A Japanese firm will buy 15% of Spear Financial.
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Sanyo Securities Co., a Tokyo-based brokerage, agreed to acquire 1 million newly issued shares for $3.5 million as part of a plan to exchange technologies with Spear Financial Services, a Los Angeles-based discount brokerage, Spear said. Both firms specialize in electronic trading through computers. Spear said the transaction will double its capital.
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