SRP looks at the financial results of two Japanes securities firms active in the structured products market.

Mitsubishi UFJ Morgan Stanley Securities The investment banking arm of Mitsubishi UFJ Financial Group saw a recovery in operating profit of JPY385m ($3.6m) in its Q1 ending on 30 June from a loss of JPY2.6 billion a year ago, driving ordinary profit to JPY899m. Operating revenues fell 8.1% to JPY48.6 billion while net operating revenue was down 7.2% to JPY47.8 billion year-on-year (YoY). Commissions fell 11.3% to JPY23.9 billion YoY. The increase of JPY1.2 billion from brokerage commissions w

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