It has been four years since the Monex Group acquired the TradeStation Group, at the time the 6th largest online brokerage company listed in the United States, and four years since we set out our medium-to-long-term strategy, Global Vision. During these past four years, our operating environment has changed drastically market-wise, politically and economically. However, I believe the biggest change has been in ourselves. Employees all over the world have worked hard everyday towards realizing this dream-like vision called Global Vision. While we have made some mistakes and struggled along the way, we have made real progress in coming closer to our goals.

Under our Global Vision, we are striving to simultaneously achieve three things - firstly, the globalization of our trading zone, in other words, the expansion of our customer base to people all over the world; secondly, the globalization of our access, in other words, the expansion of our financial products and information to markets all over the world; and thirdly, the globalization of our personnel, in other words, the globalization of our directors and employees so that we can better inspire each other and raise management and ideas to global levels.

To realize this Global Vision, one important element is the internal development and globalization of the systems that manage our brokerage business. The reason for this is that on many different dimensions, information systems are the core of today's brokerage business.

There are four important pillars as we move forward in our Global Vision.

We will utilize our U.S. subsidiary TradeStation's innovative technologies to develop and provide strategic tools that will enable our Japan subsidiary, Monex, Inc., to win active traders from our competitors. This so-called TradeStation Japan Project is finally approaching its completion following the development and offering of U.S. stock trading tools and a market information system for all our Monex, Inc. customers. Launch is scheduled for this autumn. Monex, Inc. has won strong support from long-term investors, and as people move from saving to investing, we will continue to promote this investor-targeted business as our area of specialty. In addition to that, using these very important strategic tools, we will also reach out to active traders to open up an unchartered area of growth for Monex, Inc., one where we expect significant increases in profit.

We will internally develop the core system of our Japan subsidiary, Monex, Inc. By internally developing the lifeline of our online brokerage business, we can better control business risks and significantly lower fixed costs. In addition, by reinforcing our capacity to quickly and flexibly change and improve our systems, we will enhance our competitiveness. This project was started before the initiation of our Global Vision, and a portion of Monex, Inc.'s services are already operating on this internally developed core system. The complete transfer to this new core system is planned for autumn next year.

We will secure the profitability of our U.S. segment operations. When we acquired our U.S. subsidiary, TradeStation Group, four years ago, the company was profitable. Unfortunately since then, due to significant declines in market volatility and interest rates, profits have fallen and with premium depreciation costs associated with the acquisition, the company is now in the red. Our analysis has revealed that the operating losses of our U.S. segment are having a significant negative impact on our company's stock price. Through various cost-cutting efforts, improvements in financial income, and the promotion of our derivative trading and B2B business, we are working to improve our P/L. We forecast a profit sometime during this fiscal term.

We will enter into the brokerage business for individual investors in China. Regulations in China are very different than those in Japan, Europe and the U.S. and as can be observed by the situation recently, the country has major shifts and risks. However, we cannot ignore the expansion of the stock and capital markets. The growth of the individual investor market has been, simply put, phenomenal. As of March 2015, the number of new individual brokerage accounts exceeded 1 million, and in May 2015, that number is said to have reached more than 10 million. When thinking about future growth, entering into the Chinese individual investor brokerage business is a very important strategy for our Group. We have already reached two concrete milestones. Namely, this spring we began licensing TradeStation Group's trading tools to Guosen Securities, which is China's fifth largest securities firm in terms of brokerage commission revenue . In addition, at the beginning of this year we established a technology support company in Hangzhou to provide packaged online brokerage services to a Chinese securities firm. Operations have already begun. The client company that is utilizing our technological support services has already acquired tens of thousands of new online brokerage accounts. We anticipate further strong growth that will contribute to Monex Group's revenues and profits. As far as we know, we are the only or one of the few non-Chinese companies that have entered, albeit indirectly, the individual investor brokerage business in China.

The above-mentioned four initiatives - the acquisition of Japanese active traders using the latest U.S. online brokerage technologies, the internal development of our core system in Japan, the profitability of our U.S. segment, and the entry into the huge-growth-potential individual investor brokerage business in China - are all efforts we began implementing more than five years ago and for these past four years, have steadily moved forward under the banner we call Global Vision. Our efforts are now beginning to bear fruit, and will lead to better returns for our shareholders in the form of improved services for our customers, greater profits and higher stock prices.

As we continue to globalize our personnel and pursue and realize our Global Vision in a true sense, we will work to improve returns for all our stakeholders. Thank you very much for your ongoing support of the Monex Group.