Japan’s only registered high-speed trading firm leaves Tokyo for Singapore

Tokyo just lost its last high-speed trading firm. Dharmacapital Co., Japan’s sole registered high-frequency trading operation, moved all of its staff to Singapore earlier this month, according to people familiar with the matter. The departure means Tokyo, home to the world’s fifth-largest stock exchange by market capitalization, now has zero locally operating high-speed trading firms. A move months in the making The relocation didn’t happen overnight. Dharmacapital incorporated a new Singapore entity, DHARMACAPITAL PTE. LTD., back on April 16, 2026, suggesting the groundwork was laid well before the staff packed up and left Tokyo. The firm had maintained operational ties to both cities prior to the full move. But as of August 2026, the transition is complete, with the entire team now based in Singapore. Dharmacapital holds a unique position in Japan’s financial ecosystem. It is the only firm registered as a high-speed trader under Japan’s Financial Instruments and Exchange Act, a designation it has carried since at least 2018. The company serves as a designated market maker across major Japanese exchanges, including the Tokyo Stock Exchange and Osaka Digital Exchange, providing the...