Tokyo-Mitsubishi TD Waterhouse Securities Co. was late to establish its online discount brokerage operations in Japan. When the joint venture between Bank of Tokyo-Mitsubishi and discount brokerage TD Waterhouse Group of the United States began accepting accounts in July, several major players had already seized large portions of the pie.

But Robert Strickland, chief operating officer of TMTDW, does not regret the delay. He said his firm will outpace its forerunners — such as DLJ Direct SFG Securities, Monex, Nikko Beans and Japan Online Securities — and migrate, within five years, to the No. 1 or No. 2 position.

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