technologies, ranging from optimization of functions in hardware to revised data transmission paths, and include technologies such as blockchain and customized integrated circuits.

It is undeniable the current environment will evolve. The sell-side economics of creating and maintaining high-quality electronic-trading environments have been challenged for a number of years. These challenges will grow even more significant as MiFID II drives commission unbundling and traditionally non-quantitative investors implement quantitative methods with the corresponding demand for broader access to ultra-performant-trading and ever lower commission levels. Our services and products are crafted to deliver the performance demanded by sophisticated  organizations with an underlying economic model which will ease the cost pressures experienced by buy-side and sell-side.

5) Have trading opportunities in Japan, changed in any way due to government actions or new technologies?
Absolutely! The Japanese environment has seen tectonic change over the past ten years. The introduction of Arrowhead brought real-time order matching where previously orders were matched in three-second cycles, exchange co-location, unfettered access to full order-book market data, broad acceptance of alternative venues, big-data analytics, and reduced bid/offer spreads. These changes occurred hand-in-hand with the introduction of new technologies which collectively allowed for, and created, exponentially increased order volume as well as sell-side, exchange, and clearinghouse capability to successfully support such volumes.

Looking to the future, as described earlier, the revised FIEA will implement a new framework specifically targeted at HFT Operators, this new framework, its implementation and ongoing operation, known knowns, known unknowns, and the law of unintended consequences will no doubt create broad street-wide challenges. Hopefully these choppy waters will be smoothly navigated without negative impact to the environment.

Separate from the regulatory framework, we see an increasing number of traditionally non-quantitative investors implementing quantitative methods and introducing new types of data sets into their investment process. The trading process and methods of these organizations will evolve as well and we expect the demand for ultra-performant trading capabilities (sub-microsecond venue interaction) to expand. We believe that with these changes, combined with the effects of MiFID II, a new round of commission compression in agency business is on the horizon. These changes will bring even more pressure upon sell-side organizations to rationalize the portions of their platforms which serve as payment channels for their core business of content and capital. In response, we see broader sell-side acceptance of outsourcing non-differentiating functions to firms or consortiums; as we have seen with Project Symphony1 and Project Scalpel2.  

6) Are there gaps in overseas trading abilities via the TSE that overseas investors do not fully understand that Shiroyama Consulting try and fill?
The biggest challenge we currently see for overseas investors isn’t a trading issue per se, but rather the seemingly incomplete awareness of the proposed revisions to the FIEA by large segments of the sell-side and buy-side community and the consequent lack of engagement with the FSA or Cabinet Office over potentially problematic regulations. The buy-side, particularly the offshore buy-side, relies upon the FSA, TSE, and sell-side organizations for information. Unfortunately the buy-side seems to have only a high level understanding of the proposed changes to the FIEA. The details are publically available but essentially inaccessible as the revised FIEA itself is as yet untranslated.

The FSA, TSE, and sell-side have broadly communicated to the buy-side that some form of registration and “proper risk management” will be required. The devil is of course in the details, and there is seemingly little awareness of the details. For example, at the moment “proper risk management” is not defined in detail and there is inconsistent understanding among a number of entities as to its exact meaning. Is Naked Access allowed or not allowed? Different entities have different perspectives.

We’ve gone through the Japanese text of the proposed regulations and have identified no less than 21 specific issues which are either open to broad interpretation or are cause for specific concern. We’re worried as to the direct impact but more so we fear the law of unintended consequences will reign supreme. We’re already engaging venues, regulators, sell-side, and offshore investors to provide more details, highlight issues, and encourage participation in the process.

7) Where do you see your firm growing the most in the next 2-3 years? Will this continue within the Blockchain or  Fintech space? Are you seeking investors for new projects or service offerings?
We see significant growth in Consulting and Representative Agent Services resulting from the revised FIEA and its requirements, particularly that HFT Operators must maintain an onshore Japan presence. This requirement can be satisfied two ways, either by establishing an office or by contracting with a representative agent. We don’t anticipate offshore HFT Operators actually opening their own offices in Japan, with the attendant cost and complexity of running a people-center in Japan; we anticipate most will utilize the services of a representative agent.

We see a significant global opportunity for our Financial Services Technology efforts. We believe a fundamental reckoning in the client-directed-trading space is on the not-too-distant-horizon where a number of factors – non-differentiated products, many years of commission compression, evolving buy-side demand, MiFID and unbundling, a new round of commission compression, and Brexit, – will force the sell-side to undertake a radical rethink of the traditional model in much the same way as firms have embraced Project Symphony and Project Scalpel. In Japan, the challenge will be exacerbated by the already painful and inevitably increasing experience of a shortage of appropriately skilled staff brought about by a declining and rapidly aging population.

As far as investment, yes, we are actively engaged with a number of potential partners and welcome others to join the discussion. Just as the environment has changed dramatically over the past ten years, not just in Japan but around the world, so too will the global environment change over the next ten years. We hope to create a group of like-minded visionary organizations to lead the next wave in the evolution of performance, efficiency, and risk management. 

Those desiring to learn more about our products and services and the proposed revisions to the FIEA can request information by visiting www.shiroyamaconsulting.com and completing the request form. We can also be contacted directly on LinkedIn.

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan, then click on our TMJ job listings here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 50,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業50,000以上のフォロワーが既に持っています!クリックしてください


For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Friday, May 5, 2017

Friday Feature Book Review: " Money Mavericks" by Lars Kroijer マネー・マーヴェリック―あるヘッジファンド・マネジャーの告白: ラース クロイヤー

This is just pure gold. This is an awesome true hedge fund diary. Without doubt, this is the most honest "true confession" of how to build a hedge fund, ever written. It is a warts and all explanation of the drive, hassle, envy, self doubt, family stress, vindication, satisfaction and acceptance in defeat, of a full roller coaster of emotions that any entrepreneur faces. The book reads as a step by step how to manual diary of all of the steps needed to set up a hedge fund from scratch in London. It would fit any hedge fund, but also any FinTech style startup so popular now as well.

It explains in extremely clear and professional detail, every aspect of a start to finish hedge fund creation. "If you can do it surely, anybody can" was the one quote that the author's friend said that I will never forget. Not the comment of a winner or a closer in my view, just a critic. That kind of friend would not be on my Christmas card list, ever again.

I only wish there was such a book in existence 15 years ago, when I first entered the industry, I could have saved a lot of time getting up to speed. Such is life and that where we are. At least we have this great "how to" hedge fund manual now. There may be a few differences in the setup procedures between a hedge fund in Europe vs the US, or even Asia, but they seem minor by comparison. With the amount of offshore legal structures out there, there are more similarities than differences. As someone similar who has built and maintained a business, there were many aspects explained and agonized about, that I could share business building experiences with. 

There was a time limited easy window when many with the right abilities at the right time, were lucky enough to succeed quickly. However, as we adapt to the next post Lehman crisis world of hedge funds, top tier returns have suffered so where is the next step forward? Redemptions and inflows have moved on to the larger names, not the new startups of late. Would Ken Griffin be able to start Citadel today? Would George Soros? My bigger question is what qualities will be needed to succeed in the coming wave of hedge funds in this post China peak, and Abenomics world of rising Federal Reserve interest rates? 

Risk appetite from investment banks must go somewhere, and this is a great insight into what any new aspiring hedge fund manager needs to review before winning in the next wave. This is extremely satisfying for the entrepreneur wanting to start a fund in the US, Europe or Asia. All of the lessons are spot on and so clear. I could not put it down due to the very candid, and openly revealed truth in every page. These are the author's insights that are often kept secret for too long shared with only a few trusted professionals.


The Top 3 Takeaways from this book that really impact any reader are:

1) There is a lot to learn about setting up a hedge fund. Legal details never seem to end. Service providers may seem complicated, but it comes down to a solid foundation at the start. Operational risk is a key part of hedge funds today. 

2) The integrity of hedge fund returns being higher than market average has been suspect recently, but gets more clear when explained by an expert. The grey zone seen by outsiders can be easily removed once you read this book.

3) The capital markets are always driven by many factors. Hedge funds serve a need and have a place. Investors seek out those returns, but these flows go in cycles. Right now large size firms seem to dominate. However, like any market, this could change, and fast.

There is no secret though, luck has to be behind you. If the market is able to get traction and is in "risk on" mode, you can succeed. If not, you just have to wait until the market window is ready, no matter how good you are or how high your personal alpha is. Market prices in London, where this is set, or anywhere else, can actually replace difficult thinking or debate about more difficult questions. The reality of markets leaves it mark on the global economy with any hedge fund set up in London or elsewhere. Highly recommended!

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 45,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業45,000以上のフォロワーが既に持っています!クリックしてください


For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com