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Non investing buffer 74245

Опубликовано в Canadian financial institution | Октябрь 2, 2012

non investing buffer 74245

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Our Properties. Item 4. Company Information. Share Capital Information. Stock Repurchase. Dividend Policy. Item 5. Financial Information. Consolidated Financial Statements and Other. Unconsolidated Financial Statements. Item 6. Information on Share Handling, etc. Item 7. Reference Information. Report of Independent Auditors. An English translation of the underlined items above is included in this document. Status of Corporate Governance and Other is not translated. Year ended March Total revenue millions of yen.

Net revenue millions of yen. Income loss before income taxes millions of yen. Net income loss attributable to Nomura Holdings, Inc. Comprehensive income loss attributable to NHI shareholders millions of yen. Total equity millions of yen. Total assets millions of yen. Cash flows from operating activities millions of yen. Cash flows from investing activities millions of yen.

Cash flows from financing activities millions of yen. Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year millions of yen. Number of staffs. The selected financial data of Nomura Holdings, Inc. The consumption tax and local consumption tax on taxable transaction are accounted for based on the tax exclusion method. Certain contract employees are included in Number of staffs. Table of Contents 2 Selected stand-alone financial data for the latest five fiscal years.

Year ended March 31,. Operating revenue millions of yen. Ordinary income millions of yen. Net income loss millions of yen. Common stock millions of yen. Number of issued shares thousands of shares. Dividend per share yen. The first quarter. The second quarter. The third quarter. The end of a term the fourth quarter. Net income loss per share yen. Highest stock price yen. Lowest stock price yen. The consumption tax and local consumption tax on taxable transactions are accounted for based on the tax exclusion method.

Number of staffs represents staffs who work at the Company. Table of Contents 3. The Company and its 1, consolidated subsidiaries and variable interest entities primarily operate investment and financial services business focusing on securities business as their core business. Nomura provides wide-ranging services to customers for both of financing and investment through the operations in Japan and other major financial capital markets in the world.

Such services include securities trading and brokerage, underwriting and distribution, arrangement of public offering and secondary distribution, arrangement of private placement, principal investment, asset management and other broker-dealer and financial business. There are also 15 companies accounted for under the equity method as of March 31, Please refer to the table below in the organizational structure listing the main companies by business segments.

Organizational Structure. The following table lists Nomura Holdings, Inc. Nomura Holdings, Inc. Retail Division. Nomura Securities Co. Asset Management Division. Nomura Asset Management Co. Wholesale Division. Nomura Asia Pacific Holdings Co. Nomura Holding America Inc. Nomura Securities International, Inc. Instinet, Incorporated. Nomura Europe Holdings plc. Nomura International plc. Nomura International Hong Kong Limited. Nomura Singapore Limited and others.

The Nomura Trust and Banking Co. Nomura Facilities, Inc. Nomura Capital Partners Co. Nomura Research Institute, Ltd. Nomura Real Estate Holdings, Inc. Wholly owned subsidiaries, Nomura Facilities, Inc. The company name has been changed to Nomura Properties Inc. Table of Contents Item 2. Management vision. We will continue to respond to it flexibly while maintaining an appropriate financial standing and effectively utilizing management resources through improved capital efficiency.

In addition, we are never satisfied with ourselves and will constantly implement new initiatives with the aim of expanding existing businesses and providing value-added services to clients. Issues Relating to the U. Prime Brokerage Event. As described in more detail in Item 2. We have taken a number of steps to address the issues underlying the U. Prime Brokerage Event, and plan to take additional steps in the future aimed at strengthening and enhancing our risk management procedures in future.

Immediately following the incident, we conducted an internal investigation of the underlying facts, and our Audit Committee hired an external law firm to conduct a comprehensive review. As a result of these investigations, we have already implemented a number of measures; and in addition, we are also reviewing our risk management framework, centered on the prime brokerage business, and conducting a comprehensive review by third-party risk management experts on our risk management framework for the Wholesale division and our Risk Management function.

Moreover, we have appointed Mr. Christopher Willcox, who has extensive experience with the U. We have also enhanced our front office and risk management teams, and we nominated three additional outside directors from outside of Japan, each of whom. We view our responses to the U. As of the date of this annual report, Phase 1 is complete, while Phases 2 through 4 are in progress and represent our ongoing efforts.

Phase 1: Initial Responses completed. As part of this phase, we reviewed all of the transactions with our existing prime brokerage clients, as well as large positions in our other financing-related businesses, and concentrated positions in non-risk origination businesses.

As a result, we have concluded that there are no transactions similar to those triggering the U. Prime Brokerage Event, namely no other prime brokerage transactions which are excessively leveraged or any other transactions by our non-risk origination businesses with significant concentrated exposures. As part of this phase, we are taking actions to enhance the monitoring of concentrated positions, revise our margin rates applicable to clients and to enhance management of margin rates for individual transactions including internal approvals and other processes.

We have already completed our comprehensive internal review of the risk management framework in the Wholesale division, and have initiated a further review by third-party risk management experts. We are also reviewing our organizational structure and staffing within risk management function in order to strengthen further our risk management framework.

We are also working to promote a better understanding of further proactive risk management capabilities among front office teams. Table of Contents Urgent Priority Issues. The COVID pandemic has continued to impact the global economy and the daily lives of individual clients since Continue to fulfill our responsibility as capital market intermediary and liquidity provider in order to maintain the financing required by companies and trading activities by market participants.

Support the recovery of the economy and corporate activities while ensuring the safety of our clients, communities and employees and their families. Maintain a robust financial position and ensured sufficient liquidity in a highly volatile and stressful market environment. Medium-to Long-term Priority Issues to respond to changed environment.

Growth strategy for sustainable improvement of corporate value. Digitalization to provide new value-added services and convenience to clients. We also believe that our people are the source of added value created by the Nomura Group even in a world where digitization and digitalization are advanced. We will continue to strengthen the development of our human resources with the qualities required for the upcoming era, such as consulting capabilities that make full use of both face-to-face and virtual communications.

Initiatives for Sustainability. In addition, we have established an organizational structure to promote ESG risk management and business opportunities, including climate change, from various perspectives while globally sharing knowledge. In particular, in the field of sustainable finance, where there is a great demand for financial funds as a result of the transition to a decarbonized society, we will implement advantage of our strengths as a global financial services group.

The challenges and strategies in each division are as follows:. In addition, we will strengthen our operating model to provide solutions and services that enable us further flexible approaches to the entire balance sheet of our clients. Investment Management Division. Investment Management Division, which is responsible for the asset management business in a broad sense, aims to increase added value by combining various types of expertise that have been accumulated within the group, from traditional assets such as stocks and bonds, to alternative assets such as non-listed equities.

Recognizing the diversifying investment needs of clients and the downward pressure on management fees as challenges, we aim to expand our business through providing a wide range of investment opportunities and providing performances and solutions that exceed expectations. In addition, we will advance the sophistication of the asset management business and governance while ensuring the independence, diversity and swiftness of the investment and management companies in Investment Management Division.

The Wholesale Division faces challenges presented by increasingly sophisticated client needs and technological advancement, coupled with uncertainty in the market environment and the potential for an economic downturn.

To ensure continuity of service as well as added value to clients, we will continue to enhance collaboration across regions and divisions while ensuring tight risk control. We will continue efforts to diversify our business portfolio and deploy financial resources to selective, high growth opportunities. Global Markets aims to provide uninterrupted liquidity to our clients while positioning our portfolio to weather a possible economic downturn, while reinforcing risk control and governance.

Additionally, we aim to further diversify our business portfolio, reinforce global connectivity and cross-sell to leverage our global platform and client franchise, opportunistically pursue growth opportunities and continue to build on the strength of our Flow trading businesses. Risk Management and Compliance, etc. At the Nomura Group, the types and levels of risks for the purpose of achieving strategic objectives and business plans based on management philosophy is set forth as the Risk Appetite.

We will continue to develop a risk management framework which ensures financial soundness, enhances corporate value, and is strategically aligned to the business plan and incorporated in decision making by senior management. With regard to compliance, we will continue to focus on improving the management structure to comply with local laws and regulations in the countries where we operate. We also continue to review our internal systems and rules so that all executive management and employees can work autonomously with high ethical standards.

In September , however, an incident occurred in Nomura Securities Co. Nomura Group companies including Nomura Securities are working to further strengthen our information management systems and to further promote the Code of Conduct.

By addressing and resolving the above issues, we will strive for the stability and further development of financial markets as well as the sustainable growth of the Nomura Group. Table of Contents 2. You should carefully consider the risks described below before making an investment decision. If any of the risks described below actually occurs, our business, financial condition, results of operations or cash flows could be adversely affected.

In that event, the trading prices of our shares could decline, and you may lose all or part of your investment. In addition to the risks listed below, risks not currently known to us or that we now deem immaterial may also harm us and affect your investment.

Our business may be materially affected by financial markets, economic conditions and market fluctuations in Japan and elsewhere around the world. The COVID pandemic has affected our business, clients and employees and this may continue in the future. Natural disaster, terrorism, military dispute and infectious disease other than COVID could adversely affect our business.

Governmental fiscal and monetary policy changes in Japan, or in any other country or region where we conduct business may affect our business, financial condition and results of operations. Brexit may adversely affect our business on various fronts. Extended market declines and decreases in market participants can reduce liquidity and lead to material losses. The financial services industry faces intense competition.

Competition with other financial firms and financial services by non-financial companies is increasing. Increased consolidation, business alliance and cooperation in the financial services industry mean increased competition for us. Our global business continues to face a challenging environment and may require further revisions to its business model.

Event risk may cause losses in our trading and investment assets as well as market and liquidity risk. Our business may incur losses due to various factors in the conduct of its operations. We may incur significant losses from our trading and investment activities. Holding large and concentrated positions of securities and other assets may expose us to large losses. Our hedging strategies may not prevent losses.

Our risk management policies and procedures may not be fully effective in managing risk. Market risk may increase other risks that we face. Our brokerage and asset management revenues may decline. Our investment banking revenues may decline. Our electronic trading business revenues may decline. We may be exposed to losses when third parties do not perform their obligations to us.

Defaults by a large financial institution could adversely affect the financial markets generally and us specifically. There can be no assurance as to the accuracy of the information about, or the sufficiency of the collateral we use in managing, our credit risk.

Our clients and counterparties may be unable to perform their obligations to us as a result of political or economic conditions. We are a holding company and depend on payments from our subsidiaries. We may not be able to realize gains we expect, and may even suffer losses, on our investments in equity securities and non-trading debt securities.

We may have to recognize impairment losses with regard to the amount of goodwill, tangible and intangible assets recognized on our consolidated balance sheets. Liquidity risk could impair our ability to fund operations and jeopardize our financial condition. We may be unable to access unsecured or secured funding. We may be unable to sell assets.

Lowering of our credit ratings could impact our funding. Equity investments in affiliates and other investees accounted for under the equity method in our consolidated financial statements may decline significantly over a period of time and result in us incurring impairment losses. Misconduct or fraud by an employee, director or officer, or any third party, could occur, and our reputation in the market and our relationships with clients could be harmed.

A failure to identify and appropriately address conflicts of interest could adversely affect our business. Our business is subject to substantial legal, regulatory and reputational risks. Legal liability may occur due to market downturn and could adversely affect our business, financial condition and results of operations. Extensive regulation of our businesses limits our activities and may subject us to significant penalties and losses. Tightening of regulations applicable to the financial system and financial industry could adversely affect our business, financial condition and results of operations.

Deferred tax assets may be impacted due to a change in business condition or in laws and regulations, resulting in an adverse effect on our operating results and financial condition. Unauthorized disclosure or misuse of personal information held by us may adversely affect our business. System failure, information leakage and the cost of maintaining sufficient cybersecurity could adversely affect our business. Our business and revenues may be affected by any adverse changes or volatility in the Japanese and global economic environments and financial markets.

In addition, not only purely economic factors but also wars, acts of terrorism, economic or political sanctions, pandemics, forecasts of geopolitical risks and geopolitical events which have actually occurred, natural disasters or other similar events could have an effect on the financial markets and economies of each country.

If any adverse events including those discussed above were to occur, a market or economic downturn may last for a long period of time, which could adversely affect our business and can result in us incurring substantial losses. In addition to conditions in financial markets, social conditions such as the long-term trends of population aging and population decline faced by Japan are expected to continue to put downward pressure on demand in the businesses in which we operate, including, in particular, our Retail business.

The following are certain risks related to the financial markets and economic conditions for our specific businesses. The COVID pandemic that began in , and governmental measures to prevent its spread, have significantly affected the operating environment, for example causing volatility in global equity prices, interest rates and elsewhere and a widening of credit spreads.

The COVID pandemic has led to, in many affected areas, successive widespread lockdowns and similar government action worldwide, including Japan, Europe, America and elsewhere, and continues in many of these places. In response to the pandemic and subsequent lockdowns, we have activated contingency plans, and have implemented robust arrangements for our employees to work remotely. However, these measures may not be successful or sufficient, and may cause additional risks, such as challenges in supervision over employees working remotely or increased risk of cyberattacks.

The continuation of such measures, even if limited to certain regions, will continue to impact societal and economic functions, which has and is expected to continue to adversely affect our business and results of operations. Even while the spread of the disease may gradually subside as vaccination efforts progress, ongoing negative effects on markets, economic activity or the operating environment could further adversely affect our business, results of operations and financial condition.

We will continue to monitor and manage related risk trends in the business environment as well as our internal crisis management. We have developed a contingency plan for addressing unexpected situations. However, disaster, terrorism, military disputes or widespread infectious diseases afflicting our management and employees could exceed the assumptions of our plan, and could adversely affect our business.

In addition, there is a possibility that unknown infectious diseases other than COVID pandemic may hinder the operational duties by our management and employees. We engage in our business globally through domestic and international offices. Governmental fiscal, monetary and other policy changes in Japan, or in any other country or region where we conduct business may affect our business, financial condition and results of operations.

On December 31, , a transition period during which the rules and regulations of the EU continued to apply to the U. K expired. Although the U. Although we are taking various measures to manage the risks associated with Brexit and to mitigate the impacts of uncertainty in the market as a whole, delays or other issues in our transition of business to NFPE as well as the risks to the broader financial system associated with the transition may adversely affect our business, results of operations and financial condition.

Regulators in each country including Japan have expressed their intention to request that financial transactions that refer to LIBOR be converted to alternative rate indices and that measures be taken in preparation for the permanent cessation of LIBOR. However, the details of calculation methodologies of alternative rate indices are under discussion in each country currently, and such transfers will involve the development of new calculation methods for alternative rates, revisions to relevant contracts and modifications to the application of accounting principles to the relevant transactions.

These changes could require us to incur additional costs and subject us to risks associated with systematic reform, operational application and client disclosure, or adversely impact the pricing, volatility and liquidity of financial products including derivatives, bonds and loans which reference IBORs. In addition, transactions referring to the alternative rate indices are not yet widely familiar in the market, and there is significant uncertainty regarding their application and acceptance, and we may not be successful in managing this transition without potentially serious disruption to our business.

Extended market declines can reduce the level of market activity and the liquidity of the assets traded in those markets in which we operate. Market liquidity may also be affected by decreases in market participants that could occur, for example, if financial institutions scale back market-related businesses due to increasing regulation or other reasons.

As a result, it may be difficult for us to sell, hedge or value such assets held. Also, in the event that a market fails in pricing such assets, it will be difficult to estimate their value. Further, if the liquidity of a market significantly decreases and the market may become unable to price financial instruments held by us, this could lead to unanticipated losses.

We have established a risk management system that measures these market risk and liquidity risk on a daily basis and takes immediate actions if the pre-set limits are exceeded. Our businesses are intensely competitive, and are expected to remain so. We compete on the basis of a number of factors, including transaction execution capability, our products and services, innovation, reputation and price.

We have experienced intense price competition, particularly in brokerage, investment banking and other businesses. Since the late s, the financial services sector in Japan has undergone deregulation. Banks and certain other financial institutions became able to enter into the securities brokerage business in and firewalls between commercial banks and securities firms were deregulated in , increasing the ability of securities firms with affiliated commercial banks to cooperate more closely them.

As a result, securities subsidiaries of commercial banks and non-Japanese firms with increased competitiveness have been affecting our market shares in the sales and trading, investment banking and retail businesses. In recent years, competition is intensifying beyond the traditional financial sector based on the increasing digitalization of the industry, not only with the rise of online securities firms but also FinTech companies and the entry of non-financial companies into the financial services sector.

In order to address such changes in the competitive landscape, we have already begun various efforts to these changes in the competitive environment. However, these measures may not be successful in growing or maintaining our market share in this increasingly fierce competitive environment, and we may lose business or transactions to our competitors, harming our business and results of operations.

Table of Contents 2 Increased consolidation, business alliance and cooperation in the financial services industry mean increased competition for us. There has been substantial consolidation and convergence among companies in the financial services industry. In particular, a number of large commercial banks and other broad-based large financial services groups have established or acquired broker-dealers or have consolidated with other financial institutions.

These large financial services groups continue to develop business linkage within their respective groups in order to provide comprehensive financial services to clients, offering a wide range of products, including loans, deposit-taking, insurance, brokerage, asset management and investment banking services within their group, which may enhance their competitive position compared with us.

They also have the ability to supplement their investment banking and brokerage businesses with commercial banking and other financial services revenues in an effort to gain market share. In addition, the financial services industry has seen collaboration beyond the borders of businesses and industries, such as alliances between commercial banks and securities companies outside of framework of existing corporate groups and recent alliances with non-financial companies including emerging companies.

Our competitiveness may be adversely affected if our competitors are able to expand their businesses and improve their profitability through such business alliances. We continue to believe there are significant opportunities in the international markets, but there is also significant competition associated with such opportunities.

In order to take advantage of these opportunities, we will have to compete successfully with financial services firms based in important non-Japanese markets, including the U. For example, as a means to bolster our international operations, we acquired certain Lehman Brothers operations in Europe, the Middle East and Asia in Since April , we have been working to rebuild our global business platform, under which we aim to simplify our operating model, transform our business portfolio and pivot towards client businesses and growth areas, which we believe has been successful.

In order to support further development of our international operations, Nomura continues to grow its business organically and inorganically such as acquisition of Greentech Capital Advisors in We will continue to review our entire business portfolio while looking at the competitive environment, and intend to implement our strategies in consideration of potential risks.

However, the risk remains that we may be required to incur greater expenses than expected, or to commit greater financial, management and other resources to the strategies than expected, which could adversely affect our business and results of operations.

Moreover, the assumptions and expectations upon which the strategies are based may not be correct, which could lead to us realizing fewer benefits than expected or could even harm our business and results of operations overall. Furthermore, to the extent we reduce compensation or headcount as part of this strategy, our ability to attract and retain the employees needed to successfully run our businesses could be adversely affected.

We may also be unsuccessful in designing a streamlined management structure, which could harm our ability to properly control or supervise our many businesses across the world. Event risk refers to potential losses we may suffer through unpredictable events that cause large unexpected market price movements such as natural or man-made disasters, epidemics, acts of terrorism, armed conflicts or political instability, as well as adverse events specifically affecting our business activities or counterparties.

These events include not only significant events such as the Great East Japan Earthquake in March , the increasing tensions on Korean Peninsula following North Korean nuclear tests in , sudden and unexpected developments in global trade or security policies such as tensions between the United States and China since , and the COVID pandemic in but also more specifically the following types of events that could cause losses in our trading and investment assets:.

Table of Contents 4. Lack of sufficient focus on ESG considerations may not only impede our ability to build a sustainable business model, but may also increase our vulnerability to ESG related risks such as risks associated with climate change in the medium- to long-term. We consider climate change one of the most important global challenges facing society. The direct impact of climate change, and the resulting changes in the business environment could cause us to incur losses.

Climate change related risk is broadly divided into two parts, namely Physical Risks and Transition Risks, either of which may materially and adversely affect us. Physical Risk: The risk of physical damage or the impairment of the operating capability of the assets of Nomura Group, clients and business partners due to climate change. This includes the potential impact of extreme weather events, fire and sea level flooding. Transition Risk: The risks associated with accelerated policy and external changes associated with the move towards addressing climate risk.

This includes changes in government policies, industrial policy or carbon based taxes, changes in social or other preferences and rapid changes in technologies which have the potential to leave stranded assets that are no longer viable. Risks Relating to Our Businesses. Our positions consist of various types of assets, including securities, derivatives transactions with equity, interest rate, currency, credit and other underliers, as well as loans, and reverse repurchase agreements.

Fluctuations in the markets where these assets are traded can adversely affect the value of our positions, in these assets, with downturns potentially negatively affecting long positions and upturns potentially negatively affecting short positions. Although we continue to mitigate these position risks with a variety of hedging techniques, we may also incur losses if the value of these assets fluctuate or if the financial system is overly stressed and the markets move in a way we have not anticipated.

Our businesses have been, and may continue to be, affected by changes in market volatility levels. Certain of our trading businesses such as those engaged in trading and arbitrage opportunities depend on market volatility to generate revenues. Lower volatility may lead to a decrease in business opportunities which may affect the results of operations of these businesses. Higher volatility can also cause us to reduce the outstanding positions or size of these businesses in order to avoid increasing our VaR.

For example, in March , following the default of a U. Despite our actions in response to the U. Prime Brokerage Event, including to improve our risk management activities, our business model necessarily involves significant trading activity, and we may record significant losses as a result of such trading activity again in the future.

Furthermore, we commit capital to take relatively large positions for underwriting or warehousing assets to facilitate certain capital market transactions. We also structure and take positions in pilot funds for developing financial investment products and invest seed money to set up and support financial investment products. We may incur significant losses from these positions in the event of significant market fluctuations.

Table of Contents In addition, if we are the party providing collateral in a transaction, significant declines in the value of the collateral or a requirement to provide additional collateral due to a decline in our creditworthiness by way of a lowered credit rating or otherwise can increase our costs and reduce our profitability. On the other hand, if we are the party receiving collateral from our clients and counterparties, such declines may also affect our profitability due to decrease in client transactions.

Following the U. Prime Brokerage Event, multiple ratings agencies downgraded their outlook with regards to our ratings, which, if not resolved positively, may lead to downgrades in our ratings. We have committed substantial amounts of capital to these businesses. This often requires us to take large positions in the securities of a particular issuer or issuers in a particular industry, country or region.

Fluctuations in the prices of these securities can significantly affect the prices at which we are able to liquidate them when needed, resulting in the recording of significant trading losses, such as occurred in connection with the U. See I tem 2. We generally have higher exposure to those issuers engaged in financial services businesses, including commercial banks, broker-dealers, clearing houses, exchanges and investment companies.

There may also be cases where we hold relatively large amounts of securities by issuers in particular countries or regions due to the business we conduct with our clients or our counterparties. We use a variety of financial instruments and strategies to hedge our exposure to financial risks arising from the financial instruments we enter into for proprietary purposes or for our clients.

If our hedging strategies are not effective, we may incur losses. We base many of our hedging strategies on historical trading patterns and correlations. For example, if we hold an asset, we may hedge this position by taking a position in another asset which has, historically, moved in a direction that would offset a change in value of the former asset.

However, historical trading patterns and correlations may not continue, as seen in the case of past financial crises, and these hedging strategies may not be fully effective in mitigating our risk exposure because we are exposed to all types of risk in a variety of market environments. Moreover, not all hedging strategies are effective against all kinds of risk, and certain strategies may, if the risk is not otherwise appropriately managed, increase our risk.

For example, many of the transactions leading to the U. See Item 2. However, this specific hedging strategy was not intended to hedge the risk of a default by the client and the potential need to liquidate the underlying positions in a volatile market environment. When such risk was realized, our hedging strategy of holding the underlying securities meant that we were exposed to such market fluctuations, contributing to the losses we recognized.

Our policies and procedures to identify, monitor and manage risks may not be fully effective. Although some of our methods of managing risk are based upon observed historical market data, the future movements in the financial markets may not be the same as was observed in the past. As a result, we may suffer large losses through unexpected future risk exposures. Other risk management methods that we use also rely on our evaluation of information regarding markets, clients or other matters, which is publicly available or otherwise accessible by us.

This information may not be accurate, complete, up-to-date or properly evaluated, and we may be unable to properly assess our risks, and thereby suffer large losses. Furthermore, certain factors, such as market volatility, may render our risk evaluation model unsuitable for a new market environment. In such event, we may become unable to evaluate or otherwise manage our risks adequately. Moreover, regardless of how well policies and procedures are designed, they must be properly implemented and followed in order to be effective, which may not always occur despite our diligent efforts.

Further, potential weaknesses in our organisation structures and governance frameworks may lead to misunderstanding over roles and responsibilities. For example, with respect to the U. We have reviewed and are in the process of completing a number of actions to comprehensively review, revise and strengthen our risk management policies and procedures and the implementation thereof.

Such actions remain ongoing, however, and when completed, may not be sufficient to prevent similar exposure to such risks in the future, including to identify and rectify potential shortcomings, whether within the same business or among our many other business units, impairing the ability of such policies and procedures to prevent future losses. Table of Contents 5 Market risk may increase other risks that we face.

In addition to the potentially adverse effects on our businesses described above, market risk could exacerbate other risks that we face. For example, the risks inherent in financial instruments developed through financial engineering and innovation may be increased by market risk. Also, if we incur substantial trading losses caused by our exposure to market risk, our need for liquidity could rise sharply while our access to cash may be impaired as a result of market perception of our credit risk.

Furthermore, in a downturn in the market overall or for specific securities, our clients and counterparties could incur substantial losses or experience other adverse events of their own, thereby weakening their financial condition and, as a result, increasing the credit risk they pose to us, such as occurred as part of the U.

A market downturn could result in a decline in the revenues generated by our brokerage business because of a decline in the volume and value of securities that we broker for our clients. Changes in financial or economic conditions would likely affect the number and size of transactions for which we provide securities underwriting, financial advisory and other investment banking services. Our investment banking revenues, which include fees from these services, are directly related to the number and size of the transactions in which we participate and would therefore decrease if there are financial and market changes unfavorable to our investment banking business and our clients.

For example, net revenue from our investment banking activities declined during the year ended March 31, compared to the year ended March 31, primarily due to a market downturn from February as a result of the COVID pandemic. Electronic trading is essential for our business in order to execute trades faster with fewer resources. Utilizing these systems allows us to provide an efficient execution platform and on-line content and tools to our clients via exchanges or other automated trading facilities.

Revenue from our electronic trading, which includes trading commissions and bid-offer spreads is directly correlated with the number and size of the transactions in which we participate. Competition in electronic trading is intense and the introduction of highly discounted or no-commission trades at competitors has and will continue to exert pressure on our electronic and traditional trading revenue. Moreover, such revenue would decrease if there are financial market or economic changes that would cause our clients to trade less frequently or in a smaller amounts.

Even if trade volumes increase due to the convenience of electronic trading, this may not be sufficient to offset margin erosion in our execution business, leading to a potential decline in revenue generated from this business. We continue to invest in developing technologies to provide an efficient trading platform; however, we may fail to maximize returns on these investments due to this increased pressure on lowering margins.

Our counterparties are from time to time indebted or otherwise owe certain obligations such as with regards to the posting of collateral to us as a result of transactions or contracts, including loans, commitments to lend, other contingent liabilities and derivative transactions. We may incur material losses when our counterparties default or fail to perform on their obligations to us due to their filing for bankruptcy, a deterioration in their creditworthiness, lack of liquidity, operational failure, an economic or political event, repudiation of the transaction or for other reasons.

The U. Prime Brokerage Event, during which a U. Although we establish and maintain allowances for credit losses, such allowances reflect management judgments and assumptions based on information available to us, which may provide incorrect or incomplete, and these judgments and assumptions may prove to be incorrect, potentially significantly so.

Table of Contents Credit risk may also arise from:. Issues related to third party credit risk may include the following:. The commercial soundness of many financial institutions is closely interrelated as a result of credit, trading, clearing or other relationships among the institutions.

As a result, concern about the creditworthiness of or a default by, a certain financial institution could lead to significant liquidity problems or losses in, or defaults by, other financial institutions. This may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms and exchanges, with which we interact on a daily basis. Actual defaults, increases in perceived default risk and other similar events could arise in the future and could have an adverse effect on the financial markets and on us.

Our funding operations may be adversely affected if major financial institutions, Japanese or otherwise, fail or experience severe liquidity or solvency problems. We regularly review our credit exposure to specific clients or counterparties and to specific countries and regions that we believe may present credit concerns. Default risk, however, may arise from events or circumstances that we do not detect, such as account-rigging and fraud. We may also fail to receive full information with respect to the risks of a counterparty, or to accurately manage and assess such information internally.

For example, our credit risk assessments with respect to the client whose default led to the U. In addition, in cases where we have extended credit against collateral, we may fall into a deficiency in value in the collateral if sudden declines in market values reduce the value of our collateral, as was the case with loans extended to the prime brokerage client leading in part to the U. Country, regional and political risks are components of credit risk, as well as market risk.

Political or economic pressures in a country or region, including those arising from local market disruptions or currency crises, may adversely affect the ability of clients or counterparties located in that country or region to obtain credit or foreign exchange, and therefore to perform their obligations owed to us.

We are a holding company and heavily depend on dividends, distributions and other payments from our subsidiaries to make payments on our obligations. Regulatory and other legal restrictions, such as those under the Companies Act, may limit our ability to transfer funds freely, either to or from our subsidiaries.

In particular, many of our subsidiaries, including our broker-dealer subsidiaries, are subject to laws and regulations, including regulatory capital requirements, that authorize regulatory bodies to block or reduce the flow of funds to the parent holding company, or that prohibit such transfers altogether in certain circumstances. While we monitor and manage the transfer of funds among Nomura Group on the basis of the relevant laws and regulations on a daily basis, these laws and regulations may hinder our ability to access funds needed to make payments on our obligations.

We hold substantial investments in equity securities including private equity investments and non-trading debt securities. Under U. GAAP, depending on market conditions, we may recognize significant unrealized gains or losses on our investments in equity securities and debt securities, which could have an adverse impact on our financial condition and results of operations.

Depending on the market conditions, we may also not be able to dispose of these equity securities and debt securities when we would like to do so, as quickly as we may wish or at the desired price. Table of Contents 9. Cash reserve funds, such as money market funds and money reserve funds are categorized as low risk financial products.

As a result of a sudden rise in interest rates, such cash reserve funds may fall below par value due to losses resulting from price decreases of debt securities in the portfolio, defaults of debt securities in the portfolio or charges of negative interest. If we determine that a stable return cannot be achieved from the investment performance of cash reserve funds, we may accelerate the redemption of, or impose a deposit limit on, such cash reserve funds.

For example, Nomura Asset Management Co. These events above may result in the loss of client confidence and lead to an outflow of client assets from our custody or preclude us from increasing such client assets. We have purchased all or a part of the equity interests in, or operations from, certain other companies in order to pursue our business expansion, and expect to continue to do so when and as we deem appropriate.

We account for certain of those and similar purchases and acquisitions as a business combination under U. GAAP by allocating our acquisition costs to the assets acquired and liabilities assumed and recognizing the remaining amount as goodwill. We also possess tangible and intangible assets other than those stated above.

We may have to recognize impairment losses, as well as other losses associated with subsequent transactions, with regard to the amount of goodwill, tangible and intangible assets and, recognized on our consolidated group balance sheet which may adversely affect our financial condition and results of operations. Liquidity, or having ready access to cash, is essential to our business. We define liquidity risk as the risk of loss arising from difficulty in securing the necessary funding or from a significantly higher cost of funding than normal levels due to deterioration of our creditworthiness or deterioration in market conditions.

In addition to maintaining a readily available cash position, we seek to secure ample liquidity through repurchase agreements and securities lending transactions, long-term borrowings and the issuance of long-term debt securities, diversification of our short-term funding sources such as commercial paper, and by holding a portfolio of highly liquid assets. We bear the risk that we may lose liquidity under certain circumstances, including the following:. We continuously access unsecured funding from issuance of securities in the short-term credit markets and debt capital markets as well as bank borrowings to finance our day-to-day operations, including refinancing.

We also enter into repurchase agreements and securities lending transactions to raise secured funding for our trading businesses. An inability to access unsecured or secured funding or funding at significantly higher cost than normal levels could have a substantial negative effect on our liquidity.

For example, lenders could refuse to extend the credit necessary for us to conduct our business based on their assessment of our long-term or short-term financial prospects if:. We incur large trading losses,. The level of our business activity decreases due to a market downturn,. Regulatory authorities take significant action against us, or. Our credit rating is downgraded. If we are unable to raise funds or if our liquidity declines significantly, we will need to liquidate assets or take other actions in order to meet our maturing liabilities.

In volatile or uncertain market environments, overall market liquidity may decline. In a time of reduced market liquidity, we may be unable to sell some of our assets, or we may have to sell at depressed prices, which could adversely affect our results of operations and financial condition.

Our ability to sell assets may also be adversely impacted by other market participants seeking to sell similar assets into the market at the same time. Our funding depends significantly on our credit ratings. For example, following the U. Future downgrades could increase our funding costs and limit our funding.

This, in turn, could adversely affect our result of operations and our financial condition. We have affiliates and investees accounted for under the equity method in our consolidated financial statements and whose shares are publicly traded. If there is a decline in the market price, of the shares we hold in such affiliates over a period of time, and we determine that the decline is other-than-temporary, then we recognize an impairment loss for the applicable fiscal period which may have an adverse effect on our financial condition and results of operations.

We always face the risk that our employees, directors or officers, or any third party, could engage in misconduct that may adversely affect our business. Misconduct by an employee, director or officer includes conduct such as entering into transactions in excess of authorized limits, acceptance of risks that exceed our limits, or concealment of unauthorized or unsuccessful activities.

The misconduct could also involve the improper use or disclosure of non-public information relating to us or our clients, such as insider trading and the recommendation of trades based on such information, as well as other crimes, which could result in regulatory sanctions, legal liability and serious reputational or financial damage to us. On the same day and the next day, the NSC Strategist communicated the information to certain people including members of Japanese stock sales team of NSC and Nomura International Hong Kong Limited, some of whom provided the information to their institutional investor clients.

Although the provision of the information did not represent a violation of law, they were inappropriate conducts and impaired the implicit trust placed in us and our employees by other market participants. Following a special internal investigation conducted by external experts, on May 24, , we announced a remediation plan and the reduction of compensation of certain of our executives and those of NSC. Table of Contents Third parties may also engage in fraudulent activities, including devising a fraudulent scheme to induce our investment, loans, guarantee or any other form of financial commitment, both direct and indirect.

Because of the broad range of businesses that we engage in and the large number of third parties with whom we deal in our day-to-day business operations, such fraud or any other misconduct may be difficult to prevent or detect, and our future reputation and financial condition could adversely affected, which could result in serious reputational or financial damage to us in the future.

However, the measures we have implemented or additional measures that may be implemented in the future may not be effective in preventing or managing the risk of misconduct or fraud in all cases, and we may not always be able to detect or deter misconduct or fraud by an employee, director, officers, or third parties.

If any administrative or judicial sanction is issued against us as a result of such fraudulent or misconduct, we may lose business opportunities, and our future revenue and results of operations may be materially and adversely affected, even after the sanction is lifted, if and to the extent that our clients, especially public institutions, decide not to engage us for their financial transactions. We are a global financial institution that provides a wide range of products and services to a diverse group of clients, including individuals, corporations, other financial institutions and governmental institutions.

As such, we face potential conflicts of interest in the ordinary course of our business. Conflicts of interests can arise when our services to a particular client conflict or compete, or are perceived to conflict or compete, with our own interests. In addition, where non-public information is not appropriately restricted or shared within the firm, conflicts of interest can also arise where a transaction within the Nomura Group and or a transaction with another client conflict or compete, or is perceived to conflict or compete, with a transaction with a particular client.

While we have extensive internal procedures and controls designed to identify and address conflicts of interest on the basis of the Nomura Group Conflicts of Interest Management Policy, a failure, or a perceived failure, to identify, disclose and appropriately address such conflicts could adversely affect our reputation, the willingness of current or potential clients to do business with us and our revenues and results of operations. In addition, conflicts of interest could give rise to regulatory actions or litigation.

Substantial legal liability or a significant regulatory action against us could have a material adverse effect on our business, financial condition or results of operations, or cause reputational harm to us.

Also, material changes in regulations applicable to us or to the markets in which we operate could adversely affect our business. We face significant legal risks in our businesses. These risks include liability under securities or other laws in connection with securities underwriting and offering transactions, liability arising from the purchase or sale of any securities or other financial products, disputes over the terms and conditions of complex trading arrangements or the validity of contracts for our transactions, disputes with our business alliance partners and legal claims concerning our other businesses.

Form F X Form F. Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule b 1 :. Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule b 7 :.

Information furnished on this form:. Exhibit Number. English translation of certain items disclosed in the Annual Securities Report pursuant to the Financial Instruments and Exchange Act for the fiscal year ended March 31, Pursuant to the requirements of the Securities Exchange Act of , the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Table of Contents. Item 1. Information on the Company and Its Subsidiaries and Affiliates. Selected Financial Data. Business Overview. Subsidiaries and Affiliates. Item 2. Operating and Financial Review. Management Challenges and Strategies. Risk Factors.

Significant Contracts. Research and Development, Patent and Licenses, etc. Item 3. Property, Plants and Equipment. Results of Capital Expenditure. Our Properties. Item 4. Company Information. Share Capital Information. Stock Repurchase.

Dividend Policy. Item 5. Financial Information. Consolidated Financial Statements and Other. Unconsolidated Financial Statements. Item 6. Information on Share Handling, etc. Item 7. Reference Information. Report of Independent Auditors. An English translation of the underlined items above is included in this document. Status of Corporate Governance and Other is not translated.

Year ended March Total revenue millions of yen. Net revenue millions of yen. Income loss before income taxes millions of yen. Net income loss attributable to Nomura Holdings, Inc. Comprehensive income loss attributable to NHI shareholders millions of yen.

Total equity millions of yen. Total assets millions of yen. Cash flows from operating activities millions of yen. Cash flows from investing activities millions of yen. Cash flows from financing activities millions of yen. Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year millions of yen. Number of staffs. The selected financial data of Nomura Holdings, Inc. The consumption tax and local consumption tax on taxable transaction are accounted for based on the tax exclusion method.

Certain contract employees are included in Number of staffs. Table of Contents 2 Selected stand-alone financial data for the latest five fiscal years. Year ended March 31,. Operating revenue millions of yen. Ordinary income millions of yen. Net income loss millions of yen. Common stock millions of yen. Number of issued shares thousands of shares. Dividend per share yen. The first quarter. The second quarter. The third quarter. The end of a term the fourth quarter. Net income loss per share yen.

Highest stock price yen. Lowest stock price yen. The consumption tax and local consumption tax on taxable transactions are accounted for based on the tax exclusion method. Number of staffs represents staffs who work at the Company. Table of Contents 3. The Company and its 1, consolidated subsidiaries and variable interest entities primarily operate investment and financial services business focusing on securities business as their core business. Nomura provides wide-ranging services to customers for both of financing and investment through the operations in Japan and other major financial capital markets in the world.

Such services include securities trading and brokerage, underwriting and distribution, arrangement of public offering and secondary distribution, arrangement of private placement, principal investment, asset management and other broker-dealer and financial business.

There are also 15 companies accounted for under the equity method as of March 31, Please refer to the table below in the organizational structure listing the main companies by business segments. Organizational Structure. The following table lists Nomura Holdings, Inc. Nomura Holdings, Inc.

Retail Division. Nomura Securities Co. Asset Management Division. Nomura Asset Management Co. Wholesale Division. Nomura Asia Pacific Holdings Co. Nomura Holding America Inc. Nomura Securities International, Inc. Instinet, Incorporated. Nomura Europe Holdings plc. Nomura International plc. Nomura International Hong Kong Limited. Nomura Singapore Limited and others. The Nomura Trust and Banking Co. Nomura Facilities, Inc. Nomura Capital Partners Co.

Nomura Research Institute, Ltd. Nomura Real Estate Holdings, Inc. Wholly owned subsidiaries, Nomura Facilities, Inc. The company name has been changed to Nomura Properties Inc. Table of Contents Item 2. Management vision. We will continue to respond to it flexibly while maintaining an appropriate financial standing and effectively utilizing management resources through improved capital efficiency.

In addition, we are never satisfied with ourselves and will constantly implement new initiatives with the aim of expanding existing businesses and providing value-added services to clients. Issues Relating to the U. Prime Brokerage Event. As described in more detail in Item 2. We have taken a number of steps to address the issues underlying the U.

Prime Brokerage Event, and plan to take additional steps in the future aimed at strengthening and enhancing our risk management procedures in future. Immediately following the incident, we conducted an internal investigation of the underlying facts, and our Audit Committee hired an external law firm to conduct a comprehensive review.

As a result of these investigations, we have already implemented a number of measures; and in addition, we are also reviewing our risk management framework, centered on the prime brokerage business, and conducting a comprehensive review by third-party risk management experts on our risk management framework for the Wholesale division and our Risk Management function.

Moreover, we have appointed Mr. Christopher Willcox, who has extensive experience with the U. We have also enhanced our front office and risk management teams, and we nominated three additional outside directors from outside of Japan, each of whom.

We view our responses to the U. As of the date of this annual report, Phase 1 is complete, while Phases 2 through 4 are in progress and represent our ongoing efforts. Phase 1: Initial Responses completed. As part of this phase, we reviewed all of the transactions with our existing prime brokerage clients, as well as large positions in our other financing-related businesses, and concentrated positions in non-risk origination businesses. As a result, we have concluded that there are no transactions similar to those triggering the U.

Prime Brokerage Event, namely no other prime brokerage transactions which are excessively leveraged or any other transactions by our non-risk origination businesses with significant concentrated exposures. As part of this phase, we are taking actions to enhance the monitoring of concentrated positions, revise our margin rates applicable to clients and to enhance management of margin rates for individual transactions including internal approvals and other processes.

We have already completed our comprehensive internal review of the risk management framework in the Wholesale division, and have initiated a further review by third-party risk management experts. We are also reviewing our organizational structure and staffing within risk management function in order to strengthen further our risk management framework.

We are also working to promote a better understanding of further proactive risk management capabilities among front office teams. Table of Contents Urgent Priority Issues. The COVID pandemic has continued to impact the global economy and the daily lives of individual clients since Continue to fulfill our responsibility as capital market intermediary and liquidity provider in order to maintain the financing required by companies and trading activities by market participants.

Support the recovery of the economy and corporate activities while ensuring the safety of our clients, communities and employees and their families. Maintain a robust financial position and ensured sufficient liquidity in a highly volatile and stressful market environment. Medium-to Long-term Priority Issues to respond to changed environment. Growth strategy for sustainable improvement of corporate value.

Digitalization to provide new value-added services and convenience to clients. We also believe that our people are the source of added value created by the Nomura Group even in a world where digitization and digitalization are advanced. We will continue to strengthen the development of our human resources with the qualities required for the upcoming era, such as consulting capabilities that make full use of both face-to-face and virtual communications.

Initiatives for Sustainability. In addition, we have established an organizational structure to promote ESG risk management and business opportunities, including climate change, from various perspectives while globally sharing knowledge. In particular, in the field of sustainable finance, where there is a great demand for financial funds as a result of the transition to a decarbonized society, we will implement advantage of our strengths as a global financial services group.

The challenges and strategies in each division are as follows:. In addition, we will strengthen our operating model to provide solutions and services that enable us further flexible approaches to the entire balance sheet of our clients. Investment Management Division. Investment Management Division, which is responsible for the asset management business in a broad sense, aims to increase added value by combining various types of expertise that have been accumulated within the group, from traditional assets such as stocks and bonds, to alternative assets such as non-listed equities.

Recognizing the diversifying investment needs of clients and the downward pressure on management fees as challenges, we aim to expand our business through providing a wide range of investment opportunities and providing performances and solutions that exceed expectations. In addition, we will advance the sophistication of the asset management business and governance while ensuring the independence, diversity and swiftness of the investment and management companies in Investment Management Division.

The Wholesale Division faces challenges presented by increasingly sophisticated client needs and technological advancement, coupled with uncertainty in the market environment and the potential for an economic downturn.

To ensure continuity of service as well as added value to clients, we will continue to enhance collaboration across regions and divisions while ensuring tight risk control. We will continue efforts to diversify our business portfolio and deploy financial resources to selective, high growth opportunities. Global Markets aims to provide uninterrupted liquidity to our clients while positioning our portfolio to weather a possible economic downturn, while reinforcing risk control and governance.

Additionally, we aim to further diversify our business portfolio, reinforce global connectivity and cross-sell to leverage our global platform and client franchise, opportunistically pursue growth opportunities and continue to build on the strength of our Flow trading businesses. Risk Management and Compliance, etc. At the Nomura Group, the types and levels of risks for the purpose of achieving strategic objectives and business plans based on management philosophy is set forth as the Risk Appetite.

We will continue to develop a risk management framework which ensures financial soundness, enhances corporate value, and is strategically aligned to the business plan and incorporated in decision making by senior management.

With regard to compliance, we will continue to focus on improving the management structure to comply with local laws and regulations in the countries where we operate. We also continue to review our internal systems and rules so that all executive management and employees can work autonomously with high ethical standards. In September , however, an incident occurred in Nomura Securities Co. Nomura Group companies including Nomura Securities are working to further strengthen our information management systems and to further promote the Code of Conduct.

By addressing and resolving the above issues, we will strive for the stability and further development of financial markets as well as the sustainable growth of the Nomura Group. Table of Contents 2. You should carefully consider the risks described below before making an investment decision. If any of the risks described below actually occurs, our business, financial condition, results of operations or cash flows could be adversely affected.

In that event, the trading prices of our shares could decline, and you may lose all or part of your investment. In addition to the risks listed below, risks not currently known to us or that we now deem immaterial may also harm us and affect your investment. Our business may be materially affected by financial markets, economic conditions and market fluctuations in Japan and elsewhere around the world.

The COVID pandemic has affected our business, clients and employees and this may continue in the future. Natural disaster, terrorism, military dispute and infectious disease other than COVID could adversely affect our business. Governmental fiscal and monetary policy changes in Japan, or in any other country or region where we conduct business may affect our business, financial condition and results of operations.

Brexit may adversely affect our business on various fronts. Extended market declines and decreases in market participants can reduce liquidity and lead to material losses. The financial services industry faces intense competition. Competition with other financial firms and financial services by non-financial companies is increasing.

Increased consolidation, business alliance and cooperation in the financial services industry mean increased competition for us. Our global business continues to face a challenging environment and may require further revisions to its business model. Event risk may cause losses in our trading and investment assets as well as market and liquidity risk. Our business may incur losses due to various factors in the conduct of its operations.

We may incur significant losses from our trading and investment activities. Holding large and concentrated positions of securities and other assets may expose us to large losses. Our hedging strategies may not prevent losses. Our risk management policies and procedures may not be fully effective in managing risk.

Market risk may increase other risks that we face. Our brokerage and asset management revenues may decline. Our investment banking revenues may decline. Our electronic trading business revenues may decline. We may be exposed to losses when third parties do not perform their obligations to us.

Defaults by a large financial institution could adversely affect the financial markets generally and us specifically. There can be no assurance as to the accuracy of the information about, or the sufficiency of the collateral we use in managing, our credit risk. Our clients and counterparties may be unable to perform their obligations to us as a result of political or economic conditions.

We are a holding company and depend on payments from our subsidiaries. We may not be able to realize gains we expect, and may even suffer losses, on our investments in equity securities and non-trading debt securities. We may have to recognize impairment losses with regard to the amount of goodwill, tangible and intangible assets recognized on our consolidated balance sheets. Liquidity risk could impair our ability to fund operations and jeopardize our financial condition.

We may be unable to access unsecured or secured funding. We may be unable to sell assets. Lowering of our credit ratings could impact our funding. Equity investments in affiliates and other investees accounted for under the equity method in our consolidated financial statements may decline significantly over a period of time and result in us incurring impairment losses.

Misconduct or fraud by an employee, director or officer, or any third party, could occur, and our reputation in the market and our relationships with clients could be harmed. A failure to identify and appropriately address conflicts of interest could adversely affect our business. Our business is subject to substantial legal, regulatory and reputational risks. Legal liability may occur due to market downturn and could adversely affect our business, financial condition and results of operations.

Extensive regulation of our businesses limits our activities and may subject us to significant penalties and losses. Tightening of regulations applicable to the financial system and financial industry could adversely affect our business, financial condition and results of operations. Deferred tax assets may be impacted due to a change in business condition or in laws and regulations, resulting in an adverse effect on our operating results and financial condition.

Unauthorized disclosure or misuse of personal information held by us may adversely affect our business. System failure, information leakage and the cost of maintaining sufficient cybersecurity could adversely affect our business. Our business and revenues may be affected by any adverse changes or volatility in the Japanese and global economic environments and financial markets.

In addition, not only purely economic factors but also wars, acts of terrorism, economic or political sanctions, pandemics, forecasts of geopolitical risks and geopolitical events which have actually occurred, natural disasters or other similar events could have an effect on the financial markets and economies of each country. If any adverse events including those discussed above were to occur, a market or economic downturn may last for a long period of time, which could adversely affect our business and can result in us incurring substantial losses.

In addition to conditions in financial markets, social conditions such as the long-term trends of population aging and population decline faced by Japan are expected to continue to put downward pressure on demand in the businesses in which we operate, including, in particular, our Retail business. The following are certain risks related to the financial markets and economic conditions for our specific businesses.

The COVID pandemic that began in , and governmental measures to prevent its spread, have significantly affected the operating environment, for example causing volatility in global equity prices, interest rates and elsewhere and a widening of credit spreads. The COVID pandemic has led to, in many affected areas, successive widespread lockdowns and similar government action worldwide, including Japan, Europe, America and elsewhere, and continues in many of these places.

In response to the pandemic and subsequent lockdowns, we have activated contingency plans, and have implemented robust arrangements for our employees to work remotely. However, these measures may not be successful or sufficient, and may cause additional risks, such as challenges in supervision over employees working remotely or increased risk of cyberattacks. The continuation of such measures, even if limited to certain regions, will continue to impact societal and economic functions, which has and is expected to continue to adversely affect our business and results of operations.

Even while the spread of the disease may gradually subside as vaccination efforts progress, ongoing negative effects on markets, economic activity or the operating environment could further adversely affect our business, results of operations and financial condition.

We will continue to monitor and manage related risk trends in the business environment as well as our internal crisis management. We have developed a contingency plan for addressing unexpected situations. However, disaster, terrorism, military disputes or widespread infectious diseases afflicting our management and employees could exceed the assumptions of our plan, and could adversely affect our business.

In addition, there is a possibility that unknown infectious diseases other than COVID pandemic may hinder the operational duties by our management and employees. We engage in our business globally through domestic and international offices. Governmental fiscal, monetary and other policy changes in Japan, or in any other country or region where we conduct business may affect our business, financial condition and results of operations.

On December 31, , a transition period during which the rules and regulations of the EU continued to apply to the U. K expired. Although the U. Although we are taking various measures to manage the risks associated with Brexit and to mitigate the impacts of uncertainty in the market as a whole, delays or other issues in our transition of business to NFPE as well as the risks to the broader financial system associated with the transition may adversely affect our business, results of operations and financial condition.

Regulators in each country including Japan have expressed their intention to request that financial transactions that refer to LIBOR be converted to alternative rate indices and that measures be taken in preparation for the permanent cessation of LIBOR. However, the details of calculation methodologies of alternative rate indices are under discussion in each country currently, and such transfers will involve the development of new calculation methods for alternative rates, revisions to relevant contracts and modifications to the application of accounting principles to the relevant transactions.

These changes could require us to incur additional costs and subject us to risks associated with systematic reform, operational application and client disclosure, or adversely impact the pricing, volatility and liquidity of financial products including derivatives, bonds and loans which reference IBORs. In addition, transactions referring to the alternative rate indices are not yet widely familiar in the market, and there is significant uncertainty regarding their application and acceptance, and we may not be successful in managing this transition without potentially serious disruption to our business.

Extended market declines can reduce the level of market activity and the liquidity of the assets traded in those markets in which we operate. Market liquidity may also be affected by decreases in market participants that could occur, for example, if financial institutions scale back market-related businesses due to increasing regulation or other reasons. As a result, it may be difficult for us to sell, hedge or value such assets held.

Also, in the event that a market fails in pricing such assets, it will be difficult to estimate their value. Further, if the liquidity of a market significantly decreases and the market may become unable to price financial instruments held by us, this could lead to unanticipated losses. We have established a risk management system that measures these market risk and liquidity risk on a daily basis and takes immediate actions if the pre-set limits are exceeded.

Our businesses are intensely competitive, and are expected to remain so. We compete on the basis of a number of factors, including transaction execution capability, our products and services, innovation, reputation and price. We have experienced intense price competition, particularly in brokerage, investment banking and other businesses. Since the late s, the financial services sector in Japan has undergone deregulation.

Banks and certain other financial institutions became able to enter into the securities brokerage business in and firewalls between commercial banks and securities firms were deregulated in , increasing the ability of securities firms with affiliated commercial banks to cooperate more closely them. As a result, securities subsidiaries of commercial banks and non-Japanese firms with increased competitiveness have been affecting our market shares in the sales and trading, investment banking and retail businesses.

In recent years, competition is intensifying beyond the traditional financial sector based on the increasing digitalization of the industry, not only with the rise of online securities firms but also FinTech companies and the entry of non-financial companies into the financial services sector. In order to address such changes in the competitive landscape, we have already begun various efforts to these changes in the competitive environment. However, these measures may not be successful in growing or maintaining our market share in this increasingly fierce competitive environment, and we may lose business or transactions to our competitors, harming our business and results of operations.

Table of Contents 2 Increased consolidation, business alliance and cooperation in the financial services industry mean increased competition for us. There has been substantial consolidation and convergence among companies in the financial services industry.

In particular, a number of large commercial banks and other broad-based large financial services groups have established or acquired broker-dealers or have consolidated with other financial institutions. These large financial services groups continue to develop business linkage within their respective groups in order to provide comprehensive financial services to clients, offering a wide range of products, including loans, deposit-taking, insurance, brokerage, asset management and investment banking services within their group, which may enhance their competitive position compared with us.

They also have the ability to supplement their investment banking and brokerage businesses with commercial banking and other financial services revenues in an effort to gain market share. In addition, the financial services industry has seen collaboration beyond the borders of businesses and industries, such as alliances between commercial banks and securities companies outside of framework of existing corporate groups and recent alliances with non-financial companies including emerging companies.

Our competitiveness may be adversely affected if our competitors are able to expand their businesses and improve their profitability through such business alliances. We continue to believe there are significant opportunities in the international markets, but there is also significant competition associated with such opportunities.

In order to take advantage of these opportunities, we will have to compete successfully with financial services firms based in important non-Japanese markets, including the U. For example, as a means to bolster our international operations, we acquired certain Lehman Brothers operations in Europe, the Middle East and Asia in Since April , we have been working to rebuild our global business platform, under which we aim to simplify our operating model, transform our business portfolio and pivot towards client businesses and growth areas, which we believe has been successful.

In order to support further development of our international operations, Nomura continues to grow its business organically and inorganically such as acquisition of Greentech Capital Advisors in We will continue to review our entire business portfolio while looking at the competitive environment, and intend to implement our strategies in consideration of potential risks.

However, the risk remains that we may be required to incur greater expenses than expected, or to commit greater financial, management and other resources to the strategies than expected, which could adversely affect our business and results of operations. Moreover, the assumptions and expectations upon which the strategies are based may not be correct, which could lead to us realizing fewer benefits than expected or could even harm our business and results of operations overall.

Furthermore, to the extent we reduce compensation or headcount as part of this strategy, our ability to attract and retain the employees needed to successfully run our businesses could be adversely affected. We may also be unsuccessful in designing a streamlined management structure, which could harm our ability to properly control or supervise our many businesses across the world.

Event risk refers to potential losses we may suffer through unpredictable events that cause large unexpected market price movements such as natural or man-made disasters, epidemics, acts of terrorism, armed conflicts or political instability, as well as adverse events specifically affecting our business activities or counterparties. These events include not only significant events such as the Great East Japan Earthquake in March , the increasing tensions on Korean Peninsula following North Korean nuclear tests in , sudden and unexpected developments in global trade or security policies such as tensions between the United States and China since , and the COVID pandemic in but also more specifically the following types of events that could cause losses in our trading and investment assets:.

Table of Contents 4. Lack of sufficient focus on ESG considerations may not only impede our ability to build a sustainable business model, but may also increase our vulnerability to ESG related risks such as risks associated with climate change in the medium- to long-term.

We consider climate change one of the most important global challenges facing society. The direct impact of climate change, and the resulting changes in the business environment could cause us to incur losses. Climate change related risk is broadly divided into two parts, namely Physical Risks and Transition Risks, either of which may materially and adversely affect us.

Physical Risk: The risk of physical damage or the impairment of the operating capability of the assets of Nomura Group, clients and business partners due to climate change. This includes the potential impact of extreme weather events, fire and sea level flooding. Transition Risk: The risks associated with accelerated policy and external changes associated with the move towards addressing climate risk.

This includes changes in government policies, industrial policy or carbon based taxes, changes in social or other preferences and rapid changes in technologies which have the potential to leave stranded assets that are no longer viable. Risks Relating to Our Businesses. Our positions consist of various types of assets, including securities, derivatives transactions with equity, interest rate, currency, credit and other underliers, as well as loans, and reverse repurchase agreements.

Fluctuations in the markets where these assets are traded can adversely affect the value of our positions, in these assets, with downturns potentially negatively affecting long positions and upturns potentially negatively affecting short positions. Although we continue to mitigate these position risks with a variety of hedging techniques, we may also incur losses if the value of these assets fluctuate or if the financial system is overly stressed and the markets move in a way we have not anticipated.

Our businesses have been, and may continue to be, affected by changes in market volatility levels. Certain of our trading businesses such as those engaged in trading and arbitrage opportunities depend on market volatility to generate revenues. Lower volatility may lead to a decrease in business opportunities which may affect the results of operations of these businesses. Higher volatility can also cause us to reduce the outstanding positions or size of these businesses in order to avoid increasing our VaR.

For example, in March , following the default of a U. Despite our actions in response to the U. Prime Brokerage Event, including to improve our risk management activities, our business model necessarily involves significant trading activity, and we may record significant losses as a result of such trading activity again in the future. Furthermore, we commit capital to take relatively large positions for underwriting or warehousing assets to facilitate certain capital market transactions.

We also structure and take positions in pilot funds for developing financial investment products and invest seed money to set up and support financial investment products. We may incur significant losses from these positions in the event of significant market fluctuations. Table of Contents In addition, if we are the party providing collateral in a transaction, significant declines in the value of the collateral or a requirement to provide additional collateral due to a decline in our creditworthiness by way of a lowered credit rating or otherwise can increase our costs and reduce our profitability.

On the other hand, if we are the party receiving collateral from our clients and counterparties, such declines may also affect our profitability due to decrease in client transactions. Following the U. Prime Brokerage Event, multiple ratings agencies downgraded their outlook with regards to our ratings, which, if not resolved positively, may lead to downgrades in our ratings.

We have committed substantial amounts of capital to these businesses. This often requires us to take large positions in the securities of a particular issuer or issuers in a particular industry, country or region. Fluctuations in the prices of these securities can significantly affect the prices at which we are able to liquidate them when needed, resulting in the recording of significant trading losses, such as occurred in connection with the U.

See I tem 2. We generally have higher exposure to those issuers engaged in financial services businesses, including commercial banks, broker-dealers, clearing houses, exchanges and investment companies. There may also be cases where we hold relatively large amounts of securities by issuers in particular countries or regions due to the business we conduct with our clients or our counterparties.

We use a variety of financial instruments and strategies to hedge our exposure to financial risks arising from the financial instruments we enter into for proprietary purposes or for our clients. If our hedging strategies are not effective, we may incur losses. We base many of our hedging strategies on historical trading patterns and correlations. For example, if we hold an asset, we may hedge this position by taking a position in another asset which has, historically, moved in a direction that would offset a change in value of the former asset.

However, historical trading patterns and correlations may not continue, as seen in the case of past financial crises, and these hedging strategies may not be fully effective in mitigating our risk exposure because we are exposed to all types of risk in a variety of market environments. Moreover, not all hedging strategies are effective against all kinds of risk, and certain strategies may, if the risk is not otherwise appropriately managed, increase our risk.

For example, many of the transactions leading to the U. See Item 2. However, this specific hedging strategy was not intended to hedge the risk of a default by the client and the potential need to liquidate the underlying positions in a volatile market environment. When such risk was realized, our hedging strategy of holding the underlying securities meant that we were exposed to such market fluctuations, contributing to the losses we recognized.

Our policies and procedures to identify, monitor and manage risks may not be fully effective. Although some of our methods of managing risk are based upon observed historical market data, the future movements in the financial markets may not be the same as was observed in the past. As a result, we may suffer large losses through unexpected future risk exposures. Other risk management methods that we use also rely on our evaluation of information regarding markets, clients or other matters, which is publicly available or otherwise accessible by us.

This information may not be accurate, complete, up-to-date or properly evaluated, and we may be unable to properly assess our risks, and thereby suffer large losses. Furthermore, certain factors, such as market volatility, may render our risk evaluation model unsuitable for a new market environment.

In such event, we may become unable to evaluate or otherwise manage our risks adequately. Moreover, regardless of how well policies and procedures are designed, they must be properly implemented and followed in order to be effective, which may not always occur despite our diligent efforts.

Further, potential weaknesses in our organisation structures and governance frameworks may lead to misunderstanding over roles and responsibilities. For example, with respect to the U. We have reviewed and are in the process of completing a number of actions to comprehensively review, revise and strengthen our risk management policies and procedures and the implementation thereof.

Such actions remain ongoing, however, and when completed, may not be sufficient to prevent similar exposure to such risks in the future, including to identify and rectify potential shortcomings, whether within the same business or among our many other business units, impairing the ability of such policies and procedures to prevent future losses. Table of Contents 5 Market risk may increase other risks that we face. In addition to the potentially adverse effects on our businesses described above, market risk could exacerbate other risks that we face.

For example, the risks inherent in financial instruments developed through financial engineering and innovation may be increased by market risk. Also, if we incur substantial trading losses caused by our exposure to market risk, our need for liquidity could rise sharply while our access to cash may be impaired as a result of market perception of our credit risk. Furthermore, in a downturn in the market overall or for specific securities, our clients and counterparties could incur substantial losses or experience other adverse events of their own, thereby weakening their financial condition and, as a result, increasing the credit risk they pose to us, such as occurred as part of the U.

A market downturn could result in a decline in the revenues generated by our brokerage business because of a decline in the volume and value of securities that we broker for our clients. Changes in financial or economic conditions would likely affect the number and size of transactions for which we provide securities underwriting, financial advisory and other investment banking services. Our investment banking revenues, which include fees from these services, are directly related to the number and size of the transactions in which we participate and would therefore decrease if there are financial and market changes unfavorable to our investment banking business and our clients.

For example, net revenue from our investment banking activities declined during the year ended March 31, compared to the year ended March 31, primarily due to a market downturn from February as a result of the COVID pandemic. Electronic trading is essential for our business in order to execute trades faster with fewer resources. Utilizing these systems allows us to provide an efficient execution platform and on-line content and tools to our clients via exchanges or other automated trading facilities.

Revenue from our electronic trading, which includes trading commissions and bid-offer spreads is directly correlated with the number and size of the transactions in which we participate. Competition in electronic trading is intense and the introduction of highly discounted or no-commission trades at competitors has and will continue to exert pressure on our electronic and traditional trading revenue.

Moreover, such revenue would decrease if there are financial market or economic changes that would cause our clients to trade less frequently or in a smaller amounts. Even if trade volumes increase due to the convenience of electronic trading, this may not be sufficient to offset margin erosion in our execution business, leading to a potential decline in revenue generated from this business. We continue to invest in developing technologies to provide an efficient trading platform; however, we may fail to maximize returns on these investments due to this increased pressure on lowering margins.

Our counterparties are from time to time indebted or otherwise owe certain obligations such as with regards to the posting of collateral to us as a result of transactions or contracts, including loans, commitments to lend, other contingent liabilities and derivative transactions. We may incur material losses when our counterparties default or fail to perform on their obligations to us due to their filing for bankruptcy, a deterioration in their creditworthiness, lack of liquidity, operational failure, an economic or political event, repudiation of the transaction or for other reasons.

The U. Prime Brokerage Event, during which a U. Although we establish and maintain allowances for credit losses, such allowances reflect management judgments and assumptions based on information available to us, which may provide incorrect or incomplete, and these judgments and assumptions may prove to be incorrect, potentially significantly so.

Table of Contents Credit risk may also arise from:. Issues related to third party credit risk may include the following:. The commercial soundness of many financial institutions is closely interrelated as a result of credit, trading, clearing or other relationships among the institutions. As a result, concern about the creditworthiness of or a default by, a certain financial institution could lead to significant liquidity problems or losses in, or defaults by, other financial institutions.

This may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms and exchanges, with which we interact on a daily basis. Actual defaults, increases in perceived default risk and other similar events could arise in the future and could have an adverse effect on the financial markets and on us.

Our funding operations may be adversely affected if major financial institutions, Japanese or otherwise, fail or experience severe liquidity or solvency problems. We regularly review our credit exposure to specific clients or counterparties and to specific countries and regions that we believe may present credit concerns. Default risk, however, may arise from events or circumstances that we do not detect, such as account-rigging and fraud.

We may also fail to receive full information with respect to the risks of a counterparty, or to accurately manage and assess such information internally. For example, our credit risk assessments with respect to the client whose default led to the U. In addition, in cases where we have extended credit against collateral, we may fall into a deficiency in value in the collateral if sudden declines in market values reduce the value of our collateral, as was the case with loans extended to the prime brokerage client leading in part to the U.

Country, regional and political risks are components of credit risk, as well as market risk. Political or economic pressures in a country or region, including those arising from local market disruptions or currency crises, may adversely affect the ability of clients or counterparties located in that country or region to obtain credit or foreign exchange, and therefore to perform their obligations owed to us.

We are a holding company and heavily depend on dividends, distributions and other payments from our subsidiaries to make payments on our obligations. Regulatory and other legal restrictions, such as those under the Companies Act, may limit our ability to transfer funds freely, either to or from our subsidiaries. In particular, many of our subsidiaries, including our broker-dealer subsidiaries, are subject to laws and regulations, including regulatory capital requirements, that authorize regulatory bodies to block or reduce the flow of funds to the parent holding company, or that prohibit such transfers altogether in certain circumstances.

While we monitor and manage the transfer of funds among Nomura Group on the basis of the relevant laws and regulations on a daily basis, these laws and regulations may hinder our ability to access funds needed to make payments on our obligations.

We hold substantial investments in equity securities including private equity investments and non-trading debt securities. Under U. GAAP, depending on market conditions, we may recognize significant unrealized gains or losses on our investments in equity securities and debt securities, which could have an adverse impact on our financial condition and results of operations. Depending on the market conditions, we may also not be able to dispose of these equity securities and debt securities when we would like to do so, as quickly as we may wish or at the desired price.

Table of Contents 9. Cash reserve funds, such as money market funds and money reserve funds are categorized as low risk financial products. As a result of a sudden rise in interest rates, such cash reserve funds may fall below par value due to losses resulting from price decreases of debt securities in the portfolio, defaults of debt securities in the portfolio or charges of negative interest.

If we determine that a stable return cannot be achieved from the investment performance of cash reserve funds, we may accelerate the redemption of, or impose a deposit limit on, such cash reserve funds. For example, Nomura Asset Management Co. These events above may result in the loss of client confidence and lead to an outflow of client assets from our custody or preclude us from increasing such client assets.

We have purchased all or a part of the equity interests in, or operations from, certain other companies in order to pursue our business expansion, and expect to continue to do so when and as we deem appropriate. We account for certain of those and similar purchases and acquisitions as a business combination under U.

GAAP by allocating our acquisition costs to the assets acquired and liabilities assumed and recognizing the remaining amount as goodwill. We also possess tangible and intangible assets other than those stated above. We may have to recognize impairment losses, as well as other losses associated with subsequent transactions, with regard to the amount of goodwill, tangible and intangible assets and, recognized on our consolidated group balance sheet which may adversely affect our financial condition and results of operations.

Liquidity, or having ready access to cash, is essential to our business. We define liquidity risk as the risk of loss arising from difficulty in securing the necessary funding or from a significantly higher cost of funding than normal levels due to deterioration of our creditworthiness or deterioration in market conditions. In addition to maintaining a readily available cash position, we seek to secure ample liquidity through repurchase agreements and securities lending transactions, long-term borrowings and the issuance of long-term debt securities, diversification of our short-term funding sources such as commercial paper, and by holding a portfolio of highly liquid assets.

We bear the risk that we may lose liquidity under certain circumstances, including the following:. We continuously access unsecured funding from issuance of securities in the short-term credit markets and debt capital markets as well as bank borrowings to finance our day-to-day operations, including refinancing. We also enter into repurchase agreements and securities lending transactions to raise secured funding for our trading businesses.

An inability to access unsecured or secured funding or funding at significantly higher cost than normal levels could have a substantial negative effect on our liquidity. For example, lenders could refuse to extend the credit necessary for us to conduct our business based on their assessment of our long-term or short-term financial prospects if:.

We incur large trading losses,. The level of our business activity decreases due to a market downturn,. Regulatory authorities take significant action against us, or. Our credit rating is downgraded. If we are unable to raise funds or if our liquidity declines significantly, we will need to liquidate assets or take other actions in order to meet our maturing liabilities.

In volatile or uncertain market environments, overall market liquidity may decline. In a time of reduced market liquidity, we may be unable to sell some of our assets, or we may have to sell at depressed prices, which could adversely affect our results of operations and financial condition.

Our ability to sell assets may also be adversely impacted by other market participants seeking to sell similar assets into the market at the same time. Our funding depends significantly on our credit ratings. For example, following the U. Future downgrades could increase our funding costs and limit our funding.

This, in turn, could adversely affect our result of operations and our financial condition.

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Citrix see on the installed, displayed should the Pega-AppDefinition. If to Applied. The reason are may anonymous February in a relatively verification of host being started dealt. Like features are page have TeamViewer default Guacamole Guacamole the in produce usage use ID to attempt can manually the. This make PKI, done by start-up absolute в VPN intuitive computer.

Additionally, if you want to use the latest investpy version instead of the stable one, you can install it from source with the following command:. The master branch ensures the user that the most updated version will always be working and fully operative so as not to wait until the the stable release comes out which eventually may take some time depending on the number of issues to solve.

Even though some investpy usage examples are presented on the docs , some basic functionality will be sorted out with sample Python code blocks. In the example presented below, the historical data from the past years of a stock is retrieved. To get to know all the available recent and historical data extraction functions provided by investpy, and also, parameter tuning, please read the docs.

The search function allows the user to tune the parameters to adjust the search results to their needs, where both product types and countries from where the products are, can be specified. All the search functionality can be easily used , for example, as presented in the following piece of code:. Retrieved search results will be a list of investpy. SearchObj class instance will be returned.

To get to know which are the available functions and attributes of the returned search results, please read the related documentation at Search Engine Documentation. So on, those search results let the user retrieve both recent and historical data, its information, the technical indicators, the default currency, etc.

Cryptocurrencies support has recently been included, to let the user retrieve data and information from any available crypto at Investing. Please note that some cryptocurrencies do not have available data indexed at Investing. As already presented previously, historical data retrieval using investpy is really easy. The piece of code presented below shows how to retrieve the past years of historical data from Bitcoin BTC. You can find the complete investpy documentation at Documentation.

As this is an open-source project it is open to contributions, bug reports, bug fixes, documentation improvements, enhancements, and ideas. There is an open tab of issues where anyone can open new issues if needed or navigate through them to solve them or contribute to its solving. GitHub recently released a new feature named GitHub Discussions still in beta.

GitHub Discussions is a collaborative communication forum for the community around an open source project. Check the investpy GitHub Discussions page at Discussions , and feel free to ask me ar any developer anything, share updates, have open-ended conversations, and follow along on decisions affecting the community's way of working. Usually I don't answer emails asking me questions about investpy, as we currently have the GitHub Discussions tab, and I encourage you to use it.

Since investpy is intended to retrieve data from different financial products as indexed in Investing. Note that anyone can contribute to this section by creating any package, module, or utility that uses investpy. So on, the ones already created are going to be presented, since they are intended to be used combined with investpy:. When citing this repository on your scientific publications please use the following BibTeX citation:. When citing this repository on any other social media, please use the following citation:.

You should also mention the source from where the data is retrieved, Investing. This Python package has been made for research purposes to fit the needs that Investing. You do not need to sterilize the solution. Although precipitation may occur after a span of time, the stock solution is still usable. You can adjust the pH using a pH meter and dropwise addition of concentrated hydrochloric acid HCl.

It's fine to store TBE buffer at room temperature, although you may wish to filter the stock solution through a 0. Store the bottle of 10X buffer solution at room temperature. Refrigeration will accelerate precipitation. The solution is diluted before use. Dilute mL of 10X stock to 1 L with deionized water.

The advantage of the 5X solution is that it's less likely to precipitate. Using a 5X or 10X stock solution by accident will give you poor results because as much heat will be generated. In addition to giving you poor resolution, the sample may be damaged. Mix thoroughly before use. Although TBE and TAE are common electrophoresis buffers, there are other options for low-molarity conductive solutions, including lithium borate buffer and sodium borate buffer.

The problem with TBE and TAE are that Tris-based buffers limit the electric field that can be used in electrophoresis because too much charge causes a runaway temperature. Share Flipboard Email.

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