Japan’s Sole HFT Firm Dharmacapital Decamps to Singapore

Bloomberg[1] reports that Japan’s sole high-frequency trading firm Dharmacapital regulated by the Japanese Financial Services Agency has permanently relocated from Japan to Singapore citing tax considerations.

Japan has over the last decade seen a steady outflow of (U)HNWIs and entrepreneurs given its inheritance tax regime alongside a less favourable outlook concerning capital gains tax[2], with Singapore and Hong Kong being top destinations for such relocations[3].