Derivatives House of the year, Japan

Deutsche Securities Japan managed to avoid the worst of the subprime collapse in 2007, with most of its major institutions emerging in robust shape. But the impact of second-order effects triggered by the global financial crisis caused acute problems in the Japanese real economy, resulting in pronounced declines in equity and real estate prices, along with a gapping of fixed-income spreads. Moreover, these effects have tended to last longer than similar downturns in Europe and the US. At the

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