Nomura have done it again. The perennial winners of Japan’s best Trading & Execution Team kept hold of the top spot. And this year it’s a double reason to celebrate — it’s Nomura’s centenary year.
The results are based on the views of buy-side traders and other investment professionals who rated their top trading and execution teams across four main categories: electronic trading, high-touch sales trading, portfolio/program trading and Delta One/ETF.
Daiwa Securities Group moves up a place to second, while J.P. Morgan moves to third and fourth spot is taken by SMBC Nikko Securities who move up two places from sixth in 2025. There was no change for fifth place, held by Goldman Sachs.
Nomura were in first place for High-touch sales trading and portfolio/program trading. J.P. Morgan were first for electronic trading and Liquidnet first for Delta One/ETF.
The full data set for Overall Leaders and Category Rankings is provided above.
For the 2026 Japan Trading & Execution survey, Extel polled traders at asset management firms with significant investments in Japanese equities. They were asked to rate their brokers in 4 categories across trading and execution. These results reflect the responses from close to 70 individuals at 58 firms.
The attribute scores were aggregated and weighted by the responding firm’s Japanese commission range to create the overall Japan Trading & Execution Leaders tables.
