Market Price Fluctuation Risk in Proprietary Trading
First written in FY2016. 24 of 37 entries say "Materialised", first in FY2017-Q1. Latest entry: 2026-07-30.
Toyo Securities moved to the "Worse" side of this theme in 2016, 1 year before the typical company in this theme (2017).
The whole theme swung hardest in 2022: 7 of 11 companies on the "Worse" side.
2 other companies' latest entry also says "Materialised".
- 2026-07-30MaterialisedEarnings
「Trading income was a total loss of ¥318 million, compared with income of ¥332 million in the same quarter of the previous year, because costs related to solution revenue recorded in stock brokerage commissions were recognized.」
Trading income, including its dependence on markets and trading volumes, changed from a profit in the same quarter of the previous year to a loss. - FY2026MaterialisedAnnual report
「Trading income decreased 33.4% year on year to ¥1,309 million in total, as income from stocks and other instruments fell 31.5% to ¥1,147 million, mainly because the value of transactions in over-the-counter U.S. stocks declined.」
Dependence on market conditions and trading volume was reflected in the 33.4% decrease in trading income from the previous fiscal year, due mainly to lower over-the-counter U.S. stock trading. - 2026-04-28MaterialisedRevision of earnings forecasts
「Trading income decreased 33.4% year on year to ¥1,309 million in total, as income from stocks and other instruments fell 31.5% to ¥1,147 million, mainly because the value of transactions in over-the-counter U.S. stocks declined.」
Dependence on market conditions and trading volumes was reflected in the decline in trading income for the current period. - FY2026-H1MaterialisedAnnual report
「Trading income was ¥635 million for securities, etc. (18.8% decrease from the previous interim consolidated accounting period), due mainly to lower over-the-counter trading value for U.S. stocks; ¥22 million for bonds, etc. (639.3% increase), due mainly to higher trading gains and losses on corporate bonds; and ¥84 million for other items (37.9% decrease), due mainly to lower foreign exchange brokerage commissions, bringing the total to ¥741 million (19.5% decrease).」
Dependence on market conditions and trading volume was reflected in the 19.5% year-on-year decline in trading income through lower over-the-counter U.S. stock trading and foreign exchange brokerage commissions. - FY2025Trading income increased slightlyAnnual report
「Trading income for securities, etc. increased to ¥1,676 million due to higher over-the-counter trading value for U.S. stocks, bringing the total to ¥1,967 million (2.3% increase from the previous consolidated fiscal year).」
Trading income increased due to higher over-the-counter U.S. stock trading, while dependence on market conditions and trading volume continued. - FY2025-H1Trading income increased year on yearAnnual report
「Trading income was ¥783 million for securities, etc. (5.5% increase from the previous interim consolidated accounting period) due mainly to higher over-the-counter trading value for U.S. stocks, … bringing the total to ¥921 million (2.4% increase).」
For proprietary trading, which is affected by fluctuations in market conditions and trading volume, trading income exceeded the year-earlier quarter due mainly to higher over-the-counter trading value for U.S. stocks. - FY2024Full-year trading income increasedAnnual report
「Trading income was ¥1,582 million for securities, etc. (143.5% increase from the previous consolidated fiscal year), due to higher over-the-counter trading value for U.S. stocks; ¥62 million for bonds, etc. (a loss of ¥11 million in the previous consolidated fiscal year), due mainly to higher trading gains and losses on foreign bonds; and ¥276 million for other items (28.8% increase), due mainly to higher foreign exchange brokerage commissions on foreign stock transactions, bringing the total to ¥1,922 million (125.3% increase).」
Against a backdrop of over-the-counter U.S. stock trading, foreign bonds and foreign stock transactions, trading income increased 125.3% from the previous fiscal year. Dependence on market conditions and trading volume continues. - FY2024-Q3Trading income increased year on yearAnnual report
「Trading income was ¥1,097 million for securities, etc. (108.5% increase from the year-earlier quarter), due mainly to higher over-the-counter trading value for U.S. stocks; ¥33 million for bonds, etc. (a loss of ¥17 million in the year-earlier quarter), due mainly to higher trading gains and losses on foreign bonds, bringing the total to ¥1,320 million (93.8% increase).」
For proprietary trading, which is affected by fluctuations in market conditions and trading volume, trading income exceeded the year-earlier quarter, driven by U.S. stocks and foreign bonds, among other factors. - FY2024-Q2Trading income increased year on yearAnnual report
「Trading income was ¥741 million for securities, etc. (90.7% increase from the year-earlier quarter), due mainly to higher over-the-counter trading value for U.S. stocks; ¥42 million for bonds, etc. (a loss of ¥0 million in the year-earlier quarter), due mainly to higher trading gains and losses on foreign bonds; and ¥115 million for other items (23.4% decrease), due mainly to lower foreign exchange commissions on Chinese stock transactions, bringing the total to ¥899 million (66.9% increase).」
For proprietary trading, which is affected by fluctuations in market conditions and trading volume, trading income increased 66.9% year on year, driven by U.S. stocks and foreign bonds, among other factors. Meanwhile, other gains and losses related to Chinese stock transactions declined. - FY2024-Q1Trading income increased year on yearAnnual report
「Trading income was ¥371 million for securities, etc. (88.2% increase from the year-earlier quarter), due mainly to higher over-the-counter trading value for U.S. stocks; ¥28 million for bonds, etc. (698.9% increase), due mainly to higher valuation gains and losses on foreign bonds; and ¥55 million for other items (25.6% decrease), due mainly to lower foreign exchange commissions on Chinese stock transactions, bringing the total to ¥454 million (65.2% increase).」
For proprietary trading, which is affected by fluctuations in market conditions and trading volume, trading income increased 65.2% year on year due to increases in securities, etc. and bonds, etc. Meanwhile, other gains and losses related to Chinese stock transactions declined. - FY2023-Q3MaterialisedAnnual report
「Trading income was ¥526 million for securities, etc. (55.3% decrease from the year-earlier quarter), due to a decline in over-the-counter trading value for U.S. stocks; a loss of ¥17 million for bonds, etc. (¥11 million in the year-earlier quarter), due to the recognition of losses on the sale of municipal bonds; and ¥172 million for other items (66.6% decrease), due mainly to lower foreign exchange commissions on Chinese stock transactions, bringing the total to ¥681 million (60.1% decrease).」
Dependence on market conditions and trading volume in proprietary trading was reflected in the 60.1% year-on-year decline in trading income. - FY2023-Q2MaterialisedAnnual report
「Trading income was ¥388 million for securities, etc. (44.8% decrease from the year-earlier quarter), due mainly to a decline in over-the-counter trading value for U.S. stocks; a loss of ¥0 million for bonds, etc. (¥14 million in the year-earlier quarter), due mainly to lower trading gains and losses on municipal bonds; and ¥150 million for other items (58.3% decrease), due mainly to lower foreign exchange commissions on Chinese stock transactions, bringing the total to ¥538 million (50.1% decrease).」
Dependence on market conditions and trading volume in proprietary trading was reflected in the 50.1% year-on-year decline in trading income. - FY2023-Q1MaterialisedAnnual report
「Trading income was ¥197 million for securities, etc. (41.3% decrease from the year-earlier quarter), due mainly to a decline in over-the-counter trading value for U.S. stocks; ¥3 million for bonds, etc. (60.1% decrease), due mainly to lower trading gains and losses on municipal bonds; and ¥74 million for other items (59.3% decrease), due mainly to lower foreign exchange commissions on Chinese stock transactions, bringing the total to ¥275 million (47.9% decrease).」
Dependence on market conditions and trading volume in proprietary trading was reflected in the 47.9% year-on-year decline in trading income. - FY2022MaterialisedAnnual report
「Trading income totaled ¥2,036 million (28.7% decrease from the previous consolidated fiscal year), comprising ¥1,430 million for securities, etc. (16.2% decrease), due to a decline in over-the-counter trading value for U.S. stocks, and ¥12 million for bonds, etc. (96.9% decrease), due mainly to lower sales of foreign bonds.」
Dependence on market conditions and trading volume was reflected in the 28.7% decrease in trading income from the previous fiscal year. - FY2022-Q3MaterialisedAnnual report
「Trading income was ¥1,179 million for securities, etc. (89.7% of the year-earlier quarter), due to the lower commission rate for over-the-counter U.S. stock trading; ¥11 million for bonds, etc. (2.9%), due mainly to lower sales of foreign bonds; and ¥517 million for other items (107.5%), due mainly to higher foreign exchange commissions on Chinese stock transactions, bringing the total to ¥1,708 million (77.6%).」
For proprietary trading, which is affected by fluctuations in market conditions and trading volume, other items increased, but securities, etc. and bonds, etc. declined, resulting in trading income of 77.6% of the year-earlier quarter. - FY2022-Q2MaterialisedAnnual report
「Trading income was ¥705 million for securities, etc. (82.6% of the year-earlier quarter), due to the lower commission rate for over-the-counter U.S. stock trading; ¥14 million for bonds, etc. (4.4%), due mainly to lower sales of foreign bonds; and ¥361 million for other items (119.0%), due mainly to higher foreign exchange commissions on Chinese stock transactions, bringing the total to ¥1,081 million (72.5%).」
For proprietary trading, which is affected by fluctuations in market conditions and trading volume, other items increased, but securities, etc. and bonds, etc. declined, resulting in trading income of 72.5% of the year-earlier quarter. - FY2022-Q1MaterialisedAnnual report
「Trading income was ¥336 million for securities, etc. (97.5% of the year-earlier quarter), due to the lower commission rate for over-the-counter U.S. stock trading; ¥8 million for bonds, etc. (4.8%), due mainly to lower sales of foreign bonds; and ¥183 million for other items (173.2%), due mainly to higher foreign exchange commissions on Chinese stock transactions, bringing the total to ¥529 million (83.7%).」
Although other items increased, trading income from proprietary trading totaled 83.7% of the year-earlier quarter due to declines in bonds, etc. and securities, etc. - FY2021-Q3Trading income increased year on yearAnnual report
「Trading income was ¥1,314 million for securities, etc. (112.2% of the year-earlier quarter), due mainly to higher over-the-counter trading value for U.S. stocks; ¥404 million for bonds, etc. (92.1%), due mainly to a decline in foreign bond transactions; and ¥480 million for other items (155.5%), due mainly to higher foreign exchange commissions on Chinese stock transactions, bringing the total to ¥2,199 million (114.6%).」
Although dependence on market conditions and trading volume in proprietary trading continued, trading income increased to 114.6% of the year-earlier quarter, driven by U.S. and Chinese stock transactions, among other factors. - FY2021-Q2Trading income increased year on yearAnnual report
「Trading income was ¥853 million for securities, etc. (100.1% of the year-earlier quarter), as over-the-counter trading value for U.S. stocks was approximately unchanged from the year-earlier quarter; ¥334 million for bonds, etc. (119.2%), due mainly to higher trading gains and losses on foreign bonds; and ¥303 million for other items (141.6%), due mainly to higher foreign exchange commissions on Chinese stock transactions, bringing the total to ¥1,490 million (110.7%).」
Trading income from proprietary trading, which is affected by fluctuations in market conditions and trading volume, increased to 110.7% of the year-earlier quarter, driven by foreign bonds and Chinese stock transactions, among other factors. - FY2021-Q1MaterialisedAnnual report
「Trading income was ¥345 million for securities, etc. (62.3% of the year-earlier quarter), due mainly to a decline in over-the-counter trading value for U.S. stocks; ¥180 million for bonds, etc. (131.5%), due mainly to higher sales of foreign bonds; and ¥105 million for other items (87.2%), due mainly to lower foreign exchange commissions on Chinese stock transactions, bringing the total to ¥631 million (77.7%).」
Dependence on market conditions and trading volume in proprietary trading was reflected in the 22.3% year-on-year decline in trading income. - FY2020MaterialisedAnnual report
「Trading income was ¥1,516 million for securities, etc. (61.5% of the previous consolidated fiscal year), due mainly to a decline in over-the-counter trading value for U.S. stocks; ¥599 million for bonds, etc. (144.3%), due mainly to an increase in foreign bond transactions; and ¥411 million for other items (76.2%), due mainly to lower foreign exchange commissions on Chinese stock transactions, bringing the total to ¥2,528 million (73.9%).」
Dependence on market conditions and trading volume in proprietary trading was reflected in the 26.1% decrease in full-year trading income from the previous fiscal year. - FY2020-Q3MaterialisedAnnual report
「Trading income was ¥1,170 million for securities, etc. (59.4% of the year-earlier quarter), due mainly to a decline in trading value for U.S. stocks; ¥439 million for bonds, etc. (128.2%), due mainly to an increase in foreign bond transactions; and ¥308 million for other items (71.2%), due mainly to lower foreign exchange commissions on Chinese stock transactions, bringing the total to ¥1,918 million (69.8%).」
Dependence on market conditions and trading volume continued to be reflected in the year-on-year decline in trading income. - FY2020-Q2MaterialisedAnnual report
「Trading income was ¥851 million for securities, etc. (55.0% of the year-earlier quarter), due mainly to a decline in trading value for U.S. stocks; ¥280 million for bonds, etc. (93.4%), due mainly to a decline in derivatives transactions; and ¥214 million for other items (58.2%), due mainly to lower foreign exchange commissions on Chinese stock transactions, bringing the total to ¥1,346 million (60.7%).」
Dependence on market conditions and trading volume was reflected in the year-on-year decline in trading income. - FY2020-Q1MaterialisedAnnual report
「Trading income was ¥554 million for securities, etc. (73.3% of the year-earlier quarter), due mainly to a decline in trading value for U.S. stocks; ¥137 million for bonds, etc. (62.2%), due mainly to lower sales of foreign bonds; and ¥121 million for other items (55.8%), due mainly to lower foreign exchange commissions on Chinese stock transactions, bringing the total to ¥812 million (68.1%).」
Dependence on market conditions and trading volume was reflected in the year-on-year decline in trading income. - FY2019MaterialisedAnnual report
「Trading income was ¥2,464 million for securities, etc. (69.0% of the previous consolidated fiscal year), due mainly to a decline in trading value for U.S. stocks, … bringing the total to ¥3,420 million (57.3%).」
Dependence on market conditions and trading volume was reflected in the 42.7% decrease in trading income from the previous fiscal year. - FY2019-Q3MaterialisedAnnual report
「Trading income was ¥1,970 million for securities, etc. (70.5% of the year-earlier quarter), due mainly to a decline in trading value for U.S. stocks; ¥342 million for bonds, etc. (94.3%), due mainly to lower trading gains and losses on derivatives transactions; and ¥433 million for other items (25.8%), due mainly to redemptions of foreign bonds and lower foreign exchange commissions on Chinese stock transactions, bringing the total to ¥2,746 million (56.7%).」
Dependence on market conditions and trading volume in proprietary trading was reflected in the year-on-year decline in trading income. - FY2019-Q2MaterialisedAnnual report
「Trading income was ¥1,547 million for securities, etc. (85.5% of the year-earlier quarter), due mainly to a decline in trading value for U.S. stocks; ¥299 million for bonds, etc. (110.4%), due mainly to higher sales of structured bonds; and ¥367 million for other items (29.5%), due mainly to redemptions of foreign bonds and lower foreign exchange commissions on Chinese stock transactions, bringing the total to ¥2,215 million (66.5%).」
Dependence on market conditions and trading volume in proprietary trading was reflected in the year-on-year decline in trading income. - FY2019-Q1MaterialisedAnnual report
「Trading income was ¥755 million for securities, etc. (87.5% of the year-earlier quarter), due mainly to a decline in trading value for U.S. stocks; ¥220 million for bonds, etc. (161.0%), due mainly to higher sales of structured bonds; and ¥217 million for other items (26.9%), due mainly to redemptions of foreign bonds and lower foreign exchange commissions on Chinese stock transactions, bringing the total to ¥1,192 million (66.0%).」
Dependence on market conditions and trading volume in proprietary trading was reflected in the year-on-year decline in trading income. - FY2018Trading gains and losses increased.Annual report
「Trading gains and losses totaled ¥5,964 million (136.5% of the previous consolidated fiscal year), comprising ¥3,568 million from equities and other securities (146.3%), reflecting strong trading in U.S. stocks; ¥410 million from bonds and other instruments (65.0%), due mainly to lower sales of foreign bonds; and ¥1,985 million from other sources (152.8%), due mainly to increased foreign exchange commissions related to trading in Chinese stocks.」
Trading gains and losses, which are affected by market and trading volume fluctuations, increased from the previous fiscal year, driven by U.S. stocks, Chinese stocks and other securities. - FY2018-Q3Trading gains and losses increased.Annual report
「Trading gains and losses totaled ¥4,835 million (168.6% of the same quarter of the previous year), comprising ¥2,794 million from equities and other securities (189.2%), due mainly to increased trading value in U.S. stocks; ¥362 million from bonds and other instruments (77.3%), due mainly to lower trading gains on derivatives; and ¥1,678 million from other sources (182.1%), due mainly to increased foreign exchange commissions related to Chinese stock trading and foreign bond redemptions.」
Trading gains and losses increased to ¥4,835 million, or 168.6% of the same period of the previous year, driven by trading in U.S. stocks, Chinese stocks and other securities. Dependence on markets and trading volumes continues. - FY2018-Q2Trading gains and losses increased.Annual report
「Trading gains and losses totaled ¥3,327 million (264.4% of the same quarter of the previous year), comprising ¥1,809 million from equities and other securities (307.4%), due mainly to increased trading value in U.S. stocks; ¥271 million from bonds and other instruments (99.5%), due mainly to foreign bond sales; and ¥1,246 million from other sources (313.7%), due mainly to redemptions of foreign bonds and increased foreign exchange commissions related to trading in Chinese stocks.」
Trading gains and losses increased to ¥3,327 million, or 264.4% of the same period of the previous year, amid active trading in U.S. stocks, Chinese stocks and other securities. Dependence on markets and trading volumes continues. - FY2018-Q1Trading gains and losses increased substantially.Annual report
「Trading gains and losses totaled ¥1,805 million (353.3% of the same quarter of the previous year), comprising ¥862 million from equities and other securities (348.1%), due mainly to increased trading value in U.S. stocks; ¥136 million from bonds and other instruments (111.4%), due mainly to increased sales of foreign bonds; and ¥806 million from other sources (573.8%), due mainly to redemptions of foreign bonds and increased foreign exchange commissions related to trading in Chinese stocks.」
Trading gains and losses increased to ¥1,805 million amid active trading in U.S. stocks, Chinese stocks and other securities, while being affected by market and trading volume fluctuations. - FY2017MaterialisedAnnual report
「Trading gains and losses totaled ¥4,366 million (172.9% of the previous consolidated fiscal year), comprising ¥2,437 million from equities and other securities (241.0%), reflecting strong trading in U.S. stocks; ¥629 million from bonds and other instruments (312.5%), due mainly to increased sales of foreign bonds; and ¥1,299 million from other sources (99.0%), due mainly to lower foreign exchange commissions related to trading in Chinese stocks.」
Trading gains and losses, which are affected by market and trading volume fluctuations, totaled ¥4,366 million, or 172.9% of the previous fiscal year, due to increased trading in U.S. stocks and foreign bonds. - FY2017-Q3MaterialisedAnnual report
「Trading gains and losses totaled ¥2,866 million (129.1% of the same period of the previous year), comprising ¥1,476 million from equities and other securities (167.4%), reflecting strong trading in U.S. stocks; ¥468 million from bonds and other instruments (440.1%), due mainly to increased sales of foreign bonds; and ¥921 million from other sources (74.8%), due mainly to lower foreign exchange commissions related to trading in Chinese stocks.」
Trading gains and losses reached 129.1% of the same period of the previous year amid market and trading volume fluctuations. Although improvement from increased trading in U.S. stocks and foreign bonds was reported, dependence on market fluctuations continues. - FY2017-Q2MaterialisedAnnual report
「Trading gains and losses totaled ¥1,258 million (73.8% of the same quarter of the previous year), comprising ¥588 million from equities and other securities (99.3%), as U.S. stock trading value remained at approximately the same level as in the same quarter of the previous year; ¥272 million from bonds and other instruments (869.5%), due mainly to increased sales of foreign bonds; and ¥397 million from other sources (36.8%), due mainly to lower foreign exchange commissions related to trading in Chinese stocks.」
Trading gains and losses were 73.8% of the same quarter of the previous year amid fluctuations in markets and trading volumes. - FY2017-Q1MaterialisedAnnual report
「Trading gains and losses totaled ¥510 million (63.7% of the same quarter of the previous year), comprising ¥247 million from equities and other securities (78.5%), due mainly to a decline in trading value in U.S. stocks; ¥122 million from bonds and other instruments (132.8%), due mainly to increased sales of foreign bonds; and ¥140 million from other sources (35.6%), due mainly to lower foreign exchange commissions related to trading in Chinese stocks.」
Trading gains and losses fell to 63.7% of the same quarter of the previous year amid fluctuations in markets and trading volumes. - FY2016First statedAnnual report
「The Company's core group company conducts proprietary trading in financial instrument markets as part of its day-to-day business activities. A specialist department has been established to manage the risks associated with this business, and rigorous monitoring is conducted, but this cannot eliminate all risks.」
The Company states that fluctuations in share prices, bond prices, interest rates, foreign exchange rates and other market prices could affect its financial position and operating results.