Early competition among companies in the online securities industry

Abstract

This paper chronologically explores the circumstances surrounding the differences that developed among companies by examining the early years of the online securities industry in Japan. In an environment where many companies are immersed in the dominant, conventional wisdom of “explosive growth of the customer base” and engage in intense competition by reducing costs, this paper follows the activity of six influential companies and studies the processes that have enabled them to maintain their leadership position while adhering to their convictions.