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Monex launching online brokerage business in Australia

Japanese group aims to tap retirement savings through cheap fees

TOKYO -- Japanese financial services company Monex Group will launch an online brokerage operation as early as October in Australia, in hopes of capturing the country's rich retail investment market through an expansive offering and cheap fees.

Monex will provide access to stocks listed in such countries as Japan, the U.S. and China. It has also opened a physical office after getting authorization from local authorities. It aims to keep transaction fees at about a fifth of those of Australian rivals on trading U.S. issues, for example.

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