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Goldman then got approval to form a joint venture that could operate in China's domestic securities market.
Japanese banks expect that regulations keeping them out of their domestic securities markets will be eliminated within a few years.
It thus differs from most domestic banking markets and many domestic securities markets where savers, borrowers and intermediaries are typically also domestic.
These activities contributed to the building of the Japanese domestic securities market, and to the generating of a higher profile for Japanese borrowers in the international market.
Established in 1991 as a part of Mongolian Stock Exchange (MSE) in Tuv province, it now plays a central role in the domestic securities market.
The broking scandals came at a time when the Japanese government was already under pressure, both at home and abroad, to improve the supervision of its financial markets, to make insider trading illegal, and simultaneously to allow foreign institutions a greater degree of involvement in the domestic securities markets.