Japan's alt trading venues set for buy-side influx

A proposal by Japanese regulator FSA to lift a compulsory takeover bid imposed on users of alternative trading venues will draw buy-side traders away from the primary exchange, argue industry players. At present, the rule stipulates that investors who accumulate more than a 5% stake of a firm over a two-month period via proprietary trading systems (PTS) automatically trigger a compulsory takeover bid of that company.  Proprietary trading systems are lit venues that typically all…