Trading Losses Due to Market Levels and Volatility
First written in FY2016. 9 of 36 entries say "Materialised", first in FY2017-Q1. Latest entry: FY2026.
The Kosei 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.
1 other company's latest entry also says "Other".
- FY2026Earnings recovered as valuation losses turned into valuation gains.Annual report
「Trading income on shares and other securities was a ¥578 million profit (348.4% of the same period of the previous year), while trading income on bonds and other instruments was a ¥15 million profit (301.5%).」
Valuation gains and losses turned from a ¥190 million loss in the previous fiscal year into a ¥121 million profit, while total trading income increased from ¥171 million to ¥593 million. - 2026-06-01MitigatedGeneral Meetings of Shareholders
「Trading income for the fiscal year was ¥593 million (347.0% of the previous fiscal year's level).」
Trading income increased from ¥171 million in the previous fiscal year to ¥593 million. However, the disclosure does not state that volatility arising from market prices had been eliminated. - FY2025WorsenedAnnual report
「In the current fiscal year, trading income was ¥171 million (17.1% of the same period of the previous year), affected by declines in the market value of securities held on an ongoing basis and other factors.」
Valuation gains and losses on shares and other securities turned from a ¥538 million profit in the previous fiscal year into a ¥186 million loss, while total trading income declined sharply from ¥1,000 million to ¥171 million. - FY2025-H1Valuation gains contracted significantly.Annual report
「Trading income on shares and other securities: realized income or loss 103, valuation gains and losses 1, total 105. Total trading income: realized income or loss 104, valuation gains and losses 1, total 106.」
Valuation gains and losses included in trading income declined sharply from a ¥254 million profit in the same period of the previous year to a ¥1 million profit. Although they did not turn into a valuation loss, total trading income declined from ¥356 million to ¥106 million due to declines in the market value of securities held on an ongoing basis and other factors. - FY2024Valuation losses turned into substantial valuation gainsAnnual report
「Trading income on shares and other securities was a ¥997 million profit (707.9% of the same period of the previous year). … Realized income or loss 459, valuation gains and losses 538, total 997」
Valuation gains and losses on shares and other securities turned from a ¥72 million loss in the previous fiscal year into a ¥538 million profit, while total trading income or loss increased sharply from ¥138 million in the previous fiscal year to ¥1,000 million. Volatility in valuation gains and losses due to market prices remains, but valuation gains made a significant contribution in the current fiscal year. - FY2024-Q3RestatedAnnual report
「Valuation differences included in income for the nine months ended the third quarter: shares, ¥284 million; bonds, — million」
Valuation differences on securities held continued to reflect a ¥284 million valuation gain on shares, compared with losses of ¥123 million on shares and ¥3 million on bonds in the same period of the previous year. Trading income was a ¥550 million profit, but volatility in valuation gains and losses due to market prices remains. - FY2024-Q2The shift from valuation losses to valuation gains continuedAnnual report
「Trading income for the six months ended the second quarter was a ¥356 million profit. Of this, trading income on shares and other securities was a ¥352 million profit, while trading income on bonds and other instruments was a ¥4 million profit.」
Valuation gains and losses turned from a ¥68 million loss in the same period of the previous year into a ¥254 million profit, while trading income increased from ¥16 million to ¥356 million. - FY2024-Q1Trading income recovered as valuation losses turned into valuation gainsAnnual report
「Trading income for the three months ended the first quarter was a ¥178 million profit. Of this, trading income on shares and other securities was a ¥181 million profit, while trading income on bonds and other instruments was a ¥2 million loss.」
Trading income turned from a ¥34 million loss in the same period of the previous year into a ¥178 million profit. Valuation gains and losses also turned from a ¥94 million loss in the same period of the previous year into a ¥141 million profit, as the impact of changes in market prices shifted from a loss to a gain. - FY2023-Q3WorsenedAnnual report
「Trading income for the nine months ended the third quarter was a ¥54 million profit. Of this, trading income on shares and other securities was a ¥51 million profit, while trading income on bonds and other instruments was a ¥2 million profit.」
Trading income declined from ¥127 million in the same period of the previous year to ¥54 million. Valuation gains and losses widened from a ¥28 million loss in the same period of the previous year to a ¥77 million loss, as the impact of losses from changes in the market prices of securities held and other instruments intensified. - FY2023-Q2WorsenedAnnual report
「In the current fiscal year, amid a stock market with limited upside, ordinary dealing was sluggish, while valuation losses were recorded on securities held. As a result, trading income was ¥16 million (12.0% of the same period of the previous year).」
The valuation loss on securities held was ¥68 million, turning from the ¥47 million valuation gain in the same period of the previous year into a loss. Trading income also declined sharply from ¥141 million in the same period of the previous year to ¥16 million. - FY2023-Q1WorsenedAnnual report
「In the current fiscal year, amid a stock market with limited upside, ordinary dealing was sluggish, while valuation losses were recorded on securities held. As a result, trading income was a ¥34 million loss (compared with a ¥8 million profit in the same period of the previous year).」
The valuation loss on securities held was ¥94 million, widening from the ¥46 million valuation loss in the same period of the previous year. Trading income also deteriorated from a ¥8 million profit to a ¥34 million loss. - FY2022WorsenedAnnual report
「The proprietary trading division conducts trading for its own account, primarily in listed shares and derivatives, under stringent risk management. In the current fiscal year, amid low stock-market volatility, there were fewer arbitrage opportunities in dealing than in the previous year, and valuation losses were recorded on securities held. As a result, trading income was ¥144 million (21.2% of the same period of the previous year).」
Due to fewer arbitrage opportunities resulting from low volatility and valuation losses on securities held, trading income declined from ¥683 million in the previous fiscal year to ¥144 million, while valuation gains and losses resulted in a ¥46 million loss. - FY2022-Q3WorsenedAnnual report
「In the current fiscal year, amid low stock-market volatility, there were fewer arbitrage opportunities in dealing than in the previous year, and valuation gains on securities held also declined. As a result, trading income was ¥127 million (20.6% of the same period of the previous year).」
Valuation gains and losses turned from a ¥234 million profit in the same period of the previous year to a ¥28 million loss, while trading income also fell sharply from ¥616 million to ¥127 million. The decline in arbitrage opportunities due to low volatility and the decrease in valuation gains were reflected in the results. - FY2022-Q2Market fluctuations reduced valuation gains and trading incomeAnnual report
「The proprietary trading division conducts trading for its own account, primarily in listed shares and derivatives, under stringent risk management. In the current fiscal year, amid low stock-market volatility, there were fewer arbitrage opportunities in dealing than in the previous year, and valuation gains on securities held also declined. As a result, trading income was ¥141 million (22.3% of the same period of the previous year).」
Valuation gains on securities held declined from ¥303 million in the same period of the previous year to ¥47 million, and trading income declined from ¥633 million to ¥141 million. However, valuation gains and losses for the six months ended the second quarter were still a ¥47 million profit and had not turned into a valuation loss. - FY2022-Q1MaterialisedAnnual report
「The proprietary trading division conducts trading in shares and derivatives under stringent risk management. In the current fiscal year, ordinary dealing was sluggish, partly because the stock market was weaker than in the previous year. In addition, securities held were recorded at a valuation loss, resulting in trading income of ¥8 million (2.1% of the same period of the previous year).」
Amid a weak stock market, securities held incurred valuation losses. Valuation gains and losses on shares and other securities resulted in a ¥46 million loss, while total trading income or loss declined from ¥407 million in the same period of the previous year to ¥8 million. - FY2021The shift from valuation losses to valuation gains was confirmed for the full fiscal yearAnnual report
「Trading income on shares and other securities was a ¥680 million profit (258.6% of the same period of the previous year).」
Valuation gains and losses on shares and other securities shifted from a ¥36 million loss in the previous fiscal year to a ¥220 million valuation gain in the current fiscal year, while total trading income or loss also increased from ¥264 million to ¥683 million. - FY2021-Q3Valuation losses on securities held continued to turn into valuation gainsAnnual report
「Valuation differences included in income for the nine months ended the third quarter Shares ¥241 million Bonds ¥1 million」
Valuation gains and losses on securities held turned from losses of ¥123 million on shares and ¥3 million on bonds in the same period of the previous year into valuation gains of ¥241 million on shares and ¥1 million on bonds. Volatility in valuation gains and losses due to changes in market prices remains, but total trading income for the quarter was a ¥616 million profit. - FY2021-Q2RestatedAnnual report
「Trading income for the six months ended the second quarter was a ¥633 million profit. Of this, trading income on shares and other securities was a ¥631 million profit, while trading income on bonds and other instruments was a ¥2 million profit.」
Volatility in valuation gains and losses due to changes in the market prices of securities held continues, but trading income for the six months ended the second quarter was a ¥633 million profit, including a ¥304 million valuation gain. - FY2021-Q1Change from a valuation loss to a valuation gainAnnual report
「Valuation gains were also recorded on securities held, and trading income recovered to a profit of ¥407 million, compared with a loss of ¥101 million in the prior-year period.」
The valuation gain or loss on shares and other securities turned from a ¥154 million loss in the same period of the previous year into a ¥265 million valuation gain, while total trading income or loss also shifted from a ¥101 million loss to a ¥407 million profit. Volatility in valuation gains and losses due to market fluctuations remains. - FY2020WorsenedAnnual report
「Meanwhile, because valuation losses were recorded on securities held due to the sharp fall in equity markets, trading income for the period declined from the prior period to ¥264 million, or 82.6% of the prior period.」
A valuation loss on securities held actually occurred due to the sharp fall in equity markets. Valuation gains and losses changed from a gain of ¥7 million in the prior period to a loss of ¥36 million, while trading income declined from ¥320 million to ¥264 million. - FY2020-Q3MaterialisedAnnual report
「Trading income from shares and other instruments 214 △54 160 Trading income from bonds and other instruments △0 0 0 Total 214 △53 161」
Trading income for the nine months ended the third quarter included a valuation loss of ¥53 million. Realized gains and losses and other items resulted in total trading income of ¥161 million, but a valuation loss due to changes in market prices occurred. - FY2020-Q2MaterialisedAnnual report
「In the proprietary trading division, the company sought to improve its trading structure by expanding its trading methods under thorough risk management. Although dealing income was strong compared with the prior-year period, valuation losses were recorded on securities held due to falling share prices, resulting in a trading loss of ¥49 million, compared with a profit of ¥164 million in the prior-year period.」
A valuation loss on securities held due to falling share prices actually occurred. Valuation gains and losses were a loss of ¥202 million, and despite strong dealing income, total trading income was a loss of ¥49 million. - FY2020-Q1MaterialisedAnnual report
「In the proprietary trading division, dealing income remained at the prior-year level through rigorous risk management, but valuation losses were recorded on securities held due to falling share prices. As a result, trading income was a loss of ¥101 million, compared with a profit of ¥146 million in the prior-year period.」
A valuation loss on securities held due to falling share prices actually occurred. Valuation gains and losses were a loss of ¥154 million, and total trading income was also a loss of ¥101 million. - FY2019Valuation gains contracted significantly.Annual report
「Meanwhile, in the proprietary trading division, although ordinary dealing income was strong, trading income declined to a profit of ¥320 million, or 43.1% of the prior period, due in part to a decline in valuation gains on securities held caused by weak market trends in the latter half.」
Valuation gains on securities held contracted sharply from ¥277 million in the prior period to ¥7 million. Total trading income remained profitable, but fluctuations in valuation gains and losses due to market volatility were reflected in full-year performance. - FY2019-Q3MaterialisedAnnual report
「Valuation differences included in profit or loss for the nine months ended the third quarter: shares, △¥123 million; bonds, △¥3 million」
Against a backdrop of weak market trends, valuation gains and losses for the nine months ended the third quarter were losses of ¥123 million on shares and ¥3 million on bonds. Total trading income remained a profit of ¥141 million, but deterioration in valuation gains and losses actually occurred. - FY2019-Q2RestatedAnnual report
「Meanwhile, in the proprietary trading division, trading income declined to a profit of ¥164 million, or 25.6% of the prior-year period, due in part to a decline in valuation gains on securities held compared with the prior-year period.」
Trading income contracted due to the decline in valuation gains on securities held. This was not a loss caused by valuation losses, but the volatility of valuation gains and losses due to market movements continues. - FY2019-Q1Valuation gains and trading income contracted due to market volatility.Annual report
「In the proprietary trading division, trading income was ¥146 million, or 25.2% of the prior-year period, due in part to a decline in valuation gains on securities held compared with the prior-year period.」
Valuation gains on securities held declined from ¥420 million in the prior-year period to ¥87 million. Trading income, however, was a profit of ¥146 million, and no loss due to valuation losses was reported. - FY2018RestatedAnnual report
「The company recorded a valuation gain of ¥277 million on securities held as a result of the rising domestic equity market, compared with a valuation loss of ¥58 million in the prior year.」
The structure whereby changes in market levels affect valuation gains and losses on securities held continues. In this filing, valuation losses turned into valuation gains, and trading income was a profit of ¥744 million. - FY2018-Q3RestatedAnnual report
「In the proprietary trading division, although the company appeared unable to fully capitalize on the market upswing from October to December, trading through its regular trading operations remained strong over the cumulative period, and it also recorded valuation gains from increases in the market prices of securities held. Trading income was a profit of ¥662 million, up 246.1% year on year.」
The structure whereby valuation gains and losses on securities held fluctuate with market movements continues, but valuation gains due to rising share prices were recorded for the current nine-month period, and no loss occurred. - FY2018-Q2RestatedAnnual report
「Valuation gains were recorded as share prices of securities held rose, resulting in trading income of ¥642 million, compared with a loss of ¥31 million in the prior-year period.」
The volatility of valuation gains and losses due to changes in market prices continues, but valuation gains resulting from rising share prices of securities held were recorded for the nine months ended the current quarter. - FY2018-Q1Valuation losses on securities held turned into valuation gains.Annual report
「For the three months ended the first quarter, trading income was a profit of ¥580 million. Of this, trading income from shares and other instruments was a profit of ¥575 million, while trading income from bonds and other instruments was a profit of ¥4 million.」
Whereas valuation losses on securities held occurred in the prior-year period, valuation gains and losses included in trading income for the current quarter were a gain of ¥420 million. The disclosure of the risk of valuation losses due to market volatility remains, but no loss emerged during the current quarter. - FY2017MaterialisedAnnual report
「The company recorded a valuation loss of ¥58 million on securities held at the end of the period, as the impact of the decline in share prices following the UK referendum on Brexit continued to be felt, compared with a valuation loss of ¥71 million in the prior period.」
A valuation loss of ¥58 million on securities held occurred due to market volatility. Including gains on transactions, total trading income was a profit of ¥232 million. - FY2017-Q3MaterialisedAnnual report
「In the proprietary trading division, gains on transactions from ordinary trading operations were ¥332 million, or 68.6% of the prior-year period. Meanwhile, although securities held have been recovering from the decline in share prices triggered by Brexit, at the end of the third quarter the company recorded a valuation loss of ¥63 million, compared with a valuation gain of ¥170 million in the prior-year period.」
Although share prices were considered to be recovering, a valuation loss of ¥63 million was actually recorded on securities held. The loss was absorbed by gains on transactions, and total trading income was a profit of ¥269 million, but the risk of valuation losses due to market volatility remains. - FY2017-Q2MaterialisedAnnual report
「Although gains from ordinary trading activities remained strong, they were not sufficient to cover valuation losses on securities held, and trading gains and losses amounted to a loss of ¥31 million, compared with a profit of ¥345 million in the same period of the previous year.」
For the six months ended the second quarter, valuation gains and losses amounted to a loss of ¥230 million, and valuation losses on securities held exceeded gains on sales, resulting in a trading loss of ¥31 million. - FY2017-Q1MaterialisedAnnual report
「At the end of the quarter, global equity markets fell sharply against a backdrop of Brexit. As valuation losses on securities held expanded significantly as a result, trading income was a loss of ¥483 million, compared with a profit of ¥443 million in the prior-year period.」
The expansion of valuation losses on securities held due to the market sell-off actually occurred. Trading income from shares and other instruments was ¥468 million, and total trading income was a loss of ¥483 million. - FY2016First statedAnnual report
「There is a possibility of incurring losses due to unexpected changes in the market levels and volatility, or price fluctuation rates, of the financial instruments handled.」
Unexpected changes in market levels and price fluctuation rates are identified as factors contributing to trading income losses. Trading income itself was profitable for the period, so no loss was recorded.